Vir Biotechnology (VIR)
Market Price (11/9/2026): $12.3 | Market Cap: $2.1 BilSector: Health Care | Industry: Biotechnology
Vir Biotechnology (VIR)
Market Price (11/9/2026): $12.3Market Cap: $2.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2055% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -3.6% Weak multi-year price returns3Y Excs Rtn is -17% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -211 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70% Stock price has recently run up significantly12M Rtn12 month market price return is 138% Weak revenue growthRev Chg QQuarterly Revenue Change % is -208% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksVIR key risks include [1] its heavy dependence on the clinical and regulatory success of its key Hepatitis Delta virus (HDV) and oncology programs, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 2055% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -3.6% |
| Weak multi-year price returns3Y Excs Rtn is -17% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -211 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -70% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 138% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -208% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -47% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksVIR key risks include [1] its heavy dependence on the clinical and regulatory success of its key Hepatitis Delta virus (HDV) and oncology programs, Show more. |
Qualitative Assessment
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Updated on 11/6/2026
Vir Biotechnology (VIR) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance and Solid Cash Position. Vir Biotechnology reported a narrower net loss of $96.3 million, or $0.57 per share, for fiscal Q3 2026 (ended September 30, 2026), which was better than analysts' estimated loss per share ranging from $0.72 to $0.80. This improvement was primarily driven by a significant reduction in research and development (R&D) expenses, which fell to $80.0 million in fiscal Q3 2026 from $151.5 million in the prior-year period, largely due to the absence of a non-recurring $75.0 million milestone expense and collaboration cost recoveries. The company also reported a strong cash position of approximately $901.3 million in cash, cash equivalents, and investments as of September 30, 2026, excluding an additional $90 million upfront payment from a new collaboration, extending its cash runway into the second half of 2028.
2. Significant Progress and Upcoming Catalysts in Chronic Hepatitis Delta (HDV) Program. The company is anticipating topline data from its pivotal Phase 3 ECLIPSE 1 trial for chronic hepatitis delta (CHD) in fiscal Q4 2026. This eagerly awaited data follows positive results from the Phase 2 SOLSTICE trial, where the combination therapy achieved undetectable HDV RNA (TND) in 66% of patients at 48 weeks, substantially surpassing the 12-20% TND rates reported for bulevirtide, the current standard of care. Expanded 96-week Phase 2 SOLSTICE results were also presented at The Liver Meeting® 2026 in November, further reinforcing confidence in the program.
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Vir Biotechnology (VIR) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance and Solid Cash Position. Vir Biotechnology reported a narrower net loss of $96.3 million, or $0.57 per share, for fiscal Q3 2026 (ended September 30, 2026), which was better than analysts' estimated loss per share ranging from $0.72 to $0.80. This improvement was primarily driven by a significant reduction in research and development (R&D) expenses, which fell to $80.0 million in fiscal Q3 2026 from $151.5 million in the prior-year period, largely due to the absence of a non-recurring $75.0 million milestone expense and collaboration cost recoveries. The company also reported a strong cash position of approximately $901.3 million in cash, cash equivalents, and investments as of September 30, 2026, excluding an additional $90 million upfront payment from a new collaboration, extending its cash runway into the second half of 2028.
2. Significant Progress and Upcoming Catalysts in Chronic Hepatitis Delta (HDV) Program. The company is anticipating topline data from its pivotal Phase 3 ECLIPSE 1 trial for chronic hepatitis delta (CHD) in fiscal Q4 2026. This eagerly awaited data follows positive results from the Phase 2 SOLSTICE trial, where the combination therapy achieved undetectable HDV RNA (TND) in 66% of patients at 48 weeks, substantially surpassing the 12-20% TND rates reported for bulevirtide, the current standard of care. Expanded 96-week Phase 2 SOLSTICE results were also presented at The Liver Meeting® 2026 in November, further reinforcing confidence in the program.
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Updated on 11/6/2026
Vir Biotechnology (VIR) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance and Solid Cash Position. Vir Biotechnology reported a narrower net loss of $96.3 million, or $0.57 per share, for fiscal Q3 2026 (ended September 30, 2026), which was better than analysts' estimated loss per share ranging from $0.72 to $0.80. This improvement was primarily driven by a significant reduction in research and development (R&D) expenses, which fell to $80.0 million in fiscal Q3 2026 from $151.5 million in the prior-year period, largely due to the absence of a non-recurring $75.0 million milestone expense and collaboration cost recoveries. The company also reported a strong cash position of approximately $901.3 million in cash, cash equivalents, and investments as of September 30, 2026, excluding an additional $90 million upfront payment from a new collaboration, extending its cash runway into the second half of 2028.
2. Significant Progress and Upcoming Catalysts in Chronic Hepatitis Delta (HDV) Program. The company is anticipating topline data from its pivotal Phase 3 ECLIPSE 1 trial for chronic hepatitis delta (CHD) in fiscal Q4 2026. This eagerly awaited data follows positive results from the Phase 2 SOLSTICE trial, where the combination therapy achieved undetectable HDV RNA (TND) in 66% of patients at 48 weeks, substantially surpassing the 12-20% TND rates reported for bulevirtide, the current standard of care. Expanded 96-week Phase 2 SOLSTICE results were also presented at The Liver Meeting® 2026 in November, further reinforcing confidence in the program.
