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1、Viatris Reports First Quarter 2025 Results and Reaffirms 2025 OutlookMay 8,2025Delivers Total Revenues in Line With Expectations Demonstrating Strength of the Base BusinessMakes Significant Pipeline Progress With Three Positive Phase 3 Data Readouts Returns More Than$450 Million in Capital to Shareh

2、olders Year-to-Date and Reaffirms 2025 Capital Allocation PrioritiesPITTSBURGH,May 8,2025/PRNewswire/-Viatris Inc.(Nasdaq:VTRS)today reported first quarter 2025 financial results and reaffirmed its 2025outlook1.Executive Commentary2025 is off to a good start as we continue to focus on executing our

3、strategic priorities,said Scott A.Smith,CEO,Viatris.Our growing pipeline,capital discipline,operational execution,and significant global scope give us confidence in our ability to navigate the periods of increased volatility anduncertainty that our industry has been experiencing much of this year.We

4、 continue to generate strong cash flow and we are delivering on our capital allocation plan including share repurchases of over$300 million year todate,said Doretta Mistras,CFO,Viatris.We believe we are currently well positioned to meet our financial guidance and our commitment toprioritizing return

5、ing capital to shareholders through the remainder of the year.1 Viatris is not providing forward-looking guidance for U.S.GAAP net(loss)earnings or U.S.GAAP diluted EPS or a quantitative reconciliation of its2025 adjusted EBITDA or adjusted EPS guidance.U.S.GAAP net cash provided by operating activi

6、ties for 2025 is estimated to be between$2.2billion and$2.5 billion,with a midpoint of approximately$2.35 billion.2025 financial guidance ranges as provided on May 8,2025,exclude the impactof any divestiture-related taxes and transaction costs,acquired IPR&D for unsigned deals,and any potential impa

7、ct of future tariffs and traderestrictions as they cannot be reasonably forecasted.See 2025 Financial Guidance and Non-GAAP Financial Measures for additional information.First Quarter ResultsThree Months EndedMarch 31,(Unaudited;in millions,except%s and per share amounts)20252024ReportedChangeOperat

8、ionalChange(1)(2)DivestitureAdjustedOperationalChange(1)(2)Total Revenues$3,254.3$3,663.4(11)%(9)%(2)%Total Net Sales$3,243.2$3,653.5(11)%(9)%(3)%Developed Markets1,891.72,165.4(13)%(11)%(3)%Emerging Markets519.9626.4(17)%(13)%(5)%JANZ276.1317.8(13)%(9)%(6)%Greater China555.5543.92%4%4%Net Sales by

9、Product CategoryBrands$2,116.9$2,309.1(8)%(5)%3%Generics1,126.31,344.4(16)%(15)%(11)%U.S.GAAP Gross Profit$1,161.2$1,504.0(23)%U.S.GAAP Gross Margin35.7%41.1%Adjusted Gross Profit(2)$1,819.6$2,154.8(16)%Adjusted Gross Margin(2)55.9%58.8%U.S.GAAP Net(Loss)Earnings(3)$(3,042.0)$113.9NMU.S.GAAP(Loss)Ea

10、rnings Per Share(3)$(2.55)$0.09NMAdjusted Net Earnings(2)$600.3$812.7(26)%Adjusted EPS(2)$0.50$0.67(25)%(23)%(14)%EBITDA(2)$(2,316.8)$1,034.0NMAdjusted EBITDA(2)$923.5$1,193.4(23)%(20)%(12)%U.S.GAAP Net Cash Provided by Operating Activities$535.5$614.6(13)%Capital Expenditures42.649.8(14)%Free Cash

11、Flow(2)(4)$492.9$564.8(13)%_(1)See Certain Key Terms and Presentation Matters in this release for more information.(2)Non-GAAP financial measures.See Non-GAAP Financial Measures for additional information.(3)For the three months ended March 31,2025,includes a goodwill impairment charge of$2.9 billio

12、n as a result of the interim goodwill impairmenttest performed as of March 31,2025.See Goodwill Impairment for additional information.(4)Excluding the impact of transaction costs and taxes primarily related to the divestitures of$43 million,free cash flow for the three months endedMarch 31,2025,was$

13、535 million.Excluding the impact of transaction costs and taxes primarily related to the divestitures of$83 million,free cashflow for the three months ended March 31,2024,was$648 million.Quarterly Financial HighlightsFirst quarter 2025 total revenues were$3.3 billion,down 11%on a reported basis and

14、down 2%on a divestiture-adjustedoperational basis compared to first quarter 2024,primarily driven by the negative Indore Impact.Excluding the IndoreImpact,total revenues would have increased 2%on a divestiture-adjusted operational basis compared to first quarter 2024.Brands net sales reflect the exp

15、ansion of the Companys portfolio in Emerging Markets,and strong growth in GreaterChina and Developed Markets.Generics net sales reflect the expected negative Indore Impact,partially offset by growth in certain complex products inNorth America,strong performance across key European markets,and volume

16、 growth in JANZ.The Company generated approximately$67 million in new product revenues in the quarter and continues to expect todeliver approximately$450 million to$550 million in new product revenues in 2025.First quarter 2025 U.S.GAAP net loss was$(3.0)billion compared to U.S.GAAP net earnings of$

17、114 million in the firstquarter of 2024,and U.S.GAAP diluted EPS was a loss of$(2.55)per share in Q1 2025 compared to a gain of$0.09 pershare in Q1 2024,in each case primarily driven by a non-cash goodwill impairment charge of$2.9 billion in the currentquarter.See Goodwill Impairment for more inform

