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ViatrisVTRS

Legal name
Viatris Inc.
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $VTRS

Latest filings

You are here#52 of 54 in Healthcare by market cap

Filing record · 2020–202610-K1210-Q208-K72

VTRS filed 12 annual reports (10-K), 20 quarterly reports (10-Q) and 72 current reports (8-K) between 2020 and 2026.

  1. Material agreement8-K · Jul ’21Jul ’21
  2. Leadership change8-K · May ’23May ’23
  3. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $14.25B
YoY changeLargest recent move+50.7%in FY21Latest −3.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VTRS Financial Metrics59 metrics

Income Statement15

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

Viatris Financial Overview 2021–2025

Updated Nov 4, 2026

Viatris lost $3.51 billiona in FY2025, yet it still generated $2.32 billion in operating cash cash flow. That gap is the story: a $2.94 billion non-cash goodwill impairment wrecked the income statement, while the cash engine kept running. The central claim is that Viatris is a shrinking but cash-generative business whose reported losses overstate its operating distress, though its margins and sales base are eroding.

Revenue tells the long-term arc. Total revenues fell from $17.89 billion in FY2021 to $14.30 billionb in FY2025, a drop of about 20%, as divestitures and currency headwinds outweighed new products. Adjusted EBITDA slid from $6.43 billion to $4.16 billion over the same stretch. Gross margin fell to 35% in FY2025 from 38% in FY2024, and the Indore plant's FDA warning letter cut an estimated $370 million from revenue. Base erosion of $465.8 million outran $323.7 million of new product sales.

The balance sheet is getting lighter. Long-term debt fell to $12.48 billionc at the end of FY2025, with cash at $1.32 billion. Shareholders received over $1 billion that year, including $500.5 million in buybacks and $561.2 million in dividends. The market was unforgiving: the stock closed at $12.45 on 2025-12-30, against a diluted loss of $3.00 per share, so no meaningful P/E applies. Earlier period-end EPS swung from $1.71 in FY2022 to $0.05 in FY2023 and -$0.53 in FY2024.

Recent Developments (Q1 and Q2 2026)

Viatris swung to profit in Q1 2026, with net earnings of $176.4 milliond against a year-ago loss, then slipped to a $118.8 million loss in Q2 2026. A $177.8 million non-cash write-down on the Tyrvaya rights drove the second-quarter loss. Revenue rose 5% to $3.76 billion in Q2, and adjusted EBITDA gained 10% to $1.19 billion. Management raised 2026 guidance midpoints, including adjusted EPS to $2.52. A 2026 restructuring program carries $700 million to $850 million of charges for up to $700 million in savings. The Nashik fire cut gross margin to 33% in Q1 and may trim second-half revenue by $100 million to $150 million. Gross leverage fell to 2.9x. On October 7, Viatris agreed to buy Pacira for $1.65 billion.

Bull case: guidance upgrades, EBITDA growth and lower leverage support earnings power. Bear case: supply disruption, legal accruals and a $1 billione damages claim threaten cash flow. The stock closed at $16.69 on 2026-08-05, the Q2 report date; the -$3.00 EPS makes a P/E meaningless on that date.

What to watch: Pacira tender offer and closing by year-end; Nashik supply recovery against the $100 million to $150 million revenue hit

