Why Shares of Roivant Sciences Rose Wednesday

Shares of Roivant Sciences (NASDAQ: ROIV) were up more than 11% by 3 p.m. ET on Wednesday after the pharmaceutical company that specializes in smaller portfolio companies, called vants, released fourth-quarter and 2023 fiscal-year earnings. The stock is up more than 26% so far this year.

Roivant reported fourth-quarter revenue of $27.4 million, up 197% year over year, and an earnings per share (EPS) loss of $0.05, compared to an EPS loss of $0.39 in the same period a year ago. The improved EPS is really what propelled the stock higher.

Yearly revenue was up as well, with the company reporting 2023 revenue of $61.3 million, up 10.8%, while EPS was listed as a loss of $1.42, compared to an EPS loss of $1.26 in fiscal 2022.

Source Fool.com