Viatris is a global healthcare company that operates through a diversified portfolio of branded and generic products across various markets. The company is organized into four main business segments: Developed Markets, Greater China, JANZ (Japan, Australia, and New Zealand), and Emerging Markets, with the Developed Markets segment being the largest contributor to its revenue . Viatris offers a wide range of pharmaceuticals, including well-known branded products like Lipitor®, Norvasc®, Lyrica®, and EpiPen® Auto-Injectors, as well as a stable generics segment featuring complex generics such as Wixela and Breyna . The company emphasizes new product launches and continues to invest in its pipeline, particularly in complex injectables and eye care products, to drive future growth .
- Branded Pharmaceuticals - Offers a range of well-known branded medications, including Lipitor®, Norvasc®, Lyrica®, and EpiPen® Auto-Injectors, making up a significant portion of the company's portfolio.
- Generic Pharmaceuticals - Provides a stable selection of generic drugs, including complex generics like Wixela and Breyna, contributing significantly to the company's revenue.
- Developed Markets - Focuses on operations in North America and Europe, contributing the largest share to the company's overall revenue.
- New Product Launches - Drives growth through recent product introductions, such as Breyna™ in the U.S., and continues to expand its offerings.
- Pipeline Investments - Invests in future growth through the development of complex injectables and eye care products.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Scott A. Smith ExecutiveBoard | Chief Executive Officer (CEO) | Director at BioAtla, Inc. | CEO of Viatris since April 1, 2023. Former President of BioAtla and executive at Celgene, where he led the global success of Otezla®. | View Report → |
Dr. Corinne Le Goff Executive | Chief Commercial Officer (CCO) | Board Member at Longboard Pharmaceuticals Inc. | CCO of Viatris since April 15, 2024. Former CEO of Imunon, CCO of Moderna, and senior executive at Amgen and Roche. | |
Theodora Mistras Executive | Chief Financial Officer (CFO) | None | CFO of Viatris since March 1, 2024. Former Managing Director in Healthcare Investment Banking at Citigroup and Goldman Sachs, with over $240 billion in transaction experience. | |
Elisha Finney Board | Director | Director at Mettler-Toledo, ICU Medical, and NanoString Technologies | Director at Viatris since December 29, 2022. Former CFO of Varian Medical Systems with expertise in finance and risk oversight. | |
James M. Kilts Board | Director | Chairman at Advantage Solutions and Simply Good Foods; Founding Partner at Centerview Capital | Director at Viatris since 2020. Former CEO of Gillette and Nabisco, with expertise in corporate governance and M&A. | |
Leo Groothuis Board | Director | Director at Stichting Continuiteit IHC and B.V. Finance Continuiteit IHC | Director at Viatris since May 19, 2023. Former General Counsel at HAL Investments and partner at NautaDutilh, specializing in corporate governance and M&A. | |
Mark Parrish Board | Lead Independent Director and Vice Chairman | Director at Omnicell and Safecor Health; President of International Federation of Pharmaceutical Wholesalers | Lead Independent Director at Viatris since November 16, 2020. Former CEO of Cardinal Health's pharmaceutical distribution business. | |
Melina Higgins Board | Chair of the Board of Directors | Non-Executive Chair at Genworth Financial and Antares Midco Inc.; Member of Women’s Leadership Board at Harvard Kennedy School | Chair of Viatris' Board since November 16, 2020. Former Goldman Sachs partner with expertise in corporate governance, finance, and strategy. | |
Richard Mark Board | Director | Director at Goldman Sachs BDC, Goldman Sachs Private Credit Corp., and Goldman Sachs Middle Market Lending Corp. II | Director at Viatris since 2020. Former Deloitte partner with expertise in finance, risk oversight, and compliance. | |
Rogério Vivaldi Coelho Board | Director | Director at Crinetics Pharmaceuticals | Director at Viatris since June 3, 2024. Former CEO of Sigilon Therapeutics and executive at Bioverativ and Spark Therapeutics, with expertise in rare diseases and global commercialization. | |
W. Don Cornwell Board | Director | Director at AIG; Vice Chairman at Blue Meridian Partners; Trustee at Big Brothers Big Sisters of NYC | Director at Viatris since November 16, 2020. Former CEO of Granite Broadcasting Corporation with expertise in finance, governance, and strategy. |
- You've mentioned confidence in delivering $450 million to $550 million in new product revenue next year, including key products like glucagon, iron sucrose, and liraglutide; can you provide specific guidance on the expected contributions from each of these products and any potential risks that could impact these projections?
