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Jun 30, 2021
Vir Q2 2021 Earnings Report
Vir reported financial results, highlighted by sotrovimab's availability for high-risk COVID-19 patients and progress in hepatitis B portfolio.
Key Takeaways
Vir Biotechnology reported a net income of $61.8 million for the second quarter of 2021, a significant increase compared to a net loss of $31.2 million for the same period in 2020. The increase was primarily due to revenue recognition related to the license granted to GSK under the Company’s 2021 GSK agreement. Sotrovimab is now available for patients who become ill with COVID-19 and are at high risk for hospitalization.
Sotrovimab is available for high-risk COVID-19 patients and retains efficacy against circulating variants.
Supply agreements for sotrovimab established with multiple countries and a Joint Procurement Agreement signed with the European Commission.
Phase 2 combination trial of VIR-2218 with VIR-3434 initiated for hepatitis B.
EMA began a rolling review of data to support a marketing authorization application in Europe for sotrovimab.
Revenue by Segment
Forward Guidance
Vir Biotechnology is focused on advancing its pipeline of product candidates, including sotrovimab for COVID-19, VIR-2218 and VIR-3434 for hepatitis B, and other therapies for infectious diseases.
Positive Outlook
- Sotrovimab is expected to maintain activity against new and emerging variants through in vitro studies.
- Initial data from the Phase 2 COMET-PEAK trial investigating intramuscular administration of sotrovimab is expected in the fall of 2021.
- Data from the Phase 3 COMET-TAIL trial for early treatment of COVID-19 is now expected in the second half of 2021.
- Initial clinical data from the Phase 1 trial of VIR-1111, an investigational HIV T cell vaccine, is expected in the second half of 2021.
- Additional data from the combination trial of VIR-2218 with pegylated interferon alfa and the VIR-3434 monotherapy trial are planned to be shared later this year.
Challenges Ahead
- The Company and GSK are currently evaluating potential timelines for advancing VIR-2482 and other influenza therapies due to the relatively low incidence of influenza during the COVID-19 pandemic.
- There are limited clinical data available for sotrovimab.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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Avg. Return Before/After Earnings
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