Vir Biotechnology, Inc. VIR

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 11.00 USD on Nov 2, 2026, +82.4% year to date

Quant rating

Quant rating C Rank 376 of 565 in Health Care

Growth D 406 of 565
Valuation C 378 of 565
Quality C 369 of 565
Revisions D 500 of 565
Momentum B 148 of 565

Wall Street consensus Buy (1.67)Average target 21.00 USD +90.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.9B
Enterprise value: 1.3B
52-week range: 4.82 – 12.19
3-year range: 4.28 – 12.66
Dividend yield: –
Beta (5 years): 1.74
Shares outstanding: 169M
Next earnings: Nov 4, 2026

About the company

Vir Biotechnology, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for serious infectious diseases and cancer. Its portfolio includes programs for chronic hepatitis delta and multiple dual-masked T-cell engagers (TCEs) across validated targets in solid tumor indications. It also has a portfolio of preclinical programs across a range of infectious diseases and oncologic malignancies. Its key product candidates include Elebsiran (VIR-2218); Tobevibart (VIR-3434); VIR-5818; VIR-5525, and VIR-5500. These molecules leverage the PRO-XTEN masking technology with TCEs targeting CD3 on T-cells and HER2, PSMA and EGFR, respectively, on tumor cells. Elebsiran is an investigational hepatitis B virus (HBV)-targeted small interfering RNA that reduces hepatitis B surface antigen (HBsAg). Tobevibart is an investigational neutralizing monoclonal antibody that has been engineered for immune engagement and targets a conserved region on the HBsAg.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	68.6	74.2	86.2	1,616	1,095	–
Revenue growth	−7.6%	−13.9%	−94.7%	47.5%	1,334.4%	−2.1%
EPS (basic, normalized)	−3.16	−3.83	−4.59	3.83	3.96	–
EPS growth	–	–	–	−3.3%	–	–
Gross margin	100.0%	98.9%	96.8%	90.9%	94.0%	96.1%
Net margin	−638.9%	−703.4%	−713.7%	31.9%	48.3%	−395.2%
ROE	−45.7%	−38.1%	−33.5%	29.4%	49.2%	−7.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	533
Current ratio	6.04x
Long-term debt (mil)	0
Net debt (mil)	−533
Total equity (mil)	982
Net debt / equity	−0.54x
Net debt / EBITDA	1.14x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	68.6	−7.6%	19.4x	−468	+21.3%	−2.8x	−3.16	+17.5%	−3.5x
2026	248	+262.4%	5.3x	−381	+18.6%	−3.5x	−1.73	+45.3%	−6.4x
2027	92.6	−62.7%	14.3x	−466	−22.3%	−2.9x	−2.66	−53.9%	−4.1x
2028	126	+36.0%	10.5x	−473	−1.6%	−2.8x	−2.19	+17.7%	−5.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	248	+0.4%	+0.8%	+2.5%	−1.73	−0.4%	+17.7%	+21.7%
2027	92.6	+4.0%	−7.9%	−9.2%	−2.66	−0.2%	−13.3%	−11.3%
2028	126	−8.8%	−21.3%	−20.1%	−2.19	−1.3%	−14.2%	−21.8%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	56.4	3.1	2.4	12.4	3.0	1.2	0.2	64.1	0	239
Sales mean (mil)	11.7	7.5	5.5	8.1	8.6	2.7	2.0	23.2	109	216
Surprise	+381.3%	−59.0%	−56.8%	+52.0%	−64.7%	−55.4%	−87.9%	+176.4%	−100.0%	+10.4%
EPS reported	−0.48	−1.02	−1.56	−0.76	−0.88	−0.80	−1.17	−0.31	−0.85	0.47
EPS mean	−1.05	−0.90	−1.05	−0.87	−0.84	−0.72	−0.85	−0.49	−0.10	0.33
Surprise	+54.3%	−13.9%	−48.2%	+12.9%	−5.3%	−10.6%	−37.1%	+36.9%	−791.0%	+41.1%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VIR Vir Biotechnology, Inc.	1.9B	1.14x	−638.9%	1.89x	−6.4x	−4.1x	−3.5x	−2.9x
RVMD Revolution Medicines, Inc.	40.3B	2.47x	–	15.47x	−19.6x	−30.8x	−20.3x	−28.8x
EXEL Exelixis Inc	17.1B	−0.99x	33.7%	9.36x	20.5x	17.6x	14.9x	13.2x
SMMT Summit Therapeutics Inc.	11.8B	1.91x	–	18.63x	−12.4x	−12.9x	−9.9x	−10.3x
PTGX Protagonist Therapeutics, Inc.	9.0B	4.99x	−282.8%	10.71x	29.6x	−151.4x	27.3x	−99.3x
CYTK Cytokinetics, Incorporated	8.6B	0.03x	−891.6%	−49.61x	−10.2x	−13.6x	−12.1x	−16.5x
Mean		1.59x	−444.9%	1.07x	0.3x	−32.5x	−0.6x	−24.1x
Median		1.52x	−460.9%	10.03x	−8.3x	−13.2x	−6.7x	−13.4x

