Vir Biotechnology (VIR) FY2024 results: revenue $74 million, down 13.9% on the year

Vir Biotechnology, Inc. (VIR) reported revenue of $74 million for fiscal 2024, the year ended 31 December 2024, down 13.9% on the year before. Net income was -$522 million, and diluted earnings per share $-3.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$74 million

-13.9% on the year

FY2017FY2024

Operating margin

-791.3%

-794.0% a year earlier

FY2017FY2024

Net income

-$522 million

FY2017FY2024

Diluted EPS

-$3.83

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	74.2	86.2	1,616	-13.9%
Cost of revenue	0.8	2.8	146	-69.4%
Gross profit	73.4	83.4	1,469	-12.1%
Gross margin	98.9%	96.8%	90.9%
Research and development	506	580	475	-12.6%
Selling, general and administrative	119	174	162	-31.8%
Operating income	-587	-684	833
Operating margin	-791.3%	-794.0%	51.6%
Pre-tax income	-523	-628	754
Income tax	-1.1	-13.1	238
Effective tax rate	n/a	n/a	31.6%
Net income	-522	-615	516
Net margin	-703.4%	-713.8%	31.9%
Diluted EPS	-$3.83	-$4.59	$3.83

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	-446	-779	1,663
Capital expenditure	7.3	21.6	68.0	-66.2%
Free cash flow	-454	-800	1,595
Free cash flow margin	-611.4%	-928.7%	98.7%
Cash from investing	499	165	-1,193	+203.3%
Cash from financing	4.4	7.5	34.8	-41.3%
Depreciation and amortisation	14.6	19.5	6.8	-25.2%
Share-based compensation	78.5	111	102	-29.5%
Diluted shares, weighted	136m	134m	135m	+1.6%
Shares outstanding at period end	137m	135m	133m	+1.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,150	1,590	2,078	-27.7%
Non-controlling interest	n/a	n/a	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	90.1	112	124	-19.3%
Other liabilities	158	217	600	-27.1%
Total liabilities and equity	1,399	1,919	2,802	-27.1%
Fixed assets	63.2	96.0	106	-34.2%
Goodwill	16.9	16.9	16.9	0.0%
Intangible assets	8.1	22.6	32.8	-64.0%
Investments	868	1,376	1,545	-36.9%
Cash and equivalents	223	242	849	-7.7%
Receivables	n/a	n/a	0.0
Other assets	220	166	253	+32.5%
Total assets	1,399	1,919	2,802	-27.1%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.