Roivant Sciences Ltd.ROIV

Roivant Sciences Ltd. Segments Disclosure

10-KFiled May 29, 20252 min read
Note 16—Segment Information


The Company is operated and managed as a single operating and reportable segment which focuses on the discovery, development and commercialization of medicines and technologies. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer.



The CODM assesses performance for the Company based on net (loss) income, which is reported on the consolidated statements of operations and comprehensive (loss) income as net (loss) income. The measure of segment assets is reported on the consolidated balance sheets as total assets.



The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models and budgeted versus actual results to assess performance, make operating decisions and allocate resources across the Company including to various Vants and research and development projects.



The Company’s significant segment expenses are as follows:



  
Years Ended March 31,
  
   
2025
    
2024
    
2023
  
                   
Revenue
  
$
29,053
    
$
32,713
    
$
31,530
  
Less:
                        
Cost of revenues
    
911
      
1,599
      
3,034
  
Program-specific research and development expenses:
                        
Anti-FcRn franchise—neurological diseases
    
93,224
      
41,060
      
52,100
  
Anti-FcRn franchise—endocrine diseases
    
63,073
      
33,205
      
26,377
  
Anti-FcRn franchise—rheumatology diseases
    
23,897
      
—
      
—
  
Anti-FcRn franchise—dermatology diseases
    
15,633
      
—
      
—
  
Anti-FcRn franchise—other clinical and nonclinical
    
9,327
      
39,811
      
5,553
  
Brepocitinib
    
45,125
      
38,563
      
38,627
  
Mosliciguat
    
19,746
      
4,307
      
—
  
Other development and discovery programs
    
57,729
      
92,270
      
159,893
  
Research and development share-based compensation
    
39,780
      
32,400
      
28,669
  
Research and development personnel-related expenses
    
146,162
      
123,283
      
118,523
  
Other research and development expenses
    
36,717
      
35,010
      
24,320
  
Acquired in-process research and development
    
—
      
26,450
      
97,749
  
General and administrative share-based compensation
    
239,505
      
154,873
      
175,019
  
General and administrative personnel-related expenses
    
205,737
      
126,163
      
99,141
  
Other general and administrative expenses
    
146,168
      
135,097
      
109,288
  
Gain on sale of Telavant net assets
    
(110,387
)
    
(5,348,410
)
    
—
  
Change in fair value of investments
    
(55,186
)
    
47,973
      
20,815
  
Change in fair value of liability instruments
    
(15,756
)
    
46,838
      
18,386
  
Gain on deconsolidation of subsidiaries
    
(3,108
)
    
(32,772
)
    
(29,276
)
Interest income
    
(258,375
)
    
(146,425
)
    
(32,184
)
Other expense, net
    
10,721
      
13,562
      
486
  
Income tax expense
    
48,174
      
21,503
      
4,082
  
(Income) loss from discontinued operations, net of tax
    
(373,030
)
    
315,147
      
226,391
  
Net (loss) income
  
$
(356,734
)
  
$
4,231,206
    
$
(1,115,463
)
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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