Voyager Therapeutics (VYGR) Q4 Loss Of US$27 Million Reinforces Bearish Profitability Concerns

Voyager Therapeutics (VYGR) has released its FY 2025 numbers with Q4 revenue of US$15.3 million and a basic EPS loss of US$0.47, alongside a trailing twelve month revenue figure of US$40.4 million and basic EPS of US$2.04 loss. The company has seen quarterly revenue range from US$5.2 million to US$15.3 million over FY 2025 while basic EPS losses moved between US$0.47 and US$0.57, all against a backdrop of TTM net income of US$119.7 million loss and revenue growth running at about 7.8% per year compared to a cited broader US market growth rate of 10.3% per year. With the share price around US$5.00 and margins still under pressure as losses have expanded over multiple years, investors are likely to focus on how much longer the current phase of unprofitability and compressed EPS can be sustained.

See our full analysis for Voyager Therapeutics.

With the latest results on the table, the next step is to see how these numbers line up with the widely held narratives around Voyager Therapeutics, where some long standing views may be reinforced and others put to the test.

See what the community is saying about Voyager Therapeutics

Losses Stay Heavy At Over US$119 Million TTM

• Over the last twelve months, Voyager reported total revenue of US$40.4 million against a net loss of US$119.7 million, which works out to a heavily negative profit margin compared to the average US Biotechs industry margin of 14.2% cited in the narratives.
• Bears focus on this gap, pointing out that earnings are forecast to decline by about 9.6% per year over the next three years and the company is expected to stay unprofitable, while R&D heavy gene therapy programs still require funding and milestone payments are not guaranteed.
  • That bearish concern lines up with losses having grown at an average rate of 22.7% per year over the past five years and a trailing basic EPS loss of US$2.04 against the current share price of about US$5.00.
  • Quarterly net losses between US$27.4 million and US$33.4 million through FY 2025, even as Q4 revenue reached US$15.3 million, illustrate how current revenue levels are not yet close to covering ongoing costs.

Voyager’s recent numbers are exactly what skeptics point to when they argue the road to profitability could stay bumpy for longer than bulls hope. 🐻 Voyager Therapeutics Bear Case

Revenue Growing, But Trails Market At 7.8% A Year

• Revenue growth of about 7.8% per year over the last 12 months sits below the cited broader US market growth rate of 10.3% per year, and the trailing twelve month revenue figure of US$40.4 million is well below the US$80.0 million level reported one year earlier in the TTM data.
• Analysts with a more balanced or bullish view highlight Voyager’s pipeline and partnerships as potential drivers of faster future growth, but the current numbers show the business still some distance from those optimistic revenue paths.
  • Consensus expectations quoted in the narratives look for revenue to grow by 29.3% per year in the coming three years, yet the historical 7.8% growth and uneven quarterly revenue between US$5.2 million and US$24.6 million underline how forecasting smoother growth from here carries execution risk.
  • Bullish scenarios even reference revenue reaching US$92.0 million by 2028, but with current trailing revenue at around US$40.4 million and no profitability yet, the latest filing serves as a reminder that those outcomes rely on successful clinical and partnership milestones that have not yet flowed through the income statement.

If you want to see how optimistic analysts connect these growth assumptions to Voyager’s story, the bullish case lays everything out in one place. 🐂 Voyager Therapeutics Bull Case

P/S Of 7.4x Looks Cheaper Than Biotech Peers

• Voyager’s P/S multiple of 7.4x sits below both the cited peer average of 8.6x and the wider US Biotechs industry average of 12.3x, which means investors are currently paying less per dollar of trailing revenue compared with many comparable biotech names, despite the company remaining loss making.
• Supporters and critics read this differently, and the tension shows up clearly when you compare today’s numbers with the analyst reference point of a US$15.00 price target.
  • At roughly US$5.00 per share today, the stock trades at about one third of that US$15.00 target, yet the same research also flags that Voyager is expected to remain unprofitable over at least the next three years with earnings declining around 9.6% a year.
  • For an investor, that combination of a lower P/S multiple and persistent losses means any view on value has to weigh the “cheaper on sales” signal against the reality that the business has not produced positive earnings in the recent trailing period.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Voyager Therapeutics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mixed signals here leave you uncertain, that is a good prompt to review the numbers yourself and not just rely on headlines. Before you decide what comes next, take a closer look at the 3 important warning signs we have identified around this company and see how they fit with your own thesis.

Explore Alternatives

Voyager’s heavy TTM loss of US$119.7 million, ongoing negative EPS and revenue growth below the broader US market highlight meaningful profitability and risk concerns.

If those recurring losses and uncertain milestones make you cautious, take a moment to check out 68 resilient stocks with low risk scores that aim for steadier fundamentals and more controlled downside.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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