VIR - Vir Biotechnology falls 15% on Q2 revenue miss impacted by ~$400M for potential write-offs
- Vir Biotechnology ( NASDAQ: VIR ) has been hammered in after-hours trading and is down 15% after revealing it had a Q2 2022 non-cash charge of $397.4M for potential write-offs related to excess supply and manufacturing capacity of the COVID monoclonal antibody treatment sotrovimab.
- The company missed on both the top and bottom lines .
- Net loss was -$76.5M or (-$0.58 per share diluted) compared to net income of $61.8M ($0.46 per share, diluted) in Q2 2021.
- Vir ( VIR ) reported negative revenue of -$40.6M, compared to $177.1M for the same period in 2021. The consensus estimate was $211.15M.
- Contract revenue in the quarter was just $12.3M compared to $168.7M for the same period in 2021. The decrease was because of the $168.3 million of revenue related to a license granted to GlaxoSmithKline ( GSK ) that was recognized in Q2 2021.
- Total operating expenses rose 59% year over year to $184.6M.
- Check out why Seeking Alpha contributor Peter F. Way has a buy rating on Vir ( VIR ).
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Vir Biotechnology falls 15% on Q2 revenue miss impacted by ~$400M for potential write-offs