Vir Biotechnology reports Q3 (Sep) results, beats on revs
- Reports Q3 (Sep) earnings of $1.30 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.31); revenues rose 235.5% year/year to $347.6 mln vs the $114.28 mln S&P Capital IQ Consensus.
- Provision for income taxes for the quarter ended September 30, 2022, was $42.4 million, compared to a $0.3 million for the same period in 2021. The increase in for the quarter was primarily due to the Company's estimated taxable income for 2022 attributable to collaboration revenue recognized under the 2020 GSK agreement and the requirement under the Tax Cuts and Jobs Act of 2017 for taxpayers to capitalize and amortize research and development expenditures over five or fifteen years pursuant to Section 174 of the Internal Revenue Code of 1986, as amended.
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