Viatris Inc. · NASDAQ:VTRS
Viatris — Investor Day (March 2026)
95 slides from Viatris's investor day presentation, Mar 19, 2026
Slide 1: Investor Event: Our Path to Sustained Revenue and Earnings Growth Through 2030
Investor Event Our Path to Sustained Revenue and Earnings Growth Through 2030 March 19, 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: 2026 financ
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: Agenda
Agenda Scott A. Smith Hemanth Varghese Strategic Vision Portfolio Strategy and and Priorities Business Development Doretta Mistras Philippe Martin Financial Framework R&D Capabilities and for Accelerating Pipeline Overview Shareholder Value Corinne Le Goff Closing, Q&A Commercial Capabilities and Bu
Slide 5: Table of Contents
Table of Strategic Vision and Priorities Page 6 . R&D Capabilities and Pipeline Overview Page 13 Contents Commercial Capabilities and Building Page 41 Blocks for Growth Portfolio Strategy and Business Page 58 Development Financial Framework for Accelerating Page 63 Shareholder Value 5 © 2026 Viatris
Slide 6: Strategic Vision and Priorities
Strategic Vision and Priorities Scott A. Smith Chief Executive Officer
Slide 7: 2020-2025: Laying the Foundation
2020-2025: Laying the Foundation Integrated & Simplified ‣ Merged two companies to create Viatris our Portfolio ‣ Divested four major businesses Strengthened the ‣ Stabilized and returned base business to growth Foundation ‣ Strengthened balance sheet Disciplined Capital ‣ Returned capital to shareh
Slide 8: 2026: Where we are Today
2026: Where we are Today 2026 Financial Guidance (1) Well-Diversified Geographically Key Facts and Figures (2) Countries & $14.7B Total Revenues 165+ Territories $4.3B Adjusted EBITDA >30k Colleagues Manufacturing, $2.40 Adjusted EPS 27 Packaging and Distribution Sites Approved $2.15B Ex Transaction
Slide 9: 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 10: 2026 and Beyond: Financial Flexibility
2026 and Beyond: Financial Flexibility $11B+ Cash Available for Deployment Through 2030 (1) Capital Return ~50% ~50% Business Development ▸ Quarterly Dividends ▸ Fuel Innovative Portfolio ▸ Share Repurchases ▸ Support Base Business Expect to be disciplined and remain committed to long-term gross lev
Slide 11: Combined Long-Term Targets Through 2030
Combined Long-Term Targets Through 2030 5%-6% 7%-8% 9%-10% Total Revenues Adjusted EBITDA Adjusted EPS CAGR (1) CAGR (1) CAGR (1) >$3B Free Cash Flow in 2030 Combined Long-Term Targets include Base Case Long-Term Targets + Potential Additional Drivers (2)(3) For key references and non-GAAP measures,
Slide 12: Key Themes You’re Going to Hear About Today
Key Themes You’re Going to Hear About Today 1 R&D Capabilities and Pipeline Overview 2 Commercial Capabilities and Building Blocks for Growth 3 Portfolio Strategy and Business Development 4 Financial Framework for Accelerating Shareholder Value 12 © 2026 Viatris Inc. All Rights Reserved.
