Revenue has collapsed by 101% year-over-year as of 2026Q1, leaving the company with an inelastic R&D cost structure that consistently drives operating margins below -90%.
| Sales/Revenue | 65.5M | 68.56M | 74.2M | 86.18M | 1.62B | 1.1B | 67.25M | 711K | 868K | 149K |
| Revenue Growth % | 213.96% | -7.61% | -13.9% | -94.67% | 47.51% | 1528.99% | 9357.81% | -18.09% | 482.55% | - |
| Cost of Goods Sold | -117.59M | 11.71M | 478.64M | 572.83M | 620.97M | 513.87M | 0 | 0 | 100.23M | 62.51M |
| COGS % of Revenue | - | 17.08% | 645.03% | 664.69% | 38.43% | 46.91% | - | - | 11547.12% | 41954.36% |
| Gross Profit | 183.11M | 56.85M | -404.44M | -486.65M | 994.83M | 581.54M | 67.25M | 711K | -99.36M | -62.36M |
| Gross Margin % | 279.58% | 82.92% | -545.03% | -564.69% | 61.57% | 53.09% | 100% | 100% | -11447.12% | -41854.36% |
| Gross Profit Growth % | - | 114.06% | 16.89% | -148.92% | 71.07% | 764.81% | 9357.81% | 100.72% | -59.33% | - |
| Operating Expenses | 643.85M | 524.87M | 182.72M | 197.66M | 161.76M | 160.79M | 364.23M | 178.69M | 119.56M | 81.65M |
| OpEx % of Revenue | - | 765.61% | 246.24% | 229.35% | 10.01% | 14.68% | 541.64% | 25132.21% | 13774.19% | 54795.97% |
| Selling, General & Admin | 69.19M | 92.07M | 0 | 0 | 0 | 0 | 70.94M | 37.6M | 29.13M | 21.69M |
| SG&A % of Revenue | - | 134.3% | - | - | - | - | 105.49% | 5288.05% | 3356.11% | 14559.06% |
| Research & Development | 446.24M | 432.8M | 506.5M | 579.72M | 474.65M | 448.01M | 302.41M | 148.47M | 100.23M | 62.51M |
| R&D % of Revenue | - | 631.3% | 682.57% | 672.69% | 29.38% | 40.9% | 449.72% | 20882.14% | 11547.12% | 41954.36% |
| Other Operating Expenses | -1000K | 0 | -323.77M | -382.06M | -312.89M | -287.21M | -9.12M | -7.38M | -212K | 83K |
| Operating Income | -460.76M | -468.02M | -587.16M | -684.3M | 833.07M | 420.75M | -296.98M | -177.98M | -118.69M | -81.5M |
| Operating Margin % | -703.51% | -682.68% | -791.27% | -794.04% | 51.56% | 38.41% | -441.64% | -25032.21% | -13674.19% | -54695.97% |
| Operating Income Growth % | - | 20.29% | 14.2% | -182.14% | 98% | 241.68% | -66.86% | -49.95% | -45.64% | - |
| EBITDA | -451.95M | -456.34M | -572.61M | -664.85M | 839.85M | 426.56M | -291.54M | -173.46M | -115.94M | -81.06M |
| EBITDA Margin % | -690.05% | -665.65% | -771.65% | -771.47% | 51.98% | 38.94% | -433.55% | -24396.91% | -13356.68% | -54406.04% |
| EBITDA Growth % | 28.68% | 20.3% | 13.87% | -179.16% | 96.89% | 246.31% | -68.07% | -49.62% | -43.02% | - |
| D&A (Non-Cash Add-back) | 8.81M | 11.68M | 14.56M | 19.45M | 6.78M | 5.81M | 5.44M | 4.52M | 2.76M | 432K |
| EBIT | -324.62M | -437.77M | -523.47M | -661.09M | 833.07M | 420.75M | -296.98M | -177.98M | -118.69M | -81.5M |
| Net Interest Income | 27.95M | 40.24M | 71.81M | 86.99M | 28.09M | 439K | 2.84M | 8.51M | 2.54M | 638K |
| Interest Income | 35.14M | 40.24M | 71.81M | 86.99M | 28.09M | 439K | 2.84M | 8.51M | 2.54M | 638K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 18.42M | 30.25M | 64.06M | 56.11M | -78.79M | 129.05M | -1.63M | 3.45M | 2.33M | 721K |
| Pretax Income | -442.35M | -437.77M | -523.11M | -628.19M | 754.28M | 549.8M | -298.61M | -174.53M | -116.36M | -80.78M |
| Pretax Margin % | -675.39% | -638.56% | -704.95% | -728.93% | 46.68% | 50.19% | -444.06% | -24546.98% | -13405.99% | -54212.08% |
| Income Tax | 31K | 217K | -1.15M | -13.08M | 238.44M | 21.22M | 54K | 154K | -480K | -10.92M |
| Effective Tax Rate % | -0.01% | -0.05% | 0.22% | 2.08% | 31.61% | 3.86% | -0.02% | -0.09% | 0.41% | 13.52% |
| Net Income | -442.72M | -437.99M | -521.96M | -615.06M | 515.84M | 528.58M | -298.67M | -174.68M | -115.88M | -69.85M |
| Net Margin % | -675.96% | -638.87% | -703.4% | -713.69% | 31.92% | 48.25% | -444.14% | -24568.64% | -13350.69% | -46880.54% |
| Net Income Growth % | 23.36% | 16.09% | 15.14% | -219.24% | -2.41% | 276.98% | -70.98% | -50.74% | -65.9% | - |
| Net Income (Continuing) | -442.72M | -437.99M | -521.96M | -615.12M | 515.84M | 528.58M | -298.67M | -174.68M | -115.88M | -69.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.00 | -3.16 | -3.83 | -4.59 | 3.83 | 3.96 | -2.51 | -1.62 | -1.20 | -10.02 |
