Vir Biotechnology, Inc.

vir.bio

What Do They Do?

Develops investigational medicines for people with serious infectious diseases and cancer, including hepatitis delta therapies and immune-cell treatments for solid tumors.

How Do They Make Money?

Partners pay Vir for drug licenses and collaboration work through upfront payments, research reimbursements and milestones; Vir may also earn sales-linked royalties and profit shares, with revenue earned as it carries out agreed work.

revenue

Segment	Share	Revenue
License and collaboration revenue	92%
Grant revenue	3.0% FY2022: 2.2%
Other revenue	4.9%

Who Are Their Customers?

Vir works with biopharmaceutical partners through license and collaboration agreements; Norgine holds commercial and certain development rights to its hepatitis delta combination in Europe, Australia and New Zealand.

Do Revenues Turn Into Profits?

No. It lost $438M in FY2025.

Operating income, FY2025

−699% of revenue

▼ −18% (Loss) vs FY2024 (−$587.2M, −791%)

Net income, FY2025

−639% of revenue

▼ −16% (Loss) vs FY2024 (−$522M, −703%)

Free cash flow, FY2025

−579% of revenue

▼ −13% (Loss) vs FY2024 (−$453.7M, −611%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +19583%; vs $1.2M in Q2 FY2025
Net income: ▲ Now profitable; vs −$111M in Q2 FY2025

License and collaboration revenue share of revenue vs −40.8% in Q2 FY2025

Aug 5, 2026 Closed global collaboration with Astellas for VIR-5500 The companies will advance VIR-5500 together, sharing development; Astellas has exclusive commercial rights outside the United States.
Jul 24, 2026 CFO Jason O’Byrne will step down He plans to leave to pursue another opportunity, and Vir has begun looking for a successor.

Shrinking. Revenue fell 94% in 4 years, from $1.1B in FY2021 to $68.6M in FY2025, about 50% a year.

Expanded into cancer The older report described a business focused on infectious diseases; the latest also includes clinical programs for solid tumors, including T-cell therapies.

Changed hepatitis priorities The older report described developing a functional-cure regimen for hepatitis B; the latest says Vir will not pursue approval-stage development of its chronic hepatitis B combinations and describes an approval-seeking hepatitis delta program.

Revenue over time

License and collaboration revenue Grant revenue Other revenue Collaboration revenue Contract revenue License revenue from a related party

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Gilead, Mirum, Bluejay Therapeutics, Huahui Health, Assembly Biosciences, Novartis, Janux, Johnson & Johnson, Regeneron, GSK, Bayer, Amgen, Merck, Pfizer, AstraZeneca, Daiichi Sankyo, Roche, Remegen, Jazz, and BioNTech

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