VIR - Why Vir Biotechnology Jumped Nearly 19% Today
Shares of biopharma company Vir Biotechnology (NASDAQ: VIR) are up 18.9% as of 3:42 p.m. ET Friday following Thursday's post-close release of its third-quarter results. Earnings dramatically exceeded expectations due to strong sales of a COVID-19 treatment, but it's Vir's pipeline and partnerships that may be doing the bulk of today's bullish work.
For the three-month stretch ending in September, Vir Biotechnology turned $374.6 million worth of sales into earnings of $1.30 per share. The top line more than tripled year over year, and profits handily topped expectations ranging from a small profit to a few cents' worth of loss.
The vast majority of the company's revenue was driven by proceeds linked to a partnership with drugmaker GSK (NYSE: GSK) . The two companies are cooperating on COVID-19 treatment Sotrovimab, or Xevudy, which has been approved for emergency use in over 40 countries.
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Why Vir Biotechnology Jumped Nearly 19% Today