Roivant Sciences Ltd at Jefferies London Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Dennis Ding - Jefferies LLC - Analyst : Matt, so there's obviously been a lot of things going on with Roivant, right? You guys had a great deal last year around the TL1A sale by Roche. Congratulations.

Question: Dennis Ding - Jefferies LLC - Analyst : And this year, you still have a lot going on yet. There's a perception out there that pipeline may not be worth as much as you'd like it to be. Still a lot of nice developments in NIU, Graves', et cetera. Those are all good. But just help us understand, I guess, what's been going on in the last year and your comments on some of the narrative that's been out there.

Question: Dennis Ding - Jefferies LLC - Analyst : Yes. And I think like you said, BD is a big part of the story, I think, that people are focused on, given the massive amount of cash that you guys are sitting on. So talk a little bit about your BD, I guess, philosophy. You guys did unveil Pulmovant a few months ago. That deal was done, I believe, last year. Are there any changes in how you're thinking about in-licensing assets or multiple assets or therapeutic areas or anything like that?

Question: Dennis Ding - Jefferies LLC - Analyst : And historically, you have been pretty transparent in terms of therapeutic areas and things like that. I think before you mentioned cardiopulmonary, rare diseases, and things like that. Can you remind us if that's kind of still valid or any updated?

Question: Dennis Ding - Jefferies LLC - Analyst : Okay. And then how should we think about the timing of your next BD announcement as we go into 2025?

Question: Dennis Ding - Jefferies LLC - Analyst : Got it. Very helpful. So flipping over to Immunovant, and we're -- as we look into 2025, obviously, some MG data coming in early '25 that could be interesting as well as CIDP and TED. Can you explain to investors why that should be something that they should be excited about?

Question: Dennis Ding - Jefferies LLC - Analyst : So if I can put a finer point on the MG trial, can you just put that data in perspective? And should investors be comparing that to VYVGART? What would be a positive data set for you guys? Is it to be as equally efficacious as VYVGART? Or given deeper IgG suppression, are you looking for better efficacy than VYVGART? What would be a positive data set for you?

Question: Dennis Ding - Jefferies LLC - Analyst : Okay. And assuming the data is positive, you guys would probably move forward with 1402. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 9:00PM, ROIV.OQ - Roivant Sciences Ltd at Jefferies London Healthcare Conference

Question: Dennis Ding - Jefferies LLC - Analyst : And that's going to be pivotal.

Question: Dennis Ding - Jefferies LLC - Analyst : Maybe second half of '25. Given that 1402 is still a number of years behind VYVGART, what are some creative ways that you can design the trial so that when it reads out and you guys get approved, there could really be a commercial and marketing leg up over its competitor? Are you using -- would you use an active competitor? Would you use VYVGART as one of the dosing cohorts?

Question: Dennis Ding - Jefferies LLC - Analyst : If we can shift over to Graves' because like you said, that's really an area of unmet need, not a lot of novel therapies being developed or approved there. Can you just help us understand the size of that market? How much of that is addressable, et cetera? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 9:00PM, ROIV.OQ - Roivant Sciences Ltd at Jefferies London Healthcare Conference

Question: Dennis Ding - Jefferies LLC - Analyst : Right. And I think what's also interesting with Graves' is that there's not necessarily a, quote-unquote, bar out there, right, because there's not a lot of competition. Standard of care is old and not great. So I would argue that as long as you hit stat sig and the data is clinically meaningful that you guys would have a very strong drug.

Question: Dennis Ding - Jefferies LLC - Analyst : Okay. Great. And if you take a step back and look at Roivant and all the various events and deals that you guys have done, you guys have kind of identified second-line plus refractory difficult-to-treat sort of population where there is a lot of need -- high unmet need and pricing power?

Question: Dennis Ding - Jefferies LLC - Analyst : Can we shift over to Priovant a little bit?

Question: Dennis Ding - Jefferies LLC - Analyst : So you guys had some really promising NIU data. You guys are starting Phase 3. Is that -- should people think about that kind of similar as Graves' because we were talking about refractory, no -- poor standard of care, et cetera?

Question: Dennis Ding - Jefferies LLC - Analyst : And given that HUMIRA is a biosimilar, eventually, if this gets commercialized, how do you expect the positioning of brepocitinib relative to HUMIRA?

Question: Dennis Ding - Jefferies LLC - Analyst : Okay. And in the last minute or two, maybe we can talk a little bit about DM, which is in Phase 3, reading out in the second half of 2025. That's obviously a really big late-stage catalyst for you guys. Yet I feel like, at least based on my conversations with investors, it doesn't seem like people are -- have a strong view around it. I'm just wondering if you can provide some clarity on the Phase 3 top line, what's good data, what we're hoping to see?

Question: Dennis Ding - Jefferies LLC - Analyst : Got it. Yes, that's all very cool because you do -- we just went through three major events, all of them with pretty much a late-stage development, blockbuster potential, yet the stock is trading where it is. And I can understand everybody's frustration there, but -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 9:00PM, ROIV.OQ - Roivant Sciences Ltd at Jefferies London Healthcare Conference

Question: Dennis Ding - Jefferies LLC - Analyst : All right, yes.

Question: Dennis Ding - Jefferies LLC - Analyst : Great. Well, great. Thank you so much, Matt, for the comments, and hope you have a great conference.