18、ation.First quarter 2025 adjusted EBITDA was$923 million,down 23%on a reported basis and down 12%on a divestiture-adjusted operational basis compared to the first quarter of 2024,and adjusted EPS was$0.50 per share in Q1 2025,down25%on a reported basis and down 14%on a divestiture-adjusted operation

19、al basis compared to Q1 2024,both primarilydriven by the negative Indore Impact.The Company generated U.S.GAAP net cash provided by operating activities of$535 million,and free cash flow of$493million,including$43 million in transaction-related costs.Additional HighlightsThe Company received positiv

20、e results from the Phase 3 open-label,long-term extension study for EFFEXOR requiredfor approval in Japan and the Company filed applications to the Ministry of Health,Labor and Welfare for approval ofEFFEXOR SR Capsules(venlafaxine hydrochloride),a serotonin-noradrenaline reuptake inhibitor to treat

21、 adults withgeneralized anxiety disorder,an indication for which no other treatment option is currently approved in Japan.The Company announced positive top-line results from two pivotal Phase 3 studies of its novel fast-acting formulation ofmeloxicam(MR-107A-02)for the treatment of moderate-to-seve

22、re acute pain.The Phase 3 program consisted of tworandomized,double-blind,placebo-(double-dummy)and active-controlled trials one following herniorrhaphy surgery andone following bunionectomy surgery.In both Phase 3 studies,all primary and secondary endpoints were met andMR-107A-02 demonstrated stati

23、stically significant and clinically meaningful results.The Company is targeting to submit aNew Drug Application(NDA)to the U.S.Food and Drug Administration(FDA)by the end of 2025.The Company announced positive results of its Phase 3 study evaluating the contraceptive efficacy and safety ofinvestigat

24、ional XULANE LO low dose weekly dermal patch with 150 mcg norelgestromin and 17.5 mcg ethinyl estradiolper day in women of childbearing potential.In this study,XULANE LO demonstrated a favorable efficacy and safety profilewith no new safety concerns identified,as well as a potential best-in-class pa

25、tch performance profile.The Company plansto submit an NDA to the FDA in the second half of 2025.Capital AllocationThe Company is reaffirming its commitment to prioritizing returning capital to shareholders in 2025 as previously stated.Year-to-date,the Company returned more than$450 million of capita

26、l to shareholders,including over$300 million in share repurchases and$143million in dividends paid.The Company expects$500 million to$650 million in total share repurchases in 2025 and expects to be opportunistic withcash available throughout the year.From a business development perspective,the Comp

27、any expects to continue to pursue regional licensing and partnership opportunities withimmediate revenue contribution that leverage its unique commercial and R&D infrastructure and capabilities.2025 Financial GuidanceViatris is reaffirming its 2025 outlook that was previously provided on February 27

28、,2025,as set forth below,after adjusting the guidance ranges solelyto reflect the impact of acquired IPR&D and share repurchases as applicable.The Company is not providing forward-looking guidance for U.S.GAAPnet(loss)earnings or U.S.GAAP diluted(loss)earnings per share(EPS)or a quantitative reconci

29、liation of its 2025 adjusted EBITDA or adjusted EPSguidance to the most directly comparable U.S.GAAP measures,U.S.GAAP net(loss)earnings or U.S.GAAP diluted EPS,respectively,because it isunable to predict with reasonable certainty the ultimate outcome of certain significant items,including integrati

30、on,acquisition and divestiture-relatedexpenses,restructuring expenses,asset impairments,litigation settlements,future share repurchases,and other contingencies,such as changes tocontingent consideration,acquired IPR&D and certain other gains or losses,including for the fair value accounting for non-

31、marketable equityinvestments,as well as related income tax accounting,because certain of these items have not occurred,are out of the Companys control,and/orcannot be reasonably predicted without unreasonable effort.These items are uncertain,depend on various factors,and could have a material impact

32、on U.S.GAAP reported results for the guidance period.With respect to the Estimated Ranges provided as of February 27,2025,and May 8,2025,U.S.GAAP net cash provided by operating activities for 2025 is estimated to be between$2.2 billion and$2.5 billion,with a midpoint of approximately$2.35 billion.Wi

33、th respect to the Estimated Ranges provided as of February 27,2025,Viatris did not provide forward-looking guidance for U.S.GAAPnet(loss)earnings or U.S.GAAP diluted EPS or a quantitative reconciliation of its 2025 adjusted EBITDA or adjusted EPS guidance.Please seeNon-GAAP Financial Measures for ad

34、ditional information.(In millions,exceptAdjusted EPS)Estimated Ranges(2)February 27,2025Midpoint(2)February 27,2025AcquiredIPR&DShareRepurchases(3)Estimated Ranges(4)May 8,2025Midpoint(4)May 8,2025Total Revenues$13,500-$14,000$13,750$13,500-$14,000$13,750Adjusted EBITDA(1)$3,900-$4,200$4,050($10)$3,

35、890-$4,190$4,040Adjusted EPS(1)$2.12-$2.26$2.19($0.01)$0.05$2.16-$2.30$2.23Free Cash Flow(1)$1,800-$2,200$2,000$1,800-$2,200$2,000(1)Non-GAAP financial measures.See Non-GAAP Financial Measures for additional information.(2)2025 Financial Guidance as provided as of February 27,2025,excluded the impac

36、t of divestiture-related taxes and transaction costs.Alsoexcluded any acquired IPR&D for unsigned deals to be incurred in any future period as it could not be reasonably forecasted.(3)Includes estimated impact of share repurchases executed through and including May 7,2025,and does not include the ex

37、pected impact ofadditional share repurchases in 2025 after such date.(4)2025 Financial Guidance as provided as of May 8,2025,excludes the impact of divestiture-related taxes and transaction costs.Also excludes anyacquired IPR&D for unsigned deals to be incurred in any future period as it cannot be r

