Business
Viatris Inc. Announces 2021 Financial Guidance and Reaffirms Strategic and Financial Commitments
PITTSBURGH, Feb. 22, 2021 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS) today announced its 2021 financial guidance and reaffirmed its commitment to rapid
About this update from Viatris Inc.
[{"type":"text","content":"PITTSBURGH, Feb. 22, 2021 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS) today announced its 2021 financial guidance and reaffirmed its commitment to rapid de-leveraging, to enhancing and growing free cash flows, particularly following the phasing out of one-time and other stand up costs, to initiating a dividend, and to delivering total shareholder return (TSR). \n2021 Financial Guidance\nRange\n(Billions)\nMidpoint\n(Billions)\nRevenue\n$17.2 - $17.8\n$17.5\nAdjusted EBIDTA (1)\n$6.0 - $6.4\n$6.2\nFree Cash Flow (1)\n$2.0 - $2.3\n$2.15\n(1) Non-GAAP financial measures. Please see \"Non-GAAP Financial Measures\" for additional information.\n \nThe 2021 Free Cash Flow guidance includes $1.5 billion cash cost to achieve synergies and other one-time cash costs.\nViatris CEO Michael Goettler said, \"The strategic rationale for creating Viatris is as compelling today as when we announced the transaction to create this new company in July 2019. We launched Viatris with a TSR-focused operating model and a commitment to maintaining a strong balance sheet. As we previously stated, our company's priorities in the first three years as we stand up Viatris will be predominately focused on rebalancing the business, generating strong and growing free cash flows, and rapidly de-leveraging.\n\"We are confident that our financial guidance for 2021 is the right starting point for Viatris and continue to expect 2021 to be our trough year in terms of revenue, adjusted EBITDA and free cash flow, reflecting a balanced view of both near-term tailwinds and headwinds, particularly given the delay in closing of the combination between Mylan and Pfizer's Upjohn business,\" Goettler said. \nGoettler continued, \"Our Global Healthcare Gateway® will fuel our future growth by leveraging our own diverse portfolio and pipeline, as well as those of our current and future partners through our unmatched global infrastructure, and significant scientific, manufacturing and commercial capabilities, all while executing on our mission to empower people worldwide to live healthier at every stage of life. We also look forward to meeting our commitment to provide a longer-term financial outlook in the coming months.\"\nViatris president Rajiv Malik said, \"Since we launched Viatris approximately 90 days ago, we have taken swift and decisive action to rebalance and position o...