Overview

• US immunology drug developer's fiscal Q4 net loss widened, missing analyst expectations

• EPS for fiscal Q4 missed analyst expectations

• Company discontinued batoclimab after Phase 3 studies failed to meet primary endpoints

Outlook

• Company expects further updates on IMVT-1402 in D2T RA and CLE in H2 2026

• Immunovant expects topline data from GD and MG trials in calendar year 2027

• Company says current cash provides runway to potential IMVT-1402 launch in GD

Result Drivers

• R&D EXPENSES - Higher research and development costs driven by IMVT-1402 clinical trials and contractual costs from discontinuing batoclimab

• PROGRAM FOCUS SHIFT - Company discontinued batoclimab after Phase 3 studies failed, shifting focus to IMVT-1402 and leveraging prior program learnings

Company press release: ID:nGNX2VKQHk

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 EPS	Miss	-$0.73	-$0.60 (14 Analysts)
Q4 Net Income	Miss	-$147.86 mln	-$116.76 mln (13 Analysts)
Q4 Basic EPS		-$0.73
Q4 Operating Expenses		$159.55 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Immunovant Inc is $42.00, about 59.8% above its May 19 closing price of $26.29

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