Vir Biotechnology (VIR) FY2023 results: revenue $86 million, down 94.7% on the year

Vir Biotechnology, Inc. (VIR) reported revenue of $86 million for fiscal 2023, the year ended 31 December 2023, down 94.7% on the year before. Net income was -$615 million, and diluted earnings per share $-4.59. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$86 million

-94.7% on the year

FY2017FY2023

Operating margin

-794.0%

51.6% a year earlier

FY2017FY2023

Net income

-$615 million

FY2017FY2023

Diluted EPS

-$4.59

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	86.2	1,616	1,095	-94.7%
Cost of revenue	2.8	146	65.9	-98.1%
Gross profit	83.4	1,469	1,030	-94.3%
Gross margin	96.8%	90.9%	94.0%
Research and development	580	475	448	+22.1%
Selling, general and administrative	174	162	161	+7.8%
Operating income	-684	833	421
Operating margin	-794.0%	51.6%	38.4%
Pre-tax income	-628	754	550
Income tax	-13.1	238	21.2
Effective tax rate	n/a	31.6%	3.9%
Net income	-615	516	529
Net margin	-713.8%	31.9%	48.3%
Diluted EPS	-$4.59	$3.83	$3.96

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-779	1,663	-47.6
Capital expenditure	21.6	68.0	21.8	-68.3%
Free cash flow	-800	1,595	-69.4
Free cash flow margin	-928.7%	98.7%	-6.3%
Cash from investing	165	-1,193	-141
Cash from financing	7.5	34.8	100	-78.5%
Depreciation and amortisation	19.5	6.8	5.3	+186.8%
Share-based compensation	111	102	83.8	+9.0%
Diluted shares, weighted	134m	135m	133m	-0.5%
Shares outstanding at period end	135m	133m	131m	+1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,590	2,078	1,432	-23.5%
Non-controlling interest	n/a	0.0	n/a
Debt	0.0	0.0	0.0
Operating lease liabilities	112	124	134	-9.8%
Other liabilities	217	600	389	-63.8%
Total liabilities and equity	1,919	2,802	1,954	-31.5%
Fixed assets	96.0	106	42.8	-9.1%
Goodwill	16.9	16.9	16.9	0.0%
Intangible assets	22.6	32.8	33.3	-31.1%
Investments	1,376	1,545	419	-10.9%
Cash and equivalents	242	849	348	-71.5%
Receivables	n/a	0.0	773
Other assets	166	253	322	-34.4%
Total assets	1,919	2,802	1,954	-31.5%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.