- With supply chain delays affecting your ARV products in emerging markets, when do you expect to fully resolve these issues, and what measures are you implementing to prevent similar disruptions in the future?
- Given your leverage target is nearly achieved and the stock is trading at a low multiple, how do you plan to balance capital allocation between share repurchases and business development investments, and what factors will influence a more aggressive approach towards buybacks versus investing in pipeline assets?
- Regarding your recent licensing agreement for sotagliflozin, which is expected to start contributing to revenue around 2027, can you clarify how this aligns with your strategy for near-term growth and what interim milestones investors should watch for?
- With potential generic competition for Symbicort expected next year from competitors like Teva, how do you plan to address the anticipated market share erosion, and what strategies are in place to mitigate the impact on your revenues?
Research analysts who have asked questions during Viatris earnings calls.
David Amsellem
Piper Sandler Companies
6 questions for VTRS
Ashwani Verma
UBS Group AG
5 questions for VTRS
Christopher Schott
JPMorgan Chase & Co.
5 questions for VTRS
Jason Gerberry
Bank of America Merrill Lynch
4 questions for VTRS
Umer Raffat
Evercore ISI
4 questions for VTRS
Matt Dellatorre
Goldman Sachs
3 questions for VTRS
Balaji Prasad
Barclays
2 questions for VTRS
Jason Gerbery
Bank of America
2 questions for VTRS
Leszek Sulewski
Truist Securities
2 questions for VTRS
Ash Verma
UBS
1 question for VTRS
JP
Evercore ISI
1 question for VTRS
Li Wenwen
Danasting
1 question for VTRS
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Wholesaler distributing Viatris products | Developed Markets | 10% of consolidated net sales in 2024 , 11% in 2023 ; part of top three customers representing 29% of accounts receivable (aggregate). |
Cencora, Inc. (formerly AmerisourceBergen) | Wholesaler distributing Viatris products | Developed Markets | 12% of consolidated net sales in 2024 , 10% in 2023 ; part of top three customers representing 29% of accounts receivable (aggregate). |
Cardinal Health, Inc. | Wholesaler distributing Viatris products | Developed Markets | 5% of consolidated net sales in 2024 , 5% in 2023 ; part of top three customers representing 29% of accounts receivable (aggregate). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Idorsia | 2024 | Viatris acquired development programs and personnel related to selatogrel and cenerimod with an upfront payment of $350 million and up to $2.1 billion in contingent payments; the transaction, valued at $695 million including cash and contingent consideration, grants Viatris worldwide commercialization rights (excluding parts of Asia-Pacific) and expands its portfolio with advanced Phase 3 assets. |
Oyster Point | 2023 | Viatris completed the acquisition of the commercial-stage biopharmaceutical company for approximately $427.4 million in cash (including an $11 per share tender offer and other payments) with additional contingent value rights that expired due to unmet performance metrics; the deal was accounted for as a business combination with specific purchase price allocations for intangibles, inventories, goodwill, and liabilities. |
Famy Life Sciences | 2023 | Viatris acquired the remaining equity of Famy Life Sciences for a total purchase price allocated at $325 million, which included previous investments and involved a definitive agreement struck in November 2022, resulting in assets such as IPR&D of $290 million and goodwill of $89.3 million, and recognized a gain of $18.9 million upon remeasurement. |
Recent press releases and 8-K filings for VTRS.