3. Strategic Collaboration with Gilead and Advancements in Oncology Pipeline. In October 2026, Vir Biotechnology entered a significant collaboration and license agreement with Gilead Sciences to develop novel PRO-XTEN® dual-masked T-cell engager development candidates for solid tumors. This agreement included $90 million in upfront consideration (composed of $65 million in cash and a $25 million equity investment at a 30% premium) and potential milestone payments of up to $1.74 billion, validating Vir's oncology platform and providing substantial non-dilutive funding. Additionally, the VIR-5500 program, a PSMA-targeted T-cell engager for prostate cancer, achieved proof of concept and received FDA Fast Track designation in October 2026, with pivotal trials expected to begin in 2027. The monotherapy dose escalation demonstrated a favorable safety profile and promising efficacy with 82% PSA50 and 53% PSA90 in the higher-dose cohort.
4. Sustained Positive Analyst Sentiment and Increased Price Targets. Analyst ratings for Vir Biotechnology remained largely positive during the period, with a consensus of "Strong Buy" or "Moderate Buy" from multiple firms. Several analysts raised their price targets, including H.C. Wainwright, which increased its target to $22 from $20 in October 2026, and Needham & Company LLC, which boosted its target to $20 from $18 in November 2026. The average analyst price target is approximately $21.00-$22.14, implying significant potential upside from the stock's trading levels during the period.
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Vir Biotechnology (VIR) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance and Solid Cash Position. Vir Biotechnology reported a narrower net loss of $96.3 million, or $0.57 per share, for fiscal Q3 2026 (ended September 30, 2026), which was better than analysts' estimated loss per share ranging from $0.72 to $0.80. This improvement was primarily driven by a significant reduction in research and development (R&D) expenses, which fell to $80.0 million in fiscal Q3 2026 from $151.5 million in the prior-year period, largely due to the absence of a non-recurring $75.0 million milestone expense and collaboration cost recoveries. The company also reported a strong cash position of approximately $901.3 million in cash, cash equivalents, and investments as of September 30, 2026, excluding an additional $90 million upfront payment from a new collaboration, extending its cash runway into the second half of 2028.
2. Significant Progress and Upcoming Catalysts in Chronic Hepatitis Delta (HDV) Program. The company is anticipating topline data from its pivotal Phase 3 ECLIPSE 1 trial for chronic hepatitis delta (CHD) in fiscal Q4 2026. This eagerly awaited data follows positive results from the Phase 2 SOLSTICE trial, where the combination therapy achieved undetectable HDV RNA (TND) in 66% of patients at 48 weeks, substantially surpassing the 12-20% TND rates reported for bulevirtide, the current standard of care. Expanded 96-week Phase 2 SOLSTICE results were also presented at The Liver Meeting® 2026 in November, further reinforcing confidence in the program.
3. Strategic Collaboration with Gilead and Advancements in Oncology Pipeline. In October 2026, Vir Biotechnology entered a significant collaboration and license agreement with Gilead Sciences to develop novel PRO-XTEN® dual-masked T-cell engager development candidates for solid tumors. This agreement included $90 million in upfront consideration (composed of $65 million in cash and a $25 million equity investment at a 30% premium) and potential milestone payments of up to $1.74 billion, validating Vir's oncology platform and providing substantial non-dilutive funding. Additionally, the VIR-5500 program, a PSMA-targeted T-cell engager for prostate cancer, achieved proof of concept and received FDA Fast Track designation in October 2026, with pivotal trials expected to begin in 2027. The monotherapy dose escalation demonstrated a favorable safety profile and promising efficacy with 82% PSA50 and 53% PSA90 in the higher-dose cohort.
4. Sustained Positive Analyst Sentiment and Increased Price Targets. Analyst ratings for Vir Biotechnology remained largely positive during the period, with a consensus of "Strong Buy" or "Moderate Buy" from multiple firms. Several analysts raised their price targets, including H.C. Wainwright, which increased its target to $22 from $20 in October 2026, and Needham & Company LLC, which boosted its target to $20 from $18 in November 2026. The average analyst price target is approximately $21.00-$22.14, implying significant potential upside from the stock's trading levels during the period.
