Vir Biotechnology, Inc. (VIR) Earnings
Vir Biotechnology, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.74. VIR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -2099.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.33 | $0.47 | +41.3% | $239M | +75.8% |
| May 6, 2026 | $-0.01 | $-0.85 | -8400.0% | $-29000 | -100.1% |
| Feb 23, 2026 | $-0.42 | $-0.31 | +26.2% | $64M | +2940.3% |
| Nov 5, 2025 | $-0.70 | $-1.17 | -67.1% | — | — |
| Feb 26, 2025 | $-0.85 | $-0.76 | +10.6% | $12M | +45.5% |
| Oct 31, 2024 | $-0.96 | $-1.56 | -62.5% | $2M | -74.6% |
| Aug 1, 2024 | $-0.93 | $-1.02 | -9.7% | $3M | -59.0% |
| May 2, 2024 | $-0.99 | $-0.48 | +51.5% | $56M | +381.4% |
| Feb 22, 2024 | $-1.14 | $-0.86 | +24.6% | $17M | +25.0% |
| Nov 2, 2023 | $-1.21 | $-1.22 | -0.8% | $4M | -60.0% |
| Aug 3, 2023 | $-1.21 | $-1.45 | -19.8% | $13M | -50.9% |
| May 4, 2023 | $-0.81 | $-1.06 | -30.9% | $47M | -6.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Chronic Hepatitis Delta (CHD) Program Updates * Presented complete 96-week data from the Phase 2 Solstice trial of the Elapsiran + Tobevibard combination regimen at the EASL Congress, with 88% of intention-to-treat patients achieving Target Not Detected (TND, undetectable virus) at week 96, compared to 53% with Tobevibard monotherapy; 97% of combination patients achieved TND in last observation carried forward analysis. 90% of combination patients achieved hepatitis B surface antigen levels below 10 IU/mL, and 53% achieved ALT normalization, with a favorable safety profile and no treatment-related serious adverse events or discontinuations. * Enrollment is complete across all three registrational Eclipse Phase 3 trials, with top-line data expected for Eclipse 1 in Q4 2026, and Eclipse 2/3 in Q1 2027. Eclipse 2 evaluates the combination in patients who failed to achieve viral suppression on the only approved CHD therapy, Belevertide, and to date, no competitor is expected to have comparable switch data at launch, creating a key point of differentiation. * Regulatory, manufacturing, and commercial preparation is well advanced: Drug substance PPQ manufacturing is complete for both products, with drug product PPQ batches now in progress. Human factor studies are ongoing to support at-home subcutaneous administration, and co-packaging of the two products is planned in the U.S. to streamline treatment. Norgene is progressing launch preparations in Europe, Australia, and New Zealand under a prior licensing agreement. * Recent Belevertide approval has increased disease awareness, with expected upcoming updates to AASLD screening/treatment guidelines and growing adoption of double reflex testing, which will expand patient diagnosis and access to treatment. - Oncology Program Updates * The company's oncology pipeline is built on the proprietary ProX10 dual masking technology platform for next-generation T-cell engagers, with three clinical-stage assets and seven preclinical assets. * Lead asset VIR 5500, a PSMA-targeted T-cell engager for prostate cancer developed in partnership with Astellas, has initiated patient enrollment in multiple expansion cohorts (three monotherapy cohorts across different metastatic castration-resistant prostate cancer populations, and three combination cohorts with standard-of-care therapies), with the goal of supporting Phase 3 registrational trial initiation as early as 2027. Manufacturing scale-up and contracts are in place to support the Phase 3 program to avoid CMC delays. * VIR 5818, the first masked HER2-targeted T-cell engager in clinical development, is in a Phase 1 basket trial; updated dose escalation data for monotherapy and pembrolizumab combination is expected in H2 2026 to inform future development. VIR 5525, an EGFR-targeted T-cell engager, is in ongoing Phase 1 dose escalation that is tracking to plan. Additional development candidates are expected to be nominated in 2027 to expand the pipeline. - Financial Updates * The Astellas collaboration, Norgene license, and recent follow-on equity offering have generated over $500 million in cash, strengthening the balance sheet with a projected cash runway into the second half of 2028.
Guidance
- Top-line data readouts are on track: Eclipse 1 in Q4 2026, followed by Eclipse 2 and 3 in Q1 2027. * Updated dose escalation data for VIR 5818 is expected in the second half of 2026. * The company projects its current cash runway extends into the second half of 2028, with no changes to prior guidance. * Additional pipeline development candidates are expected to be nominated in 2027. * VIR 5500 is on track to potentially initiate Phase 3 registrational trials as early as 2027.
Segment performance
Veer Biotechnology is a clinical-stage biotechnology company with two primary operating segments: Chronic Hepatitis Delta (CHD) and Oncology. No disaggregated segment revenue was provided in the call. Total consolidated license and collaboration revenue for Q2 2026 was $238.9 million, compared to $97.5 million in Q2 2025. SG&A expense for Q2 2026 was $30.2 million, compared to $22.3 million in Q2 2025. Net income for Q2 2026 was $80.1 million, compared to a net loss of $111.0 million in Q2 2025. The company ended Q2 2026 with $1.01 billion in cash, cash equivalents, and investments, an increase of $198.5 million from the prior quarter, driven primarily by $315 million in payments from collaboration partner Astellas.
Risks & headwinds
- Chronic hepatitis delta remains significantly underdiagnosed, and adoption of new screening guidelines and double reflex testing may progress slower than expected, limiting patient identification and market size. * Clinical trial outcomes are uncertain, even with strong Phase 2 data, and trial endpoints may not meet regulatory or physician expectations for approval and adoption. * The company currently has an interim CFO and is still recruiting permanent C-suite leaders (CMO and CFO), creating near-term leadership transition risk.
Analyst Q&A
Q: After the initial Eclipse 1 readout, what are the plans for long-term extension data to assess the durability of TND and potential treatment discontinuation? /
A: Exploration of finite treatment duration and durability of response is incorporated into the trial designs for Eclipse 2 and Eclipse 3. It is not part of the Eclipse 1 design, which compares the combination regimen to deferred treatment, but the broader Eclipse program includes this research.
Q: With management turnover over the past year, how confident is leadership that the current team can manage two distinct major clinical programs, and what are plans for C-suite additions? /
A: Leadership is very confident in the existing team, as demonstrated by consistent quarterly progress across both programs. The company is actively recruiting a new CMO with deep expertise in medical oncology, given the pipeline's future focus on immuno-oncology, and has started interviews for a permanent CFO, with a strong roster of candidates.
Q: What is the current U.S. chronic hepatitis delta diagnosis rate, and what is the realistic plateau and timeline for growth after Belevertide approval and guideline updates? /
A: Current diagnosis rates are only 10-15% in the U.S. The company believes rates can realistically rise to 25% or higher, depending on growth in disease awareness, testing access, and reimbursement for screening. There is significant low-hanging fruit to improve diagnosis in the near to medium term.
Q: What are the efficacy and safety targets for the Eclipse 2 switch study, and how will this data impact physician prescribing? /
A: The primary endpoint for Eclipse 2 is TND at 24 weeks for patients switched from Belevertide. Given the combination's much higher historical TND rates compared to Belevertide, the bar for a positive outcome is low. Belevertide carries a boxed warning for severe exacerbations after treatment discontinuation, and Veer expects to be the only company with this switch data at launch, making it very valuable for prescribing decisions.