Vir Biotechnology Inc · Q3 2021 earnings

Briefing

Vir Biotechnology reported positive Q3 2021 results driven by sotrovimab sales and pipeline advancements.

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.

Headline financials

Revenue & EPS history

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.