Viatris Inc. · NASDAQ:VTRS
Viatris — Q1 2025 Earnings Presentation
58 slides from Viatris's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Earnings
Q1 2025 Earnings May 8, 2025 This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 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, statements about 2025 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 2025 and the carryover impact of new products, including business development, launched within the last 12 months. Operati
Slide 4: Strategic Update
Strategic Update Scott A. Smith Chief Executive Officer This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are tradema
Slide 5: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Total Revenues Adjusted EBITDA $3.3B $923M Adjusted EPS Free Cash Flow (1) Excluding Transaction Costs $0.50 $535M For key references and non-GAAP measures, see slide 3 (1) Q1 2025 Free Cash Flow was $493M. Excluding the impact of transaction costs and taxes primarily re
Slide 6: Delivering on Our 2025 Strategic Priorities
Delivering on Our 2025 Strategic Priorities 2025 Strategic Priorities Execution Drive strong commercial execution • Q1 operational performance in line with our expectations across all segments Advance our pipeline • Positive Phase 3 readouts for novel fast-acting meloxicam and XULANE LO Prioritize c
Slide 7: R&D Update
R&D Update Philippe Martin Chief R&D Officer This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Myla
Slide 8: Advancing 11 Phase 3 Programs
Advancing 11 Phase 3 Programs 2025 Asset Targeted Indication Phase 1 Phase 2 Phase 3 Status Anticipated Milestone Readout Filed regulatory submission in EFFEXOR® (Japan) Generalized Anxiety Disorder (GAD) Targeting approval in H1 2026 Japan Targeting FDA submission in H2 XULANE LO Contraception Posi
Slide 9: Novel Fast-Acting Meloxicam (MR-107A-02) Phase 3 Readouts
Novel Fast-Acting Meloxicam (MR-107A-02) Phase 3 Readouts This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trade
Slide 10: MR-107A-02 Meloxicam Development Program
MR-107A-02 Meloxicam Development Program Effective pain management is essential for individual recovery and public health, as inadequately controlled post-surgical pain negatively impacts quality of life, delays functional recovery, increases the risk of complications and persistent pain, and is oft
Slide 11: MR-107A-02
MR-107A-02 Novel Fast-Acting Oral Formulation of Meloxicam Designed for Acute Pain MR-107A-02 15 mg vs MOBIC 15 mg Under Fasting Conditions (N=16) 3000 Meloxicam Concentration (ng/mL) 2500 2000 1500 MR-107A-02 MOBIC Mobic 1000 500 0 0 1 2 3 4 5 6 Time (h) More rapid dissolution and absorption; Build
Slide 12: MR-107A-02 Study Design
MR-107A-02 Two Phase 3 Studies – Bunionectomy and Herniorrhaphy Study Design MR-107A-02 (15 mg BID) MR-107A-02 Inpatient Outpatient (15 mg BID) (0-48h) Tramadol (5 days) (50 mg q6h) Placebo Placebo Subjects Dosing Inpatient (0-48h) Outpatient (5 days) • Bunionectomy: N=410 • Inpatient (0-48h): • MR-
Slide 13: MR-107A-02 Acute Pain Pivotal Program Overview
MR-107A-02 Acute Pain Pivotal Program Overview Bunionectomy (N=410) Herniorrhaphy (N=579) Primary Endpoint Sum of Pain Intensity Difference from 0 to 48 hours (SPID0-48), compared to placebo, assessed using a numeric rating scale Key Secondary Endpoint Number of doses of opioid rescue medication ove
Slide 14: Superior Pain Control vs. Placebo Across Two Surgical Pain Models
MR-107A-02 Superior Pain Control vs. Placebo Across Two Surgical Pain Models Bunionectomy Herniorrhaphy 100 100 p<0.001 Difference in LS Mean (±SE) SPID Difference in LS Mean (±SE) SPID 75 (NRS-A) Over 0-48 h (NRS-R) Over 0-48 h 75 p<0.001 p<0.001 50 50 p<0.001 25 25 82.7 58 50.1 29.5 0 0 MR-107A-02
Slide 15: Consistent and Superior Efficacy Results Across Two Surgical Pain Models
MR-107A-02 Consistent and Superior Efficacy Results Across Two Surgical Pain Models Primary: MR-107A-02 vs. Placebo: p<0.001 Primary: MR-107A-02 vs. Placebo: p<0.001 Bunionectomy Model Sensitivity: Tramadol vs. Placebo: p<0.001 Herniorrhaphy Model Sensitivity: Tramadol vs. Placebo: p<0.001 (SPID 0-4
Slide 16: Superior Pain Control vs. Opioid Comparator Across Two Surgical Pain Models
MR-107A-02 Superior Pain Control vs. Opioid Comparator* Across Two Surgical Pain Models Bunionectomy Herniorrhaphy 250 ∆ = 26.2(10.58), 250 ∆ = 20.9(9.34), p = 0.013 p = 0.025 LS Mean (±SE) SPID (NRS-A) LS Mean (±SE) SPID (NRS-R) 200 200 Over 0-48 h Over 0-48 h 150 150 100 100 50 50 174.3 148.1 162.
