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Viatris (NasdaqGS:VTRS) Update / briefing March 19, 2026 10:00 AM ET Company ParticipantsBill Szablewski - Head of Capital Markets and Investor RelationsCorinne Le Goff - Chief Commercial OfficerDoretta Mistras - CFOHemanth J. Varghese - Chief Strategy OfficerPhilippe Martin - Chief R&D OfficerScott Smith - CEOOperatorLadies and gentlemen, please welcome Head of Capital Markets, Viatris, Bill Szablewski.Bill SzablewskiGood morning, everyone, and welcome to our Viatris Investor Event. I'm Bill Szablewski, He ...

Core Insights - Viatris Inc. (VTRS) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 57 cents, exceeding the Zacks Consensus Estimate of 52 cents, and up from 54 cents in the same quarter last year [1][7] - Total revenues reached $3.7 billion, reflecting a 5% year-over-year increase and surpassing the Zacks Consensus Estimate of $3.5 billion [1][7] Revenue Breakdown - Sales from Developed Markets were $2.25 billion, remaining flat on a divestiture-adjusted operational basis, and beating the Zacks Consensus Estimate of $2.10 billion [5] - Emerging Markets generated $564.7 million in sales, an 8% increase on a divestiture-adjusted operational basis, exceeding the Zacks Consensus Estimate of $552 million [6] - Sales from Japan, Australia, and New Zealand (JANZ) totaled $306 million, down 8% on a divestiture-adjusted operational basis, but still beating the Zacks Consensus Estimate of $299 million [6] - Greater China sales amounted to $572.9 million, up 8% on a divestiture-adjusted operational basis, surpassing the Zacks Consensus Estimate of $554 million [6] Product Category Performance - Revenues from Brands increased by 8% to $2.3 billion, with a 4% rise on a divestiture-adjusted operational basis, driven by strong performance in Greater China and Emerging Markets [8] - Lipitor sales reached $377.3 million, up from $355.9 million year-over-year, while Norvasc sales increased to $175.2 million from $166.2 million [8] - Generics revenues were $1.34 billion, flat year-over-year, with a 3% decline on an operational basis due to competition and regulatory impacts [9][10] Financial Highlights - Adjusted gross margin improved to 56.8% from 56.3% in the previous year [10] - The company returned over $1 billion to shareholders through dividends and share repurchases in 2025 [11] 2025 and 2026 Guidance - For 2025, revenues were reported at $14.3 billion, down 3% from 2024, but above the Zacks Consensus Estimate of $14.1 billion [12] - Adjusted EPS for 2025 was $2.35, a decline from $2.65 in 2024, yet above the Zacks Consensus Estimate of $2.32 [12] - For 2026, total revenues are projected to be between $14.4 billion and $14.9 billion, with adjusted EPS expected in the range of $2.33 to $2.47 [13] Regulatory Updates - The FDA approved Viatris' octreotide acetate for injectable suspension, a generic equivalent of Sandostatin LAR Depot [14] - The FDA accepted for review a new drug application for an investigational low-dose estrogen weekly contraceptive patch, with a target action date of July 30, 2026 [15]

Core Insights - Viatris is viewed as three distinct businesses: a global generics footprint, established products from the Upjohn acquisition, and a growing innovative segment [2] Group 1 - The global generics business includes products from Mylan and features iconic brands such as Lipitor, Norvasc, Xanax, Viagra, and Celebrex [2] - The company faced self-inflicted challenges earlier in the year, particularly with the Indore situation [3]

