Viatris Inc

Viatris’ results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations. During the third quarter, Viatris delivered total revenues of $3.94 billion, showcasing approximately 1% year-over-year growth, surpassing expectations with an adjusted EBITDA of $1.36 billion and free cash flow of $738 million. Despite strong operational performance in the first nine months of the year, the company acknowledges the impact of foreign exchange headwinds, prompting a modest adjustment to the 2023 total revenue guidance range. They also entered into agreements for all planned divestitures by the end of the third quarter, including over-the-counter, women’s health care, API business in India, and commercialization rights in certain non-core markets acquired during the Upjohn transaction. Anticipated to close by the first half of 2024, these transactions mark the execution of Phase I of the strategic plan. Looking forward to 2024, their management expresses confidence in meeting long-term goals, emphasizing the potential for organic top-line growth through new product launches and strategic investments.