Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 6, 2026
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 our 2026 fin
Slide 3: Key References and Non-GAAP Measures
Key References and Non-GAAP Measures New product sales, new product launches or new product revenues: Refers to revenue from new products launched in 2026 and the carryover impact of new products, including business development, launched within the last 12 months. Operational change: Refers to const
Slide 4: Strategic Update
Strategic Update Scott A. Smith Chief Executive Officer
Slide 5: 2026 and Beyond: Creating our Future
2026 and Beyond: Creating our Future Our Strategic Imperatives: Drive Fuel our Modernize for our Base Innovative Sustainable Business Portfolio Growth We are building a more focused, efficient and future-ready organization positioned to enter a period of sustained revenue and earnings growth beginni
Slide 6: Q2 2026 Financial Highlights
Q2 2026 Total Revenues Adjusted EBITDA Financial $3.8B $1.2B Highlights Adjusted EPS Free Cash Flow (1) Ex Transaction and Restructuring Costs $0.69 $449M For key references and non-GAAP measures, see slide 3 (1) Q2 2026 Free Cash Flow was $329M. Excluding the impact of transaction-related and restr
Slide 7: Delivering on our 2026 Strategic Priorities
Delivering on our 2026 Strategic Priorities 2026 Strategic Priorities Execution ‣ Q2 performance ahead of our expectations, with 4% Deliver strong financial performance total revenue growth, 8% adjusted EBITDA growth, and 9% adjusted EPS growth operationally Drive commercial execution, including lau
Slide 8: R&D Update
R&D Update Philippe Martin Chief R&D Officer
Slide 9: Value-Added Medicines Pipeline
Value-Added Medicines Pipeline Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone EFFEXOR® Japan Generalized Anxiety Disorder (GAD) Approved in Japan Fast-Acting Meloxicam Anticipate regulatory decision U.S. Acute Pain NDA accepted for review by FDA (MR-107A-02)
Slide 10: Innovative Medicines Pipeline
Innovative Medicines Pipeline Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone Targeting Phase 3 enrollment Selatogrel Global Acute Myocardial Infarction (AMI) Enrollment ongoing completion in 2026 Targeting Phase 3 readout in Cenerimod Global Systemic Lupus Er
Slide 11: Financial Update
Financial Update Paul Campbell Interim Chief Financial Officer
Slide 12: Framework to Accelerate Shareholder Value
Framework to Accelerate Shareholder Value Path to Sustained Revenue and Earnings Growth Sustainable Accelerate Cash Flow Balanced Revenue Growth Earnings Growth Firepower Capital Allocation ‣ Continue to deliver on ‣ Expect to deliver net ‣ Significant cash flow ‣ Return of capital to base business
Slide 13: Q2 2026 Financial Results
Q2 2026 Financial Results ($M, except percentages and Adjusted EPS) Q2 2026 Q2 2025 Change Op Change Total Revenues $3,757 $3,582 5% 4% Adjusted EBITDA $1,188 $1,079 10% 8% Adjusted EPS $0.69 $0.62 11% 9% Free Cash Flow $329 $167 97% Free Cash Flow (1) $449 $241 86% Ex Transaction and Restructuring
Slide 14: Total Net Sales
Total Net Sales ($M) Q2 2026 Q2 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $3,746 $3,569 5% 4% ‣ Brands: Continued strength in Greater China and Emerging Markets ‣ Generics: Contributions from new product Brands 2,418 2,285 6% 4% launches, in addition
Slide 15: Developed Markets
Developed Markets ($M) Q2 2026 Q2 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $2,194 $2,119 4% 2% ‣ Europe: ~$1.3B; +2% op change ‣ North America: ~$0.9B; +1% op change Brands 1,122 1,121 0% (2%) ‣ Brands: Anticipated competitive impacts on certain bra
Slide 16: Emerging Markets
Emerging Markets ($M) Q2 2026 Q2 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $542 $555 (2%) (2%) ‣ Brands: Strength in MENA, Eurasia, and Emerging Asia regions, as well as growth in key brands Brands 441 416 6% 6% ‣ Generics: Negative impact in our ARV
Slide 17: JANZ
JANZ ($M) Q2 2026 Q2 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $296 $306 (3%) 0% ‣ Brands: Anticipated competition on certain products in Australia and negative impact from government price regulations in Japan, Brands 144 161 (10%) (5%) partially of
Slide 18: Greater China
Greater China ($M) Q2 2026 Q2 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $714 $589 21% 16% ‣ Overall performance primarily reflects strong growth in China across multiple channels, including e-commerce, retail, Brands 711 587 21% 16% and hospitals ‣ I
Slide 19: Updated 2026 Financial Guidance
Updated 2026 Financial Guidance ($M, except Adjusted EPS) Financial Guidance Estimated Ranges (1) Midpoint (1) Estimated Ranges (2) Midpoint (2) May 7, 2026 May 7, 2026 August 6, 2026 August 6, 2026 Total Revenues $14,450 - $14,950 $14,700 $14,550 - $14,950 $14,750 Adjusted EBITDA $4,150 - $4,450 $4
Slide 20: Key Metrics Utilized for 2026 Financial Guidance
Key Metrics Utilized for 2026 Financial Guidance Key Metrics Estimated Ranges Estimated Ranges May 7, 2026 August 6, 2026 Adjusted Gross Margin 55.5% - 56.5% 55.5% - 56.5% Adjusted SG&A % of Total Revenues 22.0% - 23.0% 22.0% - 23.0% Adjusted R&D % of Total Revenues 6.2% - 6.6% 6.2% - 6.6% Adjusted
Slide 21: 2026 Key Modeling and Phasing Considerations
