Viatris Inc. · NASDAQ:VTRS
Viatris — Q4 2023 Earnings Presentation
76 slides from Viatris's earnings presentation, Feb 28, 2024
Slide 1: Q4 / FY 2023 Earnings
Q4 / FY 2023 Earnings February 28, 2024 This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements”. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about 2024 financi
Slide 3: Non-GAAP Financial Measures and Other Information
Non-GAAP Financial Measures and Other Information Key References New product sales, new product launches or new product revenues: Refers to revenue from new products launched in 2023 and the carryover impact of new products, including business development, launched within the last 12 months. Operati
Slide 4: 2023 Highlights
2023 Highlights Business Performance Capital Allocation & Strategic Initiatives Delivering the Pipeline & Execution Financial Commitments ‣ Third consecutive quarter of ‣ Announced agreements for ‣ New product revenues of ‣ Returned $826M of capital to divestiture-adjusted operational remaining dive
Slide 5: 2024 and Beyond: Pursuing Business Development to Accelerate Growth
2024 and Beyond: Pursuing Business Development to Accelerate Growth While Returning Significant Capital to Shareholders Well-Positioned to Unlock Shareholder Value Balanced Capital Allocation Framework Simplified and Stable Base Business Expect at least of free cash flow for reinvestment ‣ Reduced f
Slide 6: Idorsia Collaboration is an Important Step in Our Phase 2 Return to Growth Strategy
Idorsia Collaboration is an Important Step in Our Phase 2 Return to Growth Strategy Expands our portfolio of innovative assets by immediately adding two phase 3 assets, ✓ Selatogrel and Cenerimod, both with blockbuster revenue potential ✓ Includes future optionality to expand collaboration with addi
Slide 7: Two Phase 3 Assets with Blockbuster Revenue Potential
Two Phase 3 Assets with Blockbuster Revenue Potential Selatogrel Cenerimod Development Phase Phase 3 enrolling Phase 3 enrolling Moderate to severe systemic lupus erythematosus Emergency treatment for acute myocardial Lead Indication infarction (AMI), or heart attack (SLE), the most common form of l
Slide 8: Key Transaction Terms
Key Transaction Terms ‣ Selatogrel and Cenerimod (1) development programs Scope ‣ Scientific personnel dedicated to Selatogrel and Cenerimod transferred to Viatris ‣ Right of first negotiation and right of first refusal over certain additional assets in Idorsia’s pipeline ‣ Viatris will have sole re
Slide 9: Operational Performance and Business Outlook
Operational Performance and Business Outlook This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Myla
Slide 10: 2023 Operational Highlights
2023 Operational Highlights Stabilizing the Business ‣ Achieved full-year total revenue guidance ‣ Solid operational performance across all segments, including consistent performance from China ‣ Brand portfolio grew +1% YoY (divestiture-adjusted operational change) ‣ Improved global generic portfol
Slide 11: 2024 Revenue Growth Profile
2024 Revenue Growth Profile Simplified & Stable Generics ‣ ~(2%) Base Business Erosion Expected in 2024 Brands Base Business + ‣ +3% to +4% | $450M - $550M New Product Launches Durable / High-Margin Organic Pipeline ‣ Continue to Execute on Complex Injectables and Novel Product Pipeline ‣ Anticipate
Slide 12: Simplified & Stable Base Business
Simplified & Stable Base Business This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a V
Slide 13: Long-Term Stable Business
Long-Term Stable Business Predictable Brand Business ✓ ~2/3 product portfolio ✓ Strong portfolio of iconic brand-loyal products across international markets 1/3 ✓ Optimized operating model in place 2024E Total Viatris ✓ No significant LOEs Revenue 2/3 ✓ Key growth brands including Tyrvaya®, Viagra®,
Slide 14: Durable / High-Margin Organic Pipeline
Durable / High-Margin Organic Pipeline This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc.