03—Filings

Recent SEC Filings

  1. 8-KViatris 8-K Report, Material Agreement (Oct 8, 2026)On October 8, 2026, Viatris Inc. (VTRS) entered into an Agreement and Plan of Merger with Pacira BioSciences, Inc. and Peach Purchaser Sub Inc., a wholly owned Viatris subsidiary, under which Viatris will acquire all outstanding Pacira common stock for $36.50 per share in cash. The filing states the transaction carries an aggregate equity value of $1.65 billion, per the attached joint press release. The deal will be executed through a tender offer that is to remain open for 10 business days, followed by a second-step merger under Section 251(h) of the Delaware General Corporation Law, with no Pacira stockholder vote required. Completion is subject to conditions including a minimum tender of more than 50% of outstanding shares (which Viatris cannot waive without Pacira's consent), HSR Act antitrust clearance, and the absence of legal restraints. The offer is not subject to a financing condition. The filing notes that Pacira's board unanimously approved the transaction and recommends that stockholders tender their shares. Pacira may, under certain circumstances, engage with unsolicited superior proposals. If the agreement is terminated in specified circumstances, Pacira must pay Viatris a termination fee of $62,000,000. Either party may terminate if the offer is not completed by April 8, 2027, subject to an automatic extension to July 8, 2027. The press release states that Pacira generated approximately $746 million in total revenue and approximately $177 million in adjusted EBITDA for the twelve months ended June 30, 2026, and that Viatris expects to fund the deal primarily from excess cash, with the remainder from short-term borrowings, and expects it to be immediately accretive to its financial guidance metrics. The filing describes the tender offer as not yet commenced. Viatris will file a Schedule TO and Pacira a Schedule 14D-9 when it does. The press release states the transaction is expected to close by the end of 2026, and Viatris plans to report third-quarter 2026 results on November 5, 2026.
  2. 8-KViatris 8-K Report, Financial Results (Aug 6, 2026)Viatris Inc. (Nasdaq: VTRS) reported second-quarter 2026 results on August 6, 2026. Total revenues were $3.8 billion ($3,756.8 million), up 5% on a reported basis and up 3.5% on an operational basis versus second-quarter 2025. The company reported a U.S. GAAP net loss of $119 million (-$0.10 per diluted share), driven primarily by a non-cash charge of $177.8 million tied to the planned sale of Tyrvaya product rights. Adjusted EBITDA was $1.2 billion ($1,188.3 million), up 10% reported and 8% operational, and adjusted EPS was $0.69, up 11% reported and 9% operational. U.S. GAAP net cash provided by operating activities was $381.8 million and free cash flow excluding transaction and restructuring costs was $449 million. Viatris raised the midpoints of all its 2026 guidance ranges. Total revenues guidance is now $14,550-$14,950 million (midpoint $14,750 million), adjusted EBITDA $4,300-$4,500 million (midpoint $4,400 million), adjusted EPS $2.45-$2.59 (midpoint $2.52), and free cash flow excluding transaction and restructuring costs $2,050-$2,350 million (midpoint $2,200 million). The filing also notes that FDA Form 483 observations at the Nashik, India oral solid dose facility and a February fire are expected to affect product supply in the second half of 2026, with a revenue impact of $100 million to $150 million. On capital allocation, the company returned approximately $550 million to shareholders through August 5, 2026, including about $270 million of share repurchases at a weighted average price of $16.42 per share, and has approximately $730 million remaining under its repurchase authorization. Gross leverage ended the quarter at 2.9x after repaying roughly $900 million of debt maturing in June 2026. The filing also reports the signed sale of Tyrvaya global rights to Harrow for a $30 million upfront payment plus $70 million in contingent milestones, and the completed sale of the Biocon Limited equity stake for about $380 million pre-tax.
  3. 8-KViatris 8-K Report, Material Agreement (Jul 1, 2026)On July 1, 2026, Viatris Inc. entered into an amended and restated term loan credit agreement with Mizuho Bank, Ltd. as administrative agent, providing a ¥40.0 billion senior unsecured term loan facility. Proceeds will fund general corporate purposes, including repayment of obligations under Viatris' prior ¥40.0 billion unsecured term loan facility dated July 1, 2021, with the same administrative agent. The facility bears interest initially at the TIBO Rate plus 1.10% per annum, with the margin able to fluctuate based on Viatris' long-term unsecured senior, non-credit enhanced debt ratings from S&P Global Ratings, Moody's Investors Service and Fitch Ratings. Amounts borrowed are due three years from the Closing Date and may be voluntarily prepaid without premium, other than customary breakage costs. The agreement includes customary affirmative and negative covenants and a financial covenant requiring a leverage ratio no greater than 3.75 to 1.00 at each fiscal quarter end after the Closing Date. As of the Closing Date, Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V. guarantee the facility. Other subsidiaries that guarantee or co-obligate third-party indebtedness above $500,000,000 will also be required to guarantee, subject to exceptions for designated receivables entities and Upjohn Finance B.V. (Finco) under specified conditions. The filing also notes that the agreement is filed as Exhibit 10.1, with certain annexes, schedules and exhibits omitted under Item 601(a)(5) of Regulation S-K.
  4. 8-KViatris 8-K Report, Material Agreement (Jun 18, 2026)On June 17, 2026, Viatris Inc. completed a public offering of €650,000,000 aggregate principal amount of 4.250% Senior Notes due 2033. The Notes are senior unsecured obligations of Viatris, guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc. The offering was registered on Form S-3 (File No. 333-287087), and the Notes accrue interest from June 17, 2026, payable annually beginning June 17, 2027, maturing June 17, 2033. The company intends to use the net proceeds first to fund any amounts borrowed under its senior unsecured revolving credit facility in June 2026 in connection with the repayment at maturity of the entire $1.675 billion outstanding principal of the 3.950% Senior Notes due 2026 issued by Utah Acquisition Sub Inc. Any remainder is to replenish cash used for that repayment, for general corporate purposes. The Indenture, dated June 17, 2026, among Viatris, the Guarantors and The Bank of New York Mellon, as trustee, includes covenants restricting sale-and-leaseback transactions, certain liens, certain subsidiary guarantees without parallel guarantees of the Notes, and consolidations, mergers or sales of substantially all assets. It also provides customary events of default. Before April 17, 2033, the Notes may be redeemed at the greater of par or a make-whole-style present value plus 25 basis points, and at par thereafter. A change of control triggers an offer to purchase at 101% of principal plus accrued interest.
  5. 8-KViatris 8-K Report, Corporate Update (Jun 15, 2026)Viatris Inc. (VTRS) disclosed in a Form 8-K filed June 15, 2026 that on June 12, 2026 it entered into an underwriting agreement with several underwriters, for whom BNP PARIBAS, Citigroup Global Markets Limited and Goldman Sachs & Co. LLC act as representatives, to issue and sell €650,000,000 principal amount of 4.250% Senior Notes due 2033. The notes are being offered under a Registration Statement on Form S-3 (File No. 333-287087), which became effective upon filing, and a Prospectus Supplement dated June 12, 2026, to a Prospectus dated May 8, 2025. The offering is expected to close on June 17, 2026, subject to customary closing conditions. The underwriting agreement includes customary representations, warranties, agreements, closing conditions and termination provisions. The filing does not state the use of proceeds. The filing is a debt issuance disclosure under Item 8.01 (Other Events) and contains no earnings, operating or guidance information. Its forward-looking statements relate to the expected closing and timing of the offering.
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04—See also

Related Companies

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