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Voyager Therapeutics, Inc., a biotechnology company, focuses on the human genetics for the cure of neurological diseases. Its product pipeline includes VY1706, a tau silencing gene therapy and VY7523, an anti-tau antibody program for the treatment of alzheimer's disease. The company also provides research program for the treatment of Huntington's disease. In addition, it offers TRACER, an adeno-associated virus (AAV) capsid discovery platform; ALPL-VYGR-NeuroShuttle, to target an undisclosed neurological disease; and develops selective small molecules for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia with TDP-43 pathology. The company has collaboration and license agreements with Alexion; AstraZeneca Ireland Limited; Novartis Pharma AG; and Transition Bio, Inc. for the treatment of various other diseases of the central nervous system. Voyager Therapeutics, Inc. was incorporated in 2013 and is headquartered in Lexington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $40M | $-128M | $-120M | $-135M | -61.1% | -49.5% | - |
| 2024 | $80M | $-79M | $-65M | $-19M | -21.7% | -68.0% | -149.1% |
| 2023 | $250M | $126M | $132M | $75M | 56.0% | 511.2% | - |
| 2022 | $41M | $-45M | $-46M | $-15M | -78.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 40.91 | 250.01 | 80 | 40.37 |
| Operating Expense | 91.74 | 127.99 | 163.29 | 172.22 |
| Operating Income | -50.84 | 122.01 | -83.29 | -131.84 |
| EBITDA | -44.65 | 126.45 | -78.56 | -127.78 |
| EBIT | -50.84 | 122.01 | -83.29 | -131.84 |
| Pretax Income | -46.39 | 133.74 | -64.34 | -119.58 |
| Tax Provision | 0.02 | 1.41 | 0.67 | 0.14 |
| Net Income | -46.41 | 132.33 | -65 | -119.72 |
| Net Income Common Stockholders | -46.41 | 132.33 | -65 | -119.72 |
| Total Expenses | 91.74 | 127.99 | 163.29 | 172.22 |
| Research And Development | 60.76 | 92.17 | 127.37 | 134.67 |
| Selling General And Administration | 30.98 | 35.82 | 35.92 | 37.54 |
| Normalized EBITDA | -44.65 | 126.45 | -78.56 | -127.78 |
| Normalized Income | -46.41 | 132.33 | -65 | -119.72 |
| Basic EPS | -1.21 | 3.08 | -1.13 | 0 |
| Diluted EPS | -1.21 | 2.97 | -1.13 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0.01 | 0.21 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -46.41 | 132.33 | -65 | -119.72 |
| Reconciled Depreciation | 6.19 | 4.44 | 4.73 | 4.06 |
| Net Interest Income | 1.79 | 11.72 | 18.33 | 10.62 |
| Net Income From Continuing And Discontinued Operation | -46.41 | 132.33 | -65 | -119.72 |
| Total Operating Income As Reported | -50.84 | 122.01 | -83.29 | -131.84 |
| Diluted Average Shares | 38.36 | 44.57 | 57.67 | 0 |
| Basic Average Shares | 38.36 | 43.02 | 57.67 | 0 |
| Diluted NI Availto Com Stockholders | -46.41 | 132.33 | -65 | -119.72 |
| Net Income Including Noncontrolling Interests | -46.41 | 132.33 | -65 | -119.72 |
| Net Income Continuous Operations | -46.41 | 132.33 | -65 | -119.72 |
| Other Income Expense | 2.65 | 0 | 0.62 | 1.65 |
| Other Non Operating Income Expenses | 2.65 | 0 | 0.62 | 1.65 |
| Net Non Operating Interest Income Expense | 1.79 | 11.72 | 18.33 | 10.62 |
| Total Other Finance Cost | -1.79 | -11.72 | -18.33 | -10.62 |
| General And Administrative Expense | 30.98 | 35.82 | 35.92 | 37.54 |
| Other Gand A | 30.98 | 35.82 | 35.92 | 37.54 |
| Operating Revenue | 40.91 | 250.01 | 80 | 40.37 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Voyager Therapeutics, Inc.this co. | VYGR | $220M | - | 1.10 | -61.1% | -0.46 |
| Nuvectis Pharma, Inc. | NVCT | $235M | - | 11.85 | -143.6% | - |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 | 1.56 | 10.8% | 8.93 |
| Heron Therapeutics, Inc. | HRTX | $224M | - | 16.76 | -140.9% | -1425.96 |
| Keros Therapeutics, Inc. | KROS | $220M |
| 4.83 |
| 0.72 |
| 28.7% |
| -0.72 |
| Sight Sciences, Inc. | SGHT | $216M | - | 3.32 | -60.1% | -4.83 |
| LifeMD, Inc. | LFMD | $210M | - | 8.93 | 62.0% | -27.13 |
| Electromed, Inc. | ELMD | $208M | 24.37 | 4.57 | 17.4% | 15.06 |
| Utah Medical Products, Inc. | UTMD | $207M | 19.24 | 1.74 | 9.5% | 7.91 |
| Peer Median | - | 16.99 | 3.95 | 10.2% | -0.72 | |