Slide 15: Key R&D Areas
Key R&D Areas Our Complex Our Novel and 505(b)(2) Injectables Franchise Product Franchise Our Pipeline for Our Pipeline Our Pipeline Rest of World for EU and NA for China Markets Our Pipeline Our Pipeline for Other for Eye Care Innovative Division Products This document contains proprietary informat
Slide 16: Complex Injectables / Sterile Products – Significant Milestones Achieved
Complex Injectables / Sterile Products – Significant Milestones Achieved Analytical Pivotal PK / Under Regulatory First to Market Product Indication Pre-Clinical Characterization Clinical Review Opportunity GlucagonTM Hypoglycemic Disorder Venofer® Iron Deficiency Anemia ✓ Invega Sustenna® Schizophr
Slide 17: Select Novel & Complex Products – Another Growth Catalyst
Select Novel & Complex Products – Another Growth Catalyst Under Anticipated Product Indication Pre-Clinical Phase 1 Phase 2 Phase 3 Regulatory Status Launch Year Review Treatment of Glatiramer PDUFA Date relapsing forms of 2024 Once Monthly March 8, 2024 multiple sclerosis Opioid sparing Meloxicam F
Slide 18: Eye Care Portfolio & Pipeline
Eye Care Portfolio & Pipeline Regulatory Product Indication Pre-Clinical Phase 1 Phase 2 Phase 3 Status Approval Tyrvaya® Dry Eye Disease Launched 10/15/21 (Varenicline solution) Ryzumvi™ Reversal of (phentolamine Pharmacologically Launch H1 2024 ophthalmic solution) Induced Mydriasis NMPA Accepted
Slide 19: 2024 Outlook: Fueling and Growing the Base Business
2024 Outlook: Fueling and Growing the Base Business This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks
Slide 20: 2024 Revenue Growth Profile
2024 Revenue Growth Profile Simplified & Stable Generics ‣ ~(2%) Base Business Erosion Expected in 2024 Brands Base Business + ‣ +3% to +4% | $450M - $550M New Product Launches Durable / High-Margin Organic Pipeline ‣ Continue to Execute on Complex Injectables and Novel Product Pipeline ‣ Anticipate
Slide 21: Total Viatris
Total Viatris Continue to Execute Base Business Total Revenues 2024E Tailwinds 2024E 2024E(2) vs ‣ ~$450M - $550M New Product Revenue 2023Adj at 2024 Fx Rates(1) ‣ Growth markets including North America, $15.5B(3) 2% Europe and key Emerging Markets ‣ Diversified generic portfolio 2024E Total Revenue
Slide 22: Key New Product Launches Expected in 2024
Key New Product Launches Expected in 2024 North America Europe ~$450M - $550M ‣ Breyna™ (1) ‣ Aubagio® (Teriflunomide) (2) New Product Revenue Symbicort® (Budesonide / Formoterol) (2) ‣ Imnovid® (Pomalidomide) (2) Expected in 2024 ‣ Victoza® (Liraglutide) (2) ‣ Fostair® ‣ Glatiramer Once Monthly (Be
Slide 23: Developed Markets
Developed Markets Net Sales Total Developed Markets 2024E Net Sales 2023Adj at 2024 Fx Rates(1) $9.2B 2024E(4) vs 2023Adj at 2024 Fx Rates(1) 3% 42% 58% 44% Europe 56% 2023Adj at 2024 Fx Rates(2) $5.3B 2024E(4) vs 2023Adj at 2024 Fx Rates(2) 3% Europe North America Brands Generics North America 2023
Slide 24: Europe
Europe Net Sales 2024E Tailwinds ‣ Strong brand portfolio ‣ Key brands, such as Thrombosis portfolio, Brufen® and Creon® ‣ Strong generic base business, aided by new product launches Europe ‣ Key markets, including Italy and France 2023Adj at 2024 Fx Rates(2) $5.3B 2024E Headwinds 2024E(4) vs 2023Ad
Slide 25: North America
North America Net Sales 2024E Tailwinds ‣ High-value new product launches ‣ Stable and diversified base business (brands & generics) ‣ Growth in key respiratory products like Breyna® and Wixela® ‣ Positive trends in Yupelri® and Tyrvaya® 2024E Headwinds ‣ Inherent base business erosion ‣ Competitive
