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VTRS · Viatris

20 filings

10-Q

VTRS 10-Q Quarterly Reports

Viatris - 20 quarterly reports

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

2026-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2026
Viatris Inc. reported second-quarter 2026 total revenues of $3.76 billion, up from $3.58 billion a year earlier, with net sales of $3.75 billion. Net loss for the quarter was $118.8 million, or $(0.10) per diluted share, compared with a net loss of $4.6 million in the prior-year quarter. Results were weighed down by a $177.8 million charge to write down the Tyrvaya® product rights to fair value less cost to sell, which was recorded in SG&A and reflects a planned sale for upfront cash of $30 million plus up to $70 million in contingent sales milestones. Litigation settlements and other contingencies, net were a $73.2 million charge in the quarter, driven largely by a $21.3 million contingent consideration adjustment and $51.9 million in litigation settlements. For the six months, the company reported net earnings of $57.6 million, compared with a net loss of $3.05 billion in the prior year, which included a $2.94 billion goodwill impairment. Adjusted EBITDA was $1,188.3 million for the quarter and $2,237.8 million for the six months, compared with $1,078.8 million and $2,002.3 million in the prior-year periods. Cash flow from operations was $770.1 million for the six months. Cash and cash equivalents declined to $886.5 million at June 30, 2026, from $1,322.4 million at December 31, 2025, after repaying $1.675 billion of 3.950% Senior Notes at maturity in the second quarter. Total debt, including the current portion, fell to $13.35 billion from $14.41 billion, reflecting the repayment and the June 2026 issuance of €650 million of 4.250% Euro Senior Notes due 2033. Operating and supply risks remain significant. The company disclosed that a February 2026 fire at its Nashik, India oral solid dose facility suspended manufacturing temporarily, and that intermittent disruptions from remediation activities are expected to affect product supply in the second half of the year, with an estimated impact of $100 million to $150 million on total revenues. The 2026 restructuring program is expected to generate pre-tax charges of $700 million to $850 million, with $600 million to $700 million of estimated savings once fully implemented. Pfizer has also sent a letter disputing the company's position on an opioid-related payment obligation.
Aug 6, 2026
2026-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2026
Viatris Inc. reported first-quarter 2026 total revenues of $3.52 billion, up from $3.25 billion a year earlier, with net sales of $3.51 billion, an increase of $266.5 million or 8%. Net sales rose 3% on a constant currency basis, with Greater China up 22% (18% constant currency) and Developed Markets up 7% (1% constant currency). Gross margin was 33% versus 36% in the prior-year period, and the company cited $71.9 million of charges from a fire at its Nashik, India manufacturing facility. Operating results turned to a loss from operations of $79.7 million, compared with a loss of $2.88 billion in the prior year that included a $2.94 billion goodwill impairment. Net earnings were $176.4 million, or $0.15 per diluted share, versus a net loss of $3.04 billion, or $(2.55) per share, a year earlier. The result was helped by a $423.7 million income tax benefit, and the company reported adjusted EBITDA of $1.05 billion and adjusted EPS of $0.59. The balance sheet and cash flow show a modest liquidity build. Cash and cash equivalents rose to $1.80 billion from $1.32 billion at year-end 2025, helped by $400.0 million of cash proceeds from the sale of Viatris' Biocon Biologics CCPS. Operating cash flow fell to $388.3 million from $535.5 million, and total debt, including current portion, was about $14.3 billion. The company paid $139.6 million in dividends, and it made no share repurchases in the quarter. Management also disclosed a 2026 restructuring program with expected pre-tax charges of $700 million to $850 million and a workforce reduction of up to approximately 10%. Legal and regulatory matters remain significant. The company accrued $450.8 million for legal contingencies and recorded an $84.5 million contingent consideration fair value loss tied to the Idorsia transaction. Pending exposures include a Clomipramine bellwether case and a $1 billion damages claim in a case scheduled for trial in September 2026. The Indore FDA warning letter and import alert remain in effect for 11 products, and the company expects to resume full Nashik operations in July 2026.