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Stock Movement Drivers
Fundamental Drivers
The 41.0% change in VIR stock from 7/31/2026 to 11/8/2026 was primarily driven by a 367.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.66 | 12.21 | 41.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 65 | 302 | 367.6% |
| P/S Multiple | 19.7 | 6.8 | -65.4% |
| Shares Outstanding (Mil) | 147 | 169 | -12.9% |
| Cumulative Contribution | 41.0% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| VIR | 41.0% | |
| Market (SPY) | -1.6% | 50.7% |
| Sector (XLV) | 13.7% | 28.9% |
Fundamental Drivers
The 19.5% change in VIR stock from 4/30/2026 to 11/8/2026 was primarily driven by a 354.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.21 | 12.21 | 19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 67 | 302 | 354.7% |
| P/S Multiple | 21.4 | 6.8 | -68.0% |
| Shares Outstanding (Mil) | 139 | 169 | -17.8% |
| Cumulative Contribution | 19.5% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| VIR | 19.5% | |
| Market (SPY) | 2.6% | 34.4% |
| Sector (XLV) | 27.1% | 28.1% |
Fundamental Drivers
The 104.9% change in VIR stock from 10/31/2025 to 11/8/2026 was primarily driven by a 2001.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.96 | 12.21 | 104.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 302 | 2001.5% |
| P/S Multiple | 57.3 | 6.8 | -88.1% |
| Shares Outstanding (Mil) | 138 | 169 | -18.2% |
| Cumulative Contribution | 104.9% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| VIR | 104.9% | |
| Market (SPY) | 8.7% | 36.6% |
| Sector (XLV) | 29.8% | 27.0% |
Fundamental Drivers
The 54.0% change in VIR stock from 10/31/2023 to 11/8/2026 was primarily driven by a 174.6% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.93 | 12.21 | 54.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 427 | 302 | -29.2% |
| P/S Multiple | 2.5 | 6.8 | 174.6% |
| Shares Outstanding (Mil) | 134 | 169 | -20.8% |
| Cumulative Contribution | 54.0% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| VIR | 54.0% | |
| Market (SPY) | 81.9% | 33.6% |
| Sector (XLV) | 55.4% | 30.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIR Return | 56% | -40% | -60% | -27% | -18% | 102% | -54% |
| Peers Return | 47% | 14% | -6% | -8% | 23% | 160% | 361% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| VIR Win Rate | 33% | 42% | 50% | 33% | 50% | 73% | |
| Peers Win Rate | 55% | 50% | 47% | 48% | 57% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| VIR Max Drawdown | -63% | -56% | -75% | -47% | -66% | -26% | |
| Peers Max Drawdown | -26% | -29% | -31% | -39% | -30% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GILD, REGN, AMGN, MRNA, ALNY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | VIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.3% | -18.8% |
| % Gain to Breakeven | 118.9% | 23.1% |
| Time to Breakeven | 287 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.0% | -6.7% |
| % Gain to Breakeven | 17.6% | 7.1% |
| Time to Breakeven | 61 days | 31 days |
In The Past
Vir Biotechnology's stock fell -54.3% during the 2025 US Tariff Shock. Such a loss loss requires a 118.9% gain to breakeven.
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| Event | VIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.3% | -18.8% |
| % Gain to Breakeven | 118.9% | 23.1% |
| Time to Breakeven | 287 days | 79 days |
In The Past
Vir Biotechnology's stock fell -54.3% during the 2025 US Tariff Shock. Such a loss loss requires a 118.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Vir Biotechnology (VIR)
Vir Biotechnology, Inc. (symbol: VIR) is a commercial-stage immunology company dedicated to developing therapeutic products for the treatment and prevention of serious infectious diseases. The company's core mission is to address significant global health threats by leveraging innovative scientific approaches to create effective antiviral therapies. They aim to provide solutions that mitigate the impact of some of the world's most challenging infectious agents.
The company's most notable product to date is Sotrovimab (branded as Xevudy), a SARS-CoV-2-neutralizing antibody utilized for the treatment and prevention of COVID-19 infection. Beyond COVID-19, Vir Biotechnology boasts a robust pipeline of investigational therapies, including VIR-2218 and VIR-3434 for the treatment of chronic hepatitis B virus, VIR-2482 designed for the prevention of influenza A virus, and VIR-1111 targeting the prevention of human immunodeficiency virus (HIV). These programs showcase their commitment to tackling a broad range of high-impact viral diseases.
Vir Biotechnology primarily serves the global healthcare market, with its ultimate beneficiaries being patients worldwide who are affected by or at risk of serious infectious diseases such as COVID-19, hepatitis B, influenza A, and HIV. The company frequently collaborates with various pharmaceutical partners, research institutions, and foundations—including grants from the Bill & Melinda Gates Foundation and the National Institutes of Health—to develop, manufacture, and distribute its therapies, thereby expanding its reach and impact within the infectious disease landscape.
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Vir Biotechnology is like a specialized Gilead Sciences for a broader range of serious infectious diseases.
Think of Vir as a Moderna or Pfizer focused on immunological treatments and preventatives for various serious infectious diseases, not just COVID-19.AI Analysis | Feedback
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- Sotrovimab (VIR-7832) / Xevudy: A SARS-CoV-2-neutralizing monoclonal antibody for the treatment and prevention of COVID-19 infection.
- VIR-2218: A therapeutic candidate currently in development for the treatment of hepatitis B virus.
- VIR-3434: A therapeutic candidate currently in development for the treatment of hepatitis B virus.
- VIR-2482: A therapeutic candidate currently in development for the prevention of influenza A virus.
- VIR-1111: A therapeutic candidate currently in development for the prevention of human immunodeficiency virus.
