Viatris Inc. · NASDAQ:VTRS
Viatris — Q4 2025 Earnings Presentation
51 slides from Viatris's earnings presentation, Feb 26, 2026
Slide 1: Q4 & Full Year 2025 Earnings
Q4 & Full Year 2025 Earnings February 26, 2026 This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of My
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: 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. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are tradema
Slide 5: 2025 Highlights
2025 Highlights 2025 Financial Highlights $14.3B Total Revenues $4.2B Adjusted EBITDA $2.35 Adjusted EPS $2.2B Free Cash Flow (1) Ex Transaction Costs Delivered on 2025 Strategic Priorities Drove strong commercial execution across our global Advanced our pipeline, including five positive Phase 3 por
Slide 6: Enterprise-Wide Strategic Review
Enterprise-Wide Strategic Review We’re building a more focused, efficient and future-ready organization and positioning the company for sustained revenue and earnings growth beginning in 2026. Identified opportunities to: Meaningful Net Cost Savings ‣ Expect ~$650M in total cost savings by the end 1
Slide 7: 2026 Strategic Priorities
2026 Strategic Priorities A Year of Disciplined Execution Execute disciplined and balanced Deliver strong financial performance capital allocation Drive commercial execution, Target accretive in-market including launches business development Advance our pipeline, including Evolve our organization an
Slide 8: 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. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Myla
Slide 9: 2026 R&D Priorities
2026 R&D Priorities Advance Our Pipeline Continue to drive our generics pipeline and established brands portfolio, which together account for 100+ new product approvals expected globally in 2026 Advance our innovative pipeline, with anticipated regulatory decisions for six product candidates and pro
Slide 10: Global Portfolio of Registrational Opportunities
Global Portfolio of Registrational Opportunities Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone Anticipate regulatory decision EFFEXOR® Japan Generalized Anxiety Disorder (GAD) J-NDA filed in Japan in H1 2026 Fast-Acting Meloxicam Two positive Phase 3 studies
Slide 11: Advancing Phase 3 Pipeline with Readouts Starting in 2026
Advancing Phase 3 Pipeline with Readouts Starting in 2026 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 OPUS-1 recruitment complete, Target
Slide 12: 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. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are tradem
Slide 13: 2025 Financial Results
2025 Financial Results ($M, except Adjusted EPS) 2025 Guidance Ranges (1) 2025 Results Financial Snapshot November 6, 2025 ‣ Operational performance in line with our Total Revenues $13,900 - $14,300 $14,300 expectations, with 2% total revenue growth ex Indore (3) Adjusted EBITDA $4,000 - $4,200 $4,1
Slide 14: 2026 Financial Guidance Key Assumptions
2026 Financial Guidance Key Assumptions ‣ Expect Total Revenues to grow ~3%, including anticipated full-year FX tailwind of ~0.5% (1) Total ‣ Anticipate new product revenue of $450M-$550M Revenues ‣ Expect operational growth across Developed Markets, Emerging Markets, and Greater China ‣ Adjusted Gr
Slide 15: 2026 Financial Guidance
2026 Financial Guidance ($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 Revenues 22
Slide 16: Total Viatris
Total Viatris Total Revenues 2026E Tailwinds ‣ New product revenues of $450M-$550M 2026 Total Revenues 2026E Total Revenue 2026E Operational Guidance Midpoint (1) Change (2) Change (3) ‣ Operational growth in Europe, Emerging Markets, and Greater China regions ‣ Stable and diversified generics portf
Slide 17: Developed Markets
Developed Markets Developed Markets 2026E Net Sales 2025 Net Sales $8.5B 2026E Operational Change (1) 2% Europe 39% 52% 61% 48% 2025 Net Sales $5.1B 2026E Operational Change (1) 4% North America Europe Brands North America Generics 2025 Net Sales $3.4B 2026E Operational Change (1) 0% For key referen
Slide 18: Europe
Europe Developed Markets 2026E Tailwinds 2025 Net Sales $8.5B ‣ New product launches in brands and generics portfolios 2026E Operational Change (1) 2% ‣ Key market growth, including France and Italy ‣ Strong generics base business across diverse Europe product portfolio ‣ Strong performance in key b
Slide 19: North America
North America Developed Markets 2026E Tailwinds 2025 Net Sales $8.5B ‣ New product contributions, including octreotide, iron ferric, and iron sucrose 2026E Operational Change(1) 2% ‣ Strong complex generics performance from Breyna®, Estradiol TDS, and Xulane® Europe ‣ Positive trends in brands, incl
Slide 20: Emerging Markets
Emerging Markets Emerging Markets 2026E Tailwinds 2025 Net Sales 2026E Operational Change(1) ‣ Expansion in key markets, including Turkey, Mexico, India, and Brazil ‣ Growth in key products, such as Lyrica® and $2.2B 6% Zoloft® ‣ Contributions from new product launches 2026E Net Sales ‣ Partial Indo
Slide 21: JANZ
JANZ JANZ 2026E Tailwinds 2025 Net Sales 2026E Operational Change (1) ‣ New product launches to include Effexor® and Spydia® in Japan $1.2B (7%) 2026E Net Sales 6% 2026E Headwinds 50% Japan Brands 33% Australia ‣ Base business erosion primarily driven by Generics 61% 50% New Zealand government price
Slide 22: Greater China
Greater China Greater China 2026E Tailwinds 2025 Net Sales 2026E Operational Change (1) ‣ Focus on cardiovascular and other growth products ‣ Maximize well-established commercial $2.3B 3% presence across multiple channels, including e-commerce, retail, and private hospitals 2026E Net Sales 3% 8% 202
Slide 23: 2026 Free Cash Flow Guidance
2026 Free Cash Flow Guidance ($M) 2026 U.S. GAAP Net Cash Provided $1,700 - $2,000 By Operating Activities (1) Capital Expenditures ($350) – ($450) Free Cash Flow $1,250 - $1,650 Expected cash costs include: ‣ ~$320M divestiture-related taxes and costs Transaction-related and ‣ ~$250M restructuring-
