Slide 1: Q1 2022 Earnings
Q1 2022 Earnings May 9, 2022 This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatri
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 2022 financial guidance; that
Slide 3: Forward Looking Statements: Key References and Non-GAAP Measures
Forward Looking Statements Key References New product sales, new product launches or new product revenues refer to revenue from new products launched in 2022 and the carryover impact of new products, including business development, launched within the last 12 months. Operational change refers to con
Slide 4: Q1 2022 – Focused Execution & Results
Q1 2022 – Focused Execution & Results • Strong quarterly performance Business Performance • Total Revenues $4.19B Simpler, Stronger, • Adjusted EBITDA $1.59B & Execution More Focused • Free Cash Flow $1.07B • Key launches include generic Restasis and generic Revlimid Delivering • First to achieve fu
Slide 5: Biocon Transaction On Track for H2 2022 Close
Biocon Transaction On Track for H2 2022 Close All necessary regulatory filings progressing Clearance from U.S. antitrust perspective Expect to receive remaining regulatory approvals by H2 2022 Biocon Biologics has received commitment letter from financial institutions for debt financing Biocon Biolo
Slide 6: Segment Results
Segment Results This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. 6
Slide 7: Total Net Sales
Total Net Sales HIGHLIGHTS ($M) Q1 2022 Q1 2021 Change Op Change Q1 Performance vs. Expectations Net Sales $4,178 $4,400 (5%) (1%) • Strong performance across all our segments Brands 2,554 2,725 (6%) (2%) • Brands: better than expectations driven by brands such as Lipitor®, Effexor®, and Perforomist
Slide 8: Developed Markets
Developed Markets HIGHLIGHTS ($M) Q1 2022 Q1 2021 Change Op Change Q1 Performance vs. Expectations Net Sales $2,476 $2,572 (4%) 0% • Europe net sales of $1.4B Brands 1,299 1,404 (8%) (3%) • North America net sales of $1.1B Complex Gx & Biosimilars 364 312 17% 18% • Brands: better than expectations,
Slide 9: Emerging Markets
Emerging Markets HIGHLIGHTS ($M) Q1 2022 Q1 2021 Change Op Change Q1 Performance vs. Expectations Net Sales $705 $755 (7%) 0% • Brands: ahead of expectations driven by higher volumes in key markets like South Korea and Turkey, Brands 437 446 (2%) 7% including products such as Lipitor® and Lyrica® Co
Slide 10: JANZ
JANZ HIGHLIGHTS ($M) Q1 2022 Q1 2021 Change Op Change Q1 Performance vs. Expectations Net Sales $424 $482 (12%) (4%) • Brands: lower than expectations, primarily driven by Lyrica® and Amitiza® Brands 249 284 (12%) (4%) • Complex Gx & Biosimilars: lower than expectations Complex Gx & Biosimilars 10 9
Slide 11: Greater China
Greater China HIGHLIGHTS ($M) Q1 2022 Q1 2021 Change Op Change Q1 Performance vs. Expectations Net Sales $573 $592 (3%) (5%) • Overall results in line with expectations Brands 570 591 (4%) (5%) Complex Gx & Biosimilars 0 0 NM NM 2022 Full-Year Expectations Generics 3 1 NM NM • Continue to focus on R
Slide 12: Pipeline
Pipeline This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. 12
Slide 13: Select Core Generics in Pipeline
Select Core Generics in Pipeline Global Actual / Projected Launch Year(2) Product Lead Markets Status Sales ($B)(1) 2021 2022 2023 2024 2025 2026 US Launched Sunitinib (Sutent®) $0.7 EU Launched US Launched Everolimus IRT (Afinitor®) $1.6 EU Launched Tentative US Approval Lenalidomide (Revlimid ®) $
Slide 14: Select Complex Generics in Pipeline
Select Complex Generics in Pipeline Global Actual / Projected Launch Year(2) Product Lead Markets Status Sales ($B)(1) 2021 2022 2023 2024 2025 2026 Cyclosporine SDV (Restasis ®) $2.3 US Launched Iron Metal Sucrose (Venofer®®) $0.9 US Submitted Budesonide / Formoterol $5.2 US Approved (Symbicort®) L
Slide 15: Novel and Life-Cycle Management Products in the Pipeline
Novel and Life-Cycle Management Products in the Pipeline Actual / Projected Launch Year(1) Product Lead Markets Status 2021 2022 2023 2024 2025 2026 Levothyroxine OS US Approved US In Development Glatiramer Once Monthly EU In Development Yupelri (PIFR)(2) US In Development Study Completion Xulane Lo
Slide 16: Integrate & Synergize
Integrate & Synergize This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris compa
Slide 17: On Track to Realize $1B+ of Cost Synergies By End of 2023
On Track to Realize $1B+ of Cost Synergies By End of 2023 2021 2022 2023 Close / Divest Manufacturing Sites COGS Execute Procurement & COGS Optimization SG&A Optimize / Reduce Overlapping Infrastructure TSAs Exit Pfizer TSAs (Finance, IT, HR, Operations, etc.) Achieved Expected Annual Savings ~$500M
Slide 18: Q1 Financial Highlights
Q1 Financial Highlights This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris com
Slide 19: Q1 2022 Financial Highlights
Q1 2022 Financial Highlights ($M) Q1 2022 Q1 2021 CHANGE OP CHANGE Total Net Sales $4,178 $4,400 (5%) (1%) Developed Markets 2,476 2,572 (4%) 0% Emerging Markets 705 755 (7%) 0% JANZ 424 482 (12%) (4%) Greater China 573 592 (3%) (5%) Other Revenues 14 30 NM NM Total Revenues $4,192 $4,430 (5%) (1%)
Slide 20: Q1 2022 Total Net Sales Walk
Q1 2022 Total Net Sales Walk ($M) 4,400 170 4,230 69 4,178 105 121 Q1 2021 Fx Q1 2021 at Competition on Other Base New Product Q1 2022 2022 Fx Rates Key US Products Business Erosion Net Sales This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination