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Vir Biotechnology (VIR) primarily sells its therapeutic products and intellectual property to other companies, including pharmaceutical partners, for further development, commercialization, and distribution. Based on the provided background information, its major customers include:
- GlaxoSmithKline (GSK) - NYSE: GSK
- Brii Biosciences Limited (BRII) - NASDAQ: BRII
- Alnylam Pharmaceuticals, Inc. (ALNY) - NASDAQ: ALNY
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- Samsung Biologics Co.,Ltd. (207940.KS)
- WuXi Biologics (2269.HK)
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Marianne De Backer, M.Sc., Ph.D., MBA
President, Chief Executive Officer and Director
Marianne De Backer joined Vir Biotechnology as CEO in April 2023. Before joining Vir, Dr. De Backer held executive leadership roles at Bayer AG Pharmaceuticals, most recently as Executive Vice President and Global Head of Strategy, Business Development & Licensing, where she led external innovation and was responsible for over 50 new alliances and company acquisitions. Prior to Bayer, she spent over two decades (1991-2019) at Johnson & Johnson, where her roles included Head and Vice President of M&A Operations and Divestitures for the Pharmaceuticals Group. She has been directly accountable for over 200 strategic alliances in healthcare. Dr. De Backer began her career in drug discovery research and is an inventor on seven patents. She holds an M.Sc. in molecular biology, an M.Sc. in engineering and biochemistry, a Ph.D. in biotechnology, and an MBA.
Jason O'Byrne, MBA
Executive Vice President and Chief Financial Officer
Jason O'Byrne was appointed Executive Vice President and Chief Financial Officer of Vir Biotechnology, effective October 2, 2024. He previously served as CFO of Caribou Biosciences, Inc., overseeing finance, investor relations, corporate communications, IT, procurement, and operations. Before Caribou, Mr. O'Byrne was Senior Vice President of Finance at Audentes Therapeutics, where he managed financial due diligence and integration during the company's acquisition by Astellas Pharma in 2020. He also spent 13 years at Genentech, a member of the Roche group, gaining extensive operational finance experience across various functions, including serving as Regional Head of Commercial Finance for Asia Pacific and Global Head of Finance for Product Development. Mr. O'Byrne holds a Bachelor of Applied Science in Mechanical Engineering and an MBA in Finance.
Jeff Calcagno, M.D.
Executive Vice President and Chief Business Officer
Jeff Calcagno serves as Executive Vice President and Chief Business Officer at Vir Biotechnology, where he is responsible for strategic partnerships and commercial development.
Mark Eisner, M.D., M.P.H.
Executive Vice President and Chief Medical Officer
Mark Eisner is the Executive Vice President and Chief Medical Officer at Vir Biotechnology, overseeing all clinical development programs for the company.
Jennifer Eileen Towne, Ph.D.
Executive Vice President and Chief Scientific Officer
Jennifer Eileen Towne is the Executive Vice President and Chief Scientific Officer at Vir Biotechnology.
AI Analysis | Feedback
Vir Biotechnology faces several key risks to its business:
- High Execution Risk of Clinical Development and Regulatory Approval for Pipeline Products: Vir Biotechnology is currently a clinical-stage biopharmaceutical company with minimal near-term commercial revenue, reporting only $0.2 million in Q3 2025. Its valuation and future prospects are heavily dependent on the successful clinical development and regulatory approval of its pipeline candidates, particularly its Phase 3 hepatitis delta virus (HDV) program and innovative oncology platform. The drug development process is inherently uncertain, lengthy, and expensive, with a high risk of clinical trial failures, unexpected safety issues, or an inability to obtain regulatory approvals, which could be catastrophic. Pivotal data for the main value driver (HDV program) is not expected until Q1 2027, creating a long period of binary risk for investors.
- Significant Cash Burn and Need for Future Funding: Despite a strong cash position, Vir Biotechnology has an accumulated deficit of $1.2 billion and consistently reports significant quarterly net losses, such as $163.1 million in Q3 2025. The company's high research and development expenses, necessary to advance its late-stage clinical pipeline, result in a substantial cash burn. While current cash reserves are projected to fund operations into mid-2027, this runway is finite, and ongoing losses could necessitate future dilutive financing rounds to sustain operations and clinical programs.
- Intense Competition in Infectious Disease and Oncology Markets: Vir Biotechnology operates in highly competitive therapeutic and preventative markets for serious infectious diseases like hepatitis B and HIV, and increasingly in oncology. The T-cell engager space in oncology, which Vir is entering, is described as saturated with well-funded rivals. Even in its HDV program, the company faces a head-to-head Phase 3 study against a competitor's drug. This intense competition means Vir's products, if approved, will need to differentiate significantly in terms of efficacy, safety, and cost to gain market share against established players and other innovative therapies.
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The continuous emergence of new SARS-CoV-2 variants that may reduce or eliminate the efficacy of its commercial-stage COVID-19 antibody treatment, Sotrovimab (Xevudy), thereby rendering the product obsolete or significantly less competitive.
