Vir Biotechnology, Inc. Financials

VIR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 40/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Vir Biotechnology, Inc. has an operating margin of -791.3%, meaning the company retains $-791 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -794.0% the prior year.

Growth

Vir Biotechnology, Inc.'s revenue declined 13.9% year-over-year, from $86.2M to $74.2M. This contraction results in a growth score of 0/100.

Leverage

100

Vir Biotechnology, Inc. carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.71, Vir Biotechnology, Inc. holds $8.71 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Vir Biotechnology, Inc. generated -$446.4M in operating cash flow, capex of $7.3M consumed most of it, leaving -$453.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Vir Biotechnology, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.86x

For every $1 of reported earnings, Vir Biotechnology, Inc. generates $0.86 in operating cash flow (-$446.4M OCF vs -$522.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Vir Biotechnology, Inc. (VIR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$74.2M

YoY-13.9%

5Y CAGR+55.8%

Vir Biotechnology, Inc. generated $74.2M in revenue in fiscal year 2024. This represents a decrease of 13.9% from the prior year.

EBITDA

-$572.6M

YoY+13.9%

Vir Biotechnology, Inc.'s EBITDA was -$572.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.9% from the prior year.

Free Cash Flow

-$453.7M

YoY+43.3%

Vir Biotechnology, Inc. generated -$453.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 43.3% from the prior year.

Net Income

-$522.0M

YoY+15.1%

Vir Biotechnology, Inc. reported -$522.0M in net income in fiscal year 2024. This represents an increase of 15.1% from the prior year.

EPS (Diluted)

$-3.83

YoY+16.6%

Vir Biotechnology, Inc. earned $-3.83 per diluted share (EPS) in fiscal year 2024. This represents an increase of 16.6% from the prior year.

Cash & Debt

$222.9M

YoY-7.7%

5Y CAGR+15.3%

Vir Biotechnology, Inc. held $222.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

137M

YoY+1.6%

5Y CAGR+4.5%

Vir Biotechnology, Inc. had 137M shares outstanding in fiscal year 2024. This represents an increase of 1.6% from the prior year.

Gross Margin

98.9%

YoY+2.1pp

5Y CAGR-1.1pp

Vir Biotechnology, Inc.'s gross margin was 98.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.1 percentage points from the prior year.

Operating Margin

-791.3%

YoY+2.8pp

5Y CAGR+1408.4pp

Vir Biotechnology, Inc.'s operating margin was -791.3% in fiscal year 2024, reflecting core business profitability. This is up 2.8 percentage points from the prior year.

Net Margin

-703.4%

YoY+10.3pp

5Y CAGR+1455.6pp

Vir Biotechnology, Inc.'s net profit margin was -703.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$506.5M

YoY-12.6%

5Y CAGR+27.8%

Vir Biotechnology, Inc. invested $506.5M in research and development in fiscal year 2024. This represents a decrease of 12.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7.3M

YoY-66.2%

5Y CAGR-4.0%

Vir Biotechnology, Inc. invested $7.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 66.2% from the prior year.

VIR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$74.2M-13.9%	$86.2M-94.7%	$1.6B+47.5%	$1.1B+1334.4%	$76.4M+843.9%	$8.1M
Cost of Revenue	$845K-69.4%	$2.8M-98.1%	$146.3M+122.1%	$65.9M	$0	$0
Gross Profit	$73.4M-12.1%	$83.4M-94.3%	$1.5B+42.7%	$1.0B+1248.1%	$76.4M+843.9%	$8.1M
R&D Expenses	$506.5M-12.6%	$579.7M+22.1%	$474.6M+5.9%	$448.0M+48.1%	$302.4M+103.7%	$148.5M
SG&A Expenses	$119.0M-31.8%	$174.4M+7.8%	$161.8M+0.6%	$160.8M+126.7%	$70.9M+88.7%	$37.6M
Operating Income	-$587.2M+14.2%	-$684.3M-182.1%	$833.1M+98.0%	$420.8M+241.7%	-$297.0M-66.9%	-$178.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$1.1M+91.2%	-$13.1M-105.5%	$238.4M+1023.8%	$21.2M+39192.6%	$54K-64.9%	$154K
Net Income	-$522.0M+15.1%	-$615.1M-219.2%	$515.8M-2.4%	$528.6M+277.0%	-$298.7M-71.0%	-$174.7M
EPS (Diluted)	$-3.83+16.6%	$-4.59-219.8%	$3.83-3.3%	$3.96+257.8%	$-2.51+56.4%	$-5.76

