Roivant PH-ILD Incoming Topline and DM Launch in Focus; Model Update

研报英文原文证据摘录

Roivant PH-ILD Incoming Topline and DM Launch in Focus; Model Update

J P M O R G A N North America Equity Research

04 August 2026

Roivant Overweight

ROIV, ROIV US

PH-ILD Incoming Topline and DM Launch in Focus; Price (03 Aug 26):$33.32

Model Update Price Target (Dec-27):$40.00

Recent inbound at our desk remains largely on the incoming brepocitinib’s SMid Biotechnology

ACDM launch and mosliciguat’s PH-ILD topline. We are starting to field more Brian Cheng

questions on the expectations for the first quarter and the first full year of the DM (1-212) 622-0449

launch. For reference, consensus DM revenue for the FY is $72mn (JPMe: $87mn) brian.cheng@jpmorgan.com

and $435mn for the next FY (JPMe: $413mn), as of mid-July. Sentiment on the Sarah Medeiros, PhD

launch remains highly positive, as adoption is expected to be strong (KOL note). (1-212) 622-3957

sarah.k.medeiros@jpmorgan.com

On the PH-ILD front, investors are actively assessing the upside/downside J.P. Morgan Securities LLC

around the near-term PHocus topline in 2H and the bar for success. In our

view, the bar for success (as we outlined in our Preview 1.0 and 2.0) remains the Key Changes (FYE Mar)

same. We are hoping to see: 1) 20%+ PVR and 2) directionally positive changes Prev Cur Δ

in the 6MWD (e.g., around +10% change from the 277m at BL), while keeping in Adj. EPS - 26E ($) (1.51) (1.49) 1.0%

mind that the trial is not powered for statistical significance on 6MWD. Overall, Adj. EPS - 27E ($) (1.36) (1.42) -4.2%

we continue to feel confident around these two major levers based on doctor

Quarterly Forecasts (FYE Mar)feedback and our past due diligence. We increasingly lean positive on the outcome

of the PH-ILD catalyst in 2H (likely Sept/Oct, per our estimate). ROIV is our Top Adj. EPS ($)

2025A 2026E 2027E