2026 Key Modeling and Phasing Considerations ‣ Continue to expect Total Revenues to grow ~2% operationally, primarily driven by Greater China and Emerging Markets ‣ Expect new product revenues of $450M-$550M Key ‣ Currently anticipate negative impact of supply disruptions between $100M-$150M in the
Slide 22: 2026 Capital Allocation Framework
2026 Capital Allocation Framework Expect ~$3B Cash Available for Deployment in 2026, with ~$1.6B Remaining After Year-to-date Deployment (1) Capital Return Business Development Debt / Leverage ‣ Annual dividend policy of $0.48 ‣ Pursue accretive in-market business ‣ Repaid ~$900M of ~$1.9B maturitie
Slide 23: GAAP / Non-GAAP Reconciliations
GAAP / Non-GAAP Reconciliations
Slide 24: Full Year 2026 Financial Guidance Items as of August 6, 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except Adjusted EPS) Full Year 2026 Financial Guidance Items as of August 6, 2026 GAAP Non-GAAP (1) Total Revenues $14,550 - $14,950 N/A Adjusted EBITDA N/A $4,300 - $4,500 Net Cash Provided by Ope
Slide 25: Reconciliation of Estimated 2026 Operating Cash Flow to Free Cash Flow
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Reconciliation of Estimated 2026 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of August 6, 2026 Estimated U.S. GAAP Net Cash Provided by Operating Activities $1,900 - $2
Slide 26: Full Year 2026 Financial Guidance Items as of May 7, 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except Adjusted EPS) Full Year 2026 Financial Guidance Items as of May 7, 2026 GAAP Non-GAAP (1) Total Revenues $14,450 - $14,950 N/A Adjusted EBITDA N/A $4,150 - $4,450 Net Cash Provided by Operat
Slide 27: Reconciliation of Estimated 2026 Operating Cash Flow to Free Cash Flow
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Reconciliation of Estimated 2026 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of May 7, 2026 Estimated U.S. GAAP Net Cash Provided by Operating Activities $1,700 - $2,00
Slide 28: GAAP Net Earnings to Adjusted Net Earnings and Adjusted EPS
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except per share amounts) U.S. GAAP Net (Loss) Earnings to Adjusted Net Earnings and U.S. GAAP Diluted (Loss) Earnings Per Share to Adjusted EPS Three Months Ended Six Months Ended June 30, June 30
Slide 29: U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP net (loss) earnings..................................
Slide 30: Summary of Total Revenues by Segment – Q2 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q2 2026 Three Months Ended June 30, 2026 Constant Constant 2026 Currency Currency Currency % 2026 2025 % Change Impact (a) Revenues Change (b) Net
Slide 31: Summary of Total Revenues by Segment – H1 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – H1 2026 Six Months Ended June 30, 2026 Constant Constant 2026 Currency Currency Currency % 2026 2025 % Change Impact (a) Revenues Change (b) Net sa
Slide 32: Key Product Net Sales, on a Consolidated Basis
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Key Product Net Sales, on a Consolidated Basis Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Select Key Global Products Lipitor ® $ 452.2 $ 387.9 $ 914.2 $ 775.9 Norvasc
Slide 33: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP cost of sales......................................................................... $
Slide 34: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP SG&A ................................................................................... $ 1,134.
Slide 35: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP R&D...................................................................................... $ 248.3
Slide 36: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP total operating expenses.................................................... $ 1,450.2 $
Slide 37: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP interest expense.................................................................. $ 120.7 $ 116
Slide 38: Other (Income) Expense, Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other (Income) Expense, Net Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP other (income) expense, net.............................................. $ (50.4) $
Slide 39: Loss Before Income Taxes and Income Tax Provision (Benefit)
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Loss Before Income Taxes and Income Tax Provision (Benefit) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP loss before income taxes..................
Slide 40: Free Cash Flow and Free Cash Flow Excluding Transaction-related and Restructuring-related Costs
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Free Cash Flow and Free Cash Flow Excluding Transaction-related and Restructuring-related Costs Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 U.S. GAAP net cash provided
Slide 41: Gross Leverage – Debt to Adjusted EBITDA – Q2 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage – Debt to Adjusted EBITDA – Q2 2026 Gross Leverage Ratio is the ratio of Viatris’ total debt at notional amounts at June 30, 2026 to the sum of Viatris’ adjusted EBITDA
Slide 42: Net (Loss) Earnings to EBITDA and Adjusted EBITDA – Last Twelve Months
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net (Loss) Earnings to EBITDA and Adjusted EBITDA – Last Twelve Months Three Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 U.S. GAAP net (loss) earnings............