Analyst Note| Damien Conover, CFA |
Viatris announced strong second-quarter results across all segments, driven by increased demand for COVID-19-related generic products and steady growth in biosimilars. Management raised full-year revenue guidance to $17.5–17.9 billion, up from $17.2–17.8 billion, and raised adjusted EBITDA guidance to $6.15–6.45 billion, up from $6.0–6.4 billion. The company also paid its first dividend of $0.11 per share this quarter. We maintain our fair value estimate of $25 per share on no-moat Viatris.