Trial Risk Outlook

Leerink notes that Moderna’s strengthened solvency could intensify the IP dispute, leaving legal and royalty outcomes as a continuing risk. Consequently, analysts focus on the 2026 batoclimab catalyst as the central lever for potential upside. The long‑term revenue growth and net profit margin inputs remain unchanged, while the projected future P/E has increased marginally. Overall, Roivant’s valuation and projected cash flows are now more closely tied to its ability to execute on the 2026 trial schedule and maintain clear investor messaging, with the legal landscape around Moderna royalties remaining an open factor.