VIR - Vir Biotechnology rises after hours as GSK collaboration revenue leads to big Q3 beat
- Vir Biotechnology ( NASDAQ: VIR ) on Thursday reported a big Q3 beat on both top and bottom line, as a surge in revenue from the company's collaboration with GSK helped overall revenue more than double Y/Y.
- VIR stock rose 6.7% to $23.27 after hours.
- The company posted Q3 GAAP EPS of $1.30 which beat estimates by $1.37 . Revenue of $374.6M beat expectations by $260.32M .
- VIR's collaboration revenue from its COVID-19 monoclonal antibody partnership with GSK was $309.1M in the quarter, compared to $102.4M a year ago.
- The jump in collaboration revenue reflected delivery of about 230K doses of the monoclonal antibody - called sotrovimab - to countries outside the U.S., VIR said in its earnings report .
- VIR's overall quarterly revenue was also helped by a $17.9M net reversal of the non-cash charge recognized in Q2 for potential write-offs related to excess sotrovimab supply and manufacturing capacity against uncertain future pandemic demand.
- The company had about $2.7B in cash, cash equivalents, investments and profit-share payments as of quarter end.
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Vir Biotechnology rises after hours as GSK collaboration revenue leads to big Q3 beat