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Vir Biotechnology, Inc. Financials

VIR
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Vir Biotechnology, Inc. (VIR) financial statements, including the 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).

Rhea AI VIR FY2025

Vir’s business model is still defined by research spending, with operating cash burn funded from assets rather than debt.

FY2025 free cash flow of -$396.6M versus capex of $4.8M shows the drain came from operations, not facility buildout. With total assets shrinking from $1.92B in FY2023 to $1.00B in FY2025, Vir is funding its programs by using balance-sheet resources rather than taking on much financial leverage.

The unusual feature is near-total gross retention: FY2025 revenue of $68.6M turned into gross profit of $68.5M, so production cost is not what makes the company unprofitable. Instead, R&D intensity drives the economics, with research spend of $456.0M overwhelming the commercial base and making losses primarily a consequence of pipeline investment scale.

Near-term obligations are not the immediate constraint: FY2025 current assets of $514.1M covered current liabilities of $92.8M by a wide margin. But cash of $232.2M sat below the year’s operating outflow of -$391.8M, which means the current asset cushion matters more than the cash line by itself and keeps liquidity management central.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 62 / 100
Financial Health Score 62/100
Scored as: Emerging companies peer group

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.

Cash Runway
32
Dilution
66
R&D Intensity
99
Revenue Progress
33
Burn Trend
69
Balance Sheet
75
Altman Z-Score Distress
1.73

Vir Biotechnology, Inc. scores 1.73, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($237.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
3/8

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.

Earnings Quality Low Quality
0.89x

For every $1 of reported earnings, Vir Biotechnology, Inc. generates $0.89 in operating cash flow (-$391.8M OCF vs -$438.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$68.6M
YoY-7.6%
5Y CAGR-2.1%

Vir Biotechnology, Inc. generated $68.6M in revenue in fiscal year 2025. This represents a decrease of 7.6% from the prior year.

EBITDA
-$467.6M
YoY+18.3%

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.

Net Income
-$438.0M
YoY+16.1%

Vir Biotechnology, Inc. reported -$438.0M in net income in fiscal year 2025. This represents an increase of 16.1% from the prior year.

EPS (Diluted)
$-3.16
YoY+17.5%

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

Free Cash Flow
-$396.6M
YoY+12.6%

Vir Biotechnology, Inc. generated -$396.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.6% from the prior year.

Cash & Debt
$232.2M
YoY+4.1%
5Y CAGR-11.9%

Vir Biotechnology, Inc. held $232.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
139M
YoY+1.8%
5Y CAGR+1.8%

Vir Biotechnology, Inc. had 139M shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Margins & Returns

Gross Margin
100.0%
YoY+1.1pp
5Y CAGR-0.0pp

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.

Operating Margin
-699.2%
YoY+92.1pp
5Y CAGR-310.3pp

Vir Biotechnology, Inc.'s operating margin was -699.2% in fiscal year 2025, reflecting core business profitability. This is up 92.1 percentage points from the prior year.

Net Margin
-638.9%
YoY+64.5pp
5Y CAGR-247.8pp

Vir Biotechnology, Inc.'s net profit margin was -638.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 64.5 percentage points from the prior year.

Return on Equity
-57.2%
YoY-11.9pp
5Y CAGR-15.6pp

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.

Capital Allocation

R&D Spending
$456.0M
YoY-10.0%
5Y CAGR+8.6%

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.

Share Buybacks
N/A
Capital Expenditures
$4.8M
YoY-33.8%
5Y CAGR-5.9%

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.

VIR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A $64.1M+26595.8% $240K-80.2% $1.2M-60.0% $3.0M-75.5% $12.4M+419.9% $2.4M-22.6% $3.1M
Cost of Revenue N/A N/A N/A $11K $0-100.0% $684K+1268.0% $50K-3.8% $52K
Gross Profit N/A N/A N/A $1.2M-60.3% $3.0M-74.1% $11.7M+401.7% $2.3M-22.9% $3.0M
R&D Expenses $108.9M+23.3% $88.3M-41.7% $151.5M+55.3% $97.5M-17.8% $118.6M+11.8% $106.1M-45.6% $195.2M+85.7% $105.1M
SG&A Expenses $23.3M-1.2% $23.6M+6.2% $22.2M-0.2% $22.3M-6.9% $23.9M-10.3% $26.7M+3.7% $25.7M-14.9% $30.3M
Operating Income -$132.3M-176.1% -$47.9M+72.4% -$173.4M-46.5% -$118.4M+15.1% -$139.5M-19.1% -$117.2M+49.4% -$231.3M-45.8% -$158.6M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $170K+224.1% -$137K-181.5% $168K-1.2% $170K+962.5% $16K+118.6% -$86K-148.6% $177K+111.7% -$1.5M
Net Income -$125.7M-192.8% -$42.9M+73.7% -$163.1M-47.0% -$111.0M+8.3% -$121.0M-15.7% -$104.6M+51.1% -$213.7M-54.4% -$138.4M
EPS (Diluted) $-0.85 N/A $-1.17-46.2% $-0.80+9.1% $-0.88 N/A $-1.56-52.9% $-1.02

