Viatris Inc. · NASDAQ:VTRS
Viatris — Q1 2026 Earnings Presentation
42 slides from Viatris's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings
Q1 2026 Earnings May 7, 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 third-party net sales from new products launched in a calendar year and the carryover impact of new products, including business development, launched within the previous 12 months. Operat
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: Q1 2026 Financial Highlights
Q1 2026 Total Revenues Adjusted EBITDA Financial $3.5B $1.0B Highlights Adjusted EPS Free Cash Flow (1) Ex Transaction and Restructuring Costs $0.59 $459M For key references and non-GAAP measures, see slide 3 (1) Q1 2026 Free Cash Flow was $348M. Excluding the impact of transaction-related and restr
Slide 7: Delivering on our 2026 Strategic Priorities
Delivering on our 2026 Strategic Priorities 2026 Strategic Priorities Execution ‣ Q1 performance ahead of our expectations, with 3% Deliver strong financial performance total revenue growth, 10% adjusted EBITDA growth, and 14% adjusted EPS growth operationally Drive commercial execution, including l
Slide 8: R&D Update
R&D Update Philippe Martin Chief R&D Officer
Slide 9: Value-Added Medicines Pipeline
Value-Added Medicines Pipeline Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone EFFEXOR® Japan Generalized Anxiety Disorder (GAD) Approved and launched in Japan Fast-Acting Meloxicam Anticipate regulatory decision U.S. Acute Pain NDA accepted for review by FDA
Slide 10: Innovative Medicines Pipeline
Innovative Medicines Pipeline Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone Targeting Phase 3 enrollment Selatogrel Global Acute Myocardial Infarction (AMI) Enrollment ongoing completion in 2026 Targeting Phase 3 readout in Cenerimod Global Systemic Lupus Er
Slide 11: Financial Update
Financial Update Paul Campbell Interim Chief Financial Officer Effective May 8, 2026
Slide 12: Framework to Accelerate Shareholder Value
Framework to Accelerate Shareholder Value Path to Sustained Revenue and Earnings Growth Sustainable Accelerate Cash Flow Balanced Revenue Growth Earnings Growth Firepower Capital Allocation ‣ Continue to deliver on ‣ Expect to deliver net ‣ Significant cash flow ‣ Return of capital to base business
Slide 13: Q1 2026 Financial Results
Q1 2026 Financial Results ($M, except percentages and Adjusted EPS) Q1 2026 Q1 2025 Change Op Change Total Revenues $3,517 $3,254 8% 3% Adjusted EBITDA $1,049 $923 14% 10% Adjusted EPS $0.59 $0.50 18% 14% Free Cash Flow $348 $493 (29%) Free Cash Flow (1) $459 $535 (14%) Ex Transaction and Restructur
Slide 14: Total Net Sales
Total Net Sales ($M) Q1 2026 Q1 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $3,510 $3,243 8% 3% ‣ Brands: Accelerated growth in Greater China and continued strength in Emerging Markets Brands 2,332 2,117 10% 4% ‣ Generics: Contributions from new produc
Slide 15: Developed Markets
Developed Markets ($M) Q1 2026 Q1 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $2,021 $1,892 7% 1% ‣ Europe: ~$1.2B; (1%) op change ‣ North America: ~$0.8B; +3% op change Brands 1,069 1,020 5% (3%) ‣ Brands: Expected competitive impacts on certain brand
Slide 16: Emerging Markets
Emerging Markets ($M) Q1 2026 Q1 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $535 $520 3% 0% ‣ Brands: Strength in MENA, Eurasia, and Emerging Asia regions, as well as growth in key brands such as Lyrica® and Zoloft® Brands 447 403 11% 8% ‣ Generics: N
Slide 17: JANZ
JANZ ($M) Q1 2026 Q1 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $273 $276 (1%) (2%) ‣ Brands: Expected competition on certain products in Australia and negative impact from government price regulations in Japan, Brands 139 142 (2%) (3%) partially offs
Slide 18: Greater China
Greater China ($M) Q1 2026 Q1 2025 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $680 $555 22% 18% ‣ Overall performance primarily reflects strong growth in China across multiple channels, including e-commerce, retail, Brands 677 553 23% 18% and private hospi
Slide 19: Reaffirmed 2026 Financial Guidance
Reaffirmed 2026 Financial Guidance ($M, except percentages and Adjusted EPS) Financial Guidance (1) Estimated Ranges Midpoint Key Metrics (1) Estimated Ranges Total Revenues $14,450 - $14,950 $14,700 Adjusted Gross Margin 55.5% - 56.5% Adjusted EBITDA $4,150 - $4,450 $4,300 Adjusted SG&A % of Total
Slide 20: 2026 Key Modeling and Phasing Considerations
2026 Key Modeling and Phasing Considerations ‣ Expect Total Revenues to grow ~2% operationally, including operational growth across Developed Markets, Emerging Markets, and Greater China Key ‣ FX assumption unchanged, reflecting full-year tailwind of ~0.5% (1) Assumptions ‣ Shares Outstanding does n
Slide 21: 2026 Capital Allocation Framework