Summary of Viatris Conference Call Company Overview - **Company**: Viatris - **Business Segments**: - Global generics footprint (originating from Mylan) - Established products (notable brands include Lipitor, Norvasc, Xanax, Viagra, Celebrex from Upjohn acquisition) - Growing innovative segment [2][3] Core Points and Arguments - **Strategic Review**: Viatris is undergoing an enterprise-wide strategic review to assess its structure and cost efficiency, aiming for sustainable revenue and earnings growth beyond 2026 [4][20] - **Financial Performance**: - The company has returned over $1 billion to shareholders through dividends and share repurchases this year [3] - Anticipates approximately $500 million in new revenues annually from the base business, with a net growth of around $200 million after accounting for losses and price declines [8] - Internal expectations for revenue growth are higher than market estimates, with a goal to achieve continuous earnings growth over the next three to five years [7][26] - **Operating Leverage**: The company aims to improve operating leverage, targeting a growth profile shift from 1% to 3-5% [9][10] Pipeline and Product Development - **Innovative Assets**: Viatris is focusing on developing innovative products, including fast-acting meloxicam, which shows a faster onset of action compared to competitors [38][39] - **CNS Assets in Japan**: The acquisition of Aculys added CNS assets to Viatris' portfolio, with a strategic focus on growing revenues in the challenging Japanese market [32][34] - **Upcoming Launches**: The company is preparing for the launch of several products, including meloxicam and antiplatelet drugs, with significant market potential [46][63] Market Dynamics and Challenges - **External Challenges**: The company has faced external challenges such as tariffs, policy changes, and FDA regulations, which have impacted operations [2][3] - **Cost Structure Review**: Viatris is reviewing its cost structure post-merger and divestitures, aiming for significant cost savings while ensuring that these savings are sustainable [20][21] Investment and Capital Allocation - **Capital Deployment**: Viatris generates approximately $2 billion in free cash flow annually, with plans to allocate capital evenly between shareholder returns and business development [28][29] - **Focus on High-Margin Assets**: The company is looking to acquire high-margin, revenue-generating assets, particularly in the U.S. and Japan [35] Other Important Insights - **Market Positioning**: Viatris is positioning its innovative products as differentiated solutions in the market, with a focus on addressing unmet medical needs [39][63] - **Long-Term Vision**: The management emphasizes a long-term vision for growth, with a commitment to maintaining a strong base business while investing in innovation [6][26] This summary encapsulates the key points discussed during the Viatris conference call, highlighting the company's strategic direction, financial performance, product pipeline, and market challenges.

Core Insights - Pfizer is making significant moves in the weight management market, which is expected to grow rapidly in the next decade, potentially rewarding leading companies handsomely [1][2] - The acquisition of Metsera for $7 billion, with potential milestone payments bringing the total to $10 billion, positions Pfizer as a strong contender in the weight management space [3][4] - Pfizer's CEO, Albert Bourla, expressed confidence in the company's ability to succeed in the obesity market, drawing parallels to past successes with drugs like Lipitor and COVID products [7] Company Developments - Pfizer's acquisition of Metsera indicates its commitment to entering the weight management market, especially after competing with Novo Nordisk for the deal [3][4] - Metsera's leading candidate, MET-097i, has shown promising results in clinical trials, indicating potential for substantial weight loss and good tolerability [6] - Pfizer plans to launch its first anti-obesity drug by the end of 2028, although Eli Lilly currently holds a significant lead with existing products on the market [8] Competitive Landscape - Eli Lilly is currently the leader in the weight management market with its product Zepbound, which has seen exceptional sales growth [8][11] - Eli Lilly has several promising candidates in its pipeline, including orforglipron and retatrutide, which are expected to enhance its competitive position [9][10][11] - Despite Pfizer's efforts, Eli Lilly's established presence and upcoming product launches may allow it to maintain its leadership in the anti-obesity market for the foreseeable future [11] Financial Outlook - Pfizer's recent financial performance has been underwhelming, with concerns about the impending patent cliff for its top growth driver, Eliquis [13] - However, the acquisition of Metsera and the potential success in the weight management sector could help Pfizer rebound [14] - The company also has a strong dividend program, which may attract investors despite current challenges [15]

Group 1: Acquisition and Market Positioning - Pfizer Inc. has secured a $10 billion deal to acquire obesity-drug developer Metsera, positioning itself as a "formidable competitor" in the weight-loss drug market [1][5] - The acquisition allows Pfizer to gain rights to new weight-loss treatments that are still in trials, entering a competitive space dominated by GLP-1 drugs like Eli Lilly's Zepbound and Novo Nordisk's Wegovy [1][5] - Pfizer expects to launch its first weight-loss treatment by the end of 2028, targeting a market estimated at approximately $150 to $200 billion [2] Group 2: Strategic Initiatives and Drug Pricing - Pfizer is aligning with the Trump administration's initiative to lower prescription drug prices through the forthcoming TrumpRx platform, which aims to provide Americans with direct access to medications [6][8] - The company plans to integrate its drugs with the TrumpRx initiative to enhance access to medications, potentially increasing patient adherence to prescriptions [8][9] - A complete website featuring over 40 products will be ready by December to support the launch of TrumpRx, facilitating logistics for patients [9]

