Business
Viatris Reports Strong Financial and Operational Results for Second Quarter 2023 and Reaffirms Full-Year 2023 Guidance Ranges[1]
Reports Total Revenues of $3.92 Billion; U.S. GAAP Net Earnings of $264 Million; Adjusted EBITDA of $1.31 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 $3.92 Billion; U.S. GAAP Net Earnings of $264 Million; Adjusted EBITDA of $1.31 Billion; U.S. GAAP Net Cash Provided by Operating Activities of $515 Million; and Free Cash Flow of $447 Million for the QuarterStrong Results Signal Expected Beginning of Growth JourneyReaffirms that Full-Year Total Revenues, Adjusted EBITDA and Free Cash Flow Expected to be at Midpoint of 2023 Guidance Ranges[1] Pays Down $727 Million of Debt Year to DateRemains on Track to Announce Planned Divestitures in 2023Board of Directors Declares Quarterly Dividend of $0.12 per SharePITTSBURGH, Aug. 7, 2023 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS) today reported another strong quarter of operating results which continues to set the Company up well as it prepares to bring its Phase 1 strategy to an end and position itself for a strong beginning of Phase 2 in 2024 and beyond.\nExecutive Commentary\nViatris CEO Scott A. Smith said: \"Obviously, I could not be more pleased with our overall execution in the second quarter—one of the strongest quarters we've had to date at Viatris. These results signal what we expect to be the beginning of a growth journey for Viatris and set us up well for future success. As proud as I am of our strong performance, the foundation the Company has built and the stability and predictability we believe have clearly been achieved, my focus is on the future trajectory of the Company. I'm pleased to say we believe we are currently on track to announce all planned divestitures in 2023, including at least one significant divestiture in the third quarter, possibly more. The Company has laid out clear capital allocation and business development priorities for Phase 2 and we are fully dedicated to meeting these priorities to propel Viatris up the value chain and increase our return of capital to shareholders.\"\nViatris President Rajiv Malik said: \"Our performance this quarter highlights our Company's momentum like never before and further reinforces the predictability in our base business. Our strong and highly diversified business model of bringing access has never depended on any one product, portfolio or market. We believe this diversity lays a solid foundation for growth in Phase 2, beginning in 2024. We continue to execute and are making consistent progress on our deep pipeline and are on track to meet ou...