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Sep 30, 2021
Vir Q3 2021 Earnings Report
Vir Biotechnology reported positive Q3 2021 results driven by sotrovimab sales and pipeline advancements.
Key Takeaways
Vir Biotechnology reported a net income of $110.4 million for the third quarter of 2021, primarily driven by collaboration revenue from sotrovimab sales and an unrealized gain from equity investment in Brii Biosciences. The company made significant progress in increasing global patient access to sotrovimab and is advancing its pipeline with multiple clinical trials and data readouts expected in the fourth quarter.
Secured binding sales agreements for more than 420,000 doses of sotrovimab worldwide.
Recognized $102.4 million in sotrovimab collaboration revenue with well over 50,000 doses delivered.
Multiple countries granted marketing authorizations for sotrovimab under the brand name Xevudy®.
Anticipated fourth quarter milestones include topline sotrovimab intramuscular administration data, new hepatitis B data at AASLD, and initial HIV vaccine immunology data.
Revenue by Segment
Forward Guidance
Vir Biotechnology anticipates several milestones in the fourth quarter, including data readouts for sotrovimab intramuscular administration, hepatitis B, and HIV vaccine programs. The company plans to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) in the first half of 2022. Due to an anticipated relatively low incidence of influenza in the Northern Hemisphere this winter, the Company is deferring initiation of its Phase 2 trial of VIR-2482.
Positive Outlook
- Topline data from sotrovimab intramuscular administration trials expected in Q4 2021.
- New hepatitis B data presentation at AASLD in November 2021.
- Initial HIV vaccine immunology data expected in Q4 2021.
- Biologics License Application (BLA) submission to the FDA planned for the first half of 2022.
- Strategic manufacturing network established to manufacture approximately two million doses of sotrovimab.
Challenges Ahead
- Potential for unexpected safety or efficacy data during clinical studies.
- Challenges in collaborating with other companies or government agencies.
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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