38、easonably forecasted.2025 financial guidance does notcurrently include any potential adverse impact from future tariffs and trade restrictions,which we are unable to predict at this time and could bematerial.Conference Call and Earnings MaterialsViatris will host a conference call and live webcast,t

39、oday at 8:30 a.m.ET,to review the Companys first quarter 2025 financial results.Investors and the general public are invited to listen to a live webcast of the call at or by calling 844.308.3344 or 412.317.1896 forinternational callers.The Viatris Q1 2025 Earnings Presentation,which will be referenc

40、ed during the call,can be found at .Areplay of the webcast also will be available on the website.About ViatrisViatris Inc.(Nasdaq:VTRS)is a global healthcare company uniquely positioned to bridge the traditional divide between generics and brands,combining the best of both to more holistically addre

41、ss healthcare needs globally.With a mission to empower people worldwide to live healthier atevery stage of life,we provide access at scale,currently supplying high-quality medicines to approximately 1 billion patients around the world annuallyand touching all of lifes moments,from birth to the end o

42、f life,acute conditions to chronic diseases.With our exceptionally extensive and diverseportfolio of medicines,a one-of-a-kind global supply chain designed to reach more people when and where they need them,and the scientificexpertise to address some of the worlds most enduring health challenges,acc

43、ess takes on deep meaning at Viatris.We are headquartered in theU.S.,with global centers in Pittsburgh,Shanghai and Hyderabad,India.Learn more at and ,and connect with us onLinkedIn,Instagram,YouTube and X(formerly Twitter).Non-GAAP Financial MeasuresThis press release includes the presentation and

44、discussion of certain financial information that differs from what is reported under accountingprinciples generally accepted in the United States(U.S.GAAP).These non-GAAP financial measures,including,but not limited to,adjusted grossprofit,adjusted gross margins,adjusted net earnings,adjusted EPS,EB

45、ITDA,adjusted EBITDA,free cash flow,free cash flow excluding the impact oftransaction costs and taxes primarily related to the divestitures,adjusted R&D and as a%of total revenues,adjusted SG&A and as a%of totalrevenues,adjusted earnings from operations,adjusted interest expense,adjusted other incom

46、e,net,adjusted effective tax rate,constant currencytotal revenues,constant currency net sales,constant currency adjusted EBITDA,constant currency adjusted EPS,2024 adjusted net sales excludingdivestitures,divestiture-adjusted operational change,and divestiture-adjusted operational change excluding t

47、he Indore Impact,are presented in orderto supplement investors and other readers understanding and assessment of the financial performance of Viatris Inc.(Viatris or the Company).Free cash flow refers to U.S.GAAP net cash provided by operating activities less capital expenditures.Management uses the

48、se measures internallyfor forecasting,budgeting,measuring its operating performance,and incentive-based awards.Primarily due to acquisitions,divestitures and othersignificant events which may impact comparability of our periodic operating results,Viatris believes that an evaluation of its ongoing op

49、erations(andcomparisons of its current operations with historical and future operations)would be difficult if the disclosure of its financial results was limited tofinancial measures prepared only in accordance with U.S.GAAP.We believe that non-GAAP financial measures are useful supplemental informa

50、tionfor our investors and when considered together with our U.S.GAAP financial measures and the reconciliation to the most directly comparable U.S.GAAP financial measure,provide a more complete understanding of the factors and trends affecting our operations.The financial performance of theCompany i

51、s measured by senior management,in part,using adjusted metrics included herein,along with other performance metrics.In addition,theCompany believes that including EBITDA and supplemental adjustments applied in presenting adjusted EBITDA is appropriate to provide additionalinformation to investors to

52、 demonstrate the Companys ability to comply with financial debt covenants and assess the Companys ability to incuradditional indebtedness.The Company also believes that adjusted EBITDA better focuses management on the Companys underlying operationalresults and true business performance and is used,i

53、n part,for managements incentive compensation.We also report sales performance using thenon-GAAP financial measures of constant currency,also referred to herein as operational change,total revenues,net sales,adjusted EBITDA,andadjusted EPS.These measures provide information on the change in total re

54、venues,net sales,adjusted EBITDA,and adjusted EPS assuming thatforeign currency exchange rates had not changed between the prior and current period.The comparisons presented at constant currency rates reflectcomparative local currency sales at the prior years foreign exchange rates.We routinely eval

55、uate our net sales,total revenues,adjusted EBITDA,andadjusted EPS performance at constant currency so that sales results can be viewed without the impact of foreign currency exchange rates,therebyfacilitating a period-to-period comparison of our operational activities and believe that this presentat

56、ion also provides useful information to investors forthe same reason.Divestiture-adjusted operational change refers to operational change,further adjusted for the impact of divestitures that closedduring 2024 by excluding proportionate net sales from those divested businesses from the comparable 202

57、4 period,and divestiture-adjustedoperational change excluding the Indore Impact refers to divestiture-adjusted operational change further adjusted for the negative Indore Impact.TheSummary of Total Revenues by Segment table below compares total revenues and net sales on an actual and constant curren

58、cy basis for eachreportable segment for the quarters ended March 31,2025 and 2024,as well as divestiture-adjusted operational change in net sales and totalrevenues.Also,set forth below,Viatris has provided reconciliations of such non-GAAP financial measures to the most directly comparable U.S.GAAPfi

59、nancial measures.Investors and other readers are encouraged to review the related U.S.GAAP financial measures and the reconciliations of thenon-GAAP measures to their most directly comparable U.S.GAAP measures set forth below,and investors and other readers should considernon-GAAP measures only as s

