Vir Biotechnology Lowers FY 2024 Operating Expense Guidance To $580-$610M Due To Workforce Restructuring And Phasing Out Influenza, COVID-19, And T Cell-Based Viral Vector Programs; Includes $90 - $80M In Stock-Based Compensation And $40 - $30M In Restructuring Charges; Excludes Sanofi Transaction Impact, To Be Updated In Q3 2024 Earnings; Approximately 3% Of GAAP Operating Expense Funded By Grants
Portfolio Pulse from Benzinga Newsdesk
Vir Biotechnology has lowered its FY 2024 operating expense guidance to $580-$610 million due to workforce restructuring and phasing out certain programs. This includes $90-$80 million in stock-based compensation and $40-$30 million in restructuring charges. The guidance excludes the impact of the Sanofi transaction, which will be updated in Q3 2024 earnings.
August 01, 2024 | 8:23 pm
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Vir Biotechnology has revised its FY 2024 operating expense guidance to $580-$610 million, driven by workforce restructuring and the phasing out of influenza, COVID-19, and T cell-based viral vector programs. The guidance includes significant stock-based compensation and restructuring charges but excludes the impact of the Sanofi transaction, which will be updated in Q3 2024 earnings.
The reduction in operating expenses is likely to be viewed positively by investors as it indicates cost-saving measures and a more focused approach. However, the exclusion of the Sanofi transaction impact adds some uncertainty until the Q3 2024 earnings update.
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