May 7, 2026
2025-Q3
Viatris Quarterly Report for Q3 Ended Sep 30, 2025
Viatris Inc. reported a net loss of $128.2 million, or $(0.11) per diluted share, for the three months ended September 30, 2025, compared with net earnings of $94.8 million, or $0.08 per diluted share, in the prior-year quarter. Total revenues were $3.76 billion, essentially flat versus $3.75 billion a year earlier. Earnings from operations fell to $178.8 million from $225.9 million, and the filing attributes the margin pressure primarily to the Indore Impact: an estimated negative effect of approximately $100 million on third-quarter 2025 total revenues, stemming from supply disruptions and an FDA warning letter and import alert at the Indore, India manufacturing facility. The quarter also included a $100.0 million loss from remeasuring the Biocon Biologics CCPS, which drove other expense, net to $67.1 million. For the nine months ended September 30, 2025, the company recorded a net loss of $3.17 billion, or $(2.70) per diluted share, driven by a $2.94 billion non-cash goodwill impairment charge taken in the first quarter after a sharp decline in share price and higher discount rates. Total revenues were $10.60 billion, down 5% from $11.21 billion, and net sales declined 6% to $10.56 billion, with the filing citing the divestitures that closed in 2024 and the Indore Impact (approximately $400 million for the nine months). Cash flow from operations was $1.50 billion, down from $1.82 billion. Cash and cash equivalents rose to $975.3 million, and long-term debt declined to $12.49 billion from $14.04 billion, partly reclassified to current liabilities due to the 2026 Senior Notes. Shareholder returns continued during the period: the company paid $0.12 per share quarterly dividends and repurchased approximately 45.6 million shares for about $418.3 million in the first nine months. Subsequent to quarter-end, the company repurchased an additional 8.1 million shares, bringing cumulative repurchases under the $2.0 billion program to approximately $1.00 billion through November 5, 2025. The company also completed the acquisition of Aculys Pharma on October 15, 2025, for a $35.0 million upfront payment to expand its innovative CNS portfolio in Japan.
Nov 6, 2025
2025-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2025
Viatris Inc. reported a sharply weaker first half of 2025, driven mainly by a non-cash goodwill impairment. For the six months ended June 30, 2025, total revenues were $6.84 billion versus $7.46 billion a year earlier, and the company recorded a net loss of $3.05 billion, compared with a net loss of $212.5 million in the prior-year period. The loss was primarily due to a $2.94 billion goodwill impairment charge recorded in the first quarter after a triggering event tied to a sharp share price decline and higher geopolitical and economic uncertainty. Diluted loss per share was $2.58 for the six months. In the second quarter alone, Viatris reported net loss of $4.6 million and earnings from operations of $233.0 million, compared with a net loss of $326.4 million and an operating loss of $239.9 million in the prior-year quarter. Operating trends were mixed. Net sales fell to $3.57 billion in the quarter from $3.79 billion, reflecting divestitures closed in 2024 and an estimated $160 million negative revenue impact from the FDA warning letter and import alert at the Indore, India facility. Management estimates the Indore impact on 2025 total revenues at approximately $500 million and on earnings from operations at approximately $385 million. Adjusted EBITDA was $2.00 billion for the six months versus $2.40 billion a year earlier. Net cash provided by operating activities was $755.2 million, down from $993.7 million. Long-term debt declined to $12.79 billion from $14.04 billion, and the company repurchased about $350.4 million of stock in the first half. The filing also flags ongoing legal and tax exposures, including an accrual of approximately $335 million related to a proposed opioid settlement framework of up to $335 million, a $284.0 million fair value loss on the Biocon Biologics CCPS in the quarter, and a pending FDA-related import alert. The company declared a quarterly dividend of $0.12 per share on August 4, 2025.
Aug 7, 2025
2025-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2025
Viatris Inc. reported a net loss of $3.04 billion, or $(2.55) per diluted share, for the three months ended March 31, 2025, compared with net earnings of $113.9 million, or $0.09 per diluted share, a year earlier. The result was driven by a non-cash goodwill impairment charge of $2.94 billion, recorded after an interim impairment test triggered by a sharp and sustained decline in the share price since the end of February 2025 and increased geopolitical and economic uncertainty. Total revenues fell to $3.25 billion from $3.66 billion, a decrease of $409.1 million, with the company attributing the decline to divestitures closed in 2024 and the Indore Impact, which it estimates at approximately $140 million in first-quarter 2025 revenues. Loss from operations was $(2.88) billion versus earnings of $203.9 million a year earlier. Adjusted EBITDA was $923.5 million versus $1.19 billion, and adjusted EPS was $0.50 versus $0.67. Operating cash flow was $535.5 million, down from $614.6 million. Cash and cash equivalents were $755.0 million at March 31, 2025, and total long-term debt was $14.18 billion. Goodwill fell to $6.46 billion, and the North America, Europe, Emerging Markets and JANZ reporting units now have carrying values equal to fair value, so further impairments could be material. The filing also discloses an April 2025 opioid settlement framework of up to $335 million, which is accrued at March 31, 2025. The company guided that the Indore Impact could reduce 2025 total revenues by approximately $500 million and 2025 earnings from operations by approximately $385 million. It also disclosed that it repurchased $175.4 million of shares in the quarter, declared a $0.12 quarterly dividend, and expects capital expenditures of $300 million to $400 million for calendar 2025.
