Business
Viatris Reports Strong First-Quarter 2022 Results
PITTSBURGH, May 9, 2022 /PRNewswire/ -- First-Quarter 2022 Results Reflect Strong Operational Start to the YearTotal Revenues Were $4.19 billion U.S. GAAP Net
About this update from Viatris Inc.
[{"type":"text","content":"PITTSBURGH, May 9, 2022 /PRNewswire/ --\nFirst-Quarter 2022 Results Reflect Strong Operational Start to the YearTotal Revenues Were $4.19 billion U.S. GAAP Net Earnings Were $399.2 millionAdjusted EBITDA was $1.59 billionU.S. GAAP Net Cash Provided by Operating Activities was $1.14 billionFree Cash Flow was $1.07 billionAchieves Approximately $120 million in New Product Revenue, on Track for 2022 Target of $600 millionConfirms Biocon Biologics Transaction on Track for Second Half 2022 CloseAnnounces Board of Directors Declares Quarterly Dividend of Twelve Cents ($0.12) per Share Pays Down Approximately $840 million of Debt, on Track for 2022 Target of Approximately $2 billion, and Maintains Commitment to Investment Grade RatingViatris Inc. (NASDAQ: VTRS), today reported strong results for the first quarter of 2022.\nViatris also announced that its Board of Directors declared a quarterly dividend of twelve cents ($0.12) for each issued and outstanding share of the company's common stock. The dividend is payable on June 16, 2022, to shareholders of record at the close of business on May 24, 2022.\nViatris CEO Michael Goettler said: \"We are off to a good start for 2022 with strong first quarter results in line with our expectations across all key financial metrics. We are making good progress on our reshaping initiatives to unlock value, free up capital, and generate substantial cash flows to position the company as a high-value global business for the long term.\"\nViatris President Rajiv Malik said: \"Our strong results this quarter reflect our focused business execution on all fronts. We delivered on key launches across our segments, positioning the company to be on track to achieve approximately $600 million in new product revenue for the year. Our transaction with Biocon Biologics is progressing, and we are well positioned to close in the second half of 2022.\"\nViatris CFO Sanjeev Narula said: \"We demonstrated excellent progress this quarter and reported solid operational results, which included generating more than $1 billion in free cash flow, a record for Viatris. We also retired approximately $840 million of short-term debt and increased our quarterly dividend by 9 percent. This puts us firmly on track with our 2022 debt paydown target of approximately $2 billion which supports the investment grade rating we are committ...