Roivant Sciences Ltd. (ROIV) stock surged 5.51% in pre-market trading on Monday, following the release of its third-quarter fiscal 2024 financial results and a promising update on its product pipeline.
Despite reporting lower earnings and revenue for the quarter, Roivant Sciences managed to beat analysts' expectations for its income from operations. The biopharmaceutical company reported a net income of $118.075 million for the quarter, driven by strong performance from its pipeline candidates and strategic initiatives.
Roivant Sciences provided an update on its robust pipeline, which includes several promising drug candidates targeting various therapeutic areas. The company highlighted its progress with IMVT-1402 and batoclimab, fully human monoclonal antibodies targeting FcRn in development for autoimmune indications, as well as brepocitinib, a potent small molecule inhibitor of TYK2 and JAK1 for the treatment of dermatomyositis, non-infectious uveitis, and cutaneous sarcoidosis.
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