Technical analysis

1M−1.5%
3M+27.0%
1Y+84.6%
3Y+34.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Vir Biotechnology, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	68.6	74.2	86.2	1,616	1,095	76.4
Cost of revenue	0	0.8	2.8	146	65.9	–
Gross profit	68.5	73.4	83.4	1,469	1,030	76.4
Selling, general & administrative expenses	92.1	119	178	162	161	70.9
Research & development	456	506	589	474	448	301
Depreciation/amortization	0.4	0.3	0.5	0.5	0.5	1.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.2	35.0	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−479	−587	−684	833	421	−297
Net interest income (expense)	42.0	66.3	65.1	−83.0	138	2.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.4	−2.2	−9.0	4.3	−9.4	−4.5
Net income before taxes	−438	−523	−628	754	550	−299
Provision for taxes	0.2	−1.1	−13.1	238	21.2	0.1
Minority interest	0	0	0.1	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−438	−522	−615	516	529	−299
Extraordinary items	–	–	–	–	–	–
Net income	−438	−522	−615	516	529	−299
EBIT, normalized	−480	−552	−684	833	421	−297
EBITDA, normalized	−468	−538	−665	840	427	−292
Basic EPS, normalized	−3.16	−3.83	−4.59	3.83	3.96	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Vir Biotechnology, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	467	905	1,522	2,402	708	737
Receivables	3.6	5.0	–	0	773	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	41.5	42.7	52.5	104	73.0	27.5
Other current assets	1.9	89.4	13.3	12.7	8.6	8.0
Total current assets	514	1,042	1,588	2,519	1,563	772
Property, plant & equipment	118	123	167	188	130	79.9
Goodwill	16.9	16.9	16.9	16.9	16.9	16.9
Intangibles	7.8	8.1	22.6	32.8	33.3	33.8
Long-term investments	315	190	105	23.9	201	–
Note receivable	–	–	–	–	–	–
Other long-term assets	31.7	18.4	18.9	21.2	9.8	15.7
Total assets	1,003	1,399	1,919	2,802	1,954	919
Liabilities
Accounts payable	9.8	5.1	6.3	6.4	6.5	5.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	83.0	85.9	104	489	142	76.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0.3
Other current liabilities	0	28.7	64.9	15.5	193	17.1
Total current liabilities	92.8	120	175	511	341	99.1
Long-term debt	0	0	0	0	0	0.7
Minority interest	–	–	–	–	–	–
Other liabilities	145	129	153	213	181	102
Total liabilities	238	248	329	724	522	202
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,965	1,912	1,829	1,710	1,572	1,385
Retained earnings (accumulated deficit)	−1,198	−760	−238	377	−139	−667
Treasury stock	–	–	–	–	–	–
Other equity	−2.1	−1.7	−0.8	−9.1	−1.1	−1.3
Total equity	765	1,150	1,590	2,078	1,432	717
Total liabilities & shareholders' equity	1,003	1,399	1,919	2,802	1,954	919

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Vir Biotechnology, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−438	−522	−615	516	529	−299
Depreciation, depletion & amortization	11.7	14.6	19.5	6.8	5.8	5.4
Deferred taxes	–	−2.9	−1.1	−15.2	15.2	−0.1
Non-cash items	57.0	148	123	490	31.2	72.8
Changes in working capital	−22.4	−84.0	−305	665	−628	29.5
Cash from operations	−392	−446	−779	1,663	−47.6	−191
Investing activities
Capital expenditures	−4.8	−7.3	−21.6	−68.0	−21.8	−6.5
Other investing cash flows	315	507	186	−1,125	−119	−3.3
Cash from investing	310	499	165	−1,193	−141	−9.9
Financing activities
Financing cash flow items	−0.4	0	0	−1.2	0	−4.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4.1	4.4	7.5	36.0	100	534
Cash from financing	3.8	4.4	7.5	34.8	100	529
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−77.6	57.4	−607	505	−88.1	329
Free cash flow	−397	−454	−800	1,595	−69.4	−197

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.