Goldman Sachs: Updating IMVT and ROIV Forecasts to Reflect the $78B FcRn Blue Ocean Opportunity

Goldman Sachs updated forecasts for Immunovant (IMVT) and Roivant Sciences (ROIV), emphasizing that four clinical readouts over the next two years for IMVT-1402, a next-generation anti-FcRn antibody, could significantly reshape the market's perception of its peak opportunity. A bottom-up analysis indicates a peak total addressable market (TAM) of roughly $60 billion across IMVT-1402's six target autoimmune indications, sharply contrasting with unadjusted consensus estimates of $9 billion to $13.7 billion. This valuation gap is primarily driven by Graves' disease, where the peak category TAM is estimated at $27 billion versus consensus estimates near $2 billion. Goldman Sachs estimates IMVT-1402's risk-adjusted peak sales at approximately $5.7 billion across five key indications. The upcoming catalysts include potential registrational data for D2T RA in 2H26, Ph2b data for CLE in 2H26, and Phase 3 data for Graves' disease and MG in 2027. The Graves' disease Phase 3 readout represents the most critical catalyst for both the company and the broader FcRn class. Positive results demonstrating durable, ATD-free remission could trigger a substantial revaluation. Conversely, failure in this trial poses significant downside risk. Overall, positive data across three key indications could yield cumulative upside potential of 72% to current valuation models.