VIR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.0B+2.3% $1.0B-1.6% $1.0B-14.5% $1.2B-8.8% $1.3B-6.5% $1.4B-6.6% $1.5B-10.3% $1.7B
Current Assets $523.0M+1.7% $514.1M-5.8% $545.7M-25.8% $735.7M-21.1% $932.2M-10.6% $1.0B-0.4% $1.0B-13.2% $1.2B
Cash & Equivalents $274.2M+18.1% $232.2M+36.5% $170.1M-19.4% $211.1M-22.8% $273.6M+22.7% $222.9M+32.4% $168.3M-43.3% $296.9M
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 $212.8M-10.4% $237.5M+6.4% $223.4M-8.9% $245.1M-7.1% $263.9M+6.2% $248.4M-3.6% $257.6M+9.2% $235.9M
Current Liabilities $73.6M-20.7% $92.8M+23.4% $75.2M-28.4% $105.0M-23.5% $137.3M+14.7% $119.7M+2.1% $117.2M+21.5% $96.4M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $812.8M+6.2% $765.3M-3.9% $796.1M-16.0% $947.5M-9.2% $1.0B-9.3% $1.2B-7.3% $1.2B-13.5% $1.4B
Retained Earnings -$1.3B-10.5% -$1.2B-3.7% -$1.2B-16.5% -$991.7M-12.6% -$880.7M-15.9% -$759.8M-16.0% -$655.2M-48.4% -$441.5M

VIR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$132.4M-411.6% -$25.9M+84.6% -$167.6M-39.4% -$120.2M-53.9% -$78.1M+10.9% -$87.6M+48.9% -$171.5M-120.3% -$77.8M
Capital Expenditures $390K+12.1% $348K+9.8% $317K-87.5% $2.5M+55.8% $1.6M-18.3% $2.0M-27.9% $2.8M+315.6% $666K
Free Cash Flow -$132.8M-406.3% -$26.2M+84.4% -$167.9M-36.8% -$122.8M-53.9% -$79.7M+11.0% -$89.6M+48.6% -$174.2M-121.9% -$78.5M
Investing Cash Flow $11.8M-86.3% $86.7M+114.2% $40.4M-28.4% $56.5M-55.5% $126.8M-9.9% $140.7M+18.7% $118.6M-44.0% $211.6M
Financing Cash Flow $162.5M+15542.3% $1.0M+918.6% $102K-95.0% $2.0M+242.1% $598K-52.7% $1.3M+3974.2% $31K-98.9% $2.9M
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 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A 99.1%-0.9pp 100.0%+5.5pp 94.5%-3.4pp 97.9%-0.4pp 98.3%
Operating Margin N/A -74.8%+72193.1pp -72267.9%-62513.6pp -9754.3%-5151.8pp -4602.5%-3655.7pp -946.7%+8771.9pp -9718.7%-4560.0pp -5158.7%
Net Margin N/A -67.0%+67908.4pp -67975.4%-58835.6pp -9139.9%-5150.3pp -3989.6%-3144.4pp -845.2%+8134.5pp -8979.7%-4479.6pp -4500.1%
Return on Equity -15.5%-9.9pp -5.6%+14.9pp -20.5%-8.8pp -11.7%-0.1pp -11.6%-2.5pp -9.1%+8.1pp -17.2%-7.6pp -9.7%
Return on Assets -12.3%-8.0pp -4.3%+11.7pp -16.0%-6.7pp -9.3%-0.1pp -9.3%-1.8pp -7.5%+6.8pp -14.3%-6.0pp -8.3%
Current Ratio 7.11+1.6 5.54-1.7 7.25+0.2 7.01+0.2 6.79-1.9 8.71-0.2 8.94-3.6 12.51
Debt-to-Equity 0.26-0.0 0.31+0.0 0.28+0.0 0.260.0 0.25+0.0 0.220.0 0.21+0.0 0.16
FCF Margin N/A -40.9%+69912.0pp -69952.9%-59841.1pp -10111.8%-7481.7pp -2630.1%-1905.8pp -724.3%+6597.0pp -7321.3%-4768.1pp -2553.3%

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Frequently Asked Questions

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.

Vir Biotechnology, Inc. (VIR) revenue declined by 7.6% year-over-year, from $74.2M to $68.6M in fiscal year 2025.

No, Vir Biotechnology, Inc. (VIR) reported a net income of -$438.0M in fiscal year 2025, with a net profit margin of -638.9%.

Vir Biotechnology, Inc. (VIR) reported diluted earnings per share of $-3.16 for fiscal year 2025. This represents a 17.5% 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.

Vir Biotechnology, Inc. (VIR) had EBITDA of -$467.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

Vir Biotechnology, Inc. (VIR) had an operating margin of -699.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Vir Biotechnology, Inc. (VIR) had a net profit margin of -638.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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.

Vir Biotechnology, Inc. (VIR) generated -$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.

Vir Biotechnology, Inc. (VIR) generated -$391.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Vir Biotechnology, Inc. (VIR) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Vir Biotechnology, Inc. (VIR) invested $4.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Vir Biotechnology, Inc. (VIR) invested $456.0M in research and development during fiscal year 2025.

Vir Biotechnology, Inc. (VIR) had 139M shares outstanding as of fiscal year 2025.

Vir Biotechnology, Inc. (VIR) had a current ratio of 5.54 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Based on fiscal year 2025 data, Vir Biotechnology, Inc. (VIR) had $232.2M in cash against an annual operating cash burn of $391.8M. This gives an estimated cash runway of approximately 7 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.

Vir Biotechnology, Inc. (VIR) has an Altman Z-Score of 1.73, placing it in the Distress Zone (elevated bankruptcy 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.

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.

Vir Biotechnology, Inc. (VIR) has an earnings quality ratio of 0.89x, 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.

Vir Biotechnology, Inc. (VIR) scores 62 out of 100 on our Financial Health Score, indicating moderate 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.

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