Why Vir Biotechnology (VIR) Shares Are Falling Premarket Today - GSK (NYSE:GSK), Vir Biotechnology (NASDAQ:VIR)

In its Q2 earnings release, Vir Biotechnology Inc VIR and its partner GSK plc GSK said that they do not plan to file a marketing application for sotrovimab for COVID-19 at this time.
The company also said it does not intend to pursue the US-based Phase 3 COMET-STAR prophylaxis trial, citing evolving COVID-19 landscape and FDA discussions.
Discussions with the FDA remain ongoing regarding the appropriate path forward for sotrovimab in the U.S.
Related: Why Did FDA Pull Authorization For GSK-Vir's COVID-19 Therapy? Read Here.
In Q2, approximately 265,000 sotrovimab doses were delivered, all outside the U.S., exceeding the expectations of approximately 100,000.
The companies continue to conduct in vitro testing of sotrovimab against new variants and subvariants as they emerge and plan to submit data in 2H of 2022.
Sotrovimab is being evaluated PROTECT-V Phase 3 prophylaxis trial sponsored by Cambridge University Hospitals National Health Service Foundation Trust. Initial data are expected in 2023.
It is being evaluated at a 1g dose among patients hospitalized with COVID-19 in the U.K. The timing of initial data will depend on the continued rate of enrollment.
The company has over $2.6 billion in cash, cash equivalents, investments, and profit-share payments to be received from GSK, expected to fund the company's ongoing operations and liabilities for up to five years.
Price Action: VIR shares traded 10.60% lower at $25.79 during premarket trading on the last check Wednesday.

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Vir Biotech Shuns FDA Submission Plans For GSK-Partnered COVID-19 Treatment