Business
Viatris Reports Strong Financial and Operational Results for First Quarter 2023 and Reaffirms Full-Year 2023 Guidance Ranges[1]
Reports Total Revenues of $3.73 billion; U.S. GAAP Net Earnings of $225 million; Adjusted EBITDA of $1.34 billion; U.S. GAAP Net Cash Provided by Operating
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About this update from Viatris Inc.
[{"type":"text","content":"Reports Total Revenues of $3.73 billion; U.S. GAAP Net Earnings of $225 million; Adjusted EBITDA of $1.34 billion; U.S. GAAP Net Cash Provided by Operating Activities of $971 million; and Free Cash Flow of $923 million for the QuarterExpects Full-Year Total Revenues, Adjusted EBITDA and Free Cash Flow to be at Midpoint of 2023 Guidance Ranges[1] Reaffirms 2024 Phase 2 Outlook from November 7 Strategic UpdateReturns Approximately $400 million of Capital to Shareholders in First Quarter Through Dividends and Share RepurchasesPays Down Debt of $546 million in First QuarterBoard of Directors Declares Quarterly Dividend of $0.12 per SharePITTSBURGH, May 8, 2023 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS) today reported strong results for the first quarter of 2023 reflecting another robust operational performance and instilling further confidence in the Company's ability to return to growth as it prepares to enter Phase 2 of its strategic plan in 2024.\n\nExecutive Commentary\nViatris CEO Scott A. Smith said: \"Since becoming CEO, I have met with colleagues all over the globe and have had the opportunity to spend time with each business segment. I have seen firsthand the unique combination of passion, dedication and skills of the people of Viatris. The unwavering commitment to our mission is not only infectious but also is displayed by the great execution that has led to a strong start to the year and yet another quarter of robust operational performance. The strength of this quarter gives me further confidence in our ability to return to growth as we enter into Phase 2 in 2024.\nSmith continued: \"I want to reiterate that I firmly believe in the Company's strategic plan, including the capital allocation priorities, laid out in November. A critical part of my job is to enhance the already strong execution by the Company and, ideally, accelerate our well-crafted strategy. I look forward to the exciting path ahead.\"\nViatris President Rajiv Malik said: \"We believe that we are headed into the final stages of completing all aspects of our Phase 1 commitments, which is a critical part of our two-phased strategy, driven primarily by the continued strength of our branded portfolio. Looking ahead, we have tremendous confidence in our ability to deliver on our full-year commitments based on effective management of our brands, $500 million-pl...