2026 Capital Allocation Framework Expect >$2.5B Cash Available for Deployment in 2026 (1) Capital Return Business Development Debt / Leverage ‣ Annual dividend policy of $0.48 ‣ Pursue accretive in-market business ‣ Expect to repay a portion of ~$1.9B per share development to accelerate growth upcom
Slide 22: Long-Term Financial Targets Through 2030
Long-Term Financial Targets Through 2030 Provided at Investor Event on March 19, 2026 Base Case Long-Term Targets (1)(2) Potential Additional Drivers (1)(2) Combined Long-Term Targets (1) 3%-4% Total Revenues CAGR (3) 1 Selatogrel and Cenerimod 5%-6% Total Revenues CAGR (3) Total Adj EBITDA +1% Reve
Slide 23: Key Assumptions for Long-Term Financial Targets
Key Assumptions for Long-Term Financial Targets Provided at Investor Event on March 19, 2026 Base Case Long-Term Targets (1) Potential Additional Drivers (1) Total Revenues Selatogrel and Cenerimod ‣ Expect $450M-$550M of new product revenues annually ‣ Expected revenue contribution from potential ‣
Slide 24: GAAP / Non-GAAP Reconciliations
GAAP / Non-GAAP Reconciliations 24
Slide 25: 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 26: 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 27: Full Year 2026 Financial Guidance Items as of February 26, 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 February 26, 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
Slide 28: 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 February 26, 2026 Estimated U.S. GAAP Net Cash Provided by Operating Activities $1,700 -
Slide 29: 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 Earnings (Loss) to Adjusted Net Earnings and U.S. GAAP Diluted Earnings (Loss) Per Share to Adjusted EPS Three Months Ended March 31, 2026 2025 U.S. GAAP net
Slide 30: U.S. GAAP Net Earnings (Loss) to EBITDA and Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Earnings (Loss) to EBITDA and Adjusted EBITDA Three Months Ended March 31, 2026 2025 U.S. GAAP net earnings (loss).....................................................................
Slide 31: Summary of Total Revenues by Segment – Q1 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q1 2026 Three Months Ended March 31, 2026 Constant Constant 2026 Currency Currency Currency % 2026 2025 % Change Impact (a) Revenues Change (b) Net
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 March 31, 2026 2025 Select Key Global Products Lipitor ® $ 462.0 $ 388.0 Norvasc ® 210.0 172.3 Lyrica ® 120.6 112.6 EpiPen ® Auto-I
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 March 31, 2026 2025 U.S. GAAP cost of sales......................................................................... $ 2,359.8 $ 2,093.1 Deduct: Purchase
Slide 34: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended March 31, 2026 2025 U.S. GAAP SG&A ................................................................................... $ 928.8 $ 948.1 Deduct: Acquisition and div
Slide 35: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended March 31, 2026 2025 U.S. GAAP R&D...................................................................................... $ 248.6 $ 222.0 Deduct: Acquisition and div
Slide 36: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended March 31, 2026 2025 U.S. GAAP total operating expenses.................................................... $ 1,236.9 $ 4,043.4 Add / (Deduct): Litigation
Slide 37: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended March 31, 2026 2025 U.S. GAAP interest expense.................................................................. $ 120.1 $ 115.5 Add / (Deduct): Accretion of con
Slide 38: Other Expense, Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense, Net Three Months Ended March 31, 2026 2025 U.S. GAAP other expense, net.............................................................. $ 47.5 $ 99.3 Add / (Deduct): Fair value adjustm
Slide 39: Loss Before Income Taxes and Income Tax Benefit
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Loss Before Income Taxes and Income Tax Benefit Three Months Ended March 31, 2026 2025 U.S. GAAP loss before income taxes................................................... $ (247.3) $ (
Slide 40: Free Cash Flow and Free Cash Flow Excluding Transaction and Restructuring 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 March 31, 2026 2025 U.S. GAAP net cash provided by operating activities...........
Slide 41: Gross Leverage – Debt to Adjusted EBITDA – Q1 2026
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage – Debt to Adjusted EBITDA – Q1 2026 Gross Leverage Ratio is the ratio of Viatris’ total debt at notional amounts at March 31, 2026 to the sum of Viatris’ adjusted EBITD
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 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 U.S. GAAP net (loss) earnings............