60、upplements to,not as substitutes for or as superior measures to,the measures of financial performance prepared inaccordance with U.S.GAAP.For additional information regarding the components and uses of Non-GAAP financial measures refer to ManagementsDiscussion and Analysis of Financial Condition and

61、 Results of Operations-Use of Non-GAAP Financial Measures section of Viatris Quarterly Reporton Form 10-Q for the three months ended March 31,2025.With respect to the guidance ranges as provided on February 27,2025,at that time the Company did not provide forward-looking guidance for U.S.GAAP net ea

62、rnings(loss)or U.S.GAAP diluted EPS or a quantitative reconciliation of its 2025 adjusted EBITDA or adjusted EPS guidance to the mostdirectly comparable U.S.GAAP measures,U.S.GAAP net earnings(loss)or U.S.GAAP diluted EPS,respectively,because it was unable to predictwith reasonable certainty the ult

63、imate outcome of certain significant items,including integration,acquisition and divestiture-related expenses,restructuring expenses,asset impairments,litigation settlements,future share repurchases,and other contingencies,such as changes to contingentconsideration,acquired IPR&D and certain other g

64、ains or losses,including for the fair value accounting for non-marketable equity investments,as wellas related income tax accounting,because certain of these items had not occurred,were out of the Companys control,and/or could not be reasonablypredicted without unreasonable effort.These items were u

65、ncertain,depended on various factors,and could have had a material impact on U.S.GAAPreported results for the guidance period.As previously disclosed,such guidance ranges excluded the impact of any divestiture-related taxes andtransaction costs as well as any acquired IPR&D for unsigned deals to be

66、incurred in any future period as it could not be reasonably forecasted.Withrespect to the guidance ranges provided as of February 27,2025,U.S.GAAP net cash provided by operating activities for 2025 was estimated to bebetween$2.2 billion and$2.5 billion,with a midpoint of approximately$2.35 billion.G

67、oodwill ImpairmentThe Company reviews goodwill for impairment annually on April 1 or more frequently if events or changes in circumstances indicate that the carryingvalue of goodwill may not be recoverable.Since the end of February 2025,the Company has experienced a sharp and sustained decline in it

68、s shareprice and significantly increased uncertainty and volatility in the geopolitical and economic environments in which the Company operates.As a resultof these factors,the Company determined that a triggering event had occurred for each of its reporting units and performed an interim goodwillimp

69、airment test as of March 31,2025.When compared to the prior year annual goodwill impairment test completed on April 1,2024,the recentsignificantly increased uncertainty and volatility in the geopolitical and economic environments in which the Company operates has increased theCompanys business risks

70、,including,but not limited to,the potential for continued or additional drug pricing reduction pressures,general uncertaintyrelated to timing of responses and approvals from the FDA resulting from evolving regulatory priorities and associated changes to the operations of theagency,and the potential

71、for adverse impacts from future tariffs and trade restrictions.The negative impact of any or all of these factors could bematerial.The recent significant increase in business risks and uncertainty have led to an increase in discount rate assumptions impacting all reportingunits as compared to the Ap

72、ril 1,2024,annual goodwill impairment test.For the three months ended March 31,2025,the Company recorded anon-cash goodwill impairment charge of$2.9 billion as a result of the interim goodwill impairment test performed as of March 31,2025.Certain Key Terms and Presentation MattersNew product sales,n

73、ew product launches or new product revenues:Refers to revenue from new products launched in 2025 and the carryover impactof new products,including business development,launched within the last 12 months.Operational change:Refers to constant currency percentage changes and is derived by translating a

74、mounts for the current period at prior yearcomparative period exchange rates,and in doing so shows the percentage change from 2025 constant currency net sales,total revenues,adjustedEBITDA,and adjusted EPS to the corresponding amount in the prior year.Divestiture-adjusted operational change:Refers t

75、o operational changes,further adjusted for the impact of the proportionate results from thedivestitures that closed in 2024,from the 2024 period by excluding such net sales or revenues from those divested businesses from comparable priorperiods.Also,for adjusted EBITDA and adjusted EPS,refers to ope

76、rational changes,adjusted as outlined in the previous sentence and furtheradjusted for associated net other income.SG&A and R&D TSA reimbursement and DSA reimbursement:Expenses related to TSA services provided for divested businesses are recorded intheir respective functional line item.However,reimb

77、ursement of those expenses plus any mark-up is included in other expense(income),net.Forcomparability purposes,amounts related to the cost reimbursement were reclassified to adjusted SG&A and adjusted R&D during the first quarter of2024,primarily related to the contribution of the biosimilars busine

78、ss to Biocon Biologics Limited(Biocon Biologics)in November 2022.Thisreclassification had no impact on adjusted net earnings,adjusted EBITDA or adjusted EPS.Any TSA reimbursement and DSA reimbursementamounts related to the closed divestitures are not direct offsets to operational expense and have no

79、t been reclassified.Closed divestitures or divestitures closed in 2024:Refers to the divestiture of the Companys rights to two womens healthcare products in the U.K.that closed in August 2024,the divestitures of the commercialization rights in the majority of the Upjohn Distributor markets that clos

80、ed in 2024,thedivestiture of the womens healthcare business that closed in March 2024,the divestiture of the API business in India that closed in June 2024,and thedivestiture of the OTC business that closed in July 2024.Indore Impact:Refers to the estimated negative financial impact on 2025 total re

81、venues and(loss)earnings from operations versus the comparable2024 periods as a result of the FDA issued warning letter and import alert related to our oral finished dose manufacturing facility in Indore,India.Forfirst quarter 2025,the estimated Indore Impact to total revenues was approximately$140