Slide 17: Significant Reduction in Opioid Usage Across Two Surgical Pain Models
MR-107A-02 Significant Reduction in Opioid Usage Across Two Surgical Pain Models Number of Doses [Mean (±SD)] Proportion of Opioid-Free Subjects (%) of Opioid Rescue Medication Taken ∆ = 23.8%, p < 0.001 ∆ = -1.6, p < 0.001 Proportion of Opioid (Oxycodone and/or Morphine) 80% 10 Bunionectomy Free Su
Slide 18: Time to Perceptible and Meaningful Pain Relief
MR-107A-02 Time to Perceptible and Meaningful Pain Relief (Double Stopwatch Method) Perceptible Pain Relief Meaningful Pain Relief Bunionectomy Herniorrhaphy Bunionectomy Herniorrhaphy p = 0.014 p = 0.012 p = 0.025 p = 0.037 p = 0.035 p = 0.046 p = 0.058 70 70 p = 0.056 60 300 300 60 Time to event (
Slide 19: Positive Phase 3 Results and Product Profile
MR-107A-02 Positive Phase 3 Results and Product Profile ONSET & SAFETY EFFICACY OPIOID USE PAIN REDUCTION Summary of pain intensity • Lower mean opioid use vs. • Significantly shorter time for • MR-107A-02 building on an difference (SPID) over 0-48hrs: placebo group (p<0.001 (B)- MR-107A-02 to perce
Slide 20: XULANE LO Phase 3 Readout
XULANE LO Phase 3 Readout This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris c
Slide 21: Favorable Benefit-Risk Profile and Potential Best-in-Class Patch Performance
XULANE LO Favorable Benefit-Risk Profile and Potential Best-in-Class Patch Performance Treatment with XULANE LO achieved primary and all secondary efficacy and safety endpoints Favorable Efficacy Favorable Safety and Tolerability Profile Best-in-Class Patch Adhesion Performance • Primary endpoint Pe
Slide 22: Additional Updates
Additional Updates This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.