- Viatris on track for 2–3% operational revenue growth (ex-Indor) in 2025 with a ~$700 M FX tailwind if rates hold and plans to return > $1 B to shareholders including $500 M share repurchases
- New product pipeline targeting $450–550 M annual run-rate, with 2026 launches including fast-acting meloxicam (file by EOY ’25, H2 ’26 launch), liraglutide, Effexor GAD and sotagliflozin, plus salatogrel enrollment on track (completion Eo 2026)
- Geographic performance: China +9% Q3 op growth with low-mid single-digit outlook, North America decline driven by Indor impact and generic competition offset by double-digit Breyna & Uptravi, and Japan stabilized via Aculis pitolisant deal amid price regulations
- Operational progress: Indor remediation largely complete, awaiting FDA reinspection readiness in 2026 with contingency sites; enterprise-wide strategic review initiated Q1 ’25 to detail cost savings and reinvestment in Q1 2026
- Viatris remains on track to deliver 2–3% operational revenue growth in 2025 and expects this momentum to continue into 2026; the company is also on pace to return over $1 billion to shareholders this year, including $500 million in share repurchases.
- The company expects $450 million–$550 million of annual revenue from new product launches, with 2026 line-up including iron sucrose, glucagon, paclitaxel and planned launches of liraglutide, Effexor GAD and sotagliflozin; full details to be provided with 2026 guidance.
- Indor facility remediation is largely complete, with Viatris operationally ready for FDA reinspection in 2026 and contingency plans in place (e.g., qualifying alternative sites and third-party vendors) to mitigate timing risks.
- An enterprise-wide strategic review—covering commercial infrastructure, R&D, manufacturing, supply chain and corporate functions—was launched in Q1 2025; Viatris will disclose detailed cost-savings targets and roadmap in Q1 2026.
- Viatris remains on track to deliver 2–3% operational revenue growth in 2025 and expects positive momentum into 2026, driven by $450–550 million of annual new product revenue.
- The company is set to return over $1 billion to shareholders in 2025, including $500 million in share repurchases, following a 50/25/25 BD/dividend/repurchase framework.
- An enterprise-wide strategic review—covering commercial, R&D, manufacturing, and corporate functions—is underway, with detailed savings and reinvestment plans to be disclosed in Q1 2026.
- Pipeline momentum includes the planned H2 2026 launch of fast-acting meloxicam and upcoming filings for presbyopia treatment MR-141, while Viatris expects its Indore facility to be remediation-ready for FDA reinspection in 2026.
- Expansion via M&A continues with the Aculis acquisition adding pitolisant and Spirea to boost growth in Japan.
- Viatris launched an enterprise-wide strategic review to identify multi-year net cost savings and reinvestment opportunities, with detailed figures to be disclosed at an investor event in Q1 2026.
- Q3 total revenues were $3.76 billion, down 1% YoY but up ~1% operationally excluding Indore; adjusted gross margin was 56%; free cash flow was $658 million ($728 million ex transaction costs); and $150 million in share repurchases during Q3, totaling $500 million YTD.
- Remediation at the Indore facility is substantially complete following a constructive FDA meeting; the ~$100 million in 2025 penalties and supply disruption costs will not recur in 2026.
- Regional performance included +1% growth in Europe (generics +5%), +7% in emerging markets, +9% in Greater China, versus –12% in North America and –9% in Japan due to Indore impact and pricing headwinds.
- Pipeline progress: fast-acting meloxicam NDA expected by year-end, low-dose estrogen weekly patch under FDA review, advancing Phase III selatogrel and cenerimod trials, and acquisition of Aculys Pharma adding pitolisant and Spydia.
- Viatris delivered $3.760 billion in Q3 2025 consolidated total revenues, flat year-over-year and down 2% on a constant currency basis.
- Q3 adjusted EBITDA was $1,154.6 million, a 10% decline from $1,284.6 million in Q3 2024.
- The company recorded a U.S. GAAP net loss of $128.2 million versus net earnings of $94.8 million in Q3 2024.
- Full-year 2025 guidance raised to $13.9–14.3 billion in revenues, $4.0–4.2 billion in adjusted EBITDA, $2.25–2.35 adjusted EPS and $1.85–2.15 billion in free cash flow.
- Gross leverage ratio stood at 3.4x as of September 30, 2025, above the long-term target range of 2.8–3.2x.
