Vir Biotechnology, Inc. operates as an immunology company with commercialized products, dedicated to devising therapeutic solutions for the treatment and prevention of ...
Vir Biotechnology, Inc. is an immunology-focused biopharmaceutical company headquartered at 499 Illinois Street in San Francisco, California. Founded in 2016 and publicly launched in 2017, the company was created around the goal of using the immune system to prevent and treat significant infectious diseases. Its scientific approach combines antibody discovery, ...Vir Biotechnology, Inc. is an immunology-focused biopharmaceutical company headquartered at 499 Illinois Street in San Francisco, California. Founded in 2016 and publicly launched in 2017, the company was created around the goal of using the immune system to prevent and treat significant infectious diseases. Its scientific approach combines antibody discovery, immune-cell engineering, genetic technologies, and other platform capabilities to address diseases where existing treatment or prevention options remain limited.
Vir's most visible commercial product is sotrovimab, also known as Xevudy or VIR-7832, a neutralizing monoclonal antibody developed for SARS-CoV-2. The company has also developed or evaluated VIR-2218 and VIR-3434 for chronic hepatitis B, VIR-2482 for prevention of influenza A, and VIR-1111 for HIV prevention. Its pipeline includes clinical-stage and preclinical programs, meaning that future growth depends substantially on clinical trial results, regulatory decisions, partnering activity, and the company's ability to progress candidates into approved products.
The company operates with a research- and development-intensive cost structure. The supplied trailing information indicates research and development expense was approximately 159.6% of revenue, while selling, general, and administrative expense was approximately 32.8% of revenue. This profile is typical of a biotechnology company investing heavily in clinical development before a broad commercial revenue base is established. Vir reported approximately $68.6 million of 2024 revenue in the supplied search information, and its trailing profitability remained negative, with a net profit margin of approximately -83.0%. Trailing free cash flow was approximately negative $331.9 million, highlighting the importance of cash management, financing, licensing income, milestone payments, and successful product commercialization.
Vir's balance-sheet indicators suggest meaningful liquidity for ongoing development: the supplied data shows a current ratio of approximately 6.04, cash per share of about $3.15, and relatively modest debt compared with assets and equity. Nevertheless, biotechnology development carries substantial costs, including laboratory operations, clinical trial enrollment, contract research, regulatory work, biologics production, quality control, and manufacturing scale-up. Rather than relying on a conventional physical bill of materials, Vir's cost base is driven by specialized research personnel, biological materials, clinical sites, contract manufacturing organizations, and regulatory requirements. Samsung Biologics has been identified as a manufacturing partner for SARS-CoV-2 antibodies.
Vir maintains strategic relationships with Gilead Sciences for chronic hepatitis B development, Alnylam Pharmaceuticals, Brii Biosciences, The Rockefeller University, MedImmune, WuXi Biologics, GlaxoSmithKline-related entities, the Bill & Melinda Gates Foundation, and the National Institutes of Health. Marianne De Backer serves as President, Chief Executive Officer, and a director. With approximately 367 full-time employees, Vir is a specialized mid-sized biotechnology organization whose principal strategic objective is to convert its immunology platforms and partnered programs into durable, approved therapies and preventive medicines.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$68.6M
-7.6%
+824051.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-438.0M
+16.1%
+163.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+82.9%
+115.2%
-99.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-682.7%
+13.7%
-100.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-638.9%
+9.2%
-100.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-396.6M
+12.6%
+92.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-578.5%
+5.4%
-100.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
24.4%
+187.0%
-19.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
5.54x
-36.4%
-15.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello and welcome to Vir Biotechnology's Second Quarter 2026 Financial Results and Corporate Update Conference Call. As a reminder, this call is being recorded. [Operator Instructions] I will now turn the call over to Kiki Patel, Head of Investor Relations. You may begin, Kiki.
Kiki Patel: Thank you, Operator, and welcome, everyone. Earlier today, we issued a press release reporting our second quarter 2026 financial results and corporate update. Before we begin, I would like to remind everyone that some of the statements we are making today are forward-looking statements under applicable securities laws. These forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, collaboration outcomes, future results, performance or achievements to differ significantly from those expressed or implied in such forward-looking statements. Forward-looking statements include but are not limited to statements regarding the potential for new therapies to improve awareness, testing and access to care for the chronic hepatitis delta community, the therapeutic and commercial potential of our CHD program, the therapeutic and commercial potential of VIR-5500, and the other clinical and preclinical assets in our oncology solid tumor portfolio as well as the PRO-XTEN masking technology, our development plans and timelines, the potential benefits of our collaborations with other companies, including financial terms and milestone payments, and our cash runway and capital allocation priorities. These risks and uncertainties and risks associated with our business are described in the company's reports filed with the Securities and Exchange Commission, including our forms 10-K, 10-Q, and 8-K. Joining me on today's call from Vir Biotechnology are Dr. Marianne De Backer, our Chief Executive Officer; and Brent Sabatini, our Interim Principal Financial Officer. The agenda for our call today is as follows. First, Marianne will provide an update on the meaningful progress we've achieved across our hepatitis delta program and outline how we're positioning the program for a successful regulatory submission. Next, she will provide an update on our dual-masked T-cell engager programs utilizing our best-in-class PRO-XTEN platform. Then Brent will provide a summary of our second quarter 2026 financial results. And finally, Marianne will close the call and will open the line for Q&A. With that, I'll now turn the call over to Marianne.
Marianne De Backer: Thank you, Kiki. Good afternoon, everyone. And thank you for joining us for Vir Biotechnology's Second Quarter 2026 Earnings Call. During the quarter, we continue to execute across our portfolio, demonstrating meaningful progress in both hepatitis delta and oncology while further strengthening our regulatory and commercial readiness. In the second quarter, we presented compelling data for our hepatitis delta program on the complete a 96-week SOLSTICE trial at the …