82、million.Forward-Looking StatementsThis press release contains forward-looking statements.These statements are made pursuant to the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995.Such forward-looking statements may include,without limitation,statements about our 2025 fi

83、nancial guidance;reaffirms 2025 outlook;delivers total revenues in line with expectations demonstrating strength of the base business;makes significant pipelineprogress with three positive phase 3 data readouts;reaffirms 2025 capital allocation priorities;2025 is off to a good start as we continue t

84、o focus onexecuting our strategic priorities;our growing pipeline,capital discipline,operational execution,and significant global scope give us confidence in ourability to navigate the periods of increased volatility and uncertainty that our industry has been experiencing much of this year;we contin

85、ue to generatestrong cash flow and we are delivering on our capital allocation plan including share repurchases of over$300 million year to date;we believe we arecurrently well positioned to meet our financial guidance and our commitment to prioritizing returning capital to shareholders through the

86、remainder ofthe year;continues to expect to deliver approximately$450 million to$550 million in new product revenues in 2025;the Company received positiveresults from the Phase 3 open-label,long-term extension study for EFFEXOR required for approval in Japan and the Company filed applications tothe

87、Ministry of Health,Labor and Welfare for approval of EFFEXOR SR Capsules(venlafaxine hydrochloride),a serotonin-noradrenaline reuptakeinhibitor to treat adults with generalized anxiety disorder,an indication for which no other treatment option is currently approved in Japan;theCompany announced posi

88、tive top-line results from two pivotal Phase 3 studies of its novel fast acting formulation of meloxicam(MR-107A-02)for thetreatment of moderate-to-severe acute pain;in both Phase 3 studies,all primary and secondary endpoints were met and MR-107A-02 demonstratedstatistically significant and clinical

89、ly meaningful results;the Company is targeting to submit a New Drug Application(NDA)to the U.S.Food and DrugAdministration(FDA)by the end of 2025;the Company announced positive results of its Phase 3 study evaluating the contraceptive efficacy andsafety of investigational XULANE LO low dose weekly d

90、ermal patch with 150 mcg norelgestromin and 17.5 mcg ethinyl estradiol per day in womenof childbearing potential;in this study,XULANE LO demonstrated a favorable efficacy and safety profile with no new safety concerns identified as wellas a potential best-in-class patch performance profile;the Compa

91、ny plans to submit an NDA to the FDA in the second half of 2025;the Company isreaffirming its commitment to prioritizing returning capital to shareholders in 2025 as previously discussed;the Company expects$500 million to$650million in total share repurchases in 2025 and expects to be opportunistic

92、with cash available throughout the year;from a business developmentperspective,the Company expects to continue to pursue regional licensing and partnership opportunities with immediate revenue contribution thatleverage its unique commercial and R&D infrastructure and capabilities;U.S.GAAP net cash p

93、rovided by operating activities for 2025 is estimated tobe between$2.2 billion and$2.5 billion,with a midpoint of approximately$2.35 billion;when compared to the prior year annual goodwill impairmenttest completed on April 1,2024,the recent significantly increased uncertainty and volatility in the g

94、eopolitical and economic environments in which theCompany operates has increased the Companys business risks,including,but not limited to,the potential for continued or additional drug pricingreduction pressures,general uncertainty related to timing of responses and approvals from the FDA resulting

95、from evolving regulatory priorities andassociated changes to the operations of the agency,and the potential for adverse impacts from future tariffs and trade restrictions;the negative impactof any or all of these factors could be material;the outcome of clinical trials;the goals or outlooks with res

96、pect to the Companys strategic initiativesand priorities,including but not limited to divestitures,acquisitions,strategic alliances,collaborations,or other potential transactions;the benefits andsynergies of such divestitures,acquisitions,strategic alliances,collaborations,or other transactions,or r

97、estructuring programs;future opportunities forthe Company and its products;and any other statements regarding the Companys future operations,financial or operating results,capital allocation,dividend policy and payments,share repurchases,debt ratio and covenants,anticipated business levels,future ea

98、rnings,planned activities,anticipated growth,market opportunities,strategies,competitions,commitments,confidence in future results,efforts to create,enhance or otherwiseunlock value,and other expectations and targets for future periods.Forward-looking statements may often be identified by the use of

99、 words such aswill,may,could,should,would,project,believe,anticipate,expect,plan,estimate,forecast,potential,pipeline,intend,continue,target,seek and variations of these words or comparable words.Because forward-looking statements inherently involve risks anduncertainties,actual future results may d

100、iffer materially from those expressed or implied by such forward-looking statements.Factors that could causeor contribute to such differences include,but are not limited to:the possibility that the Company may not realize the intended benefits of,or achieve theintended goals or outlooks with respect

101、 to,its strategic initiatives and priorities(including divestitures,acquisitions,strategic alliances,collaborations,or other potential transactions)or accelerate its growth by building on the strength of its base business with an expanding portfolio of innovative,best-in-class,patent-protected asset

102、s;the possibility that the Company may be unable to achieve intended or expected benefits,goals,outlooks,synergies,growth opportunities and operating efficiencies in connection with divestitures,acquisitions,strategic alliances,collaborations,or othertransactions,or restructuring programs,within the

103、 expected timeframes or at all;the ongoing risks and uncertainties associated with our recentdivestitures;goodwill or impairment charges or other losses;the Companys failure to achieve expected or targeted future financial and operatingperformance and results;the potential impact of natural or man-m

104、ade disasters,public health outbreaks,epidemics,pandemics or social disruption inregions where we or our partners or suppliers operate;actions and decisions of healthcare and pharmaceutical regulators;changes in relevant laws,regulations and policies and/or the application or implementation thereof,