May 8, 2025
2024-Q3
Viatris Quarterly Report for Q3 Ended Sep 30, 2024
Viatris Inc. reported a third-quarter 2024 net profit of $94.8 million, or $0.08 per diluted share, on total revenues of $3.75 billion, down from $3.94 billion a year earlier. Net sales fell to $3.74 billion, with the filing attributing much of the decline to divestitures closed in 2023 and 2024, and gross profit dropped to $1.46 billion from $1.69 billion as restructuring-related costs for additional anticipated plant closures rose. For the nine months, Viatris posted a net loss of $117.7 million, compared with net earnings of $820.3 million in the prior-year period, driven by a $321.0 million goodwill impairment for the JANZ reporting unit, a $102.0 million IPR&D impairment, and $239.3 million of litigation settlements and other contingencies, net. Cash generation and balance sheet actions were significant during the period. Net cash provided by operating activities was $1.82 billion for the nine months, and proceeds from asset and business sales totaled $2.51 billion, mainly from the OTC, API and women's healthcare divestitures. Viatris repaid $2.34 billion of long-term debt, paid $431.5 million in dividends and repurchased $250.0 million of stock. Cash and cash equivalents rose to $1.88 billion, and long-term debt declined to $14.30 billion from $16.19 billion at year-end 2023. In September 2024 the company also entered a $3.5 billion revolving facility maturing in September 2029. Investors should note the Idorsia Transaction, which added $695 million of purchase price, including $345 million of contingent consideration, and a contingent consideration liability that stood at $540.6 million at quarter-end. Net sales in Emerging Markets and Developed Markets declined on a reported basis, though constant-currency growth in the remaining business was positive in several segments. The company also reported a $0.12 quarterly dividend and a board declaration of another $0.12 dividend in November 2024.
Nov 7, 2024
2024-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2024
Viatris Inc. reported a net loss of $326.4 million, or $(0.27) per diluted share, for the three months ended June 30, 2024, compared with net earnings of $264.0 million, or $0.22 per diluted share, in the prior-year quarter. Total revenues were $3.80 billion, down $122.0 million, or 3%, from $3.92 billion. The decline reflected unfavorable foreign currency translation of approximately $98.9 million and the impact of divestitures that closed during 2023 and 2024. Results were pressured by a $321.0 million goodwill impairment charge related to the JANZ reporting unit, a $102.0 million IPR&D intangible asset impairment, a $247.6 million additional write-down of the OTC Business disposal group, and litigation settlements and other contingencies, net of $131.0 million for the quarter. For the six months ended June 30, 2024, Viatris reported a net loss of $212.5 million, or $(0.18) per diluted share, on total revenues of $7.46 billion. Cash flow and balance sheet items were mixed. Net cash provided by operating activities was $993.7 million for the six months ended June 30, 2024, down $502.6 million from $1.50 billion, and the company returned cash through $288.3 million of dividends paid and $250.0 million of share repurchases. Total debt repayments included approximately $801.7 million on the 1.023% Euro Senior Notes at maturity. Long-term debt declined to $14.73 billion from $16.19 billion at year-end 2023, and total equity fell to $19.52 billion from $20.47 billion. The company stated it was in compliance with its covenants at June 30, 2024. Portfolio changes were significant during the period. Viatris acquired the development programs for selatogrel and cenerimod from Idorsia for an upfront payment of $350 million, recorded as a business combination with $675 million of IPR&D. The women's healthcare business divestiture closed in March 2024, and the API business in India closed in June 2024. The OTC Transaction with Cooper Consumer Health SAS closed on July 3, 2024, after the period end.
