VTRS changes
Pick any two versions below to diff them.
- Price
- $20.67
- Discount category
- Pricey
- Next earnings
- Feb 25, 2027
- Next earnings is estimate
- Yes
- Company name
- added: Viatris
- Sector
- added: Generic and branded pharmaceuticals
- About
- added: Viatris Inc. (Viatris) is based in Canonsburg, Pennsylvania. It sells generic medicines and brands, and it is building a smaller group of newer medicines such as RYZUMVI and Gwyn Lo. It reports four regions: Developed Markets, Emerging Markets, JANZ and Greater China. Revenue was $3,749.5 million in Q3 2026 and $11,023.3 million for nine months. Brands made $2,461.4 million of Q3 net sales and Generics made $1,273.3 million. Adjusted EBITDA was $1,195.7 million in Q3. The common stock trades on Nasdaq in US dollars. Viatris files 10-K and 10-Q reports.
- Thesis
- added: The price of Viatris depends on whether it can turn flat revenue into growth while it carries $12.9 billion of debt. Q3 2026 revenue of $3.75 billion matched the year before, because supply limits in Europe and Emerging Markets and new competition held sales back. Adjusted EBITDA rose 4% to $1.20 billion, and Viatris raised the midpoints of all its 2026 guidance. It suspended production at its Nashik plant in India in October, which costs about $100 million of revenue in Q4. For the price to hold or rise, four things must be true. The Nashik plant must restart in Q1 2027. New products must reach about $450 million of revenue in 2026 and keep growing. The Pacira purchase, for $1.65 billion in cash, must close and add earnings without a large rise in leverage. The legal cases must not bring a large payment. The closing of Pacira, expected by the end of November 2026, and the Q4 2026 report, expected in late February 2027, are the next tests.
- Risks
- added: A plant is shut. The FDA rated the Nashik plant in India Official Action Indicated, and Viatris suspended production in October. It expects to restart in Q1 2027, but more FDA action can delay this. Debt is large. Total debt at notional amounts was $12,924.0 million at September 30, 2026, which is 2.9 times adjusted EBITDA. Of the carrying amount, $1,727.5 million was current. The Pacira purchase uses cash and debt. Legal cases are open. Putative class actions and stockholder derivative actions filed since 2023 and a class action filed in 2025 are pending, and the Attorney General of Mississippi sent a subpoena about EpiPen in June 2024. Viatris also carries liabilities for legal matters of the Upjohn business. Generic sales are under pressure. Generics net sales fell 3% in Q3 2026, with supply constraints in Europe and Emerging Markets and new competition on some products. GAAP earnings are not steady. The Q3 2026 net loss of $325.3 million came mainly from a tax charge on losses in places where Viatris gets little tax benefit. The chief financial officer role is held by an interim officer.
- Balance sheet
- added: Cash: $1.8B Debt: $12.9B Net debt: $11.1B Debt due within 12 months: $1.7B Last debt due: 2048 At September 30, 2026, Viatris had total debt at notional amounts of $12,924.0 million. The carrying amount was $13,315.0 million, of which $1,727.5 million was current. Cash and cash equivalents were $1,789.2 million. Gross debt was 2.9 times adjusted EBITDA of the last four quarters. The notes due in 2027 are $969.3 million of euro notes and $754.2 million of dollar notes at carrying amounts. Operating cash flow was $1,669.5 million and free cash flow was $1,491.1 million for nine months. Viatris returned about $717 million to shareholders in nine months, including about $300 million of share repurchases, and about $700 million remains in its program. The purchase of Pacira for about $1.65 billion in cash is not in these figures. As of Sep 30, 2026.
- Checkpoints
- added: Nov 2026 (estimate): Pacira purchase closes. Pending. Watch: The purchase closes by the end of November 2026 at $36.50 per share in cash and Viatris says that gross leverage changes little, and this passes; a delay past the end of 2026 or a higher price fails. Feb 25, 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: 2026 adjusted EBITDA is in the guided range of $4.45 billion to $4.55 billion and the 2027 outlook shows growth, and this passes; a miss or a flat outlook fails. Q1 2027 (estimate): Nashik plant restarts. Pending. Watch: Production at the Nashik plant restarts in Q1 2027, as Viatris expects, and this passes; a later restart fails.
- Recent events
- added: Nov 5, 2026: Viatris reported Q3 2026 results. Revenue was $3.75 billion, adjusted EBITDA was $1.20 billion, adjusted EPS was $0.71 and the GAAP net loss was $325 million because of a higher tax charge. It raised the midpoints of its 2026 guidance to revenue of $14.7 billion to $14.9 billion, adjusted EBITDA of $4.45 billion to $4.55 billion and adjusted EPS of $2.56 to $2.63. It said that supply constraints cost about $100 million of revenue in Q3 and will cost about $100 million in Q4. Oct 30, 2026: Viatris started its tender offer for Pacira BioSciences at $36.50 per share in cash, an equity value of about $1.65 billion. It expects the purchase to close by the end of November 2026. Oct 8, 2026: Viatris agreed to buy Pacira BioSciences, a maker of non-opioid pain medicines, in a merger agreement for $36.50 per share in cash. Jul 1, 2026: Viatris signed a new ¥40,000,000,000 unsecured term loan facility with Mizuho Bank. It repays the earlier loan of the same size from 2021. Jun 17, 2026: Viatris sold €650 million of 4.250% senior notes due 2033. It used the proceeds for the repayment of $1.675 billion of 3.950% senior notes that matured in 2026.