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Mar 31, 2023
Vir Q1 2023 Earnings Report
Vir reported first quarter 2023 financial results and provided a corporate update.
Key Takeaways
Vir Biotechnology reported a decrease in revenue to $63.0 million compared to $1.2 billion for the same period in 2022, primarily due to lower sotrovimab sales. The company's net loss was $140.9 million, or $1.06 per share. They had $2.3 billion in cash, cash equivalents, and investments as of March 31, 2023.
Multiple data readouts are anticipated in 2023 from ongoing Phase 2 programs in hepatitis B and D, and influenza.
Marianne De Backer assumed the CEO position to lead the company through its next phase of growth.
Vir had $2.3 billion in cash, cash equivalents, and investments as of March 31, 2023.
A $10 million grant from the Bill & Melinda Gates Foundation will support Phase 1 clinical development of VIR-1388, a novel T cell vaccine for HIV.
Revenue by Segment
Forward Guidance
Vir anticipates multiple data readouts in 2023 from Phase 2 programs in hepatitis B and D, and influenza, and expects to initiate the Phase 2 PREVAIL platform trial for hepatitis B in the first half of 2023.
Positive Outlook
- Phase 2 data readouts expected for hepatitis B, hepatitis D, and influenza.
- Phase 2 PREVAIL platform trial for hepatitis B is expected to be initiated in the first half of 2023.
- Bill & Melinda Gates Foundation expanded support of Vir’s novel T cell vaccine platform with a new $10 million grant.
- Initial data from the Phase 1b trial evaluating the safety of VIR-2482 in adults age 65 and older receiving a flu vaccine are also expected in mid-2023.
- The company will continue working with GSK to ensure ongoing access to sotrovimab for patients around the world, where authorized, and to develop new therapies for influenza and other respiratory diseases.
Challenges Ahead
- The company anticipates a payment of approximately $272.1 million to GSK in the second quarter of 2023 related to excess sotrovimab supply and reduced demand expectations.
- Collaboration revenue decreased due to lower profit share from sales of sotrovimab.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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