Vir Biotechnology Inc (VIR) Reports Q3 2023 Financial Results
Vir Biotechnology Inc (NASDAQ:VIR) reported Q3 2023 financial results on November 2, 2023.
The company's total revenues for the quarter ended September 30, 2023, were $2.6 million, a significant drop from $374.6 million for the same period in 2022.
Vir Biotechnology Inc (NASDAQ:VIR) reported a net loss of $163.4 million for Q3 2023.
The company secured new BARDA funding for the development of RNA-delivered monoclonal antibodies.
Vir Biotechnology Inc (NASDAQ:VIR) released its third-quarter 2023 financial results on November 2, 2023. The company reported total revenues of $2.6 million for the quarter ended September 30, 2023, compared to $374.6 million for the same period in 2022. The significant decrease in revenues was primarily due to lower sales of sotrovimab under the company's collaboration with GSK and the recognition of deferred revenue related to GSK's selection of RSV under the company's 2021 agreement with GSK in the third quarter of 2022.
Financial Highlights
As of September 30, 2023, Vir Biotechnology Inc (NASDAQ:VIR) had approximately $1.7 billion in cash, cash equivalents, and investments. The company made a payment of $67.0 million to GSK for largely all of the remaining excess sotrovimab supply and manufacturing capacity that was reserved in 2022.
The net loss attributable to Vir for the third quarter of 2023 was $(163.4) million, or $(1.22) per share, basic and diluted, compared to a net income of $175.3 million, or $1.32 per share, basic and $1.30 per share, diluted, for the same period in 2022.
Company Updates and Future Plans
The company announced that it is expanding its strategic focus to autoimmune diseases and immuno-oncology. Vir Biotechnology Inc (NASDAQ:VIR) also secured new BARDA funding for the development of RNA-delivered monoclonal antibodies. The company is well-funded to execute on its clinical programs and evaluate complementary external opportunities to strengthen its platforms and pipeline.
Vir Biotechnology Inc (NASDAQ:VIR) is continuing to advance next-generation mAbs based on its proprietary platform and enabled by AI and machine learning to deliver high-quality drug candidates more efficiently. The company expects the filing of multiple new INDs in the next 12-24 months.
Conclusion
Despite the significant decrease in revenues, Vir Biotechnology Inc (NASDAQ:VIR) remains optimistic about its future prospects. The company's strategic focus on autoimmune diseases and immuno-oncology, coupled with its new BARDA funding, positions it well for future growth. However, investors should keep an eye on the company's financial performance in the coming quarters.
Explore the complete 8-K earnings release (here) from Vir Biotechnology Inc for further details.
This article first appeared on GuruFocus.