Slide 24: 2026 Capital Allocation Framework
2026 Capital Allocation Framework Expect >$2.5B Cash Available for Deployment in 2026 (1) Capital Return Business Development Debt ‣ Annual dividend policy of $0.48 ‣ Pursue accretive in-market business ‣ Expect to repay a portion of ~$1.9B per share development to accelerate growth upcoming maturit
Slide 25: Q&A
Q&A Scott A. Smith Doretta Mistras Philippe Martin Corinne Le Goff Chief Executive Officer Chief Financial Officer Chief R&D Officer Chief Commercial Officer This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is
Slide 26: Appendix
Appendix This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company. 26
Slide 27: Q4 2025 Financial Results
Q4 2025 Financial Results ($M, except percentages and Adjusted EPS) Divestiture-Adj Q4 2025 Q4 2024 (1) Change Op Change Op Change Total Revenues $3,704 $3,528 5% 1% 2% Adjusted EBITDA $1,003 $984 2% (1%) 1% Adjusted EPS $0.57 $0.54 6% 0% 2% Free Cash Flow $619 $342 81% Free Cash Flow (2) $730 $685
Slide 28: Total Net Sales
Total Net Sales ($M) Q4 2025 Q4 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q4 Performance vs. Prior Year Period Net Sales $3,691 $3,515 5% 1% ‣ Brands: Continued strength in Greater China Brands 2,346 2,166 8% 4% and Emerging Markets, in addition to growth in certain key brands in Developed Market
Slide 29: Developed Markets
Developed Markets ($M) Q4 2025 Q4 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q4 Performance vs. Prior Year Period Net Sales $2,247 $2,146 5% 0% ‣ Europe: ~$1.4B; +4% divestiture-adj op change Brands 1,189 1,101 8% 1% ‣ North America: ~$0.9B; (6%) op change Generics 1,059 1,045 1% (2%) ‣ Brands: Gr
Slide 30: Emerging Markets
Emerging Markets ($M) Q4 2025 Q4 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q4 Performance vs. Prior Year Period Net Sales $565 $513 10% 8% ‣ Brands: Continued strength in Turkey, Mexico, Brands 431 372 16% 13% South Korea and Emerging Asia regions, as well as growth in key brands such as Lyrica®,
Slide 31: JANZ
JANZ ($M) Q4 2025 Q4 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q4 Performance vs. Prior Year Period Net Sales $306 $335 (9%) (8%) ‣ Brands: Expected negative impact from Brands 156 172 (10%) (9%) government price regulations and change in reimbursement for off-patent brands Generics 150 162 (8%)
Slide 32: Greater China
Greater China ($M) Q4 2025 Q4 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q4 Performance vs. Prior Year Period Net Sales $573 $522 10% 8% ‣ Overall performance primarily reflects strong Brands 570 520 10% 8% growth in China and across multiple channels, including e-commerce, retail, and private Gen
Slide 33: 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. © 2026 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Via
Slide 34: 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 35: Reconciliation of Estimated 2026 Net Cash from Operating Activities 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 36: Full Year 2025 Financial Guidance Items as of November 6, 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 November 6, 2025 GAAP Non-GAAP (1) Total Revenues $13,900 - $14,300 N/A Adjusted EBITDA N/A $4,000 - $4,200 Net Cash Provided by $
Slide 37: Reconciliation of Estimated 2025 Net Cash from Operating Activities 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 November 6, 2025 Estimated U.S. GAAP Net Cash Provided by Operating Activities $1,900 -
Slide 38: 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 Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 202
Slide 39: 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 Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP net loss......................................................
Slide 40: Summary of Total Revenues by Segment – Q4 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q4 2025 Three Months Ended December 31, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divesti
Slide 41: Summary of Total Revenues by Segment – FY 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – FY 2025 Year Ended December 31, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divestitures Ex
Slide 42: 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 Year Ended December 31, December 31, 2025 2024 2025 2024 Select Key Global Products Lipitor ® $ 377.3 $ 355.9 $ 1,549.3 $ 1,468.8 N
Slide 43: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP cost of sales.........................................................................
Slide 44: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP SG&A (a).......................................................................................
Slide 45: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP R&D.............................................................................................
Slide 46: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP total operating expenses........................................ $ 1,340.6 $ 1,394.8 $
Slide 47: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP interest expense.................................................................. $ 119.6 $ 1
Slide 48: Other Expense, Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense, Net Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP other expense, net.........................................................................
Slide 49: Loss Before Income Taxes and Income Tax (Benefit) Provision
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Loss Before Income Taxes and Income Tax (Benefit) Provision Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP loss before income taxes................
Slide 50: 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 Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 U.S. GAAP net cash provided by operating activities
Slide 51: 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 December 31, 2025 to Viatris’ adjusted EBITDA for the year end