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Here are the addressable market sizes for Vir Biotechnology's main products:
- Sotrovimab (Xevudy) for COVID-19 infection: The global COVID-19 therapeutics market size was valued at approximately US$ 30.7 billion in 2021 and is projected to contract to more than US$ 16.2 billion by the end of 2031, with a compound annual growth rate (CAGR) of -8.3% from 2022 to 2031. Another estimate for the global COVID-19 therapeutics market size indicates a value of USD 32.54 billion in 2025, expected to decline to USD 8.70 billion by 2033, with a CAGR of -15.20% from 2025 to 2033. The global coronavirus (COVID-19) current therapy market is expected to decline to $1.57 billion in 2026. For monoclonal antibodies (mAbs) specifically, which include treatments like Sotrovimab, the global market was estimated at USD 210.06 billion in 2022 and is projected to reach USD 494.53 billion by 2030, growing at a CAGR of 11.04%. The global monoclonal antibody therapy market size was USD 300.67 billion in 2025 and is projected to grow to USD 1,057.75 billion by 2034 at a CAGR of 15.07%. Sotrovimab generated $917.2 million in collaboration revenue in 2021 from approximately 1.7 million doses sold globally, and an estimated $1.1 billion in the first half of 2022. North America was the largest regional market for Sotrovimab/Xevudy in 2025.
- VIR-2218 and VIR-3434 for Hepatitis B virus: The global hepatitis B therapeutics market size was USD 2.48 billion in 2025 and is projected to grow to USD 6.66 billion by 2034, at a CAGR of 12.09% from 2026. The Chronic Hepatitis B (CHB) market across the seven major markets (7MM: U.S., EU4, U.K., and Japan) was valued at approximately USD 1.60 billion in 2025 and is expected to expand at a CAGR of 12.3% from 2025 to 2034. The U.S. represents the largest market for chronic hepatitis B, with sales of $710.11 million in 2024. The U.S. Hepatitis B Treatment Market is projected to grow from USD 1.00 billion in 2025 to USD 1.54 billion by 2033.
- VIR-2482 for Influenza A virus: The global influenza vaccine market size was estimated at USD 7.77 billion in 2023 and is expected to surpass around USD 18.02 billion by 2034, growing at a CAGR of 8% from 2024 to 2034. The global seasonal influenza market size was valued at USD 7.2 billion in 2021 and is expected to reach USD 28.3 billion by 2030, at a CAGR of 19.63%. North America held the largest market share in the seasonal influenza market, accounting for 45%. The global influenza market, which includes vaccines, antivirals, and diagnostics, is expected to grow from $9.0 billion in 2024 to $12.8 billion by the end of 2029 at a CAGR of 7.2%.
- VIR-1111 for Human Immunodeficiency Virus (HIV): The global human immunodeficiency virus (HIV) market size was valued at USD 36.87 billion in 2024 and is projected to reach USD 59.66 billion by 2032, with a CAGR of 6.20% from 2025 to 2032. The global HIV drugs market size was USD 38.27 billion in 2025 and is expected to grow to USD 66.09 billion by 2034 at a CAGR of 6.29%. North America dominated the HIV drugs market with a market share of 70.71% in 2025, with the U.S. market projected to reach USD 21.07 billion by 2026. The HIV prevention drug market, estimated at $2 billion in 2025, is projected to reach $3.5 billion by 2033, growing at a CAGR of 7% from 2025 to 2033.
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Vir Biotechnology (VIR) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from the progression of its pipeline assets and strategic collaborations.
- Advancement and potential commercialization of the Hepatitis Delta virus (HDV) program: The company's combination therapy for HDV, which includes tobevibart and elebsiran (sometimes evaluated alongside VIR-2218 and VIR-3434 for HDV), is a significant near-term value driver. Vir Biotechnology's hepatitis delta program was poised to enter Phase III trials in the first half of 2025, with all three ECLIPSE Phase 3 trials expected to initiate by the third quarter of 2025. This advanced stage of clinical development positions the program for potential market entry and revenue generation within the specified timeframe.
- Progress and milestone payments from the oncology pipeline, particularly VIR-5500: Vir Biotechnology's oncology pipeline, especially the VIR-5500 program, is expected to drive revenue growth through strategic collaborations. A significant partnership with Astellas Pharma for VIR-5500, a PSMA-directed T-cell engager for prostate cancer, involves substantial upfront and potential future milestone payments. This collaboration includes up to $1.37 billion in development, regulatory, and commercial milestones, which will contribute to revenue as the program advances through clinical stages over the next 2-3 years. Additionally, promising early data from other oncology candidates like VIR-5818 (HER2) further enhance the potential of this pipeline.
- Advancement of the Hepatitis B virus (HBV) functional cure regimen (VIR-2218 and VIR-3434): Vir Biotechnology is progressing its investigational therapies, VIR-2218 and VIR-3434, through Phase 2 clinical trials for the treatment of chronic HBV infection, with the goal of achieving a functional cure. Continued positive data and the progression of these trials in the next 2-3 years could lead to further partnerships, milestone payments, and ultimately, substantial revenue opportunities upon potential commercialization.