105、including but not limited to tax,healthcare and pharmaceutical laws,regulations and policies globally;the ability to attract,motivate and retain key personnel;the Companys liquidity,capital resources and ability to obtainfinancing;any regulatory,legal or other impediments to the Companys ability to

106、bring new products to market,including but not limited to at-risklaunches;products in development that receive regulatory approval may not achieve expected levels of market acceptance,efficacy or safety;longerreview,response and approval times as a result of evolving regulatory priorities and reduct

107、ions in personnel at health agencies;success of clinicaltrials and the Companys or its partners ability to execute on new product opportunities and develop,manufacture and commercialize products;anychanges in or difficulties with the Companys manufacturing facilities,including with respect to inspec

108、tions,remediation and restructuring activities,supply chain or inventory or the ability to meet anticipated demand;the scope,timing and outcome of any ongoing legal proceedings,includinggovernment inquiries or investigations,and the impact of any such proceedings on the Company;any significant breac

109、h of data security or dataprivacy or disruptions to our IT systems;risks associated with having significant operations globally;the ability to protect intellectual property andpreserve intellectual property rights;changes in third-party relationships;the effect of any changes in the Companys or its

110、partners customer andsupplier relationships and customer purchasing patterns,including customer loss and business disruption being greater than expected following anadverse regulatory action,acquisition or divestiture;the impacts of competition,including decreases in sales or revenues as a result of

111、 the loss ofmarket exclusivity for certain products;changes in the economic and financial conditions of the Company or its partners;uncertainties regarding futuredemand,pricing and reimbursement for the Companys products;uncertainties and matters beyond the control of management,including but notlim

112、ited to general political and economic conditions,potential for adverse impacts from future tariffs and trade restrictions,inflation rates and globalexchange rates;and inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements,and the providingof e

113、stimates of financial measures,in accordance with U.S.GAAP and related standards or on an adjusted basis.For more detailed information on the risks and uncertainties associated with Viatris,see the risks described in Part I,Item 1A of the Companys AnnualReport on form 10-K for the year ended Decembe

114、r 31,2024,as amended,Part II,Item 1A of the Companys Quarterly Report on Form 10-Q for thequarter ended March 31,2025,which is expected to be filed with the SEC on May 8,2025,and our other filings with the SEC.You can access Viatrisfilings with the SEC through the SEC website at www.sec.gov or throu

115、gh our website,and Viatris strongly encourages you to do so.Viatris routinelyposts information that may be important to investors on our website at ,and we use this website address as a means of disclosingmaterial information to the public in a broad,non-exclusionary manner for purposes of the SECs

116、Regulation Fair Disclosure(Reg FD).The contents ofour website are not incorporated into this press release or our filings with the SEC.Viatris undertakes no obligation to update any statements herein forrevisions or changes after the date of this press release other than as required by law.Viatris I

117、nc.and SubsidiariesCondensed Consolidated Statements of Operations(Unaudited)Three Months EndedMarch 31,(In millions,except per share amounts)20252024Revenues:Net sales$3,243.2$3,653.5Other revenues11.19.9Total revenues3,254.33,663.4Cost of sales2,093.12,159.4Gross profit1,161.21,504.0Operating expe

118、nses:Research and development222.0199.7Acquired IPR&D10.06.1Selling,general and administrative948.11,017.5Impairment of goodwill2,936.8Litigation settlements and other contingencies,net(73.5)76.8Total operating expenses4,043.41,300.1(Loss)earnings from operations(2,882.2)203.9Interest expense115.513

119、8.4Other expense(income),net99.3(139.1)(Loss)earnings before income taxes(3,097.0)204.6Income tax(benefit)provision(55.0)90.7Net(loss)earnings$(3,042.0)$113.9(Loss)earnings per share attributable to Viatris Inc.shareholdersBasic$(2.55)$0.10Diluted$(2.55)$0.09Weighted average shares outstanding:Basic

120、1,192.41,195.2Diluted1,192.41,209.5 Viatris Inc.and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited)(In millions)March 31,2025December 31,2024ASSETSAssetsCurrent assets:Cash and cash equivalents$755.0$734.8Accounts receivable,net3,125.73,221.3Inventories4,096.43,854.1Prepaid expenses and

121、 other current assets1,645.31,710.5Total current assets9,622.49,520.7Intangible assets,net16,662.317,070.9Goodwill6,462.19,133.3Other non-current assets5,728.15,776.0Total assets$38,474.9$41,500.9LIABILITIES AND EQUITYLiabilitiesCurrent portion of long-term debt and other long-term obligations$8.5$8

122、.3Other current liabilities5,711.65,771.1Long-term debt14,177.514,038.9Other non-current liabilities2,926.93,047.1Total liabilities22,824.522,865.4Shareholders equity15,650.418,635.5Total liabilities and equity$38,474.9$41,500.9 Viatris Inc.and SubsidiariesKey Product Net Sales,on a Consolidated Bas

123、is(Unaudited)Three months ended March 31,(In millions)20252024Select Key Global ProductsLipitor$388.0$388.9Norvasc 172.3176.3Lyrica 112.6114.2Viagra 98.5100.7EpiPen Auto-Injectors96.780.2Creon 82.475.0Celebrex 63.472.2Zoloft 60.258.0Effexor 59.359.4Xalabrands37.142.5Select Key Segment ProductsYupelr

124、i$58.3$55.2Dymista 42.848.2Amitiza 33.333.0Xanax 32.334.5_(a)The Company does not disclose net sales for any products considered competitively sensitive.(b)Products disclosed may change in future periods,including as a result of seasonality,competition or new product launches.(c)Amounts for the thre

