ROIV/IMVT EPS: IMVT-1402 Results in D2T RA De-risk Multi-Blockbuster

Goldman Sachs raised price targets for ROIV ($45, Buy) and IMVT ($42, Neutral) following positive clinical data for IMVT-1402 in rheumatoid arthritis and strong fiscal results. The report highlights a catalyst-rich calendar including upcoming registrational data and commercial launches through 2027.

Key Takeaways

• 1.IMVT-1402 Period 1 data in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) materially de-risks the program, with the probability of success (POS) increased to 60%.
• 2.Roivant (ROIV) has a robust catalyst calendar through 2027, including the commercial launch of brepocitinib in dermatomyositis (DM) expected in September 2026.
• 3.Management provided positive framing for mosliciguat Ph2 PH-ILD readout on track for 2H26, with high titration rates and physician enthusiasm.

Table of Contents

• Key Takeaways
• ROIV Model changes
• IMVT Model changes
• Valuation and Risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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