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Share Issuance
- Vir Biotechnology announced a public offering in February 2026 of 17,647,058 shares of common stock at $8.50 per share, expected to generate gross proceeds of $150 million.
- The company intended to offer $200 million of common stock in an underwritten public offering in November 2025.
- As of December 31, 2025, there were 139,474,954 shares issued and outstanding, an increase from 136,959,446 shares as of December 31, 2024.
Inbound Investments
- Vir Biotechnology entered a global strategic collaboration with Astellas to advance VIR-5500, which includes $335 million in upfront and near-term milestone payments, comprising $240 million in cash and a $75 million equity investment.
- The total potential deal value of the Astellas collaboration is up to $1.7 billion, including additional development, regulatory, and commercial milestones.
- The Astellas collaboration provides non-dilutive financing that extends Vir Biotechnology's cash runway into the second quarter of 2028.
Outbound Investments
- A $75.0 million milestone payment was made in the third quarter of 2025 upon VIR-5525 achieving first-in-human dosing.
- The company incurred a $30.0 million expense in 2025 related to amending its license agreement with Alnylam Pharmaceuticals, Inc.
- Milestone payments totaling $50.5 million were made in 2025 for the enrollment of the first patient in the Phase 3 ECLIPSE registrational program for chronic hepatitis delta.
Capital Expenditures
- Research and Development (R&D) expenses for the full year 2025 were $456 million, a 10% reduction from $507 million in 2024.
- R&D expenses for the first quarter of 2025 increased to $118.6 million, compared to $100.1 million in the same period in 2024, reflecting continued investment in clinical programs.
- Vir Biotechnology expects its cash, cash equivalents, and investments to fund operations into the second quarter of 2028, supporting ongoing pipeline development.
Peer Outperformance in Biotechnology
VIR has outperformed 61% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that VIR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
91%
of 452 industry peers · 138.0% return
3Y
70%
of 398 industry peers · 50.0% return
5Y
61%
of 364 industry peers · -62.5% return
No Biotechnology peer with a comparable growth profile has beaten VIR by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is VIR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 6.4% | 56.1% | 94.3% | CAH 506% · MCK 394% · COR 179% |
| Health Care Services | 20 | 32.4% | 25.6% | 7.4% | HIMS 208% · RDNT 127% · DGX 98% |
| Managed Health Care | 8 | 55.2% | -1.8% | -2.7% | OSCR 86% · HQY 50% · ELV 7% |
| Health Care Facilities | 26 | 16.4% | 22.6% | -8.9% | THC 277% · NHC 227% · EHC 177% |
| Health Care Equipment | 50 | 4.0% | 18.3% | -16.3% | UFPT 356% · GKOS 318% · TMDX 175% |
| Pharmaceuticals | 60 | -8.6% | 18.7% | -39.8% | LQDA 933% · XERS 649% · KNSA 543% |
| Health Care Supplies | 11 | 23.1% | 19.5% | -41.3% | LNTH 242% · HAE 69% · MMSI 25% |
| Life Sciences Tools & Services | 108 | -6.4% | -14.5% | -74.1% | AXGN 249% · MEDP 191% · NTRA 166% |
| Biotechnology ← | 365 | -23.8% | -29.2% | -81.7% | ELVN 1232% · TRVI 1075% · DNTH 1069% |
| Health Care Technology | 21 | -21.7% | -47.8% | -83.1% | VEEV -5% · DOCS -54% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 212.13 |
| Mkt Cap | 97.5 |
| Rev LTM | 10,955 |
| Op Inc LTM | 3,056 |
| FCF LTM | 2,217 |
| FCF 3Y Avg | 1,970 |
| CFO LTM | 2,901 |
| CFO 3Y Avg | 2,565 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.5% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | 12.6% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 40.1% |
| Op Inc Chg 3Y Avg | 12.6% |
| Op Mgn LTM | 24.9% |
| Op Mgn 3Y Avg | 15.7% |
| QoQ Delta Op Mgn LTM | 3.0% |
| CFO/Rev LTM | 23.9% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 18.8% |
| FCF/Rev 3Y Avg | 15.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of powering the immune system to transform lives by discovering and developing medicines | 69 | 74 | 86 | 1,616 | |
| Collaboration revenue | 917 | ||||
| Contract revenue | 170 | ||||
| Grant revenue | 8 | ||||
| License revenue from a related party | 0 | ||||
| Total | 69 | 74 | 86 | 1,616 | 1,095 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Business of powering the immune system to transform lives by discovering and developing medicines | -438 | -522 | -615 |
