Company Reports

Viatris delivered 5% revenue growth and 11% adjusted earnings per share growth during the second quarter. Both figures landed ahead of the FactSet consensus. EPS guidance was raised 5% at the midpoint. Shares traded down 3%.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 35% of the company's sales. Generics continue to suffer annual low- to mid-single-digit erosion in developed markets like North America and the majority of Europe. Because price and margin headwinds are predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ pipeline to focus more on complex generics—drugs with complex formulations, dosage forms, or that are injected or have more complex administration.

President Donald Trump announced on July 21 that generic drugs imported to the US will face a 100% tariff for one year starting in August 2028 and 200% thereafter. The shares of all generic drug manufacturers under our coverage are trading down on the news.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 35% of the company's sales. Generics continue to suffer annual low- to mid-single-digit erosion in developed markets like North America and the majority of Europe. Because price and margin headwinds are predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ pipeline to focus more on complex generics—drugs with complex formulations, dosage forms, or that are injected or have more complex administration.

Viatris reported 8% (3% operational) revenue growth and 17% adjusted EPS growth during the first quarter. Both figures landed above FactSet consensus. Full-year guidance of 3% revenue growth and 2% EPS growth was maintained. Shares traded up about 5% in intraday trading on this news.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 35% of the company's sales. Generics continue to suffer annual low- to mid-single-digit erosion in developed markets like North America and the majority of Europe. Because price and margin headwinds are predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ pipeline to focus more on complex generics—drugs with complex formulations, dosage forms, or that are injected or have more complex administration.

Viatris delivered revenue and adjusted EPS growth of 5% and 4%, respectively, during the fourth quarter. Both figures landed higher than FactSet estimates. 2026 guidance includes 3% revenue growth and 2% adjusted EPS growth. Shares are down 3% in intra-day trading on Feb. 26.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 35% of the company's sales. Generics continue to suffer annual low- to mid-single-digit erosion in developed markets like North America and the majority of Europe. Because price and margin headwinds are predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ pipeline to focus more on complex generics—drugs with complex formulations, dosage forms, or that are injected or have more complex administration.

Viatris delivered 0.2% year-over-year revenue growth, or down 1% on a divestiture-adjusted organic basis, and $0.67 adjusted EPS during third quarter.

Viatris reported second-quarter earnings, with sales and adjusted EPS down 6% and 11% year over year, respectively. Both came in ahead of FactSet consensus estimates.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 40% of the company's sales. Generics continue to suffer annual low- to mid-single-digit erosion in developed markets like North America and the majority of Europe. Because price and margin headwinds exist predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ pipeline to focus more on complex generics—drugs that have complex formulations, dosage forms, or are injected or have more complex administration.

Viatris announced that the phase 3 study of MR-139 (pimecrolimus) for blepharitis did not meet its primary endpoints.

No-moat Viatris reported soft first-quarter earnings. Total revenue of $3.2 billion was down 11.2% year over year and landed around our expectations. Adjusting for divestiture and currency headwinds, sales were down about 2% as 3% growth from the branded portfolio wasn’t enough to offset the 11% decline from generics. Indore's impact in the first quarter is about $140 million (4% headwind) in revenue, with the US suffering the majority of impact, and $80 million in adjusted EBITDA (7%). As we called out from last earnings, Indore's impact will last through the year and create a $500 million revenue headwind, or about 3.5% on 2024 base, and $385 million EBITDA headwind, 8.3% on 2025. The firm is expected to submit a reinspection request at midyear.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 40% of the firm's sales and, along with other generics manufacturers, they continues to suffer low- to mid-single-digit erosion year over year in developed markets like North America and the majority of Europe. Because price and margin headwinds exist predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ future pipeline to focus more on complex generics—drugs that have complex formulations, dosage forms, or are injected or have more complex administration.

On April 2, President Donald Trump announced a 10% tariff on imports from all countries, effective on April 5. As for the generics industry, pharmaceuticals were among the exemptions listed in the full order, as part of Annex II. The news provided a nice boost to the Indian generic manufacturers, including Dr. Reddy’s, which saw a mild uptick in share price upon market opening. For context, India exported roughly $8.7 billion of pharmaceuticals in the US according to Reuters and close to half of all generic drugs prescribed in the US are supplied by Indian manufacturers. This comes as a relief for the Indian generics suppliers, especially since other Indian exports are subject to 26% reciprocal levies. Tariffs on the industry could have meaningfully hurt the cost advantage the Indian manufacturers have over others and put pressure on top and bottom lines.

No-moat Viatris reported weak fourth-quarter earnings and ended the year on shaky ground. Total sales of $3.5 billion were down 8.1% and came about $100 million below our estimate. Margins, which had held up well for the first nine months of the year, dipped with gross margin and adjusted EBIT down over 700 basis points and 100 basis points, respectively. After updating our model and trimming our near-term assumptions, we lower our fair value estimate to $13 per share from $14.50.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 40% of the firm's sales and, along with other generics manufacturers, they continues to suffer low- to mid-single-digit erosion year over year in developed markets like North America and the majority of Europe. Because price and margin headwinds exist predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ future pipeline to focus more on complex generics—drugs that have complex formulations, dosage forms, or are injected or have more complex administration.

No-moat Viatris reported solid third-quarter earnings that were higher than our estimates. Total sales of $3.8 billion were down 4.8% year over year but up 3% on divestiture-adjusted basis and higher than our expected $3.7 billion. Both branded and generic drug portfolio delivered growth on an organic basis, and new products contributed $133 million across segments, well on track to land on the higher end of the full year's guided $500 million-$600 million range. In light of the strong performance, shares surged over 15% at the time of writing, reflecting investors' growing conviction in the resilience of Viatris' base business as well as excitement for future drug launches. We also think a stronger appreciation for solid cash flow generation and debt paydown progress is being baked into the stock price. After inching up our near-term assumptions, we raise our fair value estimate to $14.50 per share from $14.

Viatris is one of the largest generic drug manufacturers in the world. Generic drugs make up about 40% of the firm's sales and, along with other generics manufacturers, they continues to suffer low- to mid-single-digit erosion year over year in developed markets like North America and the majority of Europe. Because price and margin headwinds exist predominantly in small-molecule oral tablets that are easy to produce, we expect Viatris’ future pipeline to focus more on complex generics—drugs that have complex formulations, dosage forms, or are injected or have more complex administration.

No-moat Viatris reported decent second-quarter results that came in slightly ahead of our expectations. After updating our model and accounting for time value of money, we raise our fair value estimate to $14 per share from $13.