Core Insights - Pfizer has successfully acquired Metsera for $10 billion, outbidding Novo Nordisk, marking a strategic move into the obesity treatment market [4][6][5] Acquisition Details - The acquisition concluded a competitive bidding process, with Pfizer's offer being accepted due to regulatory concerns surrounding Novo Nordisk's bid [5][9] - Pfizer's offer includes $65.60 per share in cash and a contingent value right of up to $20.65 per share based on future milestones [8] Market Context - The obesity drug market is rapidly growing, with an expected global market value of $150 billion by the early 2030s, making it a lucrative area for pharmaceutical companies [11] - Novo Nordisk withdrew from the bidding due to high legal and regulatory risks associated with US antitrust investigations [9][10] Strategic Implications - The acquisition positions Pfizer to compete with market leaders Novo Nordisk and Eli Lilly, which currently dominate the obesity treatment sector [6][11] - Analysts predict that Pfizer needs to generate over $11 billion in sales from Metsera's assets by 2040 to justify the acquisition cost [13] Future Prospects - Metsera's experimental drugs, including MET-097i and MET-233i, could potentially reach combined peak yearly sales of $5 billion if they receive regulatory approval [16] - The deal reflects Pfizer's ambition to diversify its portfolio beyond COVID-19 related products and establish a stronger presence in the obesity treatment market [7][13]

Core Insights - Viatris Inc. (VTRS) reported third-quarter 2025 adjusted earnings per share (EPS) of 67 cents, exceeding the Zacks Consensus Estimate of 63 cents, but down from 75 cents in the same quarter last year [1][7] - Total revenues for the quarter were $3.76 billion, a 2% decline year over year on an operational basis, yet surpassing the Zacks Consensus Estimate of $3.6 billion [1][7] Revenue Breakdown - Total sales reached $3.7 billion, down 2% year over year, with a 1% decline on a divestiture-adjusted operational basis [3] - Sales from Developed Markets were $2.25 billion, down 5% on a divestiture-adjusted operational basis, but slightly above the Zacks Consensus Estimate of $2.20 billion [3] - Emerging Markets generated $570.4 million in sales, reflecting a 7% increase on a divestiture-adjusted operational basis, beating the Zacks Consensus Estimate of $550 million [4] - Sales from Japan, Australia, and New Zealand (JANZ) totaled $306.3 million, down 9% on a divestiture-adjusted operational basis, yet exceeding the Zacks Consensus Estimate of $303 million [4] - Greater China sales amounted to $615.2 million, up 9% on a divestiture-adjusted operational basis, surpassing the Zacks Consensus Estimate of $579 million [4] Product Category Performance - Revenues from Brands increased by 3% to $2.4 billion, with a 1% rise on a divestiture-adjusted operational basis, driven by strong performance in Greater China and Emerging Markets [5] - Key branded products included Lipitor with sales of $396.1 million, Norvasc at $179.7 million, and EpiPen at $157.2 million, while Lyrica sales decreased to $126.5 million [8] Generics Performance - Generics revenue was $1.31 billion, down 5%, with a 6% decline on an operational change basis, primarily due to the impact from the Indore facility [9][10] - The decline in generics was offset by growth in complex products in North America and strong performance in key European markets [9] Financial Guidance and Shareholder Returns - Viatris raised its 2025 revenue guidance to a range of $13.9-$14.3 billion, up from the previous guidance of $13.5-$14 billion, and adjusted EPS guidance to $2.25-$2.35 from $2.16-$2.30 [12] - The company has returned over $920 million to shareholders year to date, including more than $500 million in share repurchases, and is on track to return over $1 billion in 2025 [11] Strategic Developments - Viatris acquired Aculys Pharma, gaining exclusive rights in Japan for pitolisant and plans to file two new drug applications in Japan [13] - The acquisition also includes rights for Spydia Nasal Spray, approved in Japan for treating status epilepticus [14]

GAAP / Non-GAAP Reconciliations November 6, 2025 1 Operational change: Refers to constant currency percentage changes and is derived by translating amounts for the current period at prior year comparative period exchange rates and in doing so shows the percentage change from 2025 constant currency net sales, total revenues, adjusted EBITDA, and adjusted EPS to the corresponding amount in the prior year. This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, disseminati ...