Roivant Sciences Ltd at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Great. Why don't we just jump right into brepocitinib. It's data you said second half of '25.

Question: Albert Wong - Morgan Stanley - Analyst : Right. And this is the -- it's called VALOR, right?

Question: Albert Wong - Morgan Stanley - Analyst : Yes. It's Phase 3 registrational. And dermatomyositis is an interesting indication. Can you talk about the mechanism and why you chose dermatomyositis as the first --

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Okay. And are there others out there that are doing JAK and TYK at the same time because it seems like you mentioned a lot of JAKs that are --

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And I want to go back to some of the things you said about the clinical presentation and the use of steroids. So two separate questions. First one, maybe describe the Phase 3, how big it is? What are your endpoints and what you're really looking for to try to solve part of the clinical presentation that you're seeing?

Question: Albert Wong - Morgan Stanley - Analyst : Yeah, okay. And given the score has some subjective and objective endpoints, are you worried about high placebo rate or just some variability among the three arms? This is a powering question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 9:35PM, ROIV.OQ - Roivant Sciences Ltd at Morgan Stanley Global Healthcare Conference

Question: Albert Wong - Morgan Stanley - Analyst : Right. And this steroid taper that you're having patients go through, have you seen this in other studies or previous studies in the past where you can, I want to say, predict what a patient will look like?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And dermatomyositis is an indication that has very few drugs.

Question: Albert Wong - Morgan Stanley - Analyst : So therefore, there have probably have been some failures. How do you look at your drug? And what have you learned, I guess, from the previous failures? Or how do you think you're different? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 9:35PM, ROIV.OQ - Roivant Sciences Ltd at Morgan Stanley Global Healthcare Conference

Question: Albert Wong - Morgan Stanley - Analyst : Okay, great.

Question: Albert Wong - Morgan Stanley - Analyst : So the patient has to have both?

Question: Albert Wong - Morgan Stanley - Analyst : Got it. Okay. So we're looking forward to that data in second half. And let's just look into the future and assuming that's successful, what are next steps?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And given the 40,000 to 70,000 patient population, how do people think about pricing for this?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And the FcRn one from argenx, do you know when that data is reading out?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Got it. Well, speaking of myositis and other indications, what are the other indications you're going after following dermatomyositis?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And those indications also are orphan?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Can we cover FcRn?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Lots of indications. I think you're going after at least five, maybe six.

Question: Albert Wong - Morgan Stanley - Analyst : Can you maybe go through so that people know?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And between you guys and Immunovant, how do you think about which indications are the most important? You have Graves disease where you're going to be the first one and it's late stage, and you have proof of concept, but you take myasthenia gravis and CIDP where there's a drug on the market clearly doing very well. So how do you balance where your priorities are?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Okay, great. And when we look at the broader anti-FcRn landscape, where do you see Immunovant and their role in the overall landscape?

Question: Albert Wong - Morgan Stanley - Analyst : Right. Okay. We've gone down to the 10-minute mark. So I do want to leave room for questions. Anything more you want to say about brepo or the anti-FcRn?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. And last thing before I turn it open, internal versus external BD. You have a lot of pivotal late-stage data coming out. So do you need to do it? What are you looking for?

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Great. Maybe I'll turn it over to any questions from the audience here. Anyone? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 9:35PM, ROIV.OQ - Roivant Sciences Ltd at Morgan Stanley Global Healthcare Conference

Question: Albert Wong - Morgan Stanley - Analyst : But so we should keep waiting.

Question: Albert Wong - Morgan Stanley - Analyst : No, maybe I'll fill it in the meantime, because I did have one last question. Do you think your future BD deals will look like the mosli deal you did last year? Is that a standard type deal that you would be doing?

Question: Albert Wong - Morgan Stanley - Analyst : Any questions? Okay. I'm going to ask one more. I don't like the silence

Question: Albert Wong - Morgan Stanley - Analyst : As we're talking about BD, you mentioned that you did $1.5 billion of share repurchase. So capital allocation, are you just seeing more value in your own stock? I mean that's the definition of a share repurchase is you're buying yourself over new BD ideas out there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 9:35PM, ROIV.OQ - Roivant Sciences Ltd at Morgan Stanley Global Healthcare Conference

Question: Albert Wong - Morgan Stanley - Analyst : Okay. Sounds good. Okay. Last chance. Any questions out there? Okay. Do you want to make any closing comments on that?

Question: Albert Wong - Morgan Stanley - Analyst : Yeah, Well, I wish you luck on that.

Question: Albert Wong - Morgan Stanley - Analyst : Okay. So we've been at that interpretation. Anyway, great to see you.