Slide 26: Emerging Markets
Emerging Markets Net Sales Emerging Markets 2024E Tailwinds 2023Adj at 2024 Fx Rates(1) 2024E(2) vs ‣ Key markets, including Turkey, Korea, 2023Adj at 2024 Fx Rates(1) Mexico, Brazil, Thailand and Malaysia $2.4B 6% ‣ Key products such as Norvasc®, Lyrica®, Celebrex® and Viagra® 2024E Net Sales 6% 24
Slide 27: JANZ
JANZ Net Sales JANZ 2024E Tailwinds 2023Adj at 2024 Fx Rates(1) 2024E(2) vs ‣ Adding new products to our leading 2023Adj at 2024 Fx Rates(1) commercial platforms $1.4B (8%) ‣ Volume growth in key brands, including Amitiza®, Creon® and Effexor® ‣ Optimizing generics segment in the region 2024E Net Sa
Slide 28: Greater China
Greater China Net Sales Greater China 2024E Tailwinds 2023Adj at 2024 Fx Rates(1) 2024E(2) vs ‣ Focus on retail segment and 2023Adj at 2024 Fx Rates(1) growing self-pay patient base $2.1B (2%) ‣ Maximize well-established commercial presence in private hospital channel 2024E Net Sales 4% 8% 2024E Hea
Slide 29: 2023 Financial Results
2023 Financial Results This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris comp
Slide 30: 2023 Financial Results
2023 Financial Results 2023 Divestitures and Acquired 2023 Adjusted ($M) Guidance Ranges 2023 Results (November 7, 2023) Acquisitions (1) IPR&D (2) Guidance Ranges Total Revenues $15,400 - $15,600 ($35) – $15,365 - $15,565 $15,427 Adjusted EBITDA $5,000 - $5,400 ($20) ($105) $4,875 - $5,275 $5,124 F
Slide 31: Q4 2023 Financial Highlights
Q4 2023 Financial Highlights DIVESTITURE-ADJ ($M) Q4 2023 Q4 2022 (1) CHANGE OP CHANGE OP CHANGE Total Net Sales $3,826 $3,867 (1%) (2%) 1% Developed Markets 2,319 2,382 (3%) (5%) (1%) Emerging Markets 619 581 7% 10% 14% JANZ 372 398 (7%) (2%) (1%) Greater China 515 506 2% 2% 2% Other Revenues 11 9
Slide 32: FY 2023 Financial Highlights
FY 2023 Financial Highlights DIVESTITURE-ADJ ($M) FY 2023 FY 2022 (1) CHANGE OP CHANGE OP CHANGE Total Net Sales $15,388 $16,218 (5%) (4%) 0% Developed Markets 9,252 9,769 (5%) (6%) (1%) Emerging Markets 2,552 2,616 (2%) 4% 7% JANZ 1,424 1,632 (13%) (7%) (6%) Greater China 2,160 2,201 (2%) 2% 2% Oth
Slide 33: Delivering on our Financial Commitments
Delivering on our Financial Commitments Return of Capital ‣ $0.48 annual dividend per share and (1) Free Cash Flow Debt Repayment >$7.5B over last 12 quarters >$6.6B over last 12 quarters ~$576M dividends paid in 2023 ‣ ~$1.8B of capital returned since the beginning of 2021 from quarterly Notional D
Slide 34: 2024 Financial Guidance
2024 Financial Guidance This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris com
Slide 35: 2024 Financial Guidance Key Assumptions
2024 Financial Guidance Key Assumptions ‣ Includes the full-year expected performance for the pending announced divestitures (1) and excludes any potential related costs, such as taxes and transaction costs ‣ Full-Year Fx headwind on Total Revenues of 0% to 1% (2) ‣ Base business total revenues expe
Slide 36: 2024 Financial Guidance
2024 Financial Guidance 2024 Guidance Phasing 2024 2024 ($M, except Adjusted EPS) ‣ Expect Total Revenues to be higher in Estimated Ranges (1)(2) Midpoint (1)(2) the second half vs the first half of 2024 Total Revenues $15,250 - $15,750 $15,500 ‣ Driven by ramp of new product revenues and product se
Slide 37: 2024 Key Metrics