Slide 13: R&D Capabilities and Pipeline Overview
R&D Capabilities and Pipeline Overview Philippe Martin Chief Research & Development Officer
Slide 14: R&D Building on Viatris’ Strong Foundation to Drive Innovation
INNOVATIVE MEDICINES Expand Developing differentiated medicines our targeting areas of unmet medical need R&D Building on Portfolio through unique therapeutic and patient benefit Viatris’ Strong Foundation to Drive VALUE-ADDED MEDICINES Next-Generation Advance our Brands ▸ Driving high value product
Slide 15: Broad Capabilities and Deep Expertise From Generics to Highly Innovative Assets
Broad Capabilities and Deep Expertise From Generics to Highly Innovative Assets Translational science and complex trial design ~3,500 Innovative R&D professionals Clinical globally Development Scientific leadership and In-house device Medical Global Device patient-centric impact science and end-to-
Slide 16: Developed a Global Innovation Platform With Proven Late-Stage Execution
Developed a Global Innovation Platform t Te en ch pm no Develo logi R&D es With Proven Late-Stage Execution ENGINE High-Impact Medical Affairs Global Innovation Platform Proven Leadership Team Experience 190 dedicated 30 unique 35+ End-to-end capabilities from global Phase 3 FDA/EMA plus dual FDA pr
Slide 17: Proven Internal Device Technologies Accelerating Pipeline Innovation
Proven Internal Device Technologies t Te en ch pm no Develo logi R&D es Accelerating Pipeline Innovation ENGINE High-Impact Medical Affairs In-house innovative device solutions managed from concept to post launch 100+ Scientists, Engineers, Quality & Regulatory Professionals Device Design Process De
Slide 18: Demonstrated Capability in Complex Injectables
Generic Medicines Generics Demonstrated Capability in Complex Injectables t Te en ch pm no Develo logi R&D es ENGINE Hi g h- I m p a c t Medical Affairs Approved Generics of the Complex Injectables Technologies Following Branded Medicines Microspheres Nano Emulsions & Suspensions Iron Complexes 40+
Slide 19: Three Additional Key Areas to Power Future Growth in Complex Generic Medicines
Generic Medicines Generics Three Additional Key Areas to Power Future en t Te ch pm Growth in Complex Generic Medicines no Develo logi R&D es ENGINE Hi g h- I m p a c t Medical Affairs GLP-1s Oligonucleotides Respiratory Build the foundation of generics and scale Establish leadership in emerging Bui
Slide 20: Medical Affairs Serving as a Strategic Catalyst to Deliver on Innovation
Medical Affairs Serving as a Strategic t Te en ch pm no Develo logi R&D es Catalyst to Deliver on Innovation ENGINE High-Impact Medical Affairs Scientific Leadership Growth-Focused Capabilities Focused Resources Strong medical expertise in iconic brands that Medical Strategy Medical Resourcing & Pla
Slide 21: Expanding Value-Added Medicines via Optimal Lifecycle Management
Value-Added Medicines Expanding Value-Added Medicines via Optimal Lifecycle Management Regulatory Asset Region Targeted Indication Phase 3 Anticipated Milestone Overview Review Generalized Anxiety Disorder Anticipate regulatory EFFEXOR® Japan First and only potential GAD treatment in Japan. (GAD) de
Slide 22: Meloxicam: Potential First-Line Fast-Acting Non-Opioid for Moderate to Severe Acute Pain
Value-Added Medicines Established Brands Meloxicam: Potential First-Line Fast-Acting Non-Opioid for Moderate to Severe Acute Pain Pharmacokinetic data and two phase 3 studies in moderate to severe acute pain models 1 Pharmacokinetic profile and 2 Strong and sustained analgesic efficacy with 3 Signif
Slide 23: Patches: Potential for Next-Generation Transdermal Contraceptive Portfolio
Value-Added Medicines Established Brands Patches: Potential for Next-Generation Transdermal Contraceptive Portfolio Low-Dose Estrogen Patch Progestin-Only Patch Weekly transdermal patch, self-administered, reversible Weekly transdermal patch contraceptive patch contraceptive with reduced estrogen ex
Slide 24: Building a Portfolio of Innovative Assets with Unique Profiles
Innovative Medicines Established Brands Building a Portfolio of Innovative Assets with Unique Profiles Delivering Differentiated Impact Regulatory Asset Region Targeted Indication Phase 3 Anticipated Milestone Overview Review Potential only patient-activated, autoinjector Targeting Phase 3 for self-
Slide 25: Selatogrel Investigated for the Self-Administered Emergency Treatment of Recurrent AMI
Innovative Medicines Established Brands Selatogrel Investigated for the Self-Administered Emergency Treatment of Recurrent Acute Myocardial Infarction (AMI) 25 © 2026 Viatris Inc. All Rights Reserved.
