Vir Biotechnology Q1 Revenue Surges on Collaboration Deals
Ticker: VIR · Form: 10-Q · Filed: 2024-05-03T00:00:00.000Z
Sentiment: bullish
Topics: revenue-growth, collaboration, biotech, financials
TL;DR
VIR Q1 revenue up big time to $104.7M from collaborations. Assets $3.1B.
AI Summary
Vir Biotechnology, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported collaboration revenue of $104.7 million for the three months ended March 31, 2024, a significant increase from $36.4 million in the same period of 2023. Contract revenue also saw a rise to $10.4 million from $3.7 million year-over-year. The company's total assets were $3.1 billion as of March 31, 2024.
Why It Matters
This filing indicates strong growth in Vir Biotechnology's core business, driven by successful collaborations, which could signal positive future performance and investor confidence.
Risk Assessment
Risk Level: medium — The company's reliance on collaboration revenue and the inherent risks in biotechnology development present a medium risk profile.
Key Numbers
- $104.7M — Collaboration Revenue (Q1 2024, up from $36.4M in Q1 2023)
- $10.4M — Contract Revenue (Q1 2024, up from $3.7M in Q1 2023)
- $3.1B — Total Assets (As of March 31, 2024)
Key Players & Entities
- Vir Biotechnology, Inc. (company) — Filer of the 10-Q
- March 31, 2024 (date) — End of reporting period
- $104.7 million (dollar_amount) — Collaboration revenue for Q1 2024
- $36.4 million (dollar_amount) — Collaboration revenue for Q1 2023
- $10.4 million (dollar_amount) — Contract revenue for Q1 2024
- $3.7 million (dollar_amount) — Contract revenue for Q1 2023
- $3.1 billion (dollar_amount) — Total assets as of March 31, 2024
FAQ
What was Vir Biotechnology's total revenue for the first quarter of 2024?
Vir Biotechnology reported total collaboration revenue of $104.7 million and contract revenue of $10.4 million for the three months ended March 31, 2024.
How did Vir Biotechnology's collaboration revenue change compared to the previous year?
Collaboration revenue increased significantly to $104.7 million for the three months ended March 31, 2024, from $36.4 million for the same period in 2023.
What were Vir Biotechnology's total assets as of March 31, 2024?
As of March 31, 2024, Vir Biotechnology's total assets were $3.1 billion.
What is the fiscal year end for Vir Biotechnology?
Vir Biotechnology's fiscal year ends on December 31.
What is the primary business of Vir Biotechnology?
Vir Biotechnology is primarily involved in the Biological Products industry, specifically excluding diagnostic substances.
From the Filing
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