Viatris Inc. · NASDAQ:VTRS
Viatris — Q3 2025 Earnings Presentation
45 slides from Viatris's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 6, 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 V
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 2025 fin
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: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Total Revenues Adjusted EBITDA $3.8B $1.2B Adjusted EPS Free Cash Flow (1) Excluding Transaction-related Costs $0.67 $728M For key references and non-GAAP measures, see slide 3 (1) Q3 2025 Free Cash Flow was $658M. Excluding the impact of transaction-related costs of $70
Slide 6: Delivering on Our 2025 Strategic Priorities
Delivering on Our 2025 Strategic Priorities 2025 Strategic Priorities Execution • Q3 operational performance in line with expectations, Drive strong commercial execution with 1% total revenue growth ex Indore (1) • Submitted NDA for our low dose estrogen weekly patch Advance our pipeline • Returned
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: Global Portfolio of Registrational Opportunities
Global Portfolio of Registrational Opportunities Asset Region Targeted Indication Phase 3 Regulatory Review Status Anticipated Milestone Filed regulatory submission in EFFEXOR® Japan Generalized Anxiety Disorder (GAD) Targeting approval in H1 2026 Japan Fast-Acting Meloxicam Two positive Phase 3 stu
Slide 9: 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 Targeting Phase 3 enrollment Ceneri
Slide 10: Commercial Update
Commercial Update Corinne Le Goff Chief Commercial 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 trad
Slide 11: Substantial Market for Moderate-to-Severe Acute Pain
Substantial Market for Moderate-to-Severe Acute Pain Significant Unmet Need for Fast, Sustained, and Meaningful Non-opioid Pain Relief Acute Pain Market (1) and Treatment Landscape ~80M ~2% CAGR ~50% Acute Pain Cases Estimated Growth in Acute Pain Prescriptions in U.S. Annually Acute Pain Incidence
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. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are tradem
Slide 13: Q3 2025 Financial Results
Q3 2025 Financial Results ($M, except percentages and Adjusted EPS) Divestiture-Adj Q3 2025 Q3 2024 (1) Change Op Change Op Change Total Revenues $3,760 $3,751 0% (2%) (1%) Adjusted EBITDA $1,155 $1,285 (10%) (10%) (8%) Adjusted EPS $0.67 $0.75 (11%) (10%) (9%) Free Cash Flow $658 $750 (12%) Free Ca
Slide 14: Total Net Sales
Total Net Sales ($M) Q3 2025 Q3 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q3 Performance vs. Prior Year Period Net Sales $3,748 $3,738 0% (2%) ‣ +1% divestiture-adj op change ex Indore (2) Brands 2,437 2,362 3% 1% ‣ Brands: Continued strength in our Greater China and Emerging Markets segments, in
Slide 15: Developed Markets
Developed Markets ($M) Q3 2025 Q3 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q3 Performance vs. Prior Year Period Net Sales $2,256 $2,299 (2%) (5%) ‣ Europe: ~$1.4B; +1% divestiture-adj op change Brands 1,241 1,218 2% (2%) ‣ North America: ~$0.9B; (12%) divestiture-adj op change Generics 1,014 1,0
Slide 16: Emerging Markets
Emerging Markets ($M) Q3 2025 Q3 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q3 Performance vs. Prior Year Period Net Sales $570 $533 7% 7% ‣ Brands: Continued strength in Turkey, Mexico, Brands 424 396 7% 7% and Emerging Asia regions, as well as growth in key brands such as Zoloft®, Norvasc®, and
Slide 17: JANZ
JANZ ($M) Q3 2025 Q3 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q3 Performance vs. Prior Year Period Net Sales $306 $344 (11%) (10%) ‣ Brands: Expected negative impact from Brands 159 189 (16%) (16%) government price regulations and change in reimbursement for off-patent brands Generics 147 155 (5
Slide 18: Greater China
Greater China ($M) Q3 2025 Q3 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q3 Performance vs. Prior Year Period Net Sales $615 $562 10% 9% ‣ Overall performance primarily reflects strong Brands 612 559 9% 9% growth in China and across multiple channels, including e-commerce, retail, and private Gene
Slide 19: Financial Guidance
Financial Guidance This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.
