01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
Viatris Inc. reported total revenues of $14.30 billiona for fiscal 2025, down from $14.74 billion in 2024, with net sales of $14.25 billion.
The company posted a net loss of $3.51 billionb (diluted loss per share of $3.00), driven primarily by a $2.94 billion goodwill impairment recorded in the first quarter of 2025, a $534.8 million loss from remeasuring its Biocon Biologics CCPS, and a $2.66 billion operating loss. Adjusted EBITDA was $4.16 billion, compared with $4.67 billion in 2024, and net cash provided by operating activities was $2.32 billion. The filing attributes base business erosion of approximately $465.8 million, partly offset by $323.7 million of new product sales, and cites an estimated $370 million revenue impact from the Indore manufacturing facility's FDA warning letter and import alert.
In February 2026, the company announced results of its enterprise-wide strategic review, committing to restructuring with pre-tax charges of $700 million to $850 millionc, estimated cash savings of $600 million to $700 million once fully implemented, and a global workforce reduction of up to approximately 10%. Management also disclosed a fire in February 2026 at the Nashik, India oral solid dose facility, which has suspended manufacturing with operations expected to resume in April 2026. Capital returned in 2025 exceeded $1 billion, including $500.5 million in share repurchases and $561.2 million in dividends paid, and the board declared a quarterly dividend of $0.12 per share in February 2026.
At year-end 2025 the company held $1.32 billiond in cash and cash equivalents, $12.48 billion of long-term debt plus $1.93 billion current, and total equity of $14.71 billion. Investors should weigh the restructuring execution, the Indore and Nashik supply disruptions, ongoing base business erosion, and the pipeline milestones (including a July 30, 2026 FDA target action date for the low dose estrogen weekly patch) against the company's cash generation and capital return commitments.
02—Key points
Key Highlights
- Total revenues of $14.30 billion in 2025, down from $14.74 billion in 2024; gross profit of $5.01 billion, with gross margin of 35% versus 38% in the prior year.
- Net loss of $3.51 billion (diluted loss per share $3.00) versus a net loss of $634.2 million in 2024, driven mainly by a $2.94 billion goodwill impairment in Q1 2025.
- Adjusted EBITDA of $4.16 billion versus $4.67 billion in 2024; adjusted EPS of $2.35 versus $2.65.
- Enterprise-wide strategic review announced February 26, 2026: restructuring charges of $700 million to $850 million, savings of $600 million to $700 million, and a workforce reduction of up to approximately 10%.
- Indore facility FDA warning letter and import alert cut 2025 revenues by an estimated $370 million; a February 2026 fire at the Nashik, India plant has suspended manufacturing, with resumption expected in April 2026.
- Biocon Biologics stake sold for $815 million ($400 million cash plus $415 million in Biocon shares), with the transaction closing in Q1 2026.
- Returned over $1 billion to shareholders in 2025, including $500.5 million in share repurchases and $561.2 million in dividends; $999.5 million remains under the repurchase authorization.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Viatris lost $0.25.
- Revenue$14.25B100.0%
- Cost of revenue−$9.24B64.8%
- Gross profit$5.01B35.2%
- Operating costs−$7.68B53.9%
- Operating income−$2.66B18.7%
- Interest, other & tax−$851.8M6.0%
- Net income−$3.51B24.7%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $14.25B$14.69B | −3.0% |
| Cost of Revenue | $9.29B$9.12B | +1.9% |
| Gross Profit | $5.01B$5.62B | −10.8% |
| SG&A Expenses | $3.79B$4.10B | −7.6% |
| Operating Expenses | $7.68B$5.61B | +36.8% |
| Operating Income | -$2.66B$10.10M | −26467.3% |
| Interest Expense | $471.30M$550.00M | −14.3% |
| Net Income | -$3.51B-$634.20M | −454.2% |
| EPS (Basic) | $-3.00$-0.53 | −466.0% |
| EPS (Diluted) | $-3.00$-0.53 | −466.0% |
05—Questions
Frequently Asked Questions
Why did Viatris report a net loss of $3.51 billion in 2025?
The largest driver was a non-cash goodwill impairment of $2.94 billion recorded in Q1 2025 after a sharp share price decline and increased risk assumptions. The company also recorded a $534.8 million loss from remeasuring its Biocon Biologics CCPS to fair value ahead of the December 2025 sale agreement, and an operating loss of $2.66 billion overall.
What is the financial impact of the 2026 restructuring program?
The company expects total pre-tax charges of $700 million to $850 million, of which $50 million to $100 million are non-cash and $650 million to $750 million are cash costs, mainly severance. It estimates savings of $600 million to $700 million once fully implemented, with most expected to improve operating cash flow, and activities are expected to be completed primarily over the next three years.
How are the Indore and Nashik facility issues affecting Viatris?
The FDA warning letter and import alert at the Indore, India facility negatively affected 2025 revenues by an estimated $370 million, and the import alert affects 11 products that cannot be accepted into the U.S. until the warning letter is lifted; reinspection is anticipated in 2026. A February 2026 fire at the Nashik, India facility has temporarily suspended manufacturing, with operations expected to resume in April 2026, and the company says its insurance may cover asset and business interruption losses.
How much debt does Viatris carry and what liquidity does it have?
At December 31, 2025, long-term debt was $12.48 billion, with a current portion of $1.93 billion, and cash and cash equivalents were $1.32 billion. The company had access to a $3.5 billion revolving facility maturing in September 2029, with no borrowings outstanding under it or the Commercial Paper Program, and it stated it was in compliance with its covenants.
What is the dividend and share repurchase outlook?
The board declared a quarterly cash dividend of $0.12 per share on February 23, 2026, payable March 18, 2026. Of the $2 billion repurchase authorization, $999.5 million remained available at year-end 2025, though the filing states there is no guarantee of the timing or amount of future repurchases or dividends.
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