| Total | -438 | -522 | -615 |
Price Behavior
Price Behavior
| Market Price | $12.21 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 10/11/2019 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $11.03 | $9.64 |
| DMA Trend | up | up |
| Distance from DMA | 10.7% | 26.6% |
| 3M | 1YR | |
| Volatility | 57.4% | 64.9% |
| Downside Capture | 157.83 | 148.94 |
| Upside Capture | 402.92 | 232.17 |
| Correlation (S&P 500) | 49.7% | 36.7% |
VIR Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.96 | 2.12 | 2.18 | 1.22 | 1.75 | 1.57 |
| Up Beta | 1.49 | 0.47 | -0.18 | 1.18 | 2.03 | 1.33 |
| Down Beta | 0.03 | 1.53 | 1.80 | 0.63 | 0.91 | 1.27 |
| Up Capture | 518% | 311% | 433% | 169% | 400% | 715% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 19 | 36 | 64 | 127 | 365 |
| Down Capture | 351% | 206% | 191% | 129% | 135% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 24 | 28 | 60 | 120 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIR | |
|---|---|---|---|---|
| VIR | 126.8% | 64.9% | 1.50 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 27.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 36.3% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 17.6% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -9.4% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 15.6% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 21.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIR | |
|---|---|---|---|---|
| VIR | -20.2% | 71.8% | -0.01 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 29.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 33.4% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 9.5% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | -3.0% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 24.3% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 19.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIR | |
|---|---|---|---|---|
| VIR | -1.4% | 94.1% | 0.38 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 14.3% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 15.6% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 8.2% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | -1.8% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 9.9% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -6.4% | ||
| 8/5/2026 | -3.8% | -1.6% | 25.7% |
| 5/6/2026 | -9.9% | -9.3% | -15.9% |
| 2/23/2026 | 27.7% | 25.7% | 15.3% |
| 11/5/2025 | -5.2% | 5.7% | 21.9% |
| 8/6/2025 | -14.4% | -10.0% | 3.7% |
| 5/7/2025 | -3.6% | -19.8% | -2.9% |
| 2/26/2025 | -11.8% | -10.7% | -27.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 14 |
| # Negative | 14 | 16 | 10 |
| Median Positive | 7.0% | 10.1% | 16.3% |
| Median Negative | -5.3% | -9.6% | -15.5% |
| Max Positive | 27.7% | 30.4% | 29.8% |
| Max Negative | -14.8% | -38.1% | -27.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -6.4% | ||
| 8/5/2026 | -3.8% | -1.6% | 25.7% |
| 5/6/2026 | -9.9% | -9.3% | -15.9% |
| 2/23/2026 | 27.7% | 25.7% | 15.3% |
| 11/5/2025 | -5.2% | 5.7% | 21.9% |
| 8/6/2025 | -14.4% | -10.0% | 3.7% |
| 5/7/2025 | -3.6% | -19.8% | -2.9% |
| 2/26/2025 | -11.8% | -10.7% | -27.5% |
| 10/31/2024 | 23.6% | 30.4% | 8.8% |
| 8/1/2024 | -5.3% | -11.4% | -15.1% |
| 5/2/2024 | 13.2% | 4.1% | 15.8% |
| 2/22/2024 | 11.9% | 9.1% | -2.4% |
| 11/2/2023 | 7.0% | -0.6% | 16.8% |
| 8/3/2023 | -2.5% | -4.2% | -10.5% |
| 5/4/2023 | -3.9% | -4.9% | 4.6% |
| 2/23/2023 | -10.9% | -12.4% | -12.9% |
| 11/3/2022 | 17.7% | 25.8% | 21.9% |
| 8/9/2022 | 6.3% | -7.2% | -22.8% |
| 5/5/2022 | 3.6% | -1.0% | 19.9% |
| 2/24/2022 | -1.4% | -13.9% | -22.7% |
| 11/4/2021 | -14.8% | -9.9% | 4.7% |
| 8/5/2021 | 1.6% | 11.1% | 29.8% |
| 5/6/2021 | 3.3% | -5.0% | 14.0% |
| 2/25/2021 | -2.3% | -38.1% | -19.6% |
| 11/10/2020 | 6.8% | 5.1% | 24.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 14 |
| # Negative | 14 | 16 | 10 |
| Median Positive | 7.0% | 10.1% | 16.3% |
| Median Negative | -5.3% | -9.6% | -15.5% |
| Max Positive | 27.7% | 30.4% | 29.8% |
| Max Negative | -14.8% | -38.1% | -27.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/11/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Pivotal Phase 3 Trials | Reported | |||||||
| 2026 VIR-5818 Dose-Escalation Data | Reported | |||||||
Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Q4 2025 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Milestone Payments | Reported | 1.37 Bil | ||||||
Insider Activity
Updated 11/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 11042026 | 11.10 | 2,407 | 26,718 | 1,223,142 | Form |