| EPS Growth % | 25.83% | 17.49% | 16.56% | -219.84% | -3.28% | 257.77% | -54.94% | -35% | 88.02% | - |
| EPS (Basic) | - | -3.16 | -3.83 | -4.59 | 3.89 | 4.07 | -2.51 | -1.62 | -1.20 | -10.02 |
| Diluted Shares Outstanding | 147.36M | 138.52M | 136.25M | 134.13M | 134.81M | 133.44M | 119.16M | 107.65M | 96.91M | 6.97M |
| Basic Shares Outstanding | 147.36M | 138.52M | 136.25M | 134.13M | 132.61M | 129.88M | 119.16M | 107.65M | 96.91M | 6.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical binary execution risk
As reported in financial statements, Vir's revenue trajectory has shifted from pandemic-era highs to a volatile, low-base state, evidenced by a 101% year-over-year decline in 2026Q1, signaling the complete exhaustion of legacy COVID-19 therapeutic demand and a reliance on unpredictable, milestone-driven collaboration inflows.
The transition from high-volume product sales to a project-based revenue model suggests that the company currently lacks a sustainable commercial engine. Investors should monitor whether future milestone payments from partners like GSK can provide a reliable floor, or if revenue will remain erratic and insufficient to cover core operating expenses.
Based on the provided income statement data, Vir maintains a rigid cost structure where R&D expenditures consistently exceed revenue, with quarterly R&D spending frequently surpassing $100 million, highlighting a persistent inability to scale expenses down in alignment with the company's current revenue contraction.
The company's cost profile appears heavily weighted toward clinical trial execution, which remains largely inelastic regardless of the revenue environment. This suggests that management is prioritizing long-term pipeline development over near-term expense discipline, a strategy that may necessitate further capital raises if clinical milestones are delayed.
According to recent quarterly filings, Vir's operating leverage is severely constrained, with operating margins frequently dipping below -90% as the company continues to fund intensive laboratory operations without the benefit of a high-margin commercial product to offset the substantial fixed-cost burden.
The lack of operating leverage implies that the company is currently in a 'burn-to-build' phase, where every dollar of revenue is dwarfed by the massive overhead required to maintain its immunology platform. This structure warrants further investigation into whether the company can achieve a break-even point without a significant, successful commercial launch.
Data from the income statement suggests a precarious financial position, as the company's TTM operating losses significantly outpace its reported cash reserves, indicating that the current business model may be unsustainable without immediate external financing or a major strategic pivot to preserve liquidity.
Short-term observers might focus on the potential for a dilutive equity raise, given that the current burn rate appears to be depleting cash faster than the pipeline can generate value. The market may be correctly pricing in this 'capital crunch' risk, as the company's valuation remains depressed relative to peers with more stable, revenue-generating assets.
Quick answers to the most common questions about buying VIR stock.
For fiscal year 2025, Vir Biotechnology, Inc. (VIR) reported total revenue of $68.6M. This represents a 45910.7% increase compared to $0.1M in 2017.
Vir Biotechnology, Inc. (VIR) reported a net loss of $438.0M for the fiscal year ending 2025.
Vir Biotechnology, Inc. (VIR) reported an operating income of $-468.0M, resulting in an operating profit margin of -682.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Vir Biotechnology, Inc. (VIR) generated $56.9M in gross profit for the year, representing a gross profit margin of 82.9%. This demonstrates the company's core pricing power and production efficiency.