01—Abstract
Summary
Summary of the 10-K/A filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
This filing is Part III of Viatris Inc.'s Form 10-K/A for fiscal 2024, dated April 30, 2025, which supplies governance, executive compensation, security ownership, related-party, and auditor-fee information that was not included in the original annual report.
Viatris reports 2024 total revenues of $14.7 billiona, a U.S. GAAP net loss of $(634) million (diluted loss of $(0.53) per share), adjusted EBITDA of $4.7 billion, adjusted EPS of $2.65, operating cash flow of $2.3 billion, and free cash flow of $2.0 billion. The company says it paid down approximately $3.7 billion of debt, ended the year at 2.9x gross leverage, and returned $825 million to shareholders through dividends and share repurchases. The filing describes a leadership and portfolio reset.
Scott A. Smith has been CEO since April 2023, Doretta Mistras became CFO effective March 1, 2024, and Corinne Le Goff became Chief Commercial Officer on April 15, 2024. The company completed divestitures of its women's healthcare business, its India API business, and its OTC business during 2024, and in 2024 it acquired rights to two Phase 3 assets from Idorsia.
Ten of twelve current directors are independent, and Melina Higgins serves as independent Board Chair. For compensation, the filing reports that shareholders disappointed on the 2024 say-on-pay vote, which the company attributes mainly to a transitional consulting arrangement with a former Executive Chairman that will not be renewed.
The Board reduced 2024 short-term incentive payouts to 140% of target, from a calculated 163.92%, citing a warning letter and import alert for the Indore, India facility received in late 2024. Deloitte's total fees were $20.02 millionb for 2024 and $20.13 million for 2023.
02—Key points
Key Highlights
- 2024 total revenues of $14.7 billion, with a U.S. GAAP net loss of $(634) million, or $(0.53) per diluted share, and adjusted EPS of $2.65.
- Free cash flow of $2.0 billion and U.S. GAAP operating cash flow of $2.3 billion, with the free cash flow figure including approximately $650 million of transaction-related costs.
- Paid down approximately $3.7 billion of debt and reached 2.9x gross leverage, meeting the long-term gross leverage target; total U.S. GAAP debt was $14,039.5 million.
- Returned $825 million to shareholders through dividends and share repurchases, and generated $582 million of new product revenues.
- Completed the divestitures of its women's healthcare, India API, and OTC businesses, and acquired exclusive rights to two Phase 3 assets, selatogrel and cenerimod, from Idorsia.
- Short-term incentive payouts were cut to 140% of target from a calculated 163.92%, citing a warning letter and import alert at the Indore, India facility received in late 2024.
- Ten of twelve directors are independent, and the Board has an independent Chair; Deloitte fees totaled $20.02 million for 2024.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2024, Viatris lost $0.04.
- Revenue$14.69B100.0%
- Cost of revenue−$9.07B61.7%
- Gross profit$5.62B38.3%
- Operating costs−$5.61B38.2%
- Operating income$10.1M0.1%
- Interest, other & tax−$644.3M4.4%
- Net income−$634.2M4.3%
Where FY2024 revenue went
$14.69B- Cost of revenue: $9.12B, 62% of revenue
- SG&A: $4.10B, 28% of revenue
- Operating income: $10.1M, 0.1% of revenue
- Other operating costs: $1.46B, 10.0% of revenue
Kept 0.1% as operating incomeOperating income $10.1M · 0.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2024filed April 30, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $14.69B$15.39B | −4.5% |
| Cost of Revenue | $9.12B$8.99B | +1.4% |
| Gross Profit | $5.62B$6.44B | −12.7% |
| SG&A Expenses | $4.10B$4.07B | +0.9% |
| Operating Expenses | $5.61B$5.67B | −1.0% |
| Operating Income | $10.10M$766.20M | −98.7% |
| Interest Expense | $550.00M$573.10M | −4.0% |
| Net Income | -$634.20M$54.70M | −1259.4% |
| EPS (Basic) | $-0.53$0.05 | −1160.0% |
| EPS (Diluted) | $-0.53$0.05 | −1160.0% |
05—Questions
Frequently Asked Questions
What did Viatris report for 2024 financial performance?
The filing states 2024 total revenues of $14.7 billion, a U.S. GAAP net loss of $(634) million, adjusted EBITDA of $4.7 billion, U.S. GAAP diluted EPS loss of $(0.53), adjusted EPS of $2.65, operating cash flow of $2.3 billion, and free cash flow of $2.0 billion.
Why did shareholders reject the 2024 say-on-pay proposal, and what changed?
The company says it was disappointed with the 2024 say-on-pay vote and attributes it mainly to a transitional consulting arrangement with its former Executive Chairman. The Board decided that arrangement will not be renewed or extended.
Why were 2024 incentive payouts reduced?
Although 2024 results produced an achieved payout of 163.92% of target, the Board and Compensation Committee used negative discretion to reduce payouts to 140% of target because of a warning letter and import alert on the Indore, India facility received in late 2024.
Who are the key executives and how has management changed?
Scott A. Smith has been CEO since April 1, 2023, and Doretta Mistras has been CFO since March 1, 2024, succeeding Sanjeev Narula, who departed on March 5, 2024. Corinne Le Goff became Chief Commercial Officer on April 15, 2024, and Brian Roman was named Chief Legal Officer on April 1, 2024.
What does the filing say about the auditor and fees?
Deloitte served as the independent registered public accounting firm for 2024 and 2023. Total fees were $20.02 million in 2024 and $20.13 million in 2023, with audit fees of $18.13 million in 2024 and $18.03 million in 2023.
06—Continue