Aug 8, 2024
2024-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2024
Viatris Inc. reported first-quarter 2024 total revenues of $3.66 billion, down $65.7 million, or 2%, from $3.73 billion a year earlier. Net sales were $3.65 billion. Earnings from operations fell to $203.9 million from $399.8 million, mainly because litigation settlements and other contingencies, net, rose to $76.8 million from $0.6 million and SG&A increased to $1.02 billion. Net earnings were $113.9 million, or $0.09 per diluted share, versus $224.7 million, or $0.19, in the prior-year period. Other income, net, of $139.1 million, which included an $80.8 million gain on the women's healthcare business divestiture and a $46.9 million gain on remeasuring the Biocon Biologics CCPS, partly offset the operating decline. Adjusted EBITDA was $1.19 billion versus $1.34 billion, and net cash from operating activities was $614.6 million versus $971.2 million. The balance sheet shows total assets of $47.34 billion and total equity of $20.01 billion at March 31, 2024. Long-term debt was $16.07 billion. The company acquired selatogrel and cenerimod development programs from Idorsia for an upfront payment of $350 million, recorded as a business combination with $675 million of IPR&D and roughly $345 million of contingent consideration. The company repurchased about $250 million of stock in the quarter and paid a $0.12 quarterly dividend. Its share repurchase authorization was raised by $1.0 billion to $2.0 billion, with $500 million repurchased under the program to date. Pending divestitures continue to shape the outlook. The OTC Business sale to Cooper Consumer Health is expected to close by mid-year 2024, the API business in India is expected to close imminently, and the women's healthcare business closed in March 2024. The filing also describes a number of pending legal matters, including opioid-related cases with $150.7 million accrued and EpiPen-related antitrust and securities litigation, and notes that the company is in compliance with its debt covenants.
May 9, 2024
2023-Q3
Viatris Quarterly Report for Q3 Ended Sep 30, 2023
Viatris Inc. reported third-quarter 2023 total revenues of $3.94 billion, down $136.3 million, or 3%, from $4.08 billion a year earlier, with net sales of $3.93 billion. Net earnings fell to $331.6 million from $354.3 million, and diluted EPS was $0.27 versus $0.29. For the nine months, total revenues were $11.59 billion (down 6%) and net earnings were $820.3 million versus $1.07 billion, with diluted EPS of $0.68 versus $0.88. The decline reflects the November 2022 contribution of the biosimilars business to Biocon Biologics, which accounted for $181.0 million of prior-year third-quarter net sales, along with base business erosion. On a constant currency basis, nine-month net sales from the remaining business were essentially flat, with new product sales of approximately $344.7 million offsetting base erosion of approximately $370.5 million. Cash flow and balance sheet items show net cash provided by operating activities of $2.32 billion for the nine months, compared with $2.81 billion a year earlier. Total long-term debt was $17.08 billion at September 30, 2023, and the company repurchased about 21.2 million shares for approximately $250 million during the nine months. Cash dividends of $0.12 per share were paid quarterly, and a further $0.12 quarterly dividend was declared on November 6, 2023. The filing highlights significant portfolio changes. On October 1, 2023, Viatris announced definitive agreements to divest its women's healthcare business and certain other assets, and received an offer for substantially all of its OTC business. The company expects to record a pre-tax loss of $600 million to $700 million on the OTC divestiture in the fourth quarter of 2023. Gross proceeds of up to approximately $2.17 billion are associated with the OTC business and up to approximately $1.4 billion with the remaining divestitures, with closings expected by the end of the first half of 2024.
Nov 8, 2023
2023-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2023
Viatris Inc. reported second-quarter 2023 total revenues of $3.92 billion, down $198.2 million, or 5%, from $4.12 billion a year earlier, with net sales of $3.91 billion. The decline reflects the divested biosimilars business (which contributed $161.8 million of prior-year net sales), unfavorable foreign currency translation of approximately $91.6 million, and base business erosion, partly offset by about $123.8 million of new product sales, primarily in the U.S. and Europe. Earnings from operations fell to $369.2 million from $548.7 million, and net earnings were $264.0 million, or $0.22 per diluted share, versus $313.9 million, or $0.26, in the prior-year quarter. Other income of $107.5 million, which included remeasurement gains on the Mapi and Biocon Biologics equity interests and $46.9 million of transition services income, partly cushioned the decline in pre-tax earnings. For the six months ended June 30, 2023, total revenues were $7.65 billion and net earnings were $488.7 million, or $0.41 per diluted share. Net cash provided by operating activities was $1.49 billion, down from $1.94 billion. The company spent $667.7 million on acquisitions, primarily Oyster Point ($427.4 million in cash), and repurchased approximately 21.2 million shares for about $250 million under its $1.0 billion program. Cash and cash equivalents declined to $629.2 million at June 30, 2023, from $1,259.9 million at December 31, 2022, while long-term debt decreased to $17.25 billion from $18.02 billion after repayment of $750.1 million of notes. The filing also highlights goodwill sensitivity: the Europe, JANZ and Emerging Markets reporting units had estimated fair values exceeding carrying values by only 3.9%, 5.5% and 7.7%, respectively, as of the April 1, 2023 impairment test, and a small change in key assumptions could trigger impairment. Quarterly dividends of $0.12 per share were declared, and the company disclosed ongoing litigation, including securities class actions and opioid and generic drug pricing matters.