Slide 26: Dire Need for Early Intervention at Onset of Acute Myocardial Infarctions
Innovative Medicines Established Brands Dire Need for Early Intervention at Onset of Acute Myocardial Infarctions (AMI) Onset of Admission to Burden of disease AMI symptoms hospital for treatment Proportion of AMI Death 10M+ AMI events per AMI is the #1 cause of CVD death globally2 (pre-hospital adm
Slide 27: Robust and Rapid Effect Observed in Phase 2 Program
Innovative Medicines Established Brands Robust and Rapid Effect Observed in Phase 2 Program in Chronic Coronary Syndrome (N=345)1 and Acute MI (N=47)2 Differentiated Profile vs Other P2Y12 Inhibitors Selatogrel Phase 2 Trial ID-076A201 in Participants with Chronic Coronary Syndrome (N=345) ‣ Robust
Slide 28: Phase 3: Selatogrel Outcome Study in Suspected AMI
Innovative Medicines Established Brands Phase 3: Selatogrel A multi-center, double-blind, randomized, placebo- Outcome controlled, parallel-group study to evaluate the efficacy and safety of self-administered subcutaneous selatogrel Study in for prevention of all-cause death and treatment of acute m
Slide 29: Simple Study Design, Special Protocol Assessment and Fast Track Designation
Innovative Medicines Established Brands Simple Study Design, Special Protocol Assessment and Fast Track Designation Event-Driven Study Relative Risk Reduction ~20%; Type I Error Set to 5% Screening Phase Observation Phase FSV Global Study (Within 1 month from ICF Signature closure global study closu
Slide 30: Observations From the SOS-AMI Trial
Innovative Medicines Established Brands Observations From the SOS-AMI Trial Progressing as Planned ✓ Principle of self-administration upon recognition of heart-attack symptoms is well accepted by the patients ✓ Patients are injecting early (i.e., very close to symptom onset) Time is Muscle! ✓ Patien
Slide 31: Accelerating Phase 3 Completion
Innovative Medicines Established Brands Accelerating Phase 3 Completion Goal: 850+ sites in ~50 countries ‣ Full enrollment expected in 2026 with data readout anticipated in H1 2027 Sites open Sites being initiated or ‣ LCM indications can significantly under assessment increase selatogrel addressab
Slide 32: Cenerimod Investigated for Patients with SLE and Lupus Nephritis
Innovative Medicines Established Brands Cenerimod Investigated for the Treatment of Patients with Systemic Lupus Erythematosus (SLE) and Lupus Nephritis (LN) 32 © 2026 Viatris Inc. All Rights Reserved.
Slide 33: SLE is a Complex, High-Burden Autoimmune Disease With Persistent Unmet Need
Innovative Medicines Established Brands SLE is a Complex, High-Burden Autoimmune Disease With Persistent Unmet Need 3.4 million people worldwide ‣ Lupus can range from mild to severe depending on how it have SLE, with 400,000 individuals affects the body2,3 newly diagnosed each year1 ‣ Limited treat
Slide 34: Cenerimod, a Selective S1P1 Modulator, Acts on the Three Central Pillars of SLE
Innovative Medicines Established Brands Cenerimod, a Selective S1P1 Modulator, Acts on the Three Central Pillars of SLE Pathogenesis Cenerimod Targets More SLE Pathological Pathways Than Any Other Recent Therapies 1) Inhibition 2) Reduction 3) Decrease in circulating Egress autoreactive T-/B-cells o
Slide 35: Compelling Clinical Evidence From Comprehensive Phase 2 Program in SLE
Innovative Medicines Established Brands Compelling Clinical Evidence From Comprehensive Phase 2 Program in Patients With SLE Supports Late-Stage Development Phase 3 Phase 2 Phase 2b Phase 2a Confirmatory Japanese Study Study Studies (OPUS) Study (CARE) ‣ 407 patients with SLE exposed to cenerimod in
Slide 36: Cenerimod is a First-in-Class Oral Therapy With Novel MoA
