Slide 1: Q2 2025 Earnings
Q2 2025 Earnings August 7, 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 Via
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: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Total Revenues Adjusted EBITDA $3.6B $1.1B Adjusted EPS Free Cash Flow (1) Excluding Transaction-related Costs $0.62 $241M For key references and non-GAAP measures, see slide 3 (1) Q2 2025 Free Cash Flow was $167M. Excluding the impact of transaction-related costs of $74
Slide 6: Delivering on Our 2025 Strategic Priorities
Delivering on Our 2025 Strategic Priorities 2025 Strategic Priorities Execution • Q2 operational performance above expectations, Drive strong commercial execution with 3% total revenue growth ex Indore (1) • Positive results from five Phase 3 data readouts Advance our pipeline • Selatogrel and cener
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 GYWN LO Targeting FDA submission in H2 Contraception Positi
Slide 9: Novel Fast-Acting Meloxicam (MR-107A-02) Data Presentations
Novel Fast-Acting Meloxicam (MR-107A-02) Data Presentations PAINWeek Conference: September 2-5, 2025 Five Accepted Abstracts: Pharmacokinetics Herniorrhaphy Bunionectomy Reduced Opioid Use Postoperative Pain Study comparing Efficacy and safety of Efficacy and safety of Opioid sparing effect Efficacy
Slide 10: Positive Top-Line Readouts in Eye Care Phase 3 Studies
Positive Top-Line Readouts in Eye Care Phase 3 Studies Phentolamine Ophthalmic Solution Phentolamine Ophthalmic Solution (MR-141) (MR-142) • Announced positive top-line results from second pivotal • Announced positive top-line results from Phase 3 trial (LYNX-2) Phase 3 trial (VEGA-3) in presbyopia
Slide 11: Selatogrel and Cenerimod Phase 3 Studies On Track
Selatogrel and Cenerimod Phase 3 Studies On Track Capitalizing on Momentum with Accelerated Phase 3 Study Enrollment Selatogrel Cenerimod • 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 • Contin
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: Q2 2025 Financial Results
Q2 2025 Financial Results ($M, except percentages and Adjusted EPS) Divestiture-Adj Q2 2025 Q2 2024 (1) Change Op Change Op Change Total Revenues $3,582 $3,797 (6%) (7%) (2%) Adjusted EBITDA $1,079 $1,208 (11%) (12%) (4%) Adjusted EPS $0.62 $0.69 (10%) (12%) (4%) Free Cash Flow $167 $320 (48%) Free
Slide 14: Total Net Sales
Total Net Sales ($M) Q2 2025 Q2 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $3,569 $3,786 (6%) (7%) ‣ +3% divestiture-adj op change ex Indore (2) Brands 2,285 2,363 (3%) (5%) ‣ Brands: Continued strength in our Greater China and Emerging Markets segmen
Slide 15: Developed Markets
Developed Markets ($M) Q2 2025 Q2 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $2,119 $2,319 (9%) (11%) ‣ Europe: ~$1.2B; +2% divestiture-adj op change Brands 1,121 1,234 (9%) (12%) ‣ North America: ~$0.9B; (11%) divestiture-adj op change Generics 998 1
Slide 16: Emerging Markets
Emerging Markets ($M) Q2 2025 Q2 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $555 $578 (4%) (3%) ‣ Brands: Continued strength in Turkey and Brands 416 395 5% 7% Emerging Asia regions, as well as stabilization of the Korean market Generics 139 183 (24%)
Slide 17: JANZ
JANZ ($M) Q2 2025 Q2 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $306 $350 (13%) (14%) ‣ Brands: Expected negative impact from Brands 161 198 (19%) (23%) government price regulations and change in reimbursement for off-patent brands Generics 145 151 (4
Slide 18: Greater China
Greater China ($M) Q2 2025 Q2 2024 Change Op Change OPERATIONAL HIGHLIGHTS Q2 Performance vs. Prior Year Period Net Sales $589 $539 9% 9% ‣ Overall performance primarily reflects strong Brands 587 536 9% 9% growth in China and across multiple channels, including E-commerce, retail, and private Gener
Slide 19: Financial Guidance
Financial Guidance This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2025 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.
Slide 20: Indore Update
Indore Update • Following an inspection of our oral finished dose manufacturing facility in Indore, India by the U.S. FDA in June 2024, we received a warning letter and import alert related to this facility in December 2024 Overview • The import alert affects 11 actively distributed products in the
Slide 21: Reaffirming 2025 Financial Guidance
Reaffirming 2025 Financial Guidance ($M, except percentages and Adjusted EPS) Estimated Ranges (1) Midpoint (1) Key Metrics Utilized in Financial Guidance Estimated Ranges (1) Adjusted Gross Margin 56.0% - 57.0% Total Revenues $13,500 - $14,000 $13,750 Adjusted SG&A % of Total Revenues (2) 23.0% - 2
Slide 22: Key Modeling / Phasing Considerations
Key Modeling / Phasing Considerations 2025 Financial Guidance Key Assumptions • Total Revenues and Adjusted EPS expected to be in top half of guidance ranges based on positive operational momentum, YTD FX and executed share buyback benefits • Does not include any potential impact related to future t
Slide 23: 2025 Capital Allocation Framework
2025 Capital Allocation Framework Prioritize Capital Return with Focus on Share Repurchases Capital Return Business Development • Returned >$630M of capital to shareholders YTD, • Continue to pursue licensing and partnership including $350M share repurchases and ~$280M opportunities with immediate r
Slide 24: 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 25: 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 26: 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 27: 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 August 7, 2025 (1) Estimated U.S. GAAP Net Cash provided by Operating Activities $2,200
Slide 28: 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 29: 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 30: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024
Slide 31: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP net loss........................................................
Slide 32: Summary of Total Revenues by Segment – Q2 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – Q2 2025 Three Months Ended June 30, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divestiture
Slide 33: Summary of Total Revenues by Segment – H1 2025
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Summary of Total Revenues by Segment – H1 2025 Six Months Ended June 30, Divestiture- 2025 Constant Constant Closed 2024 Adjusted Adjusted 2025 Currency Currency Currency % Divestitures
Slide 34: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Select Key Global Products Lipitor ® $ 387.9 $ 348.4 $ 775.9 $ 737.3 Norvasc
Slide 35: Cost of Sales
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) Cost of Sales Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP cost of sales......................................................................... $
Slide 36: SG&A
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) SG&A Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP SG&A (a)............................................................................... $ 928.7 $
Slide 37: R&D
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions, except %s) R&D Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP R&D.......................................................... $ 218.8 $ 204.1 $ 440.8 $ 403.8 Dedu
Slide 38: Total Operating Expenses
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Total Operating Expenses Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP total operating expenses........................................ $ 1,099.9 $ 1,685.3 $ 5
Slide 39: Interest Expense
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Interest Expense Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP interest expense.................................................................. $ 116.6 $ 145
Slide 40: Other Expense (Income), Net
Viatris Inc. and Subsidiaries | Reconciliation of Non-GAAP Financial Measures (Unaudited; in millions) Other Expense (Income), Net Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP other expense (income), net.................................................... $ 333
Slide 41: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP loss before income taxes..................
Slide 42: 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 U.S. GAAP net cash provided by operating activities..
Slide 43: 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 June 30, 2025 to the sum of Viatris’ adjusted EBITDA for the q
Slide 44: 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 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 U.S. GAAP net (loss) earnings............