125、e months ended March 31,2025,include the impact of foreign currency translations compared to the prior year period.Viatris Inc.and SubsidiariesReconciliation of Non-GAAP Financial Measures(Unaudited)Reconciliation of U.S.GAAP Net(Loss)Earnings to Adjusted Net Earnings and U.S.GAAP(Loss)Earnings Per

126、Share to Adjusted EPSBelow is a reconciliation of U.S.GAAP net(loss)earnings and diluted(loss)earnings per share to adjusted net earnings and adjusted EPS for thethree months ended March 31,2025,compared to the prior year period:Three Months Ended March 31,(In millions,except per share amounts)20252

127、024U.S.GAAP net(loss)earnings and U.S.GAAP diluted(loss)earnings per share$(3,042.0)$(2.55)$113.9$0.09Purchase accounting amortization(primarily included in cost of sales)583.5611.7Impairment of goodwill(a)2,936.8Litigation settlements and other contingencies,net(73.5)76.8Interest expense(primarily

128、amortization of premiums and discounts on long term debt)(9.2)(11.2)Loss(gain)on divestitures of businesses(included in other expense(income),net)(b)36.9(70.4)Acquisition and divestiture-related costs(primarily included in SG&A)(c)40.787.5Restructuring-related costs(d)92.919.6Share-based compensatio

129、n expense55.246.7Other special items included in:Cost of sales(e)41.628.2Research and development expense0.72.4Selling,general and administrative expense17.616.1Other expense(income),net(f)101.4(44.5)Tax effect of the above items and other income tax related items(g)(182.3)(64.1)Adjusted net earning

130、s and adjusted EPS$600.3$0.50$812.7$0.67Weighted average diluted shares outstanding1,203.01,209.5_Significant items include the following:(a)For the three months ended March 31,2025,includes a goodwill impairment charge of$2.9 billion as a result of the interim goodwill impairmenttest performed as o

131、f March 31,2025.(b)For the three months ended March 31,2025,consists of pre-tax charges related to the divestitures primarily due to an increase in estimatedtransaction related costs,including the assumption of additional contractual obligations,as well as the impact of working capital and othertran

132、saction-related adjustments.(c)Acquisition and divestiture-related costs consist primarily of transaction costs including legal and consulting fees,and integration activities.(d)For the three months ended March 31,2025,charges include approximately$19.8 million in cost of sales,approximately$0.8 mil

133、lion in R&D,andapproximately$72.3 million in SG&A.(e)For the three months ended March 31,2025,charges include incremental manufacturing variances at plants slated for sale or closure orundergoing remediation activities of approximately$31.7 million.(f)For the three months ended March 31,2025,include

134、s a loss of approximately$115.8 million as a result of remeasuring the compulsory convertiblepreferred shares(CCPS)in Biocon Biologics to fair value.(g)Adjusted for changes for uncertain tax positions.Reconciliation of U.S.GAAP Net(Loss)Earnings to EBITDA and Adjusted EBITDABelow is a reconciliation

135、 of U.S.GAAP net(loss)earnings to EBITDA and adjusted EBITDA for the three months ended March 31,2025,compared tothe prior year period:Three Months EndedMarch 31,(In millions)20252024U.S.GAAP net(loss)earnings$(3,042.0)$113.9Add/(deduct)adjustments:Income tax(benefit)provision(55.0)90.7Interest expe

136、nse(a)115.5138.4Depreciation and amortization(b)664.7691.0EBITDA$(2,316.8)$1,034.0Add/(deduct)adjustments:Share-based compensation expense55.246.7Litigation settlements and other contingencies,net(73.5)76.8Loss(gain)on divestitures of businesses36.9(70.4)Impairment of goodwill2,936.8Restructuring,ac

137、quisition and divestiture-related and other special items(c)284.9106.3Adjusted EBITDA$923.5$1,193.4_(a)Includes amortization of premiums and discounts on long-term debt.(b)Includes purchase accounting related amortization.(c)See items detailed in the Reconciliation of U.S.GAAP Net(Loss)Earnings to A

138、djusted Net Earnings.Summary of Total Revenues by SegmentThree Months EndedMarch 31,(In millions,except%s)20252024%Change2025CurrencyImpact(1)2025ConstantCurrencyRevenuesConstantCurrency%Change(2)ClosedDivestitures(3)2024AdjustedEx Divestitures(4)Divestiture-AdjustedOperationalChange(5)Net sales Dev

139、eloped Markets$1,891.7$2,165.4(13)%$33.2$1,924.9(11)%$179.7$1,985.7(3)%Greater China555.5543.92%12.0567.54%0.5543.44%JANZ276.1317.8(13)%12.3288.4(9)%9.7308.1(6)%Emerging Markets519.9626.4(17)%27.6547.5(13)%47.5578.9(5)%Total net sales$3,243.2$3,653.5(11)%$85.1$3,328.3(9)%$237.4$3,416.1(3)%Other reve

140、nues(6)11.19.9NM0.111.2NM1.88.1NM Consolidated total revenues(7)$3,254.3$3,663.4(11)%$85.2$3,339.5(9)%$239.2$3,424.2(2)%_(1)Currency impact is shown as unfavorable(favorable).(2)The constant currency percentage change is derived by translating net sales or revenues for the current period at prior ye

141、ar comparative periodexchange rates,and in doing so shows the percentage change from 2025 constant currency net sales or revenues to the corresponding amount inthe prior year.(3)Represents proportionate net sales relating to divestitures that closed during 2024 in the relevant period.(4)Represents U