Aug 7, 2023
2023-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2023
Viatris Inc. reported first-quarter 2023 total revenues of $3.73 billion, down $462.6 million, or 11%, from $4.19 billion a year earlier. Net earnings fell to $224.7 million from $399.2 million, and diluted earnings per share were $0.19 versus $0.33. The filing attributes the net sales decline mainly to unfavorable foreign currency translation of approximately $197.1 million, the divested biosimilars business ($164.8 million in the prior-year period), and base business erosion of approximately $188 million, partly offset by about $85.2 million of new product sales. Earnings from operations declined to $399.8 million from $707.4 million, while other income of $69.9 million (including a $45.7 million transition services income item and an $18.9 million Famy Life Sciences remeasurement gain) cushioned pre-tax results. On the balance sheet, cash and cash equivalents fell to $506.6 million from $1,259.9 million at December 31, 2022, reflecting $750.1 million of debt payments, $250.0 million of share repurchases, and $667.7 million of cash paid for acquisitions. Operating cash flow was $971.2 million, down from $1,138.5 million. Total debt-related items include long-term debt of $18,069.4 million and short-term borrowings of $204.6 million. The company completed the Oyster Point acquisition for approximately $427.4 million in cash and the Famy Life Sciences equity purchase for $281 million, both expanding its ophthalmology franchise, and it has identified OTC, API, women's health care and Upjohn Distributor Markets as businesses it intends to divest. The filing also details a $374.2 million charge taken in Q4 2022 on the Upjohn Distributor Markets held-for-sale classification, with an additional $32.0 million intangible write-down and $9.2 million inventory reserves recorded in Q1 2023. Adjusted EBITDA was $1,340.9 million versus $1,586.3 million in the prior year period. The company declared a quarterly dividend of $0.12 per share and reported compliance with its debt covenants.
May 8, 2023
2022-Q3
Viatris Quarterly Report for Q3 Ended Sep 30, 2022
Viatris Inc.'s Form 10-Q for the quarter ended September 30, 2022 shows third-quarter total revenues of $4.08 billion, down from $4.54 billion a year earlier, while net earnings rose to $354.3 million from $311.5 million and diluted EPS was $0.29 versus $0.26. Net sales declined $453.1 million, or 10%, mainly due to unfavorable foreign currency translation of approximately $396.3 million; on a constant currency basis net sales fell about $56.8 million, or 1%, reflecting competition on key U.S. products and other base business erosion, partly offset by about $144.0 million of new product sales. Gross profit rose to $1.75 billion, with gross margin of 43% versus 35%, largely because cost of sales fell with lower purchase accounting amortization and restructuring costs. Nine-month net earnings were $1.07 billion, compared with a net loss of $1.01 billion in the prior-year period. Balance sheet and cash flow items were mixed. Total assets declined to $48.66 billion from $54.84 billion at December 31, 2021, and long-term debt was $18.72 billion. Net cash provided by operating activities was $2.81 billion for the nine months, and cash dividends paid were $436.1 million. Viatris classified its biosimilars portfolio as held for sale pending a transaction with Biocon Biologics, which provides for a $2.0 billion up-front cash payment, at least a 12.9% stake in Biocon Biologics, and $335 million in additional payments expected in 2024. On November 7, 2022, the company also agreed to acquire Oyster Point Pharma and Famy Life Sciences for an aggregate purchase price of approximately $700-$750 million. The filing also details extensive ongoing litigation, including antitrust and securities matters, opioid and nitrosamine claims, and a $264 million EpiPen settlement that was resolved. The company reported a $1.0 billion share repurchase authorization with no repurchases yet made, and a 2020 restructuring program with total pre-tax charges of up to approximately $1.4 billion.
