Viatris Inc

VTRS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$56.00	Frg	Mfrjfqm

Viatris Earnings: Slightly Disappointing Quarter Doesn’t Alter Our Favorable Long-Term Outlook

Keonhee Kim

May 9, 2024

No-moat Viatris reported first-quarter earnings that came in a tad below our expectations. Total sales of $3.6 billion were down 1.8% year over year, or up 2% on divestiture-adjusted basis, and profitability slipped on weaker gross margin and higher expenses. We maintain our fair value estimate of $13 per share as minor adjustments to our model were offset by time value of money impacts.

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