Innovative Medicines Established Brands Cenerimod is a First-in-Class Oral Therapy With Novel MoA and the Potential for Highly Differentiated Benefit-Risk Profile in SLE First dose effect: HR reduction No increased risk of infections comparable to other S1P modulators but and opportunistic infection
Slide 37: OPUS: Confirmatory Pivotal Program Design
Innovative Medicines Established Brands OPUS: Confirmatory Pivotal Program Design Two identical Phase 3 multicenter, randomized, double-blind, placebo-controlled, parallel-group studies to evaluate the efficacy, safety, and tolerability of cenerimod in adult patients with moderate-to-severe SLE on t
Slide 38: Pivotal Studies Key Features: Designed to Maximize Treatment Effect
Innovative Medicines Established Brands Pivotal Studies Key Features: Designed to Maximize Treatment Effect Based on Learnings From Phase 2 Difference in study design between CARE and OPUS Rationale based on CARE findings and HAs feedback Design Two identical adequate and well controlled studies wit
Slide 39: OPUS-1/-2
Innovative Medicines Established Brands OPUS-1/-2: Europe (13): • Bulgaria • Germany • Romania • Czech • Greece • Serbia Rep. • Poland • Spain • France • Portugal • UK >840 Patients • Georgia • Ukraine Randomized Across 28 Countries ‣ Results of both studies expected North Asia-Pacific (7): • Philip
Slide 40: Optimizing In-House R&D Capabilities to Deliver Near- and Long-Term Catalysts
Optimizing In-House R&D Capabilities to Deliver Near- and Long-Term Catalysts 2026 2027-2029 2030+ INNOVATIVE Cenerimod MEDICINES Inpefa® (sotagliflozin) MR-146 (gene therapy) Selatogrel Potential business Pitolisant Nefecon® development Te c t hn ilit n Capab pme olo ies gies VALUE-ADDED o EFFEXOR®
Slide 41: Commercial Capabilities & Building Blocks for Growth
Commercial Capabilities & Building Blocks for Growth Corinne Le Goff Chief Commercial Officer
Slide 42: Global Commercial Platform: Foundational Strengths for Sustainable Growth
Global Commercial Platform: Foundational Strengths for Sustainable Growth Across the Portfolio Comprehensive Local Capabilities & Deep Competitive Advantage Expertise Driving Operational Excellence Across Categories Global Reach and Scale Leading Generics Company 165+ ~8,500 Markets Reached Sales Fo
Slide 43: Strong Execution Across Commercial Regions
Strong Execution Across Commercial Regions Region Growth Drivers Key Products Base Case LT Targets (1) Europe ‣ Promoted brands driving growth 4%-5% CAGR (2) ‣ Generics leader in France and Italy North America ‣ Complex generics leadership 2%-3% CAGR (2) ‣ Expanding portfolio of promoted brands Emer
Slide 44: Positioned to Succeed in Global Generics
Positioned to Succeed in Global Generics Pursuing High-Value Market Opportunities How we Continue to Win ~$175B of LOE value in the next 5 years. Deep Expertise in generics markets enables $175B highly competitive positioning Viatris generic focus on 60-80% of total (1) ‣ Portfolio replenishment tar
Slide 45: Disciplined Commercial Execution Driving Established Brands Resilience and Growth
Disciplined Commercial Execution Driving Established Brands Resilience and Growth Active management of Viatris outperformed MNC peers in established brands drives growth established brands in China post-VBP Leveraging local expertise and deep market Post-VBP Sales Performance of MNC Brands (1) insig
Slide 46: Value-Added and Innovative Launches: Retooling the Organization for Success
Value-Added and Innovative Launches: Retooling the Organization for Success Building on Existing Strengths Investing to Win Broadening value and access capabilities in Commercial Strong local commercial infrastructure with Access & health economics, outcomes research, and Infrastructure active sales
Slide 47: Potential Value-Added and Innovative Launches Expected 2026-2029
