Business
Viatris Reports Second Quarter Financial Results for 2024
PITTSBURGH, Aug. 8, 2024 /PRNewswire/ -- Strong Results Demonstrate Power of Company's Diversification, Execution and Growing Base Business Total Revenues of
About this update from Viatris Inc.
[{"type":"text","content":"PITTSBURGH, Aug. 8, 2024 /PRNewswire/ --\nStrong Results Demonstrate Power of Company's Diversification, Execution and Growing Base Business \nTotal Revenues of $3.8 Billion and Operational Revenue Growth of ~2% on a Divestiture-Adjusted Basis[1]Strong New Product Revenues in the Quarter of $210 Million Drove Growth Across SegmentsU.S. GAAP Net Loss was $326 Million; Adjusted EBITDA Grew ~2% to $1.2 Billion on a Divestiture-Adjusted Basis; U.S. GAAP Diluted EPS was a Loss of $0.27 per Share; Adjusted EPS Grew ~3% to $0.69 per Share on a Divestiture-Adjusted Basis[2]Completion of Divestitures Marks Inflection Point in Company's Move Towards Accelerated Growth and Shareholder ReturnRaises 2024 Full-Year New Product Revenues Range to $500 Million-$600 MillionExpects 2024 Full-Year Total Revenues Growth of ~2% on a Divestiture-Adjusted Operational Basis[3]Viatris Inc. (NASDAQ: VTRS) today announced strong financial results for the second quarter of 2024, including total revenues of $3.8 billion and new product revenues of $210 million, demonstrating the Company's ability to continue to grow its diversified base business. \nWith the substantial completion of its divestitures the Company believes it has increased its financial strength and has a strong foundation from which to accelerate growth and shareholder return. \n\"I am pleased to report strong second quarter results in which we delivered divestiture-adjusted operational revenue growth across all segments, including strong growth in Greater China. This represents our fifth consecutive quarter of divestiture-adjusted operational revenue growth and demonstrates our ability to execute and grow our base business,\" said Scott A. Smith, CEO, Viatris. \"With our divestitures behind us and a strong foundation to build on, we believe we are at an inflection point for our Company. In our next chapter, our strategy will focus on three main pillars: our diversified and growing base business, our financial strength and significant cash flow, and our expanding innovative portfolio. We expect these three pillars will enable us to accelerate growth and shareholder return.\"\n\"Our solid fundamentals, including our growing base business, our financial strength and our ability to generate significant cash flow drove our second quarter results,\" said Doretta Mistras, CFO, Viatris. \"We had anot...