In its quarterly earnings report released Monday morning, Roivant Sciences said that sales rose from $4.3 million in the same quarter in 2022 to $21.6 million. The sum, however, fell short of analyst expectations of $24.5 million.
The company reported a large jump in revenue for Vtama, a plaque psoriasis cream that was approved by the Food and Drug Administration in May 2022. Product revenue for Vtama surged to $16.7 million, versus $141,000 in the year-ago period. Roivant reported that 200,000 prescriptions for the treatment have been written since its launch.
Roivant also reported $1.4 billion in cash, cash equivalents and restricted cash, which it said will buoy the organization into the second half of 2025.
Roivant has pinned hopes for future growth on RVT-3101, a treatment for inflammatory diseases including Crohn’s disease and ulcerative colitis. The treatment recently showed efficacy in a Phase 2b trial in ulcerative colitis, and Roivant is now testing it in patients with Crohn’s disease.
“This was an incredibly busy quarter with multiple clinical readouts and trial initiations,” said Matt Gline, CEO of Roivant, in a statement. “We’re incredibly excited about the progress we’ve made in this quarter alone and look forward to announcing additional clinical results in the upcoming months. On the commercial side, we saw another three months of continued product revenue growth for the company from Vtama sales.”
Roivant said it expects topline data from the induction portion of TAHOE, RVT-3101’s trial in Crohn’s disease, in late 2024. The company is also exploring other label indications for Vtama. In a Phase 3 study, ADORING 1, Roivant reported that Vtama met primary and secondary endpoints in patients with moderate-to-severe atopic dermatitis.
Roivant also reported that its immunology company, Immunovant, is in the process of testing IMVT-1402, a next generation anti-FcRn, in a Phase 1 trial.
Roivant made additional headlines this year owing to the presidential aspirations of its founder and former CEO Vivek Ramaswamy. Ramaswamy, who has been campaigning extensively in states with early caucus or primary contests, founded Roivant in 2014 and led the company until January 2021.