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Viatris 8-K Report, Financial Results (May 9, 2024)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed May 9, 2024
Period End
May 9, 2024
Security
VTRS
In the 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. Restructuring8-K · Feb ’21Feb ’21
  2. Material agreement8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Oct ’23Oct ’23
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed May 9, 2024. Cited figures are marked; the original filing is the authoritative source.

Viatris Inc. (NASDAQ: VTRS) reported first-quarter 2024 results for the period ended March 31, 2024, in a press release furnished as Exhibit 99.1 under Item 2.02.

Total revenues were $3.66 billiona, U.S. GAAP net earnings were $113.9 million (U.S. GAAP diluted EPS of $0.09), adjusted EBITDA was $1.19 billion, and adjusted EPS was $0.67. U.S. GAAP net cash provided by operating activities was $615 million and free cash flow was $565 million. Net sales declined 2% on a U.S. GAAP basis but rose 2% on a divestiture-adjusted operational basis, which the company described as the fourth consecutive quarter of operational revenue growth.

Compared with the prior-year quarter, U.S. GAAP net earnings fell 49% and adjusted EPS fell 13%. The company closed the Idorsia transaction and its women's healthcare business divestiture, and said the API divestiture is expected to close imminently. It reaffirmed its 2024 new product revenue range of $450 million to $550 millionb.

After adjusting for divestitures and acquired IPR&D, it reaffirmed other 2024 guidance, now showing total revenues of $14.98 billion to $15.48 billionc, adjusted EBITDA of $4.71 billion to $5.01 billion, free cash flow of $2.26 billion to $2.66 billion, and adjusted EPS of $2.66 to $2.81. Estimated 2024 U.S. GAAP operating cash flow is now $2.71 billion to $3.01 billion. Capital returns totaled $393 million in the quarter through dividends and share repurchases.

The board declared a quarterly dividend of $0.12d per share, payable June 14, 2024, to holders of record on May 24, 2024. Since the $2.0 billion repurchase program was authorized, the company has repurchased a total of $500 million in shares.

02—Key points

Key Highlights

  1. Total revenues of $3.66 billion; U.S. GAAP net earnings of $113.9 million, or $0.09 per diluted share, versus $224.7 million and $0.19 a year earlier.
  2. Adjusted EBITDA of $1.19 billion and adjusted EPS of $0.67, compared with $1.34 billion and $0.77 in the prior-year quarter.
  3. Net sales declined 2% on a U.S. GAAP basis but increased 2% on a divestiture-adjusted operational basis, described as the fourth consecutive quarter of operational revenue growth.
  4. New product revenues of approximately $154 million, primarily driven by Breyna in the U.S.; 2024 new product revenue range of $450 million to $550 million reaffirmed.
  5. Closed the Idorsia transaction and the women's healthcare business divestiture; the API divestiture is expected to close imminently.
  6. 2024 guidance ranges adjusted for divestitures and acquired IPR&D: adjusted EBITDA of $4.71 billion to $5.01 billion and free cash flow of $2.26 billion to $2.66 billion.
  7. Returned $393 million to shareholders in the quarter and declared a $0.12 quarterly dividend payable June 14, 2024.

03—Questions

Frequently Asked Questions

  1. How did Viatris perform in the first quarter of 2024?

    Total revenues were $3.66 billion and U.S. GAAP net earnings were $113.9 million, or $0.09 per diluted share. Adjusted EBITDA was $1.19 billion and adjusted EPS was $0.67. Net sales fell 2% on a U.S. GAAP basis but rose 2% on a divestiture-adjusted operational basis.

  2. Did Viatris change its 2024 financial guidance?

    Viatris reaffirmed its 2024 guidance ranges after adjusting them solely for divestitures and acquired IPR&D. Adjusted EBITDA is now $4.71 billion to $5.01 billion, free cash flow is $2.26 billion to $2.66 billion, and adjusted EPS is $2.66 to $2.81. It also reaffirmed the $450 million to $550 million new product revenue range.

  3. What transactions closed during the quarter?

    The company closed the Idorsia transaction, expanding its portfolio of innovative assets, and closed the women's healthcare business divestiture in March 2024. The API business divestiture is expected to close imminently.

  4. How much capital did Viatris return to shareholders?

    Viatris returned $393 million in the first quarter through dividends and share repurchases. Its board declared a quarterly dividend of $0.12 per share, payable June 14, 2024, to shareholders of record on May 24, 2024. In February 2024 the company repurchased about 19.2 million shares for approximately $250 million, and it has repurchased $500 million total under its $2.0 billion program.

04—Continue

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