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Jun 30, 2022
Vir Q2 2022 Earnings Report
Reported a net loss for the second quarter of 2022 and provided a corporate update
Key Takeaways
Vir Biotechnology reported a net loss of $76.5 million for the second quarter of 2022, with revenues totaling ($40.6 million). The company is shifting its strategy to focus on long-term control of COVID-19 and advancing its pipeline in hepatitis B, hepatitis D, and influenza A. Vir's cash, cash equivalents, investments, and profit-share payments from GSK are expected to fund operations for up to five years.
Vir closed the second quarter with sufficient funds to operate for up to five years.
The company is shifting its COVID-19 strategy to focus on long-term control.
Multiple Phase 2 and Phase 3 data readouts are expected from programs in COVID-19, hepatitis B, hepatitis D and influenza A.
The company expects multiple milestones in the second half of 2022, including trial initiations and data readouts.
Revenue by Segment
Forward Guidance
Vir Biotechnology anticipates several milestones in the second half of 2022, including the initiation of a Phase 2 trial for universal prophylaxis for influenza A, the first trial in hepatitis D, and multiple data readouts from hepatitis B and HIV programs.
Positive Outlook
- Initiation of a Phase 2 trial for universal prophylaxis for influenza A.
- Initiation of the first trial in hepatitis D.
- Multiple data readouts from hepatitis B programs.
- Additional safety data from the Phase 1b portion of the trial are expected in the second half of 2022.
- Additional HBV milestones expected in 2022.
Challenges Ahead
- The Company and GSK do not plan to file a Biologics License Application for sotrovimab at this time and do not intend to pursue the US-based Phase 3 COMET-STAR prophylaxis trial.
- Due to the continued proportion of COVID-19 cases caused by certain Omicron subvariants, sotrovimab is not currently authorized in any US region.
- There are limited clinical data available for 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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