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$240K-80.2%	$1.2M-60.0%	$3.0M-75.5%	$12.4M+302.4%	$3.1M-94.5%	$56.4M+235.8%	$16.8M+536.1%	$2.6M
Cost of Revenue	N/A	$11K	$0-100.0%	$684K+1215.4%	$52K-11.9%	$59K-92.6%	$798K+2000.0%	$38K
Gross Profit	N/A	$1.2M-60.3%	$3.0M-74.1%	$11.7M+286.7%	$3.0M-94.6%	$56.3M+252.2%	$16.0M+514.7%	$2.6M
R&D Expenses	$151.5M+55.3%	$97.5M-17.8%	$118.6M+11.8%	$106.1M+0.9%	$105.1M+5.0%	$100.1M-8.1%	$109.0M-24.9%	$145.0M
SG&A Expenses	$22.2M-0.2%	$22.3M-6.9%	$23.9M-10.3%	$26.7M-11.8%	$30.3M-16.7%	$36.3M-11.9%	$41.2M+0.7%	$40.9M
Operating Income	-$173.4M-46.5%	-$118.4M+15.1%	-$139.5M-19.1%	-$117.2M+26.1%	-$158.6M-98.1%	-$80.1M+42.4%	-$139.0M+25.6%	-$186.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$168K-1.2%	$170K+962.5%	$16K+118.6%	-$86K+94.3%	-$1.5M-647.8%	$276K+105.8%	-$4.8M-48.9%	-$3.2M
Net Income	-$163.1M-47.0%	-$111.0M+8.3%	-$121.0M-15.7%	-$104.6M+24.4%	-$138.4M-112.0%	-$65.3M+43.7%	-$115.9M+29.1%	-$163.4M
EPS (Diluted)	$-1.17-46.2%	$-0.80+9.1%	$-0.88-14.3%	$-0.77+24.5%	$-1.02-112.5%	$-0.48+44.2%	$-0.86+29.5%	$-1.22

VIR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.4B-27.1%	$1.9B-31.5%	$2.8B+43.4%	$2.0B+112.7%	$918.8M+79.4%	$512.1M
Current Assets	$1.0B-34.4%	$1.6B-37.0%	$2.5B+61.2%	$1.6B+102.3%	$772.4M+91.7%	$403.0M
Cash & Equivalents	$222.9M-7.7%	$241.6M-71.5%	$848.6M+144.0%	$347.8M-20.3%	$436.6M+299.3%	$109.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$0-100.0%	$773.1M	$0	N/A
Goodwill	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M
Total Liabilities	$248.4M-24.4%	$328.8M-54.6%	$724.1M+38.6%	$522.4M+158.7%	$201.9M+129.1%	$88.1M
Current Liabilities	$119.7M-31.8%	$175.4M-65.7%	$511.0M+49.8%	$341.2M+244.5%	$99.1M+67.3%	$59.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-27.7%	$1.6B-23.5%	$2.1B+45.1%	$1.4B+99.7%	$716.9M+69.1%	$423.9M
Retained Earnings	-$759.8M-219.5%	-$237.8M-163.0%	$377.2M+372.2%	-$138.6M+79.2%	-$667.2M-81.0%	-$368.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.0B-14.5%	$1.2B-8.8%	$1.3B-6.5%	$1.4B-16.2%	$1.7B-6.9%	$1.8B-6.5%	$1.9B-6.2%	$2.0B
Current Assets	$545.7M-25.8%	$735.7M-21.1%	$932.2M-10.6%	$1.0B-13.5%	$1.2B-0.6%	$1.2B-23.6%	$1.6B-10.2%	$1.8B
Cash & Equivalents	$170.1M-19.4%	$211.1M-22.8%	$273.6M+22.7%	$222.9M-24.9%	$296.9M+84.7%	$160.7M-33.5%	$241.6M-46.6%	$452.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M0.0%	$16.9M
Total Liabilities	$223.4M-8.9%	$245.1M-7.1%	$263.9M+6.2%	$248.4M+5.3%	$235.9M-4.4%	$246.6M-25.0%	$328.8M-11.1%	$369.8M
Current Liabilities	$75.2M-28.4%	$105.0M-23.5%	$137.3M+14.7%	$119.7M+24.1%	$96.4M+2.5%	$94.1M-46.4%	$175.4M+6.3%	$165.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$796.1M-16.0%	$947.5M-9.2%	$1.0B-9.3%	$1.2B-19.8%	$1.4B-7.3%	$1.5B-2.7%	$1.6B-5.1%	$1.7B
Retained Earnings	-$1.2B-16.5%	-$991.7M-12.6%	-$880.7M-15.9%	-$759.8M-72.1%	-$441.5M-45.7%	-$303.1M-27.4%	-$237.8M-95.2%	-$121.9M