Potential Value-Added and Innovative Launches Expected 2026-2029 (1) Robust Pipeline <$250m peak sales $250M-$500M peak sales $1B+ peak sales Across Major Geographies GLOBAL 2 Launches UNITED STATES 5 Launches Cenerimod Low-Dose Estrogen Patch 2026 2028–29 Women’s Health Immunology Selatogrel Fast A
Slide 48: Japan: Transition to Innovative Portfolio Drives Pathway to Growth
Japan: Transition to Innovative Portfolio Drives Pathway to Growth Evolving Portfolio to New Value-Added and Innovative Medicines Launches Spydia® Launched December 2025 First intranasal rescue medication for seizure management Anticipated first and only approved Effexor® for GAD Expected Launch in
Slide 49: Fast-Acting Meloxicam: A New Non-Opioid Option for Acute Pain
Fast-Acting Meloxicam: A New Non-Opioid Option for Moderate to Severe Acute Pain Meaningful and Fast-Acting Meloxicam Opioid Risk Reduction Fast Pain Relief “It seems very promising. Fast absorption. Concentration. “I prefer to avoid opioids because of their high addiction Reduces opioid consumption
Slide 50: Fast-Acting Meloxicam: Optimizing for Speed to Realize Full Potential
Fast-Acting Meloxicam: Optimizing for Speed to Realize Full Potential Market Sizing Key Commercial Success Factors ‣ Prioritize fast and broad value-based access Speed to 80M+ U.S. patients suffer acute pain each year and growing 2-3% per year (2) Impact ‣ Leverage high patient and HCP interest in r
Slide 51: Novel Low-Dose Estrogen Contraceptive Patch
Novel Low-Dose Estrogen Contraceptive Patch: Lowest Estrogen Dose Patch to Meet Patient Need Once-weekly; steady, consistent Advanced patch technology hormone delivery Market research shows that women want a non-invasive alternative to the pill “I didn’t even realize there were options besides the “
Slide 52: Low-Dose Estrogen Contraceptive Patch: Driving Market Share
Novel Low-Dose Estrogen Contraceptive Patch: Driving Market Share in Promotion-Sensitive Market Market Sizing Key Commercial Success Factors Drive ‣ Target young demographic that responds to digital marketing 50M+ Women in U.S. on contraceptives (1) Women’s Choice ‣ Create a favorable access environ
Slide 53: Cenerimod: Potential First Oral Therapy Targeting Multiple SLE Pathways
Cenerimod: Potential First Oral Therapy Simultaneously Targeting Multiple SLE Pathways Cenerimod is a selective S1P1 receptor modulator acting on multiple SLE pathways with differentiated safety profile. Opportunity for pre-biologics positioning on top of standard of care. + Hydroxychloroquine Cener
Slide 54: Cenerimod: Establishing Position as Backbone of SLE Therapy
Cenerimod: Establishing Position as Backbone of SLE Therapy Market Sizing Key Commercial Success Factors ‣ Drive awareness of disease burden and need for People suffering from Lupus 5M+ Establish MoA more effective and well-tolerated novel therapies globally; 400,000 newly diagnosed in SLE ‣ Establi
Slide 55: Selatogrel: Potentially Establishing a New Paradigm in the Treatment of AMI
Selatogrel: Potentially Establishing a New Paradigm in the Treatment of AMI Selatogrel is a rapid, reversible P2Y12 inhibitor that could be the first patient-administered early rescue therapy for AMI 1 Heart Attack Up to 35% of Deaths are Selatogrel Every 40 Seconds (1) Pre-Hospital Admission (2) Un
Slide 56: Selatogrel: Focus on Preparing for Paradigm Change
Selatogrel: Focus on Preparing for Paradigm Change Market Sizing Key Commercial Success Factors 20M+ Post-MI Patients in Priority Markets (2) Prepare for Paradigm ‣ Position selatogrel as acute rescue therapy ‣ Educate HCPs and patients for symptom-onset Change use, including exploration of digital
Slide 57: Commercial Organization Primed to Deliver
