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Cavendish has reiterated its buy rating on Shield Therapeutics PLC (AIM:STX, OTCQB:SHIEF) following the pharmaceutical company's agreement to take full commercial control of its main United States (US) product from Viatris.

The broker kept its target price at 23 pence, implying potential upside of 318% from current share price of about 5.5 pence.

Shield, which is listed on London's AIM market, announced on Thursday that it would assume full responsibility for ACCRUFeR, an oral iron replacement therapy, in the US from 30 September.

The company will take over commercial operations without making any upfront cash payment.

Instead, Shield will pay Viatris a reduced royalty on US net sales, ranging from high single digits to the mid-teens, over five years.

Cavendish called the deal one of the most significant strategic developments for Shield since its original US agreement in 2022.

The broker said bringing the sales team in-house should improve profit margins, even as operating costs rise.

Shield's management expects the transaction to be immediately value accretive to the business.

Cavendish forecasts Shield's revenue will rise to £78.7 million in the 2026 financial year, up from £49.7 million in 2025.

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Viatris Inc. (VTRS) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT

Company Participants

William Szablewski - Head of Investor Relations & Capital Markets
Scott Smith - CEO & Director
Philippe Martin - Chief R&D Officer
Paul Campbell - Interim CFO, Chief Accounting Officer & Corporate Controller
Corinne Le Goff - Chief Commercial Officer

Conference Call Participants

Ashwani Verma - UBS Investment Bank, Research Division
Umer Raffat - Evercore ISI Institutional Equities, Research Division
Matthew Dellatorre - Goldman Sachs Group, Inc., Research Division
Glen Santangelo - Barclays Bank PLC, Research Division
Ethan Brown - JPMorgan Chase & Co, Research Division
Yuchen Ding - Jefferies LLC, Research Division
Jason Gerberry - BofA Securities, Research Division
David Amsellem - Piper Sandler & Co., Research Division

Presentation

Operator

Good morning, everyone, and welcome to the Viatris Q2 2026 Earnings Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the floor over to Bill Szablewski, Head of Capital Markets. Sir, please go ahead.

William Szablewski
Head of Investor Relations & Capital Markets

Good morning, everyone. Welcome to our Q2 2026 earnings call. With us today is CEO, Scott Smith; Interim CFO, Paul Campbell; Chief R&D Officer, Philippe Martin; and Chief Commercial Officer, Corinne Le Goff.

During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2026 and various strategic initiatives. These statements are subject to risks and uncertainties.

We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to today's slide presentation and our SEC filings for more information, including reconciliations of those non-GAAP measures to most directly comparable GAAP measures.

When discussing 2026 actual or reported results, we will be making certain comparisons to 2025 actual or reported results on an operational basis, which excludes the impact of foreign currency

Harrow Inc. (NASDAQ:HROW) on Thursday agreed to acquire Tyrvaya (varenicline solution) nasal spray 0.03 mg from Viatris Inc. (NASDAQ:VTRS).

Viatris To Sell Tyrvaya To Harrow In Up To $100 Million DealTyrvaya is a cholinergic agonist indicated for signs and symptoms of dry eye disease and is currently approved in the U.S., China, and Taiwan, with marketing authorization applications pending in other countries.

Harrow will pay $30 million in cash and up to $70 million in contingent milestone payments tied to Tyrvaya’s net sales, for a potential total consideration of up to $100 million.

The transaction is expected to close in the second half of 2026.

Read Next

Viatris Q2 PerformanceViatris on Thursday reported second-quarter adjusted earnings of 69 cents per share, beating the consensus of 60 cents.

The generic drug maker reported sales of $3.756 billion, ahead of the consensus of $3.675 billion.

Sales jumped 5% year over year (+3.5% on an operational basis), primarily driven by new product sales in Developed Markets and strong growth in Greater China.

“Our second-quarter results reflect another quarter of strong execution and reinforce the momentum we’re building across our business,” said Scott A. Smith, CEO, Viatris. “Commercial execution, pipeline progress and the early benefits of our enterprise-wide strategic review continue strengthening our business and improving our financial performance.”

