Business
Vir Biotechnology Provides Corporate Update and Reports Fourth Quarter and Full Year 2022 Financial Results
– Transformational year ahead with critical Phase 2 readouts expected for programs in hepatitis B, hepatitis D and influenza with the potential for
About this update from Vir Biotechnology, Inc.
[{"type":"text","content":"– Transformational year ahead with critical Phase 2 readouts expected for programs in hepatitis B, hepatitis D and influenza with the potential for significant patient impact – – $1.5 billion of sotrovimab collaboration revenue recognized in 2022 – – Strong balance sheet expected to fund Vir’s robust portfolio through major inflection points with the flexibility to evaluate external opportunities – SAN FRANCISCO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Vir Biotechnology, Inc. (Nasdaq: VIR) today provided a corporate update and reported financial results for the fourth quarter and full year ended December 31, 2022. “2022 was a seminal year for Vir. We remained on the front lines of the COVID-19 pandemic with the delivery of sotrovimab to millions of patients around the world, initiated two critical Phase 2 trials in influenza and hepatitis D, reported important new data on hepatitis B, secured a multi-year government contract with the potential for up to $1 billion, and recognized $1.5 billion in revenue – all of which served to establish an exceptionally strong foundation on which we will continue to build in 2023,” said George Scangos, Ph.D., Chief Executive Officer of Vir Biotechnology. Dr. Scangos added, “I am incredibly proud of all that the Vir team has accomplished in just a few short years and the key elements that are now in place to ensure the Company’s ongoing success – an exciting pipeline, near-term catalysts that have the potential to support important new therapies, a long-term strategic plan, significant cash and an exceptional incoming CEO. I look forward to continuing to support the Company through this important transition period and advancing our ambitious mission of delivering a world without infectious disease.” Corporate Update General – senior leadership changes In the first quarter of 2023, the Company announced: George Scangos, Ph.D., will retire from his position as Chief Executive Officer, effective April 3, 2023. The Company’s Board of Directors appointed industry veteran Marianne De Backer, MSc, Ph.D., MBA, currently Executive Vice President, Head of Pharmaceuticals Strategy, Business Development and Licensing/Open Innovation, and member of the Executive Committee for Bayer Pharmaceuticals, as his successor, effective April 3, 2023. She will also join Vir’s Board of Directors.The appointment of 20-year bio...