Vir Biotechnology, Inc. Q1 FY2026 earnings call

1. New CEO Luke Mills is focused on doubling down on execution, driving growth, simplifying the business, and has a real focus on pipeline execution, particularly the mid to late stage assets. He is reaffirming the guidance set out. 2. Recent M&A deals: Acquired wraps for food allergy with a longer half-life and simplified dosing regimen, which builds on respiratory expertise; also acquired 35 Pharma for pulmonary hypertension, building on respiratory expertise with a potential asset with less bleeding risk though early stage. 3. New product launches: Extensa for severe asthma with six-monthly dosing, showing potential to increase biopenetration in severe asthma; Nucala doing well in COPD with 35% reduction in hospital exacerbations; BlendRep showing strong initial ramp though early days, with focus on positive patient and hematologist experience and simplified REMS process. 4. HIV pipeline: Excited about six-monthly treatment options, presented PK data on third generation integrase 184 with broad resistance profile and capsid inhibitor 499 with good PK data for six-month formulation, also neutralizing antibody N6LS data, with plans to test six-monthly formulations of these in infected individuals.

1. Luke Mills reaffirmed the guidance set out by Emma. 2. PrEP to read out this year and launch next year, treatment a year later with pivotal bridging study starting later this year. 3. Aim to test six-monthly formulations of third generation integrase 184 and capsid inhibitor 499 in infected individuals. 4. Reaffirmed focus on six-monthly treatments but open-minded on other possibilities.

Q: About Kamala Pickson trial for chronic cough, how excited about readouts and differences between trials?

A: Refractory chronic cough is serious unmet need, studies Calm one and calm two on track, come two has slightly more patients with more frequent coughs, pooled analysis in middle of year, phase two data showed 34% reduction in cough frequency, phase three 12-week endpoint expected to be around 15-20% reduction.

Q: About HIV six-monthly treatment options, why pursue different options?

A: Capsid has potential to be broad, antibody has work on impact on latent reservoir in HIV, both options important for diverse patient groups, will take both forward.

Q: If Gilead has once weekly PrEP pill next year, challenge to Apertude?

A: PrEP market growing strongly, different options good, Apertude continuing to grow strongly, not sure once weekly coming next year, focused on long acting.