| 2 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 11042026 | 11.33 | 1,343 | 15,222 | 1,276,208 | Form |
| 3 | Napolitano, Janet | Direct | Sell | 6022026 | 9.45 | 3,200 | 30,240 | 200,491 | Form | |
| 4 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 6022026 | 9.45 | 379 | 3,582 | 584,974 | Form |
| 5 | Sato, Vicki L | Direct | Sell | 5042026 | 10.05 | 22,000 | 221,025 | 10,834,163 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 11042026 | 11.10 | 2,407 | 26,718 | 1,223,142 | Form |
| 2 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 11042026 | 11.33 | 1,343 | 15,222 | 1,276,208 | Form |
| 3 | Napolitano, Janet | Direct | Sell | 6022026 | 9.45 | 3,200 | 30,240 | 200,491 | Form | |
| 4 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 6022026 | 9.45 | 379 | 3,582 | 584,974 | Form |
| 5 | Sato, Vicki L | Direct | Sell | 5042026 | 10.05 | 22,000 | 221,025 | 10,834,163 | Form | |
| 6 | De, Backer Marianne | President and CEO | Direct | Sell | 4072026 | 9.16 | 72,559 | 664,350 | 8,681,216 | Form |
| 7 | Sato, Vicki L | Direct | Sell | 4022026 | 9.07 | 22,000 | 199,617 | 9,984,398 | Form | |
| 8 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 3242026 | 9.12 | 7,711 | 70,324 | 564,546 | Form |
| 9 | Sato, Vicki L | Direct | Sell | 3032026 | 9.51 | 22,000 | 209,181 | 10,671,950 | Form | |
| 10 | Eisner, Mark | EVP and Chief Medical Officer | Direct | Sell | 2262026 | 9.82 | 1,889 | 18,550 | 1,512,516 | Form |
| 11 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 2262026 | 9.82 | 13,700 | 134,534 | 1,109,483 | Form |
| 12 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 2262026 | 9.53 | 1,430 | 13,632 | 663,593 | Form |
| 13 | O'Byrne, Jason | EVP & Chief Financial Officer | Direct | Sell | 2262026 | 9.53 | 1,634 | 15,576 | 1,550,144 | Form |
| 14 | Eisner, Mark | EVP and Chief Medical Officer | Direct | Sell | 2262026 | 9.53 | 1,616 | 15,405 | 1,486,256 | Form |
| 15 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 2262026 | 9.53 | 3,117 | 29,713 | 1,207,609 | Form |
| 16 | De, Backer Marianne | Chief Executive Officer | Direct | Sell | 2262026 | 9.53 | 14,762 | 140,720 | 9,729,963 | Form |
| 17 | Sato, Vicki L | Direct | Sell | 2252026 | 9.75 | 42,377 | 413,366 | 11,162,959 | Form | |
| 18 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 2242026 | 7.45 | 1,829 | 13,631 | 529,469 | Form |
| 19 | O'Byrne, Jason | EVP & Chief Financial Officer | Direct | Sell | 2242026 | 7.45 | 2,089 | 15,569 | 1,224,115 | Form |
| 20 | Eisner, Mark | EVP and Chief Medical Officer | Direct | Sell | 2242026 | 7.45 | 2,089 | 15,569 | 1,174,032 | Form |
| 21 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 2242026 | 7.45 | 4,445 | 33,128 | 967,366 | Form |
| 22 | De, Backer Marianne | Chief Executive Officer | Direct | Sell | 2242026 | 7.45 | 19,039 | 141,894 | 7,717,121 | Form |
| 23 | Sabatini, Brent | SVP, Chief Accounting Officer | Direct | Sell | 2182026 | 7.79 | 1,530 | 11,919 | 372,923 | Form |
| 24 | Sato, Vicki L | Direct | Sell | 2032026 | 7.71 | 22,000 | 169,671 | 8,825,887 | Form | |
| 25 | Sato, Vicki L | Direct | Sell | 1052026 | 5.93 | 22,000 | 130,383 | 6,912,616 | Form | |
| 26 | Svf, Endurance (cayman) Ltd | See footnote | Sell | 12032025 | 5.98 | 191,854 | 1,147,786 | 82,134,661 | Form | |
| 27 | Sato, Vicki L | Direct | Sell | 12022025 | 6.00 | 22,000 | 132,070 | 7,134,149 | Form | |
| 28 | Svf, Endurance (cayman) Ltd | See footnote | Sell | 12012025 | 6.44 | 61,493 | 396,015 | 89,649,810 | Form | |
| 29 | Svf, Endurance (cayman) Ltd | See footnote | Sell | 12012025 | 6.39 | 127,938 | 817,652 | 89,360,694 | Form | |
| 30 | Svf, Endurance (cayman) Ltd | See footnote | Sell | 11262025 | 6.38 | 235,971 | 1,505,495 | 90,023,133 | Form | |
| 31 | Svf, Endurance (cayman) Ltd | See footnote | Sell | 11262025 | 6.15 | 227,803 | 1,400,783 | 88,216,095 | Form | |
| 32 | O'Byrne, Jason | EVP & Chief Financial Officer | Direct | Sell | 11182025 | 5.56 | 6,799 | 37,782 | 615,165 | Form |
| 33 | De, Verneuil Vanina | EVP, General Counsel, Corp Sec | Direct | Sell | 11072025 | 5.16 | 2,385 | 12,307 | 403,564 | Form |
| 34 | De, Verneuil Vanina | EVP and General Counsel | Direct | Sell | 11042025 | 5.86 | 1,365 | 8,003 | 472,528 | Form |
| 35 | Sato, Vicki L | Direct | Sell | 11042025 | 5.64 | 22,000 | 124,047 | 6,824,790 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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