Slide 23: Selatogrel and Cenerimod Phase 3 Studies On Track
Selatogrel and Cenerimod Phase 3 Studies On Track Continue to Focus on Accelerating Phase 3 Study Enrollment • Ongoing Phase 3 SOS-AMI study, which has Fast • Two ongoing Phase 3 OPUS studies, which have Track Designation from FDA Fast Track Designation from FDA • Expect to complete enrollment in 20
Slide 24: Strong Track Record of Delivering New Product Revenues
Strong Track Record of Delivering New Product Revenues >$450M New Product Revenues Each of the Last 5 Years $678M $450M-$550M (1) $582M $456M $482M $451M Key 2025 Launches ‣ Iron Sucrose (Venofer®) ‣ Octreotide (Sandostatin® LAR) ‣ Glucagon 2020 (2) 2021 2022 2023 2024 2025E For key references and n
Slide 25: Financial Update
Financial Update Doretta Mistras Chief Financial Officer This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are tradem
Slide 26: Q1 2025 Financial Results
Q1 2025 Financial Results ($M, except percentages and Adjusted EPS) Divestiture-Adj Q1 2025 Q1 2024 (1) Change Op Change Op Change Total Revenues $3,254 $3,663 (11%) (9%) (2%) Adjusted EBITDA (2) $923 $1,193 (23%) (20%) (12%) Adjusted EPS (2) $0.50 $0.67 (25%) (23%) (14%) Free Cash Flow $493 $565 (1
Slide 27: Total Net Sales
Total Net Sales ($M) Q1 2025 Q1 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $3,243 $3,653 (11%) (9%) ‣ +2% divestiture-adj op change ex Indore (2) Brands 2,117 2,309 (8%) (5%) ‣ Brands: Expansion of our cardiovascular portfolio in Emerging Markets, and
Slide 28: Developed Markets
Developed Markets ($M) Q1 2025 Q1 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $1,892 $2,165 (13%) (11%) ‣ Europe: ~$1.1B; +1% divestiture-adj op change Brands 1,020 1,179 (13%) (11%) ‣ North America: ~$0.8B; (8%) divestiture-adj op change Generics 872
Slide 29: Emerging Markets
Emerging Markets ($M) Q1 2025 Q1 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $520 $626 (17%) (13%) ‣ Brands: Expansion of our cardiovascular Brands 403 404 0% 6% portfolio in certain Latin American countries and further strength in price and volume in
Slide 30: JANZ
JANZ ($M) Q1 2025 Q1 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $276 $318 (13%) (9%) ‣ Brands: Expected negative impact from Brands 142 184 (23%) (20%) government price regulations in Japan and Australia and change in Japan reimbursement Generics 134
Slide 31: Greater China
Greater China ($M) Q1 2025 Q1 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q1 Performance vs. Prior Year Period Net Sales $555 $544 2% 4% ‣ Overall performance primarily reflects strong Brands 553 542 2% 4% growth in China and across multiple channels, including E-commerce, retail, and private Gener
Slide 32: Financial Guidance
Financial Guidance This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.
Slide 33: Indore Update
Indore Update • Following an inspection of our oral finished dose manufacturing facility in Indore, India by the U.S. FDA in June 2024, we received a warning letter and import alert related to this facility in December 2024 Overview • The import alert affects 11 actively distributed products in the
Slide 34: 2025 Financial Guidance
2025 Financial Guidance ($M, except percentages and Adjusted EPS) Estimated Ranges (1) Midpoint (1) Acquired Share Estimated Ranges (3) Midpoint (3) February 27, 2025 February 27, 2025 IPR&D Repurchases (2) May 8, 2025 May 8, 2025 Total Revenues $13,500 - $14,000 $13,750 – – $13,500 - $14,000 $13,75
Slide 35: 2025 Key Metrics
2025 Key Metrics Key Metrics Utilized for 2025 Financial Guidance Estimated Ranges (1) Estimated Ranges (2) February 27, 2025 May 8, 2025 Adjusted Gross Margin 56.0% - 57.0% 56.0% - 57.0% Adjusted SG&A % of Total Revenues (3) 23.0% - 24.0% 23.0% - 24.0% Adjusted R&D % of Total Revenues (4) 6.0% - 6.
