Voyager Therapeutics, Inc. (VYGR) Income Statement
VYGR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVYGR revenue and net income
Where VYGR's revenue goes
2025Each bar shows an amount and its share of revenue. VYGR kept −296.5% of revenue as net income.
VYGR profit margins
VYGR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −49.5% | −0.4% | −25.1% | +8.8% |
| Gross profit | −214.9% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VYGR quarterly EPS vs estimates
Voyager Therapeutics beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.41).
VYGR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.4M | $80.0M | $250.0M | $40.9M | $37.4M | $171.1M | $104.4M | $7.6M | $10.1M | $14.2M |
| Cost of revenue | $132.3M | $4.7M | $92.2M | $6.2M | $73.8M | $108.8M | $119.7M | $64.9M | $62.3M | $42.2M |
| Gross profit | −$91.9M | $80.0M | $157.8M | $40.9M | $37.4M | $62.4M | $104.4M | $7.6M | $10.1M | $14.2M |
| Research & development | $134.7M | $127.4M | $92.2M | $60.8M | $73.8M | $108.8M | $119.7M | $64.9M | $62.3M | $42.2M |
| Sales, general & admin | $36.4M | $35.9M | $35.8M | $31.0M | $37.2M | $35.0M | $36.3M | $33.8M | $19.7M | $13.3M |
| Total operating expenses | $39.9M | $163.3M | $35.8M | $91.7M | $111.0M | $35.0M | $156.1M | $98.7M | $82.0M | $55.5M |
| Operating income | −$131.8M | −$83.3M | $122.0M | −$50.8M | −$73.6M | $27.4M | −$51.7M | −$91.1M | −$71.9M | −$41.3M |
| Interest income | — | — | — | — | $334,000 | $1.7M | $6.5M | $3.3M | $1.2M | $976,000 |
| Interest expense | — | — | — | $1.8M | $390,000 | $0 | $0 | $0 | $0 | $976,000 |
| Income before taxes | −$119.6M | −$64.3M | $133.7M | −$46.4M | −$71.2M | $36.7M | −$43.6M | −$88.5M | −$70.7M | −$40.1M |
| Income taxes | $144,000 | $665,000 | $1.4M | $16,000 | −$5.2M | −$1.7M | −$2.8M | −$180,000 | −$1.6M | $52,000 |
| Net income | −$119.7M | −$65.0M | $132.3M | −$46.4M | −$66.0M | $36.7M | −$40.8M | −$88.3M | −$70.7M | −$40.2M |
| EBITDA | −$115.5M | −$59.6M | $138.2M | −$44.6M | −$68.5M | $31.2M | −$48.9M | −$89.0M | −$70.3M | −$40.7M |
| EPS (diluted) | −$2.04 | −$1.13 | $3.09 | −$1.22 | −$1.90 | $0.95 | −$1.27 | −$2.76 | −$2.67 | −$1.58 |
| Gross margin | −227.6% | 100.0% | 63.1% | 100.0% | 100.0% | 36.4% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −326.6% | −104.1% | 48.8% | −124.3% | −196.8% | 16.0% | −49.5% | −1,195.6% | −709.1% | −290.4% |
| Net margin | −296.5% | −81.3% | 52.9% | −113.4% | −176.5% | 21.5% | −39.1% | −1,158.8% | −697.6% | −282.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2M | $2.6M | $15.3M | $13.4M | $5.2M | $6.5M | $6.3M | $24.6M | $29.6M | $19.5M | $90.1M | $4.6M |
| Cost of revenue | $0 | $932,000 | $33.6M | $35.9M | $31.3M | $31.5M | $32.8M | $30.2M | $32.0M | $1.2M | $1.3M | $25.9M |
| Gross profit | $3.2M | $2.6M | $15.3M | $13.4M | $5.2M | $6.5M | $6.3M | $24.6M | $29.6M | $18.3M | $88.7M | −$21.2M |
| Research & development | $22.0M | $24.6M | $36.0M | $35.9M | $31.3M | $31.5M | $35.6M | $30.2M | $34.5M | $25.9M | $24.4M | $25.9M |
| Sales, general & admin | $7.5M | $8.3M | $9.3M | $8.1M | $10.5M | $9.6M | $9.0M | $8.2M | $10.2M | $8.6M | $10.2M | $8.3M |
| Total operating expenses | $29.6M | $32.9M | $45.3M | $44.0M | $41.8M | $41.2M | $44.6M | $38.4M | $44.6M | $34.5M | $34.7M | $8.3M |
