At a glance
Vir Biotechnology Inc is worth $2.02B. Revenue fell 7.6% to $68.6M in fiscal 2025, at a loss; over 5 years it has grown 2.1% a year. It pays no dividend. The stock returned +85.5% over the past year with dividends reinvested and −20.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.3% in the 2020 crash (S&P 500: 33.7%) and 54.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Vir Biotechnology is a clinical-stage drug developer working on immune-based treatments for serious infections and cancer. Its main medicines are still in human trials and not yet approved. Its lead program pairs two experimental drugs for chronic hepatitis delta, a severe liver infection. The first is tobevibart, a lab-made (monoclonal) antibody. The second is elebsiran, a small interfering RNA (siRNA) that cuts the virus's protein production. When Vir filed its 10-K on February 23, 2026, the disease had no approved U.S. treatment. Three registrational ECLIPSE trials, meant to support approval, were under way, with first results expected in the fourth quarter of 2026.
In cancer, Vir has three Phase 1 (early safety) studies of masked T-cell engagers. These drugs turn T cells (immune cells) against tumors and are built to activate mainly at the tumor. They target prostate cancer (VIR-5500), HER2-expressing tumors (VIR-5818) and EGFR-expressing tumors (VIR-5525). The masking technology, PRO-XTEN, is licensed from Sanofi.
The 10-K gives no revenue split by product, segment or region. Revenue was $68.6 million in fiscal 2025, far below the $1.6 billion of fiscal 2022, and the net loss was $438.0 million. Revenue swings: the quarter ended June 30, 2026 alone brought $238.9 million. Partners hold rights to the hepatitis delta combination in Europe, Australia and New Zealand (Norgine) and Greater China (Brii Bioscience).
Price history
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VIR +85.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $238.9M, up 19582.5% from a year earlier, and net income was $80.1M.
- For fiscal 2025, revenue was $68.6M (-7.6% year over year; -2.1% a year from FY2020 to FY2025) with a -638.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -2.1% weak |
|---|---|
| Operating margin | -699.2% weak |
| Free cash flow margin | -578.5% weak |
| Return on equity (FY2025) | -57.2% weak |
| Return on assets (FY2025) | -43.7% weak |
| Cash and investments | $1.00B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $76.4M | $-298.7M | $-197.5M |
| FY2021 | $1.10B | $528.6M | $-69.4M |
| FY2022 | $1.62B | $515.8M | $1.60B |
| FY2023 | $86.2M | $-615.1M | $-800.4M |
| FY2024 | $74.2M | $-522.0M | $-453.7M |
| FY2025 | $68.6M | $-438.0M | $-396.6M |
Valuation snapshot
| Market value | $2.02B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Vir Biotechnology’s market value went from $1.38B at the end of 2019 to $2.02B on Oct 28, 2026, up 46%; since the end of 2025 it is up 141%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.02B | +140.6% |
| 2025 | $838.9M | -17.0% |
| 2024 | $1.01B | -25.3% |
| 2023 | $1.35B | -59.8% |
| 2022 | $3.37B | -38.5% |
| 2021 | $5.48B | +60.6% |
| 2020 | $3.41B | +147.3% |
| 2019 | $1.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VIR price data to Oct 28, 2026 | +97.8% | +85.5% | +15.4% | -20.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +97.8% |
| 2025 | -17.9% |
| 2024 | -27.0% |
| 2023 | -60.3% |
| 2022 | -39.5% |
| 2021 | +56.4% |
| 2020 | +113.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 114.1% over that stretch · deepest drop along the way 50.3%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.1% over that stretch · deepest drop along the way 54.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 18 sales ($2.2M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 6, 2026 | Backer Marianne De President and CEO, Director | sell (plan) | $664K |
| Feb 24, 2026 | Vicki L Sato Director | sell (plan) | $411K |
| May 1, 2026 | Vicki L Sato Director | sell (plan) | $221K |
| Mar 2, 2026 | Vicki L Sato Director | sell (plan) | $207K |
| Apr 1, 2026 | Vicki L Sato Director | sell (plan) | $200K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.4% | Sep 30, 2026 |
| Vanguard Portfolio Management | 6.85% | Jun 30, 2026 |
| SB Investment Advisers (UK) Limited | 6.5% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.9% | Jun 30, 2026 |
ETFs with the most weight in VIR
| NIXT Research Affiliates Deletions ETF | 0.53% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.42% |
| PSCH Invesco S&P SmallCap Health Care ETF | 0.37% |
| XBI SPDR S&P Biotech ETF | 0.25% |
| WCEO Hypatia Women CEO ETF | 0.16% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.12% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.12% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.12% |
What could go wrong
- Lead hepatitis delta drug could fail. Vir's future leans on the ECLIPSE trials of tobevibart plus elebsiran. Weak or delayed results, or a regulator's rejection, would leave it without its most advanced drug. Fast Track and Breakthrough designations don't guarantee approval.