2024 Key Metrics Key Metrics Utilized for 2024 Financial Guidance (1) Adjusted Gross Margin 57.0% - 58.0% Adjusted SG&A % of Total Revenues 22.0% - 23.0% Adjusted R&D % of Total Revenues 5.0% - 5.6% Net Cash Provided by Operating Activities $2,750M - $3,050M Capital Expenditures $350M - $450M Adjust
Slide 38: 2024 Total Revenues Guidance Walk
2024 Total Revenues Guidance Walk ($M) ~2% 15,500 15,275 ~300 15,200 ~75 (1) (2) (3) For key references and non-GAAP measures, see slide 3 (1) 2023 Adjusted Ex Divestitures refers to FY 2023 U.S. GAAP total revenues minus ~$150M related to the divestitures closed in 2023. (2) Base Business Growth re
Slide 39: 2024 Adjusted EBITDA Guidance Walk
2024 Adjusted EBITDA Guidance Walk ($M) ~1% 5,020 4,985 ~70 4,950 105 ~70 (1) (2) (3) For key references and non-GAAP measures, see slide 3 (1) 2023 Adjusted Ex Divestitures refers to FY 2023 adjusted EBITDA minus ~$90M related to the divestitures closed in 2023 and ~$50M related to TSA services pro
Slide 40: 2024 Free Cash Flow Guidance
2024 Free Cash Flow Guidance Strong Free Cash Flow Generation to Deliver on our Capital Allocation Framework ($M) 2024 (1) Assumes the following impacts from Adjusted EBITDA ‣ ~$600M Interest Expense U.S. GAAP Net Cash Provided by $2,750 - $3,050 ‣ ~$500M Taxes Operating Activities ‣ ~$900M One-time
Slide 41: 2024 Capital Allocation Framework
2024 Capital Allocation Framework Supported by Free Cash Flow Generation and Divestiture Proceeds ‣ Expected annual dividend of $0.48 per share Capital ‣ Share repurchases ($250M completed in Q1 2024) Return ‣ Share repurchase authorization increased by additional $1B (1) ‣ Committed to investment g
Slide 42: Appendix
Appendix This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. 42
Slide 43: Selatogrel is a Highly-Innovative First and Only Self-Administered Treatment for AMI
Selatogrel is a Highly-Innovative First and Only Self-Administered Treatment for Acute Myocardial Infarction (AMI) Topic Criteria Selatogrel Overview ‣ High disease burden in AMI which accounts for 1/3 of deaths in developed nations with annual incidence of ~2M in US and EU Unmet Need / 1 ‣ Dire nee
Slide 44: Selatogrel Has the Potential to Shift Treatment Paradigm in AMI
Selatogrel Has the Potential to Shift Treatment Paradigm in AMI Selatogrel Auto Injector ✓ Potent, reversible and highly selective ✓ P2Y12 receptor antagonist Designed for emergency use ‣ With reduced off target interference of hemostasis compared to other P2Y12 in preclinical setting ✓ Rapid uptake
Slide 45: Cenerimod is a First-In-Class Oral Therapy with Novel MoA
Cenerimod is a First-In-Class Oral Therapy with Novel MoA and Potential for Highly Differentiated Benefit-Risk Profile in SLE Topic Criteria Cenerimod Overview Unmet Need / ‣ Systemic lupus erythematosus (SLE) is a chronic and progressive autoimmune disease 1 Size of Market affecting 1.5M patients i
Slide 46: Cenerimod Demonstrated Clinically Meaningful Response in Ph2 Trial
Cenerimod Demonstrated Clinically Meaningful Response in Ph2 Trial Cenerimod 4mg reduced disease activity starting Cenerimod 4 mg showed a 24% higher response rate for SRI-4 vs placebo in the at month 2 and increased over time more active severe SLE patients, in line with the targeted phase 3 popula
Slide 47: Divestitures Status
Divestitures Status (1) ‣ Substantially all of OTC business, predominantly in European markets OTC ‣ Includes 2 manufacturing sites, 1 R&D site, and potentially conveying headcount of ~700 ‣ Expected to close mid-year 2024 ‣ API business in India, including third party sales and captive supply API ‣
