Vir Biotechnology Inc (VIR US): 3Q26 Earnings: Pipeline Progressing with Pivotal HDV Data Expected This Quarter

Pivotal data for the HDV program remains on track, with ECLIPSE-1 still expected in 4Q26, followed by ECLIPSE-2/3 in 1Q27. Notably, VIR-5500 achieved PoC, setting the stage to start Ph3 in 2027, while a virtual research investor event on the oncology TCE strategy is expected in 1Q27. Starting with HDV, all three pivotal studies are on track with Ph3 ECLIPSE-1 data expected in 4Q26, followed by the Ph3 ECLIPSE-2 and Ph2b ECLIPSE-3 studies in 1Q27. The Ph3 ECLIPSE-1 trial (n=120) is targeted to the US market, where bulevirtide is not available and tobevibart + elebsiran will be compared to deferred treatment; Ph3 ECLIPSE-2 (n=150) is a switch trial for patients that have not responded well to bulevirtide, and both are expected to support marketing applications in the US and Europe. Ph2b ECLIPSE-3 (n=100) is a head-to-head study with bulevirtide naive patients, where the company hopes to show superiority to ensure favorable pricing and reimbursement. Management remains confident in the el