Slide 20: Indore Update
Indore Update • Our initial remediation activities are substantially complete, and we recently met with the U.S. FDA to discuss our remediation progress and potential timing for reinspection Status • Continue to build operational redundancies by requalifying other sites in our network and adding thi
Slide 21: Updated 2025 Financial Guidance
Updated 2025 Financial Guidance ($M, except percentages and Adjusted EPS) Estimated Ranges (1) Midpoint (1) Acquired Share YTD FX Estimated Ranges (3) Midpoint (3) August 7, 2025 August 7, 2025 IPR&D Repurchases (2) Impact November 6, 2025 November 6, 2025 Total Revenues $13,500 - $14,000 $13,750 –
Slide 22: Updated 2025 Key Metrics
Updated 2025 Key Metrics Key Metrics Utilized for 2025 Financial Guidance Estimated Ranges (1) Estimated Ranges (2) August 7, 2025 November 6, 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)
Slide 23: Key Modeling / Phasing Considerations
Key Modeling / Phasing Considerations 2025 Financial Guidance Key Assumptions • Updated financial guidance ranges incorporate realized YTD FX benefit • Adjusted EPS and Shares Outstanding include estimated impact of shares repurchased in 2025 through and including November 5, 2025, and does not incl
Slide 24: 2025 Capital Allocation Framework
2025 Capital Allocation Framework Prioritize Capital Return with Focus on Share Repurchases YTD Execution (1) Framework • Returned >$920M of capital to shareholders • Expect $500M-$650M in total share repurchases in 2025 Capital Return • $500M share repurchases • Board approved annual dividend polic
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: 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 27: 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 (1) GAAP Non-GAAP Total Revenues $13,900 - $14,300 N/A Adjusted EBITDA N/A $4,000 - $4,200 Net Cash provided by $
Slide 28: Reconciliation of Estimated 2025 Operating Cash Flow to Free Cash Flow (Nov 6)
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 (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,20
Slide 29: Full Year 2025 Financial Guidance Items as of August 7, 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 August 7, 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,
Slide 30: Reconciliation of Estimated 2025 Operating Cash Flow to Free Cash Flow (Aug 7)
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 August 7, 2025 (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,200
Slide 31: U.S. GAAP 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) U.S. GAAP Net (Loss) Earnings to Adjusted Net Earnings and U.S. GAAP Diluted (Loss) Earnings Per Share to Adjusted EPS Three Months Ended Nine Months Ended September 30, S
Slide 32: U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP net (loss) earnings.......................
Slide 33: Summary of Total Revenues by Segment – Q3 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q3 2025 Three Months Ended September 30, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divest
Slide 34: Summary of Total Revenues by Segment – Q3 2025 YTD
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q3 2025 YTD Nine Months Ended September 30, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Div
Slide 35: 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Select Key Global Products Lipitor ® $ 396.1 $ 375.6 $ 1,172.0 $
Slide 36: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP cost of sales................................................................
Slide 37: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP SG&A (a)..............................................................................
Slide 38: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP R&D....................................................................................
Slide 39: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP total operating expenses........................................ $ 1,192.7 $
Slide 40: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP interest expense.................................................................. $
Slide 41: Other Expense (Income), Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense (Income), Net Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP other expense (income), net...............................................
Slide 42: (Loss) Earnings Before Income Taxes and Income Tax Provision (Benefit)
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) (Loss) Earnings Before Income Taxes and Income Tax Provision (Benefit) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP (loss) earnings befo
Slide 43: 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. GAAP net cash provided by operating a
Slide 44: 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 September 30, 2025 to the sum of Viatris’ adjusted EBITDA for
Slide 45: Net Loss to EBITDA and Adjusted EBITDA – Last Twelve Months
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Net Loss to EBITDA and Adjusted EBITDA – Last Twelve Months Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 U.S. GAAP net loss..................................