VIR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$446.4M+42.7%	-$778.8M-146.8%	$1.7B+3595.0%	-$47.6M+75.1%	-$190.9M-47.3%	-$129.6M
Capital Expenditures	$7.3M-66.2%	$21.6M-68.3%	$68.0M+211.7%	$21.8M+233.1%	$6.5M-26.7%	$8.9M
Free Cash Flow	-$453.7M+43.3%	-$800.4M-150.2%	$1.6B+2398.4%	-$69.4M+64.9%	-$197.5M-42.5%	-$138.6M
Investing Cash Flow	$499.4M+203.3%	$164.6M+113.8%	-$1.2B-747.5%	-$140.8M-1327.8%	-$9.9M+96.2%	-$256.2M
Financing Cash Flow	$4.4M-41.3%	$7.5M-78.5%	$34.8M-65.4%	$100.3M-81.1%	$529.5M+17.9%	$449.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$167.6M-39.4%	-$120.2M-53.9%	-$78.1M+10.9%	-$87.6M-12.6%	-$77.8M+28.8%	-$109.4M-1.4%	-$107.9M+30.7%	-$155.8M
Capital Expenditures	$317K-87.5%	$2.5M+55.8%	$1.6M-18.3%	$2.0M+199.5%	$666K-64.4%	$1.9M+22.0%	$1.5M-58.7%	$3.7M
Free Cash Flow	-$167.9M-36.8%	-$122.8M-53.9%	-$79.7M+11.0%	-$89.6M-14.2%	-$78.5M+29.4%	-$111.3M-1.6%	-$109.5M+31.4%	-$159.5M
Investing Cash Flow	$40.4M-28.4%	$56.5M-55.5%	$126.8M-9.9%	$140.7M-33.5%	$211.6M+644.6%	$28.4M+127.1%	-$104.8M-77.8%	-$59.0M
Financing Cash Flow	$102K-95.0%	$2.0M+242.1%	$598K-52.7%	$1.3M-57.1%	$2.9M+1835.5%	$152K-91.0%	$1.7M+506.5%	$277K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VIR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	98.9%+2.1pp	96.8%+5.8pp	90.9%-3.0pp	94.0%-6.0pp	100.0%0.0pp	100.0%
Operating Margin	-791.3%+2.8pp	-794.0%-845.6pp	51.6%+13.1pp	38.4%+427.3pp	-388.9%+1810.8pp	-2199.7%
Net Margin	-703.4%+10.3pp	-713.7%-745.6pp	31.9%-16.3pp	48.3%+439.3pp	-391.1%+1767.9pp	-2159.0%
Return on Equity	N/A	N/A	24.8%-12.1pp	36.9%	N/A	N/A
Return on Assets	-37.3%-5.3pp	-32.0%-50.5pp	18.4%-8.6pp	27.1%+59.6pp	-32.5%+1.6pp	-34.1%
Current Ratio	8.71-0.3	9.05+4.1	4.93+0.3	4.58-3.2	7.80+1.0	6.81
Debt-to-Equity	0.220.0	0.21-0.1	0.35-0.0	0.36+0.1	0.28+0.1	0.21
FCF Margin	-611.4%+317.4pp	-928.7%-1027.4pp	98.7%+105.1pp	-6.3%+252.3pp	-258.6%+1454.1pp	-1712.7%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	99.1%-0.9pp	100.0%+5.5pp	94.5%-3.8pp	98.3%-1.6pp	99.9%+4.6pp	95.3%-3.3pp	98.6%
Operating Margin	-72267.9%-62513.6pp	-9754.3%-5151.8pp	-4602.5%-3655.7pp	-946.7%+4212.0pp	-5158.7%-5016.7pp	-142.1%+686.1pp	-828.1%+6247.7pp	-7075.9%
Net Margin	-67975.4%-58835.6pp	-9139.9%-5150.3pp	-3989.6%-3144.4pp	-845.2%+3654.9pp	-4500.1%-4384.3pp	-115.8%+574.7pp	-690.5%+5501.7pp	-6192.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.0%-6.7pp	-9.3%-0.1pp	-9.3%-1.8pp	-7.5%+0.8pp	-8.3%-4.7pp	-3.6%+2.4pp	-6.0%+1.9pp	-8.0%
Current Ratio	7.25+0.2	7.01+0.2	6.79-1.9	8.71-3.8	12.51-0.4	12.90+3.8	9.05-1.7	10.72
Debt-to-Equity	0.28+0.0	0.260.0	0.25+0.0	0.22+0.1	0.160.0	0.16-0.0	0.21-0.0	0.22
FCF Margin	-69952.9%-59841.1pp	-10111.8%-7481.7pp	-2630.1%-1905.8pp	-724.3%+1828.9pp	-2553.3%-2355.9pp	-197.4%+454.7pp	-652.1%+5393.5pp	-6045.6%

