Roivant Sciences (ROIV) just posted its Q3 2026 numbers with total revenue of about US$2.0 million and a basic EPS loss of US$0.38, alongside a net income loss, excluding extra items, of US$265.9 million. The company has seen quarterly revenue move from US$9.0 million in Q3 2025 to US$2.0 million in Q3 2026, while basic EPS shifted from a loss of US$0.22 to a loss of US$0.38 over the same period. This sets the scene for investors to weigh near term revenue scale against the size of ongoing losses and consider what that implies for margins going forward.

With the headline numbers on the table, the next step is to see how this latest earnings snapshot lines up with the widely followed growth and profitability narratives around Roivant.

Losses Stay Large With US$809.2 Million TTM Net Loss

• On a trailing 12 month basis, Roivant booked a net income loss, excluding extra items, of US$809.2 million on US$13.3 million of total revenue, which keeps the business firmly in loss making territory despite the earlier comment that losses have been reduced over the past five years.
• What stands out against the generally bullish view that earnings could grow about 50.97% per year is that recent quarterly losses remain heavy, with Q3 2026 alone showing a US$265.9 million net loss and basic EPS loss of US$0.38. This leaves a wide gap between current results and that optimistic path.
  • Bulls often focus on that 28.2% annual reduction in losses over five years, but the latest trailing 12 month loss is still over US$800 million, so the reported trend has not yet translated into small or marginal losses.
  • The idea that Roivant might become profitable within three years is therefore being measured against a starting point where revenue for Q3 2026 was just under US$2.0 million. Any improvement would need to be assessed alongside these relatively small current revenue levels.

Investors who are tracking that long run earnings story may want a clearer bridge between the current US$809.2 million annual loss and the expected improvement, and 📊 Read the full Roivant Sciences Consensus Narrative. can help frame how others are thinking about that gap.

Revenue Base Shrinks While Pipeline Count Holds Steady

• Quarterly revenue has moved from US$9.0 million in Q3 2025 to US$1.999 million in Q3 2026, while through 2026 the company has reported 8 products in Phase II and 3 in Phase III in both Q1 and Q2. The development portfolio count therefore stayed unchanged in those periods even as revenue stayed in the low single digit millions.
• Supporters who focus on Roivant as a multi asset pipeline story may point to those 8 Phase II and 3 Phase III programs as the main drivers behind the strong revenue and earnings growth forecasts, yet the current numbers underline that these assets have not yet translated into large recurring revenue.
  • Q1 2026 revenue of US$2.17 million and Q2 2026 revenue of US$1.571 million sit in the same small range as Q3 2026, which keeps the business in a pre scale phase even with multiple late stage projects reported.
  • The contrast between a forecast 63.8% revenue growth rate and the present sub US$3 million quarterly revenue level means any future change in commercialisation or partnering would have an outsized impact on how those forecasts are interpreted.

Mixed Valuation Signals With P/B At 4.3x

• Roivant is reported to be trading on a P/B of 4.3x, which is higher than the US Biotechs industry average of 2.5x but below the 9.2x peer average, so the shares sit between broader sector and closer peer benchmarks while the current share price is US$25.82.
• Critics who question the bullish stance highlight that the shares carry that above industry P/B multiple even though the trailing 12 month net loss is US$809.2 million and trailing 12 month revenue is US$13.3 million, so valuation is being supported more by the growth outlook than by present profitability.
  • The fact that earnings are still negative on both the latest quarter and trailing 12 month view, while analysts still expect profitability within three years, shows how much weight the market places on those forecasts rather than current margins.
  • At the same time, the P/B being below the 9.2x peer average suggests some investors may view the stock as less aggressively valued than certain direct comparables, even though it remains unprofitable on the latest reported figures.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Roivant Sciences's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Roivant is still carrying heavy losses on a small revenue base, with profitability forecasts leaning on future expectations rather than current financial strength.

If that mix of large losses and limited revenue scale feels uncomfortable, shift your focus toward companies with steadier fundamentals by checking out 83 resilient stocks with low risk scores today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.