Model Update Post 2Q Print: ROIV / IMVT

Research evidence excerpt

J P M O R G A N

North America Equity Research

07 August 2026

Model Update Post 2Q Print

ROIV / IMVT

We update our Vant models following the 2Q results and company call (see

note).

SMid Biotechnology

Brian Cheng AC

Roivant (ROIV): We update our ROIV model after the 2Q results. Key changes

in our model include: 1) updating 2Q numbers, 2) refining our op ex projection to

align with trial plan and current run rate. We reiterate our Dec-2027 PT of $40.

Reiterate OW. ROIV is our top pick for 2026. ROIV is on the Analyst Focus List.

Immunovant (IMVT): We update our IMVT model following the 2Q print. Key

changes in our model include: 1) updating 2Q numbers, cash and share count, and

2) tweaking op ex projection to reflect the latest run rate. Reflecting the changes,

we reiterate our Dec-2027 PT of $50. Reiterate OW on ROIV and IMVT.

(1-212) 622-0449

Sarah Medeiros, PhD

(1-212) 622-3957

J.P. Morgan Securities LLC

Recap from Our 2Q Roivant Week at JPM and Vant Deep Dives:

Mosliciguat (sGC activator franchise) in PH-ILD: Rising Star in the Game

of PHrones (Preview 2.0); Hocus PHocus Preview (Preview 1.0 Deck / Note)

Brepocitinib (JAK/TYK2 franchise): (DM): Our DM on DM Overview

(Deck/Note), Dermatologist KOL feedback (Note); (NIU): Market

Opportunity of NIU (Note)

Imeroprubart / IMVT-1402 (FcRn franchise): (D2T RA): Our thoughts on

the separation of curves in Period 2 (Note); (Graves’): KOL feedback on

Graves’ disease (Note)

Equity Ratings and Price Targets

Rating

Mkt Cap

Company

Ticker

($ mn)

Price ($)

Cur

Prev

Roivant

Immunovant

ROIV US

IMVT US

26,249.22

8,251.79

36.34

39.95

OW

n/c

Source: Company data, Bloomberg Finance L.P., J.P. Morgan estimates. n/c = no change. All prices as of 07 Aug 26.