Business
Viatris Reports Strong Fourth Quarter and Full Year 2022 Financial Results and Provides 2023 Financial Guidance
PITTSBURGH, Feb. 27, 2023 /PRNewswire/ -- Company Meets its 2022 Adjusted Guidance After Incorporating the Fourth Quarter Impact of the Biosimilars
About this update from Viatris Inc.
[{"type":"text","content":"PITTSBURGH, Feb. 27, 2023 /PRNewswire/ -- \n\n \n \n\n\n\n\n\n\n \nCompany Meets its 2022 Adjusted Guidance After Incorporating the Fourth Quarter Impact of the Biosimilars Transaction and Acquired IPR&D2023 Guidance Midpoint Reflects Revenue Growth Over 2022, Excluding Full-Year Impact of BiosimilarsReaffirms 2024 Phase 2 Outlook from November 7 Strategic UpdateCompany Increases Return of Capital to Shareholders by Completing $250 Million in Share RepurchasesBoard of Directors Approves 2023 Dividend Policy of Forty-Eight Cents ($0.48) per Share and Declares First Quarter Dividend of Twelve Cents ($0.12) per SharePaid Down Debt of Approximately $3.3 Billion in 2022, Retiring $5.4 Billion of Debt Since 2021Remains on Track to Execute Planned DivestituresViatris Inc. (NASDAQ: VTRS) today reported strong results for the fourth quarter and full year 2022, meeting its adjusted guidance range for 2022 after incorporating the fourth quarter impact of the closing of the transaction pursuant to which the Company contributed its biosimilars portfolio to Biocon Biologics (the \"Biosimilars Transaction\") and acquired IPR&D.\nFinancial Impact of Completion of the Biosimilars Transaction and Acquired IPR&D\nThe 2022 financial guidance metrics were impacted by the Biosimilars Transaction and acquired IPR&D as follows:\n(In millions)\n2022 GuidanceRanges(1)\n(November 7, 2022)\nBiosimilars Transaction\nAcquired IPR&D\nAdjusted 2022 Guidance Ranges(1)\n2022 Results\nTotal Revenues\n$16,200 - $16,700\n$(86)\n$—\n$16,100 - $16,600\n$16,263\nAdjusted EBITDA\n$5,800 - $6,200\n$(31)\n$(36)\n$5,725 - $6,125\n$5,777(2)\nFree Cash Flow\n$2,500 - $2,900\n$(274)\n$(36)\n$2,200 - $2,600\n$2,547(2)\n___________\n(1) Viatris did not provide forward-looking guidance for comparable U.S. GAAP net earnings (loss) or a quantitative reconciliation of its 2022adjusted EBITDA guidance. U.S. GAAP net cash provided by operating activities was estimated to be between $3,100 million and $3,300 million(without adjustment for the Biosimilars Transaction). Please see \"Non-GAAP Financial Measures\" for additional information.\n(2) 2022 reported U.S. GAAP net earnings was $2,079 million. 2022 reported U.S. GAAP net cash provided by operating activities was $2,953 million.\nThe Company's financial guidance ranges provided on November 7, 2022 for total revenues, adjusted EBI...