Vir Biotechnology, Inc. Financials
Vir Biotechnology, Inc. (VIR) reported $68.6M in revenue for fiscal year 2025, down 7.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Vir’s development-stage cost base consumes cash despite exceptionally high reported gross margins.
The 2022 cash surge did not become a durable operating pattern: operating cash flow reached$1.7B and free cash flow$1.6B . By FY2023, operating cash flow had reversed to-$778.8M as revenue fell to$86.2M , showing that cash generation depended on an unusually strong period rather than a repeatable base.
FY2025 research and development reached
Cash consumption is mainly operating, not capital-intensive: FY2025 operating cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Vir Biotechnology, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vir Biotechnology, Inc. scores 1.90, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.8B) relative to total liabilities ($237.5M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vir Biotechnology, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Vir Biotechnology, Inc. reported a net loss of $438.0M while operations used $391.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Vir Biotechnology, Inc. generated $68.6M in revenue in fiscal year 2025. This represents a decrease of 7.6% from the prior year.
Vir Biotechnology, Inc.'s EBITDA was -$467.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.3% from the prior year.
Vir Biotechnology, Inc. reported -$438.0M in net income in fiscal year 2025. This represents an increase of 16.1% from the prior year.
Vir Biotechnology, Inc. earned -$3.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 17.5% from the prior year.
Cash & Balance Sheet
Vir Biotechnology, Inc. recorded an outflow of $396.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 12.6% from the prior year.
Vir Biotechnology, Inc. held $232.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Vir Biotechnology, Inc.'s gross margin was 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.
Vir Biotechnology, Inc.'s ROE was -57.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.9 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Vir Biotechnology, Inc. invested $456.0M in research and development in fiscal year 2025. This represents a decrease of 10.0% from the prior year.
Vir Biotechnology, Inc. invested $4.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 33.8% from the prior year.
Not reported for fiscal year 2025.
VIR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $68.6M-7.6% | $74.2M-13.9% | $86.2M-94.7% | $1.6B+47.5% | $1.1B+1334.4% | $76.4M+843.9% | $8.1M-24.2% | $10.7M+293.9% | $2.7M |
| Cost of Revenue | N/A | $26K-96.9% | $845K-69.4% | $2.8M-98.1% | $146.3M+122.1% | $65.9M | $0 | $0 | N/A | N/A |
| Gross Profit | N/A | $68.5M-6.6% | $73.4M-12.1% | $83.4M-94.3% | $1.5B+42.7% | $1.0B+1248.1% | $76.4M+843.9% | $8.1M | N/A | N/A |
| R&D Expenses | $484.0M | $456.0M-10.0% | $506.5M-12.6% | $579.7M+22.1% | $474.6M+5.9% | $448.0M+48.1% | $302.4M+103.7% | $148.5M+48.1% | $100.2M+60.3% | $62.5M |
| SG&A Expenses | $99.4M | $92.1M-22.6% | $119.0M-31.8% | $174.4M+7.8% | $161.8M+0.6% | $160.8M+126.7% | $70.9M+88.7% | $37.6M+29.1% | $29.1M+34.3% | $21.7M |
| Operating Income | -$280.2M | -$479.3M+18.4% | -$587.2M+14.2% | -$684.3M-182.1% | $833.1M+98.0% | $420.8M+241.7% | -$297.0M-66.9% | -$178.0M-50.0% | -$118.7M-45.6% | -$81.5M |
| Income Tax | $380K | $217K+119.0% | -$1.1M+91.2% | -$13.1M-105.5% | $238.4M+1023.8% | $21.2M+39192.6% | $54K-64.9% | $154K+132.1% | -$480K+95.6% | -$10.9M |
| Net Income | -$251.7M | -$438.0M+16.1% | -$522.0M+15.1% | -$615.1M-219.2% | $515.8M-2.4% | $528.6M+277.0% | -$298.7M-71.0% | -$174.7M-50.7% | -$115.9M-65.9% | -$69.9M |
| EPS (Diluted) | — | -$3.16+17.5% | -$3.83+16.6% | -$4.59-219.8% | $3.83-3.3% | $3.96+257.8% | -$2.51 | -$5.76 | N/A | N/A |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VIR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B-28.3% | $1.4B-27.1% | $1.9B-31.5% | $2.8B+43.4% | $2.0B+112.7% | $918.8M+79.4% | $512.1M+167.3% | $191.6M | N/A |
| Current Assets | $514.1M-50.7% | $1.0B-34.4% | $1.6B-37.0% | $2.5B+61.2% | $1.6B+102.3% | $772.4M+91.7% | $403.0M+242.2% | $117.8M | N/A |
| Cash & Equivalents | $232.2M+4.1% | $222.9M-7.7% | $241.6M-71.5% | $848.6M+144.0% | $347.8M-20.3% | $436.6M+299.3% | $109.3M+129.7% | $47.6M-74.7% | $187.9M |
| Accounts Receivable | N/A | N/A | N/A | $0-100.0% | $773.1M | $0 | 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 | N/A |
| Total Liabilities | $237.5M-4.4% | $248.4M-24.4% | $328.8M-54.6% | $724.1M+38.6% | $522.4M+158.7% | $201.9M+129.1% | $88.1M-76.2% | $370.8M | N/A |
| Current Liabilities | $92.8M-22.4% | $119.7M-31.8% | $175.4M-65.7% | $511.0M+49.8% | $341.2M+244.5% | $99.1M+67.3% | $59.2M+48.4% | $39.9M | N/A |