Nov 7, 2022
2022-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2022
Viatris Inc. reported total revenues of $4.12 billion for the three months ended June 30, 2022, down $461.0 million, or 10%, from $4.58 billion a year earlier, with net sales of $4.11 billion. Net earnings were $313.9 million, or $0.26 per diluted share, compared with a net loss of $279.2 million ($0.23 per share) in the prior-year quarter. For the six months, total revenues were $8.31 billion and net earnings were $713.1 million ($0.59 per diluted share). Earnings from operations rose to $548.7 million from a loss of $47.8 million, reflecting lower cost of sales and SG&A, including lower restructuring costs. Foreign currency translation reduced net sales by about $305.7 million in the quarter; on a constant currency basis, net sales declined about 3%. The balance sheet shows total assets of $51.13 billion and cash and cash equivalents of $664.7 million at June 30, 2022. Long-term debt was $19.21 billion, and short-term borrowings were $1.02 billion. Net cash provided by operating activities was $1.94 billion for the six months. The company declared a quarterly dividend of $0.12 per share, and its board authorized a share repurchase program of up to $1.0 billion, under which no shares had yet been repurchased. The pending Biocon Biologics Transaction would contribute Viatris' biosimilars portfolio for an up-front cash payment of $2.0 billion, a stake of at least 12.9% in Biocon Biologics, and $335 million in additional cash payments expected in 2024. Assets and liabilities of the portfolio were classified as held for sale, and closing is expected in the second half of 2022. The filing also discloses EpiPen Auto-Injector litigation settled for $264 million and an overall legal accrual of approximately $570.3 million.
Aug 8, 2022
2022-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2022
Viatris Inc. reported first-quarter 2022 total revenues of $4.19 billion, down $238.6 million, or 5%, from $4.43 billion a year earlier. Net sales were $4.18 billion, down 5%, with foreign currency translation an unfavorable factor of about $170.3 million, or 4%. Gross profit rose to $1.77 billion from $1.13 billion, and net earnings swung to $399.2 million from a net loss of $1.04 billion in the prior-year period, which had included heavy purchase accounting amortization and restructuring charges. Diluted earnings per share were $0.33 versus a loss of $0.86. Adjusted EBITDA was $1.59 billion versus $1.64 billion, and net cash provided by operating activities was $1.14 billion. The balance sheet shows total assets of $53.47 billion and long-term debt of $18.76 billion, down from $19.72 billion at December 31, 2021. Assets and liabilities held for sale relate to the pending contribution of the biosimilars portfolio to Biocon Biologics, which the filing says will provide an up-front cash payment of $2.0 billion, a stake of at least 12.9% in Biocon Biologics, and $335 million in additional cash payments expected in 2024. The transaction is expected to close in the second half of 2022. The company also recorded an interim goodwill impairment test following the transaction and the share price decline; the Europe reporting unit's fair value exceeded its carrying value by about $797 million, or 5.3%. The company's board declared a quarterly dividend of $0.12 per share and authorized a $1.0 billion share repurchase program, under which no shares had been repurchased as of the filing date. Litigation remains significant, including EpiPen-related matters, opioid cases and drug pricing investigations, with the company disclosing accruals of about $590.9 million for legal contingencies.
May 9, 2022
2021-Q3
Viatris Quarterly Report for Q3 Ended Sep 30, 2021
Viatris Inc. (VTRS) reported third-quarter 2021 total revenues of $4.54 billion, up 53% from $2.97 billion a year earlier, driven primarily by $1.62 billion of net sales from the Upjohn Business, which was combined with Mylan on November 16, 2020. Net earnings were $311.5 million, or $0.26 per diluted share, compared with $185.7 million, or $0.36 per diluted share, in the prior-year quarter. Earnings from operations rose only slightly to $357.6 million from $351.4 million, as SG&A climbed to $1.06 billion from $658.4 million and interest expense increased to $151.9 million. For the nine months, the company reported a net loss of $1.01 billion, or $(0.83) per share, after an income tax provision of $544.8 million, while total revenues reached $13.54 billion. The balance sheet shows total assets of $56.07 billion and total debt-related liabilities that were reduced during the period: long-term debt fell to $19.85 billion from $22.43 billion at December 31, 2020, and the company repaid $4.20 billion of long-term debt in the nine months. Cash and cash equivalents were $756.6 million. Operating cash flow for the nine months was $2.49 billion. The company also reported $738.3 million of pre-tax restructuring charges for the nine months under its 2020 restructuring program, which is expected to total $1.1 billion to $1.4 billion and deliver annual savings of $700 million to $900 million once fully implemented. Quarterly cash dividends of $0.11 per share were paid in June and September 2021, and a further $0.11 dividend was declared on November 5, 2021. Key legal exposures include the EpiPen Auto-Injector antitrust litigation, where plaintiffs assert damages of approximately $1.0 billion on the remaining antitrust theory, with a trial scheduled to begin January 24, 2022, and a number of opioid, drug pricing and securities matters. The company had approximately $451.3 million accrued for legal contingencies at September 30, 2021.