| Operating income | −$26.4M | −$30.3M | −$29.9M | −$30.6M | −$36.6M | −$34.7M | −$38.3M | −$13.8M | −$15.0M | −$16.2M | $54.1M | −$29.5M |
| Interest income | $1.5M | $1.9M | — | $2.4M | $2.8M | $3.3M | — | $4.6M | $4.9M | $4.9M | — | $3.4M |
| Income before taxes | −$24.5M | −$27.9M | −$27.4M | −$27.8M | −$33.4M | −$31.0M | −$33.9M | −$9.0M | −$10.1M | −$11.3M | $57.2M | −$25.7M |
| Income taxes | $20,000 | $14,000 | $9,000 | $83,000 | $15,000 | $37,000 | $584,000 | $43,000 | $24,000 | $14,000 | $822,000 | $176,999 |
| Net income | −$24.5M | −$27.9M | −$27.4M | −$27.9M | −$33.4M | −$31.0M | −$34.5M | −$9.0M | −$10.1M | −$11.3M | $56.4M | −$25.9M |
| EBITDA | −$23.5M | −$27.0M | −$26.4M | −$26.9M | −$32.3M | −$30.0M | −$32.9M | −$7.9M | −$8.7M | −$10.1M | $58.6M | −$24.8M |
| EPS (diluted) | −$0.40 | −$0.47 | −$0.47 | −$0.47 | −$0.57 | −$0.53 | −$0.59 | −$0.16 | −$0.18 | −$0.20 | $1.25 | −$0.59 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.9% | 98.5% | −460.5% |
| Operating margin | −833.9% | −1,167.4% | −195.2% | −228.9% | −704.3% | −536.0% | −610.1% | −56.0% | −50.8% | −82.9% | 60.0% | −639.5% |
| Net margin | −773.2% | −1,077.4% | −178.8% | −208.7% | −642.0% | −479.2% | −549.3% | −36.7% | −34.3% | −58.1% | 62.6% | −561.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VYGR's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VYGR financial results
In fiscal year 2025 (ended December 31, 2025), Voyager Therapeutics reported revenue of $40.4 million, down 49.5% from the year before. It had a net loss of $119.7 million, a net profit margin of −296.5%. Diluted earnings per share came to −$2.04. Over five years revenue grew at an average rate of −25.1% a year.
See the VYGR stock overview for the latest quote and news, or the VYGR chart for price history and technical indicators.
VYGR income statement FAQ
What is Voyager Therapeutics's annual revenue?
Voyager Therapeutics reported total revenue of $40.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 49.5% from $80.0 million the previous year.
Is Voyager Therapeutics profitable?
No. Voyager Therapeutics reported a net loss of $119.7 million in fiscal 2025, a net profit margin of −296.5%; its operating margin was −326.6%.
What is Voyager Therapeutics's gross margin?
Voyager Therapeutics's gross margin was −227.6% in fiscal 2025: for every $100 of revenue, Voyager Therapeutics kept $-228 after the direct cost of its products and services.
How much does Voyager Therapeutics spend on research and development?
Voyager Therapeutics spent $134.7 million on research and development in fiscal 2025, 333.6% of revenue.
How fast is Voyager Therapeutics growing?
Revenue grew −25.1% a year on average over the last five fiscal years, from $171.1 million to $40.4 million.
What are Voyager Therapeutics's earnings per share?
Voyager Therapeutics earned $-2.04 per diluted share in fiscal 2025, compared with $-1.13 a year earlier.
When will Voyager Therapeutics report its next earnings?
Voyager Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Voyager Therapeutics's fiscal year end?
Voyager Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.