Vir Biotechnology, Inc. Stock Price, News & Analysis

Vir Biotechnology, Inc. (Nasdaq: VIR) announced the retirement of CEO George Scangos, effective April 3, 2023, transitioning to an advisory role until June 2, 2023. Marianne De Backer succeeds him, bringing over two decades of leadership experience, including roles at Bayer and Johnson & Johnson. Under Scangos, Vir developed life-saving therapies for Ebola and COVID-19, boasting a pipeline across five therapeutic areas and approximately $2.7 billion in cash. The Board expresses confidence in De Backer’s ability to drive future growth, leveraging her strategic expertise and operational successes.

Vir Biotechnology (Nasdaq: VIR) anticipates critical Phase 2 readouts in 2023 for its advanced programs targeting hepatitis B, hepatitis D, and influenza. CEO George Scangos will discuss the company's 2023 catalysts and long-term strategies at the upcoming J.P. Morgan Healthcare Conference on January 10. Vir maintains a strong balance sheet, enabling it to fund its robust portfolio and explore external opportunities. The company focuses on immunology to treat serious infectious diseases, leveraging four technology platforms for drug development.

Vir Biotechnology has successfully enrolled approximately 3,000 participants in the Phase 2 PENINSULA trial, assessing VIR-2482 for preventing influenza A illness. Initial results are anticipated in mid-2023. This trial is a landmark study as it explores a monoclonal antibody's role in flu prevention. The increasing severity of the flu season, highlighted by over 150,000 hospitalizations and 9,300 deaths in the U.S., underscores the urgent need for effective preventive measures. The trial's design focuses on efficacy, safety, and tolerability in healthy adults.

Vir Biotechnology has achieved a remarkable milestone by ranking first on the 2022 Deloitte Technology Fast 500, thanks to a staggering 125,138% revenue growth from fiscal years 2018 to 2021. This follows a 70th place ranking in 2021 for 2,383% growth. The CEO, George Scangos, attributes this success to the effective rollout of sotrovimab, a monoclonal antibody therapy for COVID-19, alongside a robust pipeline targeting serious infectious diseases. The company anticipates critical data readouts in hepatitis B, hepatitis D, and influenza A in 2023.

Vir Biotechnology announced promising results from ongoing trials of its HBV therapies, VIR-2218 and VIR-3434. Data revealed that 30.8% of participants achieved HBsAg seroclearance after 48 weeks of treatment combining VIR-2218 with pegylated interferon alpha. The trials showed substantial HBsAg reductions, with VIR-2218 demonstrating a mean decrease of -2.9 log₁₀ IU/mL. No new safety concerns were reported. Additionally, findings from the Phase 2 MARCH trial indicated that the combination of VIR-2218 and VIR-3434 significantly reduced HBsAg levels.

Vir Biotechnology, Inc. announced a $55 million initial investment from BARDA, with a total potential of $1 billion for pandemic preparedness. The company is advancing Phase 2 data for hepatitis B, D, and influenza A, expected in 2023. Financially, Vir reported Q3 revenues of $374.6 million, significantly up from $103.6 million in Q3 2021, driven by collaboration revenue from GSK related to sotrovimab. Vir maintains a strong balance sheet with approximately $2.7 billion in cash, supporting its innovative portfolio.

Vir Biotechnology announced acceptance of four abstracts for presentation at the AASLD The Liver Meeting from November 4-8, 2022, in Washington, D.C. Key highlights include new safety and efficacy data from the Phase 2 MARCH trial involving investigational treatments VIR-2218 (siRNA) and VIR-3434 (monoclonal antibody). Notably, results indicate significant reductions in HBV viral DNA and HBsAg levels. The meeting will feature two oral presentations, including one deemed 'late-breaking,' and two poster presentations, showcasing promising developments in HBV treatment aimed at achieving functional cures.

Vir Biotechnology (Nasdaq: VIR) will provide a corporate update and report its third-quarter financial results on November 3, 2022. These results cover the period ending September 30, 2022, and will be released after market close. Investors can access the update through the company’s website. Vir focuses on immunology and has a development pipeline targeting serious infectious diseases, including COVID-19 and hepatitis. The company combines immunologic insights with advanced technologies to enhance immune response.

Vir Biotechnology has initiated the Phase 2 PENINSULA trial, dosing the first participant with the investigational monoclonal antibody VIR-2482, aimed at preventing influenza A illness. Funded partly by a $55 million U.S. government grant, this trial will assess the efficacy and safety of two doses in about 3,000 healthy adults aged 18 to 64. Initial data is expected in mid-2023. VIR-2482 is designed to provide broad strain protection throughout a flu season and may address the current flu vaccine efficacy gap of around 40%.