| Total Equity | $765.3M-33.5% | $1.2B-27.7% | $1.6B-23.5% | $2.1B+45.1% | $1.4B+99.7% | $716.9M+69.1% | $423.9M+336.6% | -$179.2M-160.0% | -$68.9M |
| Retained Earnings | -$1.2B-57.6% | -$759.8M-219.5% | -$237.8M-163.0% | $377.2M+372.2% | -$138.6M+79.2% | -$667.2M-81.0% | -$368.5M-90.1% | -$193.8M | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
VIR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$202.5M | -$391.8M+12.2% | -$446.4M+42.7% | -$778.8M-146.8% | $1.7B+3595.0% | -$47.6M+75.1% | -$190.9M-47.3% | -$129.6M-37.8% | -$94.1M-41.8% | -$66.4M |
| Capital Expenditures | $1.1M | $4.8M-33.8% | $7.3M-66.2% | $21.6M-68.3% | $68.0M+211.7% | $21.8M+233.1% | $6.5M-26.7% | $8.9M+9.1% | $8.2M+198.8% | $2.7M |
| Free Cash Flow | -$203.6M | -$396.6M+12.6% | -$453.7M+43.3% | -$800.4M-150.2% | $1.6B+2398.4% | -$69.4M+64.9% | -$197.5M-42.5% | -$138.6M-35.5% | -$102.3M-48.0% | -$69.1M |
| Investing Cash Flow | -$58.2M | $310.4M-37.8% | $499.4M+203.3% | $164.6M+113.8% | -$1.2B-747.5% | -$140.8M-1327.8% | -$9.9M+96.2% | -$256.2M-323.8% | -$60.4M-101.5% | -$30.0M |
| Financing Cash Flow | $242.0M | $3.8M-13.7% | $4.4M-41.3% | $7.5M-78.5% | $34.8M-65.4% | $100.3M-81.1% | $529.5M+17.9% | $449.2M+1698.6% | $25.0M-90.8% | $271.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VIR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0%+1.1pp | 98.9%+2.1pp | 96.8%+5.8pp | 90.9%-3.0pp | 94.0%-6.0pp | 100.0%0.0pp | 100.0% | N/A | N/A |
| Operating Margin | -699.2% | -791.3% | -794.0% | 51.6%+13.1pp | 38.4% | -388.9% | -2199.7% | -1112.6% | -3009.5% |
| Net Margin | -638.9% | -703.4% | -713.8% | 31.9%-16.3pp | 48.3% | -391.1% | -2159.0% | -1086.3% | -2579.5% |
| Return on Equity | -57.2%-11.9pp | -45.4%-6.7pp | -38.7%-63.5pp | 24.8%-12.1pp | 36.9%+78.6pp | -41.7%-0.5pp | -41.2% | N/A | N/A |
| Return on Assets | -43.7%-6.4pp | -37.3%-5.3pp | -32.0%-50.5pp | 18.4%-8.6pp | 27.1%+59.6pp | -32.5%+1.6pp | -34.1%+26.4pp | -60.5% | N/A |
| Current Ratio | 5.54-3.2x | 8.71-0.3x | 9.05+4.1x | 4.93+0.3x | 4.58-3.2x | 7.80+1.0x | 6.81+3.9x | 2.95 | N/A |
| Debt-to-Equity | 0.31+0.1x | 0.220.0x | 0.21-0.1x | 0.350.0x | 0.36+0.1x | 0.28+0.1x | 0.21 | N/A | N/A |
| FCF Margin | -578.5% | -611.4% | -928.7% | 98.7%+105.1pp | -6.3% | -258.6% | -1712.7% | -958.8% | -2552.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Vir Biotechnology, Inc. Ranks
Frequently Asked Questions
What is Vir Biotechnology, Inc.'s annual revenue?
Vir Biotechnology, Inc. (VIR) reported $68.6M in total revenue for fiscal year 2025. This represents a -7.6% 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 7.6% year-over-year, from $74.2M to $68.6M in fiscal year 2025.
Is Vir Biotechnology, Inc. profitable?
No, Vir Biotechnology, Inc. (VIR) reported a net income of -$438.0M in fiscal year 2025.
What is Vir Biotechnology, Inc.'s EBITDA?
Vir Biotechnology, Inc. (VIR) had EBITDA of -$467.6M in fiscal year 2025, 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 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Vir Biotechnology, Inc.'s return on equity (ROE)?
Vir Biotechnology, Inc. (VIR) has a return on equity of -57.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vir Biotechnology, Inc.'s free cash flow?
Vir Biotechnology, Inc. (VIR) recorded an outflow of $396.6M in free cash flow during fiscal year 2025. This represents a 12.6% 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) recorded an outflow of $391.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Vir Biotechnology, Inc.'s total assets?
Vir Biotechnology, Inc. (VIR) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vir Biotechnology, Inc.'s capital expenditures?
Vir Biotechnology, Inc. (VIR) invested $4.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vir Biotechnology, Inc. spend on research and development?
Vir Biotechnology, Inc. (VIR) invested $456.0M in research and development during fiscal year 2025.
What is Vir Biotechnology, Inc.'s current ratio?
Vir Biotechnology, Inc. (VIR) had a current ratio of 5.54 as of fiscal year 2025, 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 0.31 as of fiscal year 2025, 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 -43.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Vir Biotechnology, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Vir Biotechnology, Inc. (VIR) held $775.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $391.8M over that year. Dividing the one by the other, the reported balance equals about 24 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Vir Biotechnology, Inc.'s Altman Z-Score?
Vir Biotechnology, Inc. (VIR) has an Altman Z-Score of 1.90, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vir Biotechnology, Inc.'s Piotroski F-Score?
Vir Biotechnology, Inc. (VIR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $438.0M while operations used $391.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 67 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.