Slide 21: Q1 2022 Adjusted EBITDA Walk
Q1 2022 Adjusted EBITDA Walk ($M) 1,637 48 1,589 1,586 68 67 87 86 Q1 2021 Fx Q1 2021 at Competition on Other Base Business New Product Synergies and Q1 2022 2022 Fx rates Key US Products Margin Erosion Gross Margin Other Expenses Note: For non-GAAP measures, see slide 3 This document contains propr
Slide 22: Q1 2022 Free Cash Flow
Q1 2022 Free Cash Flow ($M) Q1 2022 Q1 2021 CHANGE Q1 2022 Drivers vs. Q1 2021 U.S. GAAP Net Cash Provided • Lower Working Capital $1,139 $849 34% by Operating Activities • Reduced One-Time Cash Costs Capital Expenditures (65) (50) 30% • Prior Year Restructuring and TSA Costs Free Cash Flow $1,074 $
Slide 23: 2022 Financial Guidance
2022 Financial Guidance This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris com
Slide 24: 2022 Financial Guidance
2022 Financial Guidance ($B) Estimated Ranges (Early February Fx rate; includes full-year Q1 2022 Developments estimates for biosimilars business) Total Revenues(1) $17.0 - $17.5 • Strong operational performance is in line with expectations • Net Sales off to a solid start Adjusted EBITDA(1) $5.8 -
Slide 25: 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. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatr
Slide 26: Full Year 2022 Guidance Items
Viatris Inc. and Subsidiaries Full Year 2022 Guidance Items (Unaudited; in millions) GAAP Non-GAAP Total Revenues $17,000 - $17,500 N/A Adjusted EBITDA N/A $5,800 - $6,200 Net Cash provided by $3,200 - $3,400 N/A Operating Activities Free Cash Flow N/A $2,500 - $2,900 This document contains propriet
Slide 27: Reconciliation of Estimated 2022 GAAP Operating Cash Flow to Free Cash Flow
Viatris Inc. and Subsidiaries Reconciliation of Estimated 2022 GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited; in millions) Estimated GAAP Net Cash provided by Operating Activities $3,200 - $3,400 Less: Capital Expenditures ($525) - ($675) Free Cash Flow $2,500 - $2,900
Slide 28: Adjusted Net Earnings
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Adjusted Net Earnings Three Months Ended March 31, 2022 2021 U.S. GAAP net earnings (loss)...........................................................................................................
Slide 29: Net Earnings (Loss) to Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Earnings (Loss) to Adjusted EBITDA Three Months Ended March 31, 2022 2021 U.S. GAAP net earnings (loss)..........................................................................................
Slide 30: Summary of Total Revenues by Segment
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment Three Months Ended March 31, 2022 Constant Constant 2022 Currency Currency Currency % 2022 2021 % Change Impact (1) Revenues Change (2) Net sales Dev
Slide 31: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended March 31, 2022 2021 U.S. GAAP cost of sales.............................................................. $ 2,420.5 $ 3,303.0 Deduct: Purchase accounting
Slide 32: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended March 31, 2022 2021 U.S. GAAP R&D................................................................ $ 142.3 $ 184.1 Deduct: Acquisition related costs................
Slide 33: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended March 31, 2022 2021 U.S. GAAP SG&A.................................................................................... $ 915.3 $ 1,186.5 Deduct: Acquisition relat
Slide 34: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended March 31, 2022 2021 U.S. GAAP total operating expenses.................................................... $ 1,063.8 $ 1,393.5 Deduct:...................
Slide 35: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended March 31, 2022 2021 U.S. GAAP interest expense.................................................................. $ 146.2 $ 169.0 Add / (Deduct): Interest expense
Slide 36: Other Expense (Income), Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense (Income), Net Three Months Ended March 31, 2022 2021 U.S. GAAP other expense, net................................................... $ 33.7 $ 6.1 Add / (Deduct): Clean energy investme
Slide 37: 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 March 31, 2022 2021 U.S. GAAP earnings (loss) before income taxes...................... $ 527.5 $ (441.3) Total p
Slide 38: 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 Gross Leverage Ratio is the ratio of Viatris’ total debt at notional amounts at March 31, 2022 to the sum of Viatris’ adjusted EBITDA for the
Slide 39: Net Earnings (Loss) to Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Earnings (Loss) to Adjusted EBITDA Three Months Ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 U.S. GAAP net earnings (loss)............................................
Slide 40: Appendix
Appendix This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2022 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. 40
Slide 41: Q1 2022 Select Key Product Net Sales, on a Consolidated Basis
Q1 2022 Select Key Product Net Sales, on a Consolidated Basis (Unaudited; in millions) ($M) Q1 2022 ($M) Q1 2022 Select Key Global Products Select Key Segment Products Lipitor® $440.1 Dymista® $44.0 Norvasc® 207.8 Yupelri® 43.7 Lyrica® 171.7 Amitiza® 41.8 Viagra® 129.8 Xanax® 40.0 EpiPen® Auto-Injec