- Q3 total revenues were $3,800 M, flat year-over-year, with Developed Markets down 1% operationally, Emerging Markets up 2%, and Greater China up 3%.
- Q3 adjusted EBITDA was $1,200 M and adjusted EPS was $0.67, both flat year-over-year; free cash flow was $658 M, down 6% year-over-year.
- Full-year 2025 guidance was narrowed, with total revenues of $14.4 B–$14.6 B, adjusted EBITDA of $4.8 B–$5.0 B, adjusted EPS of $2.75–$2.95, and free cash flow of $2.3 B–$2.7 B.
- Year-to-date capital returned to shareholders exceeded $920 M, including $500 M in share repurchases and ~$420 M in dividends; 2025 share buybacks are expected to total $500 M–$650 M with a dividend of $0.48 per share.
- Management expects sequential declines in Q4 revenue, adjusted EBITDA, adjusted EPS, and free cash flow due to seasonality and timing of interest and capital expenditures.
- Total revenues of $3.76 billion in Q3, down 1% year-over-year; operational revenue growth of 1% excluding Indore impacts.
- Raised full-year guidance for total revenues, adjusted EBITDA, and adjusted EPS based on strong Q3 performance.
- Generated $658 million in free cash flow in the quarter and returned >$920 million to shareholders YTD, including $500 million in share repurchases; on track to exceed $1 billion in capital returns.
- Launched an enterprise-wide strategic review to identify multi-year cost savings and fund future growth, with detailed findings to be presented in Q1 2026.
- Advanced key pipeline and BD initiatives, including a fast-acting meloxicam NDA submission by year-end, FDA review of a low-dose estrogen patch, and the acquisition of Aculis in Japan (pitolisant, solriamfetol).
- Delivered 1% operational revenue growth in Q3 2025 (ex-Indore) and raised full-year guidance for total revenues, adjusted EBITDA, and adjusted EPS.
- Indore facility remediation is substantially complete, with FDA reinspection timing pending and redundancies built into other sites and third-party vendors.
- Advanced pipeline momentum, including an expected NDA submission for fast-acting meloxicam by year-end and progress across multiple late-stage programs.
- Returned >$920 million to shareholders year-to-date and remains on track to exceed $1 billion in capital returns in 2025.
- Launched an enterprise-wide strategic review to identify multi-year cost savings and reinvestment opportunities, with detailed results in Q1 2026.
- Viatris delivered Q3 2025 total revenues of $3.76 billion, a U.S. GAAP net loss of $128 million (–$0.11 EPS), adjusted EPS of $0.67, adjusted EBITDA of $1.15 billion, and free cash flow of $658 million.
- Year-to-date through Q3, the company returned over $920 million of capital to shareholders, including $500 million in share repurchases.
- Raised and narrowed full-year 2025 guidance to $13.9–14.3 billion in total revenues (midpoint $14.1 billion), $4.0–4.2 billion in adjusted EBITDA (midpoint $4.1 billion), and $2.25–2.35 in adjusted EPS (midpoint $2.30).
- Advanced its late-stage pipeline and M&A strategy with an NDA submission for a low-dose estrogen weekly patch and the acquisition of Aculys Pharma, securing pitolisant and Spydia® rights in Japan and select Asia-Pacific markets.
- Viatris reported third-quarter 2025 total revenues of $3.76 billion (flat year-over-year), adjusted EBITDA of $1.155 billion (down 10%), adjusted EPS of $0.67 (down 11%), and free cash flow of $658 million.
- Year-to-date through Q3, the company returned >$920 million to shareholders, including $500 million in share repurchases, and remains on track to exceed its $1 billion capital return commitment for 2025.
- In Q3, Viatris completed the acquisition of Aculys Pharma—gaining rights to pitolisant and Spydia® in Japan and select APAC markets—and submitted an NDA for its low-dose estrogen weekly patch to the FDA.
- The company narrowed its 2025 guidance to $13.9 – $14.3 billion in total revenues (midpoint $14.1 billion), $4.0 – $4.2 billion in adjusted EBITDA (midpoint $4.1 billion), and $2.25 – $2.35 in adjusted EPS (midpoint $2.30).