Commercial Organization Primed to Deliver Viatris benefits from a resilient, diversified generics and established brands 1 foundation that we believe is positioned for durable growth Viatris has a unique competitive advantage with a disciplined and experienced 2 commercial organization with global s
Slide 58: Portfolio Strategy and Business Development
Portfolio Strategy and Business Development Hemanth Varghese Chief Strategy Officer
Slide 59: Uniquely Positioned as a Global Healthcare Company
Uniquely Positioned as a Global Healthcare Company Globally scaled platform creating value across the full spectrum of medicines with broad commercial reach and deep local market knowledge Broad development Deep regional Successful Secure global supply Extensive capabilities across market expertise
Slide 60: Proven Success Creating Value Across Categories
Proven Success Creating Value Across Categories Generics Established Brands Innovative Brands • High-value complex • Durable, trusted brands • Value-enhancing clinical generics partnerships • Strong local market • Strong relationships expertise • Ideal commercial partner for biotechs • Global platfo
Slide 61: Portfolio Strategy Five-Year Outlook
Portfolio Strategy Five-Year Outlook Generics Established Brands Innovative Brands ▸ Maximize life of current ▸ Extend with portfolio ▸ New regional business portfolio life cycle management development and partnering ▸ Invest in high-value ▸ Expand with added complex generics strong brands ▸ Build U
Slide 62: Our Approach to Global Business Development
Our Approach to Global Business Development Target to deliver incremental ~$1.0B-$1.5B total revenues and ~$500M adjusted EBITDA over five years with focus on durable, high-margin, branded medicines Regional Partnering Innovative Business Development ▸ Complementing regional infrastructure and ▸ Pri
Slide 63: Financial Framework for Accelerating Shareholder Value
Financial Framework for Accelerating Shareholder Value Doretta Mistras Chief Financial Officer
Slide 64: Our Financial Journey
Our Financial Journey 2020 2025 2026 ‣ Merged two companies to create Viatris, and Well-Positioned for Integrated and realized ~$1B synergies Sustained Revenue and Earnings Simplified Portfolio Growth Beginning in 2026 ‣ Divested four major businesses Total Revenues and ‣ Stabilized and returned bas
Slide 65: 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 66: Sustainable Revenue Growth
Sustainable Revenue Growth Sustainable Revenue Growth 3%-4% CAGR (1) +2% CAGR (1) Base Case Long-Term Target (2) Potential Additional Drivers (2) 5%-6% +1% CAGR (1)(2) +1% +1% +2%-3% • Capital deployed to accretive in- • Contribution of market business launches $14.3B • Higher-margin through 2030 de
Slide 67: Growth Across All Regions Through 2030
Sustainable Revenue Growth Growth Across All Regions Through 2030 Base Case Long-Term Targets (2) Emerging Markets 3%-4% CAGR Target (1)(2) Strong performance and steady volume growth of key brands Europe across all markets JANZ 4%-5% CAGR Target (1)(2) 0%-1% CAGR Target (1)(2) Continued steady grow
Slide 68: Accelerating Adjusted EBITDA Growth
Accelerate Earnings Growth Accelerating Adjusted EBITDA Growth 4%-5% CAGR (1) +3% CAGR (1) Base Case Long-Term Target (2) Potential Additional Drivers (2) 7%-8% +3% CAGR (1)(2) +1% +0% +3%-4% • Contribution of • Capital deployed $4.2B • Optimizing cost launches to accretive structure with through 20
Slide 69: Meaningful Net Cost Savings
Accelerate Earnings Growth Meaningful Net Cost Savings Enables Reinvestment to Enhance our Growth Profile through our Strategic Imperatives We are building a more focused, efficient and future-ready organization and positioning the company for sustained revenue and earnings growth beginning in 2026.
