Viatris Inc (VTRS)

Business Description

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.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Scott A. Smith	Chief Executive Officer	April 1, 2023	Scott A. Smith has served as the CEO of Viatris Inc. since April 1, 2023. He was previously the President of BioAtla, Inc. and held various executive roles at Celgene Corporation .
Theodora (Doretta) Mistras	Chief Financial Officer	March 1, 2024	Theodora Mistras has served as the CFO of Viatris since March 1, 2024. She joined as CFO-elect on January 1, 2024, and was previously Managing Director of Healthcare Investment Banking at Citigroup Global Markets .
Paul Campbell	Chief Accounting Officer and Corporate Controller	November 16, 2020	Paul Campbell has served as Viatris' Chief Accounting Officer and Corporate Controller since November 16, 2020. He was previously Mylan's Chief Accounting Officer, Senior Vice President, and Controller .
Brian Roman	Chief Legal Officer	April 1, 2024	Brian Roman has served as Viatris' Global General Counsel since November 16, 2020, and was named Chief Legal Officer on April 1, 2024. He oversees the company's global legal organization .
Dr. Corinne Le Goff	Chief Commercial Officer	April 15, 2024	Dr. Corinne Le Goff has served as the Chief Commercial Officer of Viatris Inc. since April 15, 2024. She previously held roles at Imunon, Inc., Moderna, Inc., and Amgen Inc. .

Questions to Ask Management

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?

Program Details	Program 1	Program 2
Approval Date	February 28, 2022	February 26, 2024
End Date/Duration	No expiration	No expiration
Total Additional Amount	$1.0 billion	$1.0 billion
Remaining Authorization	$0.5 billion	$1.0 billion
Details	Part of strategy to enhance shareholder value	Increase return of capital to shareholders

Customer Concentration

Customer	Relationship	Segment	Details
McKesson Corporation	Wholesale distribution partner	All	Represents 10% of consolidated net sales in 2023.No individual AR data available.
AmerisourceBergen Corporation	Wholesale distribution partner	All	Represents 10% of consolidated net sales in 2023.No individual AR data available.
Cardinal Health, Inc.	Wholesale distribution partner	All	Represents 5% of consolidated net sales in 2023.No individual AR data available.

Auditor

Name	Start Date	End Date	Reason for Change
Deloitte & Touche LLP	1976	Present	Current auditor.
KPMG LLP	N/A	November 19, 2020	The change was made in connection with the Combination of Mylan and Pfizer's off-patent branded and generic established medicines business. Mylan, the accounting acquirer in the Combination, had Deloitte & Touche LLP as its independent registered public accounting firm since 1976.