Vir Biotechnology (VIR) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in hepatitis delta and oncology portfolios, with strong regulatory and commercial readiness for upcoming launches and near-term revenue expected from chronic hepatitis delta (CHD) therapy and long-term growth from cancer immunotherapies.

• Closed global strategic collaborations with Astellas and Norgine, securing substantial upfront and equity payments, milestone opportunities, and shared development costs, enhancing financial flexibility and accelerating clinical programs.

• Completed enrollment in all ECLIPSE registrational studies for hepatitis delta, with top-line data from ECLIPSE 1 expected in Q4 2026 and ECLIPSE 2/3 in Q1 2027.

• Advanced oncology pipeline, notably the PRO-XTEN dual-masked T-cell engager VIR-5500, now in multiple expansion cohorts for prostate cancer, with pivotal trials planned for 2027.

• Ended Q2 2026 with $1.01 billion in cash, cash equivalents, and investments, supporting a cash runway into the second half of 2028.

Financial highlights

• Q2 2026 revenues reached $238.9 million, up from $1.2 million in Q2 2025, primarily from Astellas collaboration payments.

• Net income for Q2 2026 was $80.1 million, a turnaround from a net loss of $111.0 million in Q2 2025.

• R&D expenses rose to $135.3 million, including a $48 million milestone payment to Sanofi and higher manufacturing costs.

• SG&A expenses increased to $30.2 million, mainly due to one-time advisory and legal fees related to the Astellas deal.

• Cash and investments totaled $1.01 billion as of June 30, 2026.

Outlook and guidance

• Cash runway projected into the second half of 2028 based on current operating plan.

• Top-line data from ECLIPSE 1 expected in Q4 2026, with ECLIPSE 2 and 3 readouts in Q1 2027.

• Plans to initiate pivotal Phase 3 trials for VIR-5500 in prostate cancer as early as 2027.

• Updated dose escalation data for VIR-5818 expected in the second half of 2026.

• Anticipates increased R&D spending as clinical programs advance.