Start here if you're new
what it is
Vir builds drugs for hepatitis B, flu, HIV, and tuberculosis, but right now you are mostly funding the waiting.
how it gets paid
Last year Vir Biotechnology made $69M in revenue. hepatitis B programs was the main engine at $28M, or 41% of sales.
why growth slowed
Revenue fell 7.6% last year. $4 million matters most because it shows how little current business exists while the company is still posting multi-dollar per-share losses.
what just happened
Latest quarter revenue was only $4 million, while EPS fell to -$2.86.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
24.8% return on capital — every dollar works hard here
-$3.83 fy2024 eps est
$74M fy2024 rev est
xvary composite: 45/100 — below average
What they do
Vir builds drugs for hepatitis B, flu, HIV, and tuberculosis, but right now you are mostly funding the waiting.
Vir's edge is access. The company lists 10+ outside funders and partners, including the Gates Foundation, NIH, Alnylam, GSK, and WuXi Biologics. In biotech, collaboration agreements (shared research deals) → other groups help fund and develop your science → so what: you get more shots on goal without carrying every dollar alone.
How they make money
$69M
annual revenue · their business grew -7.6% last year
hepatitis B programs
$28M
flat
influenza programs
$14M
dn
hiv programs
$10M
dn
tuberculosis programs
$7M
flat
grants and collaborations
$10M
up
The products that matter
psma-targeting t-cell engager
VIR-5500
announced feb 23, 2026
This became the flagship asset on this page when Vir announced a global collaboration with Astellas on Feb. 23, 2026. One day later, the company also filed a $200M stock offering, which tells you the quiet part loud: promising science still needs cash.
lead partnered asset
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: Vir lost about $6.99 on operations for every $1 of revenue in 2024.
$69M
annual revenue
Revenue fell 7.6% vs. prior year to $69 million, which is tiny against a roughly $1 billion market cap.
$3.83
2024 EPS
EPS → profit per share → so what: you lost $3.83 per share in 2024, better than 2023's -$4.59 but still very far from a self-funding business.
$91M
long-term debt
Long-term debt is $91 million, or 6% of capital, so balance-sheet pressure is not the main problem. The main problem is operating losses.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $91M (6% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for VIR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was only $4 million, while EPS fell to -$2.86.
Revenue jumped 1769% vs. prior year, but that sounds better than it is because the base was tiny. Quiet part out loud: a huge percentage move on $4 million does not fix a business that did $69 million for the full year.
$4M
revenue
$2.86
eps
+1769%
revenue vs. last year
the number that mattered
$4 million matters most because it shows how little current business exists while the company is still posting multi-dollar per-share losses.
source: EDGAR filing data, latest quarter
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What could go wrong
the top risk is equity dilution before commercialization.
med
$200M stock offering
Vir filed for a $200M public offering on Feb. 24, 2026, with a 30-day option for another $30M. If you own the stock, your claim on any future success gets spread across more shares.
The immediate impact is dilution. The deeper issue is dependency on new capital before product revenue exists.
med
No commercial product revenue
The business generated just $74M of full-year estimated revenue, and the page makes clear that revenue comes from collaborations and grants. That is funding, not proof of market demand.
If the pipeline slips or partners pull back, the top line can stall without any product franchise to absorb the hit.
med
Cash burn can outrun good news
Operating cash flow was -$392M over the last 12 months, and the latest quarter still carried a $173M operating loss. A flashy data point does not automatically fix that math.
Even strong trial updates can be followed by financing if the burn rate stays this high.
A company with $74M of revenue, -$392M of operating cash flow, and a proposed $200M equity raise is living on external funding while the science matures. That can work. It is not gentle on shareholders.
source: institutional data · regulatory filings · risk analysis
Pay attention to
financing
offering terms and final size
The Feb. 24 filing started at $200M with an option for another $30M. Pricing will tell you how much demand the market actually has for funding this story.
cash burn
whether the -$392M annual burn starts to move lower
This is the operating metric to watch. If the burn stays near current levels, today's financing probably will not be the last one.
pipeline
VIR-5500 and other clinical milestones
Vir is still a readout-driven stock. The next meaningful trial or partnership update will likely matter more than any one quarter of accounting noise.
revenue quality
whether collaboration revenue becomes more durable
$64.1M of collaboration revenue can make a quarter look better, but you want to see whether that funding base gets deeper or just lumpy.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not have a stable earnings model because Vir does not have a stable commercial model yet.
risk rank
3
This sits around the middle of the pack. For a clinical-stage biotech, middle-of-the-pack balance-sheet safety still comes with high stock risk.
source: institutional data
Institutional activity
institutional ownership data for VIR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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