Slide 48: Q4 2023 Total Net Sales and Adjusted EBITDA Walk
Q4 2023 Total Net Sales and Adjusted EBITDA Walk Net Sales ($M) 3,751 3,774 3,826 23 107 15 70 Q4 2022 Adjusted Fx Q4 2022 at Existing New Product Tyrvaya® Q4 2023 Ex Divestitures (1) 2023 Fx Rates Base Business Net Sales Erosion Adjusted EBITDA ($M) 1,181 1,181 1,117 0 35 70 43 55 Q4 2022 Adjusted
Slide 49: Total Net Sales
Total Net Sales ($M) Q4 2023 Q4 2022 Change Op Change OPERATIONAL HIGHLIGHTS Net Sales $3,826 $3,867 (1%) (2%) Q4 Performance vs. Expectations Brands 2,402 2,312 4% 3% • Strong operational performance across various geographies and product portfolios Generics 1,424 1,555 (8%) (9%) Q4 2022 Adj Divest
Slide 50: Developed Markets
Developed Markets ($M) Q4 2023 Q4 2022 Change Op Change OPERATIONAL HIGHLIGHTS Net Sales $2,319 $2,382 (3%) (5%) • Europe: ~$1.37B; +2% divestiture-adj op change Brands 1,315 1,228 7% 3% • North America: ~$0.95B; (6%) divestiture-adj op change Generics 1,004 1,154 (13%) (14%) Q4 Performance vs. Expe
Slide 51: Emerging Markets
Emerging Markets ($M) Q4 2023 Q4 2022 Change Op Change OPERATIONAL HIGHLIGHTS Net Sales $619 $581 7% 10% Q4 Performance vs. Expectations Brands 375 362 4% 10% • Brands: slightly below expectations. Includes strong year-over-year performance in key brands such as Generics 244 219 12% 9% Viagra®, Lipi
Slide 52: JANZ
JANZ ($M) Q4 2023 Q4 2022 Change Op Change OPERATIONAL HIGHLIGHTS Net Sales $372 $398 (7%) (2%) Q4 Performance vs. Expectations Brands 199 219 (9%) (5%) • Brands: in line with expectations Generics 173 180 (4%) 2% • Generics: above expectations, due to new launch Q4 2022 Adj Divestiture-Adj Divestit
Slide 53: Greater China
Greater China ($M) Q4 2023 Q4 2022 Change Op Change OPERATIONAL HIGHLIGHTS Net Sales $515 $506 2% 2% Q4 Performance vs. Expectations Brands 513 503 2% 2% • Overall results slightly ahead of expectations driven by retail products Generics 3 3 NM NM • Continue to navigate policy environment See slide
Slide 54: Q4 and FY 2023 Select Key Product Net Sales, on a Consolidated Basis
Q4 and FY 2023 Select Key Product Net Sales, on a Consolidated Basis (Unaudited; in millions) ($M) Q4 2023 FY 2023 ($M) Q4 2023 FY 2023 Select Key Global Products Select Key Segment Products Lipitor® $379.8 $1,559.3 Yupelri® $60.5 $220.8 Norvasc® 171.8 732.4 Influvac® 54.9 192.4 Lyrica® 133.4 556.5
Slide 55: GAAP / Non-GAAP Reconciliations
GAAP / Non-GAAP Reconciliations This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2024 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Via
Slide 56: Full-Year 2024 Guidance Items
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except Adjusted EPS) Full-Year 2024 Guidance Items (1) GAAP Non-GAAP Total Revenues (2) $15,250 - $15,750 N/A Adjusted EBITDA (2) N/A $4,800 - $5,100 Net Cash provided by $2,750 - $3,050 N/A Operat
Slide 57: Reconciliation of Estimated 2024 Net Cash from Operating Activities to Free Cash Flow
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Reconciliation of Estimated 2024 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,750 - $3,050 Less: Capita
Slide 58: Net (Loss) Earnings to Adjusted Net Earnings
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net (Loss) Earnings to Adjusted Net Earnings Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP net (loss) earnings ..............................................