Nov 8, 2021
2021-Q2
Viatris Quarterly Report for Q2 Ended Jun 30, 2021
Viatris Inc. reported a net loss of $279.2 million for the second quarter of 2021 on total revenues of $4.58 billion, compared with net earnings of $39.4 million and revenues of $2.73 billion in the prior-year quarter. The results reflect the Combination of Mylan and Pfizer's Upjohn Business completed on November 16, 2020: net sales from the Upjohn Business were $1.63 billion in the quarter. Gross margin was 29% (GAAP) versus 38% a year earlier, driven by $1.17 billion of purchase accounting related amortization, while adjusted gross margin rose to 58% from 54%. For the six months, net loss was $1.32 billion, including a $656.4 million income tax provision, and diluted loss per share was $1.09. Balance sheet and cash flow data show total assets of $57.98 billion and long-term debt of $20.92 billion at June 30, 2021. Net cash provided by operating activities was $1.41 billion for the six months, and the company repaid $2.25 billion of long-term debt, including the 3.150% Senior Notes due 2021. Viatris declared its inaugural quarterly cash dividend of $0.11 per share in May 2021 and a second dividend in August 2021. In July 2021 the company entered into a $4.0 billion revolving credit facility and a 40 billion yen term loan, and the filing states that it is in compliance with its debt covenants. The filing also details an ongoing 2020 restructuring program with total pre-tax charges expected between $1.1 billion and $1.4 billion, and a restructuring charge of $251.9 million in the second quarter. Significant litigation remains pending, including the EpiPen Auto-Injector antitrust and securities cases, U.S. and state generic drug pricing suits, and opioid lawsuits. Adjusted EBITDA for the six months was $3.31 billion, compared with $1.63 billion a year earlier.
Aug 9, 2021
2021-Q1
Viatris Quarterly Report for Q1 Ended Mar 31, 2021
Viatris Inc. reported a first-quarter 2021 net loss of $1,037.6 million, compared with net earnings of $20.8 million in the prior-year period, on total revenues of $4,430.3 million (versus $2,619.2 million). The filing states that the Combination of Mylan and the Upjohn Business, completed November 16, 2020, drove much of the increase: net sales from the Upjohn Business were $1.72 billion in the quarter. Cost of sales rose to $3,303.0 million, reflecting $1,255.0 million of purchase accounting related amortization, and the income tax provision was $596.3 million, which the company attributes partly to the reversal of intercompany profit in inventory. Diluted loss per share was $(0.86), compared with diluted earnings of $0.04. Operating cash flow was $848.8 million, up from $291.1 million, and total debt, including the current portion, was $24.36 billion at March 31, 2021, compared with $24.69 billion at December 31, 2020. Short-term borrowings fell to $36.9 million after net repayments of $1.06 billion. The company reports adjusted EBITDA of $1,636.6 million and adjusted net earnings of $1,116.4 million, both non-GAAP measures that exclude purchase accounting, restructuring and other special items. The filing also covers the 2020 restructuring program, which the company expects to cost $1.1 billion to $1.4 billion in pre-tax charges, and it discloses an $83.4 million intangible asset impairment tied to a planned divestiture of U.S. OTC products. The company declared a quarterly dividend of $0.11 per share on May 7, 2021, and it discloses extensive pending litigation, including EpiPen, generic drug pricing, opioid and securities matters, with $462.2 million accrued for legal contingencies.
