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    Joyce Zhou

    Research Analyst at TD Cowen

    Joyce Zhou is an Associate at TD Cowen, specializing in biotechnology sector research and analysis, with a focus on companies such as Exelixis. She joined TD Cowen in 2022, having previously worked in healthcare investment banking at Bank of America and as an Associate on the investment team at Astorg. Zhou holds dual degrees in Economics and Public Policy from Duke University and is licensed with FINRA. She is recognized for her coverage of innovative biotechnology firms and active participation in sector-focused earnings calls.

    Joyce Zhou's questions to Roivant Sciences (ROIV) leadership

    Joyce Zhou's questions to Roivant Sciences (ROIV) leadership • Q2 2025

    Question

    Joyce Zhou, on behalf of Yaron Werber at TD Cowen, questioned the company's pricing strategy for brepocitinib, particularly regarding its potential as an orphan drug and how pricing might differ across various indications.

    Answer

    CEO Matt Gline stated that while it's premature for a firm view, the high unmet need in orphan diseases supports a wide range of prices. He highlighted competitor pricing in dermatomyositis in the 'high $100,000s' as a useful benchmark. Priovant CEO Ben Zimmer added that recent orphan drug launches, both biologics and small molecules, provide a similar pricing band for consideration.

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