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Frequently Asked Questions

What is Vir Biotechnology, Inc.'s annual revenue?

Vir Biotechnology, Inc. (VIR) reported $74.2M in total revenue for fiscal year 2024. This represents a -13.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vir Biotechnology, Inc.'s revenue growing?

Vir Biotechnology, Inc. (VIR) revenue declined by 13.9% year-over-year, from $86.2M to $74.2M in fiscal year 2024.

Is Vir Biotechnology, Inc. profitable?

No, Vir Biotechnology, Inc. (VIR) reported a net income of -$522.0M in fiscal year 2024, with a net profit margin of -703.4%.

What is Vir Biotechnology, Inc.'s earnings per share (EPS)?

Vir Biotechnology, Inc. (VIR) reported diluted earnings per share of $-3.83 for fiscal year 2024. This represents a 16.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Vir Biotechnology, Inc.'s EBITDA?

Vir Biotechnology, Inc. (VIR) had EBITDA of -$572.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vir Biotechnology, Inc.'s gross margin?

Vir Biotechnology, Inc. (VIR) had a gross margin of 98.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Vir Biotechnology, Inc.'s operating margin?

Vir Biotechnology, Inc. (VIR) had an operating margin of -791.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Vir Biotechnology, Inc.'s net profit margin?

Vir Biotechnology, Inc. (VIR) had a net profit margin of -703.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Vir Biotechnology, Inc.'s free cash flow?

Vir Biotechnology, Inc. (VIR) generated -$453.7M in free cash flow during fiscal year 2024. This represents a 43.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Vir Biotechnology, Inc.'s operating cash flow?

Vir Biotechnology, Inc. (VIR) generated -$446.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Vir Biotechnology, Inc.'s total assets?

Vir Biotechnology, Inc. (VIR) had $1.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Vir Biotechnology, Inc.'s capital expenditures?

Vir Biotechnology, Inc. (VIR) invested $7.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Vir Biotechnology, Inc. spend on research and development?

Vir Biotechnology, Inc. (VIR) invested $506.5M in research and development during fiscal year 2024.

How many shares does Vir Biotechnology, Inc. have outstanding?

Vir Biotechnology, Inc. (VIR) had 137M shares outstanding as of fiscal year 2024.

What is Vir Biotechnology, Inc.'s current ratio?

Vir Biotechnology, Inc. (VIR) had a current ratio of 8.71 as of fiscal year 2024, which is generally considered healthy.

What is Vir Biotechnology, Inc.'s debt-to-equity ratio?

Vir Biotechnology, Inc. (VIR) had a debt-to-equity ratio of 0.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vir Biotechnology, Inc.'s return on assets (ROA)?

Vir Biotechnology, Inc. (VIR) had a return on assets of -37.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Vir Biotechnology, Inc.'s cash runway?

Based on fiscal year 2024 data, Vir Biotechnology, Inc. (VIR) had $222.9M in cash against an annual operating cash burn of $446.4M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Vir Biotechnology, Inc.'s Piotroski F-Score?

Vir Biotechnology, Inc. (VIR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vir Biotechnology, Inc.'s earnings high quality?

Vir Biotechnology, Inc. (VIR) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Vir Biotechnology, Inc.?

Vir Biotechnology, Inc. (VIR) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.