- Heavy losses and steady cash burn. Vir lost $438.0 million in fiscal 2025, and free cash flow (cash left after running the business and investing) was negative $396.6 million. It expects losses to continue for the foreseeable future.
- Licenses and partners control key rights. Vir licenses its cancer masking technology from Sanofi, and partners hold hepatitis delta rights in Europe and Greater China. Breaching a license could cost Vir a drug, and it may owe large milestone payments.
- Cancer drugs are at an early stage. The three T-cell engagers (VIR-5500, VIR-5818, VIR-5525) are in Phase 1 studies, which mainly test safety. Early results may not predict later ones, and side effects could halt development.
- New shares can dilute existing owners. Vir warns it may need substantial extra funding, and issuing new stock shrinks each holder's stake. Shares outstanding rose 29.6% from August 2, 2021 to July 29, 2026.
- Extreme share price swings. The shares once fell 94.8% from a peak, and their annualized volatility, a gauge of price swings, was 63.3% over the year to October 28, 2026. Big moves can follow trial or funding news.
Recent events
- Executive or board change
- Unregistered sale of shares; Other company announcement
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
For income and retirement investors
Vir pays no dividend and made no share repurchases from fiscal 2021 through 2025, so there is no dividend record to judge. Its 10-K says it does not expect to pay cash dividends in the foreseeable future, so any gain must come from a higher share price. Instead of shrinking, the share count grew 29.6% between August 2, 2021 and July 29, 2026, giving each owner a smaller slice.
In the 2020 COVID crash the shares fell 50.3% between February 27 and March 10, 2020, then took about 10.6 months to regain that peak. In the 2022 bear market they dropped 54.4% from January 12 to September 26, 2022, and had not regained that high as of October 28, 2026. An income investor needing cash could get it only by parting with shares, possibly after a steep fall. A single stock, especially an early-stage drug developer, carries more risk than a diversified fund.
Questions investors ask
Does Vir Biotechnology pay a dividend?
No. Vir paid no dividends and repurchased no shares in fiscal 2021 through 2025, and its 10-K says it does not expect to pay cash dividends in the foreseeable future. Any return would have to come from a higher share price. Rather than shrinking, the share count grew 29.6% between August 2, 2021 and July 29, 2026, so each share represents a smaller slice of the company.
How does Vir Biotechnology make money?
Not steadily yet. Vir's main drugs are still in clinical trials, and it lost money in four of the six fiscal years from 2020 through 2025. Revenue was $68.6 million in fiscal 2025 against a net loss of $438.0 million, and the 10-K gives no revenue split by product or region. Results can swing: the quarter ended June 30, 2026 brought $238.9 million of revenue and $80.1 million of net income. Longer term, income depends on winning approval and marketing drugs, partly through partners such as Norgine.
What is Vir Biotechnology's hepatitis delta drug?
It is a combination of two experimental drugs: tobevibart, an antibody designed to stop the virus entering liver cells, and elebsiran, a small interfering RNA (siRNA) drug that cuts the virus's protein production. Chronic hepatitis delta is a severe liver disease. The FDA granted the pair Fast Track and Breakthrough Therapy designations, which can speed development but do not guarantee approval. As of its 10-K filed February 23, 2026, the disease had no approved U.S. treatment, and Vir expected first ECLIPSE trial results in the fourth quarter of 2026.
Is Vir Biotechnology stock volatile?
Yes, very. As of October 28, 2026, the shares were up 97.8% year to date and 85.5% over one year, after falling in each calendar year from 2022 through 2025, including 60.3% in 2023. Over five years they were down about 69% in total, and the deepest drop from a peak was 94.8%. One-year volatility, a gauge of price swings, was 63.3%, and a beta of 1.75 means the stock has tended to move about 1.75 times as much as the overall market.
How much cash does Vir Biotechnology have?
About $1.0 billion in cash and investments as of June 30, 2026, and no borrowings were found in its filings. That cushion matters because Vir lost $438.0 million in fiscal 2025 and its free cash flow was negative $396.6 million. The company warns it may need substantial additional funding. Issuing new stock to raise it can dilute existing shareholders, and an October 14, 2026 filing reported an unregistered sale of shares.