Slide 36: Key Modeling / Phasing Considerations
Key Modeling / Phasing Considerations 2025 Financial Guidance Key Assumptions • FX assumption unchanged (FY headwind on Total Revenues of 2%-3%) (1), but potential to be offset if current rates hold • Does not currently include any potential impact related to future tariffs and trade restrictions, w
Slide 37: 2025 Capital Allocation Framework
2025 Capital Allocation Framework Prioritize Capital Return with Focus on Share Repurchases Capital Return Business Development • Returned >$450M of capital to shareholders YTD, • Continue to pursue licensing and partnership including >$300M share repurchases and ~$143M opportunities with immediate
Slide 38: Q&A
Q&A Scott A. Smith Doretta Mistras Philippe Martin Corinne Le Goff Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is
Slide 39: 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. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Via
Slide 40: Full Year 2025 Financial Guidance Items as of May 8, 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except Adjusted EPS) Full Year 2025 Financial Guidance Items as of May 8, 2025 (1) GAAP Non-GAAP Total Revenues $13,500 - $14,000 N/A Adjusted EBITDA N/A $3,890 - $4,190 Net Cash provided by $2,200
Slide 41: Reconciliation of Estimated 2025 Net Cash from Operations to Free Cash Flow
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Reconciliation of Estimated 2025 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of May 8, 2025 (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,200 - $
Slide 42: Full Year 2025 Financial Guidance Items as of February 27, 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except Adjusted EPS) Full Year 2025 Financial Guidance Items as of February 27, 2025 (1) GAAP Non-GAAP Total Revenues $13,500 - $14,000 N/A Adjusted EBITDA N/A $3,900 - $4,200 Net Cash provided by
Slide 43: Reconciliation of Estimated 2025 Net Cash from Operations to Free Cash Flow
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Reconciliation of Estimated 2025 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of February 27, 2025 (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,2
Slide 44: Net (Loss) 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) Net (Loss) Earnings to Adjusted Net Earnings and U.S. GAAP Diluted (Loss) Earnings Per Share to Adjusted EPS Three Months Ended March 31, 2025 2024 U.S. GAAP net (loss) ea
Slide 45: Net (Loss) Earnings to EBITDA and Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net (Loss) Earnings to EBITDA and Adjusted EBITDA Three Months Ended March 31, 2025 2024 U.S. GAAP net (loss) earnings...............................................................................
Slide 46: Goodwill Impairment
Goodwill Impairment The Company reviews goodwill for impairment annually on April 1st or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Since the end of February 2025, the Company has experienced a sharp and sustained declin
Slide 47: Summary of Total Revenues by Segment – Q1 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q1 2025 Three Months Ended March 31, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divestitur
Slide 48: 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, 2025 2024 Select Key Global Products Lipitor ® $ 388.0 $ 388.9 Norvasc ® 172.3 176.3 Lyrica ® 112.6 114.2 Viagra ® 98.5 1
Slide 49: 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, 2025 2024 U.S. GAAP cost of sales......................................................................... $ 2,093.1 $ 2,159.4 Deduct: Purchase
Slide 50: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended March 31, 2025 2024 U.S. GAAP SG&A.................................................................................... $ 948.1 $ 1,017.5 Add / (deduct): Acquisiti
Slide 51: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended March 31, 2025 2024 U.S. GAAP R&D.......................................................... $ 222.0 $ 199.7 Deduct: Acquisition and divestiture-related costs......
Slide 52: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended March 31, 2025 2024 U.S. GAAP total operating expenses........................................ $ 4,043.4 $ 1,300.1 Add / (Deduct):.......................
Slide 53: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended March 31, 2025 2024 U.S. GAAP interest expense.................................................................. $ 115.5 $ 138.4 Add / (Deduct): Accretion of con
Slide 54: 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, 2025 2024 U.S. GAAP other expense (income), net.................................................... $ 99.3 $ (139.1) Add / (Deduct): Fair va
Slide 55: (Loss) Earnings Before Income Taxes and Income Tax (Benefit) Provision
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) (Loss) Earnings Before Income Taxes and Income Tax (Benefit) Provision Three Months Ended March 31, 2025 2024 U.S. GAAP (loss) earnings before income taxes........... $ (3,097.0) $ 204.6
Slide 56: Free Cash Flow and Free Cash Flow Excluding Transaction Costs
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Free Cash Flow and Free Cash Flow Excluding Transaction Costs Three Months Ended March 31, 2025 2024 U.S. GAAP net cash provided by operating activities............. $ 535.5 $ 614.6 Capital expendi
Slide 57: 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, 2025 to the sum of Viatris’ adjusted EBITDA for the
Slide 58: 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, 2024 September 30, 2024 December 31, 2024 March 31, 2025 U.S. GAAP net (loss) earnings............