May 10, 2021
2020-Q3
Viatris Quarterly Report for Q3 Ended Sep 27, 2020
Upjohn Inc. filed this Form 10-Q for the quarterly period ended September 27, 2020. The company was formed on February 14, 2019 and is a wholly-owned subsidiary of Pfizer Inc. It has not commenced operations and has no significant operating assets or liabilities. Its results reflect only formation-related activities and financing: revenues were zero, and it reported a net loss of $169 million for the three months and $170 million for the nine months ended September 27, 2020, driven mainly by other deductions of $221 million and $222 million, respectively, including a $148 million and $144 million foreign exchange loss on the euro notes and net interest expense of $70 million and $75 million. In June 2020 the company issued $7.45 billion of U.S. dollar senior unsecured notes and €3.60 billion of euro notes, with $11.4 billion of proceeds held as restricted short-term investments in money market funds at quarter end. Long-term debt was $11.535 billion on the balance sheet, and total shareholder's deficit was $(201) million. The company is set to combine with Mylan N.V. in an all-stock Reverse Morris Trust transaction, with a $12 billion cash payment to Pfizer funded by the debt, a $600 million delayed draw term loan, and a revolving credit facility of up to $4 billion. The filing states that the FTC accepted a proposed consent order, that all required antitrust clearances have been obtained, and that the transaction is expected to close on November 16, 2020. Upon closing, the company will be renamed Viatris and trade on NASDAQ under VTRS. The filing states that the notes must be redeemed at 101% of principal if the transaction does not close by February 1, 2021 or is terminated. KPMG LLP issued a review report without modifications, and the filing notes that COVID-19 continues to create uncertainty for the Upjohn Business.
Nov 10, 2020
2020-Q2
Viatris Quarterly Report for Q2 Ended Jun 28, 2020
Upjohn Inc., a wholly-owned subsidiary of Pfizer Inc., filed this Quarterly Report on Form 10-Q for the quarter ended June 28, 2020. The company was formed on February 14, 2019 and has not commenced operations. Its results are minimal: for the three and six months ended June 28, 2020, it reported no revenues, a net loss of $0.9 million, and other deductions of $1.2 million, mainly net interest expense of $5.1 million partly offset by a $3.9 million foreign exchange gain. The balance sheet is dominated by $11,411.6 million of restricted short-term investments, funded by $11,385.2 million of long-term debt, reflecting senior unsecured notes issued in June 2020. The filing is primarily tied to the planned Reverse Morris Trust transaction in which Pfizer's Upjohn Business would be contributed to the company and combined with Mylan N.V. The company states it will make a $12 billion cash payment to Pfizer as partial consideration, funded by the debt proceeds, a $600 million delayed draw term loan, and a revolving credit facility of up to $4 billion. Pfizer stockholders would own 57% and former Mylan shareholders 43% of the combined company on a fully diluted basis. The transaction is anticipated to close in the fourth quarter of 2020, subject to remaining regulatory approvals. If the transaction does not close by February 1, 2021, or is terminated, the notes must be redeemed at 101% of principal plus accrued interest. The filing reports that the COVID-19 pandemic could affect the Upjohn Business, including through regulatory approval delays, supply chain disruptions and reduced product demand. KPMG LLP reviewed the interim financial statements and reported no material modifications were needed.
Aug 12, 2020
2020-Q1
Viatris Quarterly Report for Q1 Ended Mar 29, 2020
Upjohn Inc. filed this Quarterly Report on Form 10-Q for the three months ended March 29, 2020. Upjohn is a Delaware corporation formed on February 14, 2019, and is a wholly-owned subsidiary of Pfizer Inc. The company has not commenced operations and has no significant assets or liabilities. All of its financial statements show zero revenues, zero expenses, zero net income, and 100 common shares issued and held by Pfizer, with a $1 receivable from Pfizer recorded as due from shareholder. The filing's substance concerns the planned Transaction. Pfizer will contribute its primarily off-patent branded and generic established medicines business (the Upjohn Business) to Upjohn, distribute Upjohn to Pfizer stockholders through a spin-off or split-off, and immediately combine Upjohn with Mylan N.V. in an all-stock Reverse Morris Trust. Pfizer stockholders would own 57% and former Mylan shareholders 43% of the combined company on a fully diluted basis, which will be named Viatris. Upjohn will issue $12 billion of debt and pay Pfizer $12 billion in cash, backed by financing commitments of up to $12 billion. The Transaction is expected to close in the second half of 2020, subject to Mylan shareholder approval and regulatory approvals. The filing states that the COVID-19 pandemic has affected the Upjohn Business to varying degrees, with impacts primarily expected in the second quarter of 2020. These include supply chain, manufacturing, and product demand effects, and possible regulatory approval delays for the Transaction. The company states it cannot accurately predict the extent of the impact. KPMG LLP issued a review report on the interim statements.
May 12, 2020