Slide 70: Significant Free Cash Flow
Cash Flow Firepower Significant Free Cash Flow >$3.0B Growing Adjusted EBITDA $2.2B (1) Growing >$2.7B Stable Cash Conversion Working Capital Improvements 2025 2030E Disciplined Capital Expenditures Base Case Combined LT Target (2) LT Target (2) For key references and non-GAAP measures, see slide 3
Slide 71: Balanced Capital Allocation Framework
Balanced Capital Allocation Balanced Capital Allocation Framework Significant Cash Available for Deployment with Clear and Balanced Priorities Capital Return ~50% ~50% Business Development Quarterly Dividends Fuel Innovative Portfolio ‣ Core component of total capital return $11B+ ‣ Target accretive
Slide 72: Capital Structure and Financial Policy
Balanced Capital Allocation Capital Structure and Financial Policy Committed to Investment Grade Financial Profile Long-term Debt Paydown since >$10B Viatris Inception 2.8x-3.2x Gross Leverage Ratio Target Notional Debt Outstanding (1) $25.1B $22.4B Expect to repay a portion of $18.7B ~$1.9B upcomin
Slide 73: Long-Term Financial Targets
Long-Term Financial Targets 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% Revenues +0% and Adj EPS 4%-5% Adj EBITDA CAGR (3) 7%-8% Adj E
Slide 74: Key Assumptions for Long-Term Financial Targets
Key Assumptions for Long-Term Financial Targets 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 ‣ Includes upcoming potential launches of low-
Slide 75: Closing Remarks
Closing Remarks Scott A. Smith Chief Executive Officer
Slide 76: Our Strong Case for Your Investment
▸ Strong global platform operating across major markets with a diverse product portfolio ▸ Growing base business evolving into a more durable Our Strong portfolio of higher-margin generics, value-added medicines, and established brands Case for Your ▸ Impactful near-term launches that support revenu
Slide 77: Deep and Experienced Leadership Team
Deep and Experienced Leadership Team Scott A. Smith Doretta Mistras Philippe Martin Corinne Le Goff Hemanth J. Varghese Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer Chief Strategy Officer Joined 2023 Joined 2024 Joined 2023 Joined 2024 Joined 2025 Paul C
Slide 78: Our Board is Refreshed and Enhanced
Our Board is Refreshed and Enhanced Melina Higgins Mark Parrish Scott Smith W. Don Cornwell Frank D’Amelio JoEllen Lyons Dillon Elisha Finney Independent Chair Independent Vice Chair CEO & Director Independent Director Independent Director Independent Director Independent Director of the Board of th
Slide 79: GAAP / Non-GAAP Reconciliations
GAAP / Non-GAAP Reconciliations 79
Slide 80: 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 81: 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 82: U.S. GAAP Net Loss 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 to Adjusted Net Earnings and U.S. GAAP Diluted Loss Per Share to Adjusted EPS Year Ended December 31, 2025 U.S. GAAP net loss and U.S. GAAP diluted loss
Slide 83: U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA Year Ended December 31, 2025 U.S. GAAP net loss.....................................................................................................
Slide 84: Free Cash Flow and Free Cash Flow Excluding Transaction-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 Costs Year Ended December 31, 2025 U.S. GAAP net cash provided by operating activities........................ $ 2,315.9 Capital expe
Slide 85: Gross Leverage – Debt to Adjusted EBITDA – Q4 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage – Debt to Adjusted EBITDA – Q4 2025 Gross Leverage Ratio is the ratio of Viatris’ total debt at notional amounts at December 31, 2025 to Viatris’ adjusted EBITDA for th
Slide 86: Gross Leverage – Debt to Adjusted EBITDA – Q4 2024
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage – Debt to Adjusted EBITDA – Q4 2024 Year Ended December 31, 2024 Adjusted EBITDA (a)................................................................... $ 4,669.4 Report
Slide 87: U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA – Q4 2024
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA – Q4 2024 Year ended December 31, 2024 U.S. GAAP net loss...........................................................................................
Slide 88: Gross Leverage – Debt to Adjusted EBITDA – Q4 2023
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except ratio) Gross Leverage – Debt to Adjusted EBITDA – Q4 2023 Year Ended December 31, 2023 Adjusted EBITDA (a)................................................................... $ 5,124.1 Report
Slide 89: U.S. GAAP Net Earnings to EBITDA and Adjusted EBITDA – Q4 2023
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Earnings to EBITDA and Adjusted EBITDA – Q4 2023 Year ended December 31, 2023 U.S. GAAP net earnings...................................................................................
Slide 90: 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 Report
Slide 91: U.S. GAAP Net Earnings to EBITDA and Adjusted EBITDA – Q4 2022
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Earnings to EBITDA and Adjusted EBITDA – Q4 2022 Year ended December 31, 2022 U.S. GAAP net earnings...................................................................................
Slide 92: 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 Report
Slide 93: U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA – Q4 2021
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Loss to EBITDA and Adjusted EBITDA – Q4 2021 Year ended December 31, 2021 U.S. GAAP net loss...........................................................................................
Slide 94: 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 Report
Slide 95: U.S. GAAP Net Loss to EBITDA and Combined Adjusted EBITDA – Q4 2020
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net Loss to EBITDA and Combined Adjusted EBITDA – Q4 2020 Year ended December 31, 2020 U.S. GAAP net loss..................................................................................