Slide 59: Net (Loss) Earnings to Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net (Loss) Earnings to Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP net (loss) earnings.....................................................
Slide 60: Summary of Total Revenues by Segment – Q4 2023
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q4 2023 Three Months Ended December 31, Divestiture 2023 Constant Constant Adjusted 2023 Currency Currency Currency % 2022 2022 Adjusted Operationa
Slide 61: Summary of Total Revenues by Segment – FY 2023
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – FY 2023 Year Ended December, 31 Divestiture 2023 Constant Constant 2022 Adjusted Adjusted 2023 Currency Currency Currency % 2022 Ex Divestitures Op
Slide 62: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP cost of sales................................................................ $ 2,240.
Slide 63: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP R&D............................................................... $ 202.8 $ 182.4 $ 805.2 $ 662
Slide 64: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP SG&A.................................................................................... $ 1,60
Slide 65: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP total operating expenses........................................... $ 2,051.0 $ 1,475.
Slide 66: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP interest expense................................................................... $ 140.9 $
Slide 67: Other Expense (Income), Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense (Income), Net Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP other expense (income), net........................................................
Slide 68: Earnings Before Income Taxes and Income Tax Provision
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Earnings Before Income Taxes and Income Tax Provision Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 U.S. GAAP (loss) earnings before income taxes...........
Slide 69: Free Cash Flow over the Last 12 Quarters
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Free Cash Flow over the Last 12 Quarters Year Ended Free Cash Flow over December 31, 2021 December 31, 2022 December 31, 2023 the last 12 quarters U.S. GAAP net cash provided by operating activitie
Slide 70: Gross Leverage - Debt to Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage - Debt to Adjusted EBITDA Year Ended December 31, 2023 Adjusted EBITDA......................................................................... $ 5,124.1 Reported debt
Slide 71: Gross Leverage - Debt to Adjusted EBITDA - Q4 2022
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage - Debt to Adjusted EBITDA - Q4 2022 Year Ended December 31, 2022 Adjusted EBITDA (a) $ 5,776.8 Reported debt balances: Long-term debt, including current portion........
Slide 72: Net Earnings to Adjusted EBITDA - Q4 2022
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Earnings to Adjusted EBITDA - Q4 2022 Year ended December 31, 2022 U.S. GAAP net earnings........................................................................................................
Slide 73: Gross Leverage - Debt to Adjusted EBITDA - Q4 2021
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage - Debt to Adjusted EBITDA - Q4 2021 Year Ended December 31, 2021 Adjusted EBITDA (a) $ 6,426.1 Reported debt balances: Long-term debt, including current portion........
Slide 74: Net Loss to Adjusted EBITDA - Q4 2021
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Loss to Adjusted EBITDA - Q4 2021 Year ended December 31, 2021 U.S. GAAP net loss................................................................................................................
Slide 75: Gross Leverage - Debt to Combined Adjusted EBITDA - Q4 2020
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage - Debt to Combined Adjusted EBITDA - Q4 2020 Year Ended December 31, 2020 Combined Adjusted EBITDA (a) $ 6,807.2 Reported debt balances: Long-term debt, including curre
Slide 76: Net Loss to Combined Adjusted EBITDA - Q4 2020
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Loss to Combined Adjusted EBITDA - Q4 2020 Year ended December 31, 2020 U.S. GAAP net loss.......................................................................................................