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Dec 31, 2023
Vir Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2023.
Key Takeaways
Vir Biotechnology reported a net loss of $116 million for the fourth quarter of 2023, with total revenues of $16.8 million. The company's cash, cash equivalents, and investments stood at $1.63 billion as of December 31, 2023. The company is focusing its capital allocation on programs with the highest potential for patient impact and value creation.
SOLSTICE trial on track to complete enrollment ahead of schedule with initial data expected in the second quarter.
Phase 2 MARCH Part B chronic hepatitis B data demonstrated that tobevibart may play an important role in achieving a functional cure; 48-week end of treatment data readout on track for the fourth quarter.
Cash, cash equivalents and investments totaled $1.63 billion as of December 31, 2023.
Strategic imperatives to focus its capital allocation on programs with the highest potential for patient impact and value creation.
Revenue by Segment
Forward Guidance
Vir is providing full year 2024 guidance below (in millions): GAAP combined R&D and SG&A expense range:$650 to$680
Positive Outlook
- GAAP combined R&D and SG&A expense range:$650 to$680
- Stock-based compensation expense included in the GAAP combined R&D and SG&A expense range: $115 to $105
- Restructuring charges included in the GAAP combined R&D and SG&A expense range: $35 to $25
- Approximately three to four percent of the GAAP combined R&D and SG&A expense will be funded by grants.
- These grants are recognized as revenue.
Challenges Ahead
- The GAAP combined R&D and SG&A expense guidance does not include the effect of GAAP adjustments caused by events that may occur subsequent to the publication of this guidance, including, but not limited to, business development activities, litigation, in-process R&D impairments, and changes in the fair value of contingent considerations.
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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