142、.S.GAAP net sales minus proportionate net sales relating to divestitures that closed during 2024 for the relevant period.(5)See Certain Key Terms and Presentation Matters in this release for more information.(6)For the three months ended March 31,2025,other revenues in Developed Markets,JANZ,and Eme

143、rging Markets were approximately$6.9 million,$1.0 million,and$3.2 million,respectively.(7)Amounts exclude intersegment revenue which eliminates on a consolidated basis.Reconciliation of Statements of Operations Line Items(Unaudited)Three Months EndedMarch 31,(In millions,except%s)20252024U.S.GAAP co

144、st of sales$2,093.1$2,159.4Deduct:Purchase accounting amortization and other related items(583.5)(611.5)Acquisition and divestiture-related costs(12.2)(6.3)Restructuring related costs(19.8)(4.0)Share-based compensation expense(1.3)(0.8)Other special items(41.6)(28.2)Adjusted cost of sales$1,434.7$1,

145、508.6Adjusted gross profit(a)$1,819.6$2,154.8Adjusted gross margin(a)56%59%Three Months EndedMarch 31,(In millions,except%s)20252024U.S.GAAP R&D$222.0$199.7Deduct:Acquisition and divestiture-related costs(0.7)(4.6)Restructuring and related costs(0.8)Share-based compensation expense(2.3)(1.9)SG&A and

146、 R&DTSA reimbursement(b)(1.7)Other special items(0.7)(2.4)Adjusted R&D$217.5$189.1Adjusted R&D as%of total revenues7%5%Three Months EndedMarch 31,(In millions,except%s)20252024U.S.GAAP SG&A$948.1$1,017.5Deduct:Acquisition and divestiture-related costs(27.8)(76.5)Restructuring and related costs(72.3)

147、(15.6)Purchase accounting amortization and other related items(0.1)Share-based compensation expense(51.7)(43.9)SG&A and R&DTSA reimbursement(b)(5.7)Other special items and reclassifications(17.6)(16.1)Adjusted SG&A$778.7$859.6Adjusted SG&A as%of total revenues24%23%Three Months EndedMarch 31,(In mil

148、lions)20252024U.S.GAAP total operating expenses$4,043.4$1,300.1Add/(Deduct):Litigation settlements and other contingencies,net73.5(76.8)R&D adjustments(4.5)(10.6)SG&A adjustments(169.4)(157.9)Impairment of goodwill adjustments(2,936.8)Adjusted total operating expenses$1,006.2$1,054.8Adjusted earning

149、s from operations(c)$813.4$1,100.0Three Months EndedMarch 31,(In millions)20252024U.S.GAAP interest expense$115.5$138.4Add/(Deduct):Accretion of contingent consideration liability(1.2)(1.7)Amortization of premiums and discounts on long-term debt11.013.8Other special items(0.6)(0.9)Adjusted interest

150、expense$124.7$149.6Three Months EndedMarch 31,(In millions)20252024U.S.GAAP other expense(income),net$99.3$(139.1)Add/(Deduct):Fair value adjustments on non-marketable equity investments(115.8)46.9SG&A and R&DTSA reimbursement(b)7.4(Loss)gain on divestitures of businesses(36.9)70.4Other items14.4(2.

151、6)Adjusted other income,net$(39.0)$(17.0)Three Months EndedMarch 31,(In millions,except%s)20252024U.S.GAAP(loss)earnings before income taxes$(3,097.0)$204.6Total pre-tax non-GAAP adjustments3,824.7762.9Adjusted earnings before income taxes$727.7$967.5U.S.GAAP income tax(benefit)provision$(55.0)$90.7

152、Adjusted tax expense182.364.1Adjusted income tax provision$127.3$154.8Adjusted effective tax rate17.5%16.0%_(a)U.S.GAAP gross profit is calculated as total revenues less U.S.GAAP cost of sales.U.S.GAAP gross margin is calculated as U.S.GAAP grossprofit divided by total revenues.Adjusted gross profit

153、 is calculated as total revenues less adjusted cost of sales.Adjusted gross margin iscalculated as adjusted gross profit divided by total revenues.(b)Refer to Certain Key Terms and Presentation Matters section in this release for more information on reclassifications related to TSAreimbursements.(c)

154、U.S.GAAP earnings from operations is calculated as U.S.GAAP gross profit less U.S.GAAP total operating expenses.Adjusted earnings fromoperations is calculated as adjusted gross profit less adjusted total operating expenses.Reconciliation of Estimated 2025 U.S.GAAP Net Cash Provided by Operating Acti

155、vities to Free Cash Flow as of May 8,2025(Unaudited)A reconciliation of the estimated 2025 U.S.GAAP Net Cash provided by Operating Activities to Free Cash Flow is presented below:(In millions)Estimated U.S.GAAP Net Cash provided by Operating Activities(a)$2,200-$2,500Less:Capital Expenditures$(300)-

156、$(400)Free Cash Flow(a)$1,800-$2,200_(a)Excludes the impact of any divestiture-related taxes and transaction costs.Reconciliation of Estimated 2025 U.S.GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of February 27,2025(Unaudited)A reconciliation of the estimated 2025 U.S.GAAP Ne

157、t Cash provided by Operating Activities to Free Cash Flow is presented below:(In millions)Estimated U.S.GAAP Net Cash provided by Operating Activities(a)$2,200-$2,500Less:Capital Expenditures$(300)-$(400)Free Cash Flow(a)$1,800-$2,200_(a)Excluded the impact of any divestiture-related taxes and transaction costs.View original content to download multimedia:https:/ Viatris Inc.Media:+1.724.514.1968,C;Jennifer Mauer,Jennifer.M;Matt Klein,Matthew.K;Investors:+1.724.514.1813,InvestorR;Bill Szablewski,William.S