• 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.

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

• Samsung Biologics Co.,Ltd. (207940.KS)
• WuXi Biologics (2269.HK)

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.

Vir Biotechnology faces several key risks to its business:

1. 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.
2. 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.
3. 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.

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.

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.

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.

1. 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.
2. 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.
3. 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.

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.