Vir Biotechnology, Inc. (VIR) Stock is Up After the Release of Second Quarterly Report

Vir Biotechnology, Inc. (NASDAQ: VIR) stock is up 8.19% in the premarket to trade at the price of $42.00 after the release of the second-quarter results.

Second Quarter 2021 Financial Results:

On 6th August 2021, VIR provided a corporate update and reported financial results for the second quarter ended June 30, 2021.

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The report disclosed that total revenues for the quarter ended 30th June 2021 were $177.1 million, compared to $67.0 million for the same period in 2020.Net income for the quarter ended 30th June 2021 was $61.8 million, or $0.48 per share, basic and $0.46 per share, diluted. The net loss was $31.2 million, or $0.27 per share, basic and diluted, for the same period in 2020. Net income in the quarter was largely due to recognition of revenue related to the license granted to GSK under the Company’s 2021 GSK agreement.

CEO George Scangos remarked that Virhasmade great progress this quarter in its extensive infectious disease portfolio. The monoclonal antibody sotrovimab is now available for patients who become ill with COVID-19 and are at high risk for hospitalization, he added.

Joint Procurement Agreement with European Commission:

Both GSK and VIR, On 28th July 2021, notified that they have signed a Joint Procurement Agreement with the European Commission to supply up to 220,000 doses of sotrovimab. It is an investigational single dose SARS-CoV-2 monoclonal antibody for the treatment of adults and adolescents with COVID-19. The Joint Procurement Agreement allows participating European Union (EU) Member States to quickly purchase sotrovimab for high-risk patients with COVID-19.

Initiated Phase 2 Clinical Trial:

VIR, on 15th July 2021, published that the first patient has been dosed in Phase 2 MARCH trial evaluating VIR-2218 combined with VIR-3434 for the treatment of patients with chronic hepatitis B virus (HBV) infection.

VIR-2218 is an investigational tiny deterring ribonucleic acid (siRNA) formulated to impede the production of all HBV proteins. While VIR-3434 is an investigational HBV-neutralizing monoclonal antibody, it halts the entry of all 10 genotypes of HBV into hepatocytes.

COMET Clinical Development:

On 21st July 2021, GSK and Vir affirmed continuing growth of the COMET Clinical Development Program for Sotrovimab. The company announced final, confirmatory results from the Phase 3 COMET-ICE trial. They also stated that sotrovimab has significantly reduced the risk of hospitalization or death among high-risk adult outpatients with mild-to-moderate COVID-19.

Earlier on 14th June 2021, VIR declared multiple abstracts highlighting new Hepatitis B data accepted for Oral and poster presentations at EASL 2021.

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