Viatris’ results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street. The company achieved decent results in developed markets, with a full European version driven by critical brands and generics. North America’s growth was fuelled by the success of brands like Yupelri. In emerging markets, performance was decent in Korea, Malaysia, Thailand, and the Middle East, with key brands such as Lipitor, Norvasc, and Viagra surpassing expectations. The company expects mid-single-digit growth in this segment, primarily driven by the brand category. Despite setbacks in Japan’s brand category due to customer buying patterns, Viatris maintains a positive outlook for the year, driven by solid generic performance and key brands. Operational growth exceeded expectations in Greater China, and their management anticipates another strong year ahead. Viatris also highlighted the successful launch of Tyrvayas in the Eye Care segment, with positive prescriber counts and plans for further growth. The company’s pipeline remains robust, with notable achievements in complex injectable products, novel and complex developments, and advancements in the Eye Care pipeline. We give Viatris a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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