In the company earnings conference call, Viatris said the Tyrvaya deal will help it focus on high-potential growth areas, particularly in complex generics and transdermal products, as well as continued investment in the Greater China market.

Viatris Raises 2026 Earnings And Sales Guidance“Our strong first-half results give us the confidence to raise our full-year guidance. We expect a more balanced operating environment in the second half of the year, and we remain focused on disciplined execution, investing behind our future growth drivers and creating long-term value for patients and shareholders,” Smith said.

Viatris raised its fiscal 2026 adjusted earnings guidance from $2.33-$2.47 per share to $2.45-$2.49 compared to the consensus of $2.44.

The company raised its 2026 sales guidance from $14.45 billion-$14.95 billion to $14.55 billion-$14.95 billion versus the Wall Street estimate of $14.783 billion.

VTRS Price Action: Viatris shares were down 4.16% at $16.91 at the time of publication on Thursday, according to Benzinga Pro data.

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Viatris (VTRS - Free Report) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.29%. A quarter ago, it was expected that this generic drugmaker would post earnings of $0.52 per share when it actually produced earnings of $0.59, delivering a surprise of +13.46%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Viatris, which belongs to the Zacks Medical Services industry, posted revenues of $3.76 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.19%. This compares to year-ago revenues of $3.58 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Viatris shares have added about 41.8% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Viatris?While Viatris has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Viatris was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.65 on $3.82 billion in revenues for the coming quarter and $2.46 on $14.74 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Sera Prognostics, Inc. (SERA - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.

This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +12.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sera Prognostics, Inc.'s revenues are expected to be $0.13 million, up 550% from the year-ago quarter.

Delivers Total Revenues of $3.8 Billion, Representing 5% Reported Growth Compared to Second Quarter 2025 and a U.S. GAAP Net Loss of $119 Million Total Revenues Were Up 3.5% Operationally Compared to Second Quarter 2025 Adjusted EBITDA was $1.2 Billion, Up 8% Operationally Compared to Second Quarter 2025 Advances Key Pipeline Milestones, Including U.S. FDA Approval of Gwyn LoTM Announces Sale of Global Rights to Tyrvaya® Returns Approximately $550 Million of Capital to Shareholders, Including Through Share Repurchases; Reduces Gross Leverage Ratio to 2.9x Raises 2026 Financial Guidance Midpoints for All Metrics [1] , /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced its second-quarter 2026 financial results.

Executive Commentary

"Our second-quarter results reflect another quarter of strong execution and reinforce the momentum we're building across our business," said Scott A. Smith, CEO, Viatris. "Commercial execution, pipeline progress and the early benefits of our enterprise-wide strategic review continue strengthening our business and improving our financial performance. Our strong first-half results give us the confidence to raise our full-year guidance. We expect a more balanced operating environment in the second half of the year and we remain focused on disciplined execution, investing behind our future growth drivers and creating long-term value for patients and shareholders."

"We delivered another strong quarter of Total Revenues and Adjusted EBITDA growth over the prior year, reflecting continued strong operational execution," said Paul Campbell, Interim CFO, Chief Accounting Officer & Corporate Controller, Viatris. "At the same time, we continued to execute on our balanced capital allocation strategy, returning approximately $550 million to shareholders, including approximately $270 million of share repurchases occurring through early August. In addition, we further strengthened our balance sheet and reduced our gross leverage ratio to 2.9x."

[1] Viatris is not providing forward-looking guidance for U.S. GAAP net earnings (loss) or U.S. GAAP diluted EPS (loss) or a quantitative reconciliation of its 2026 Adjusted EBITDA or Adjusted EPS guidance. U.S. GAAP net cash provided by operating activities for 2026 is estimated to be between $1.9 billion and $2.1 billion, with a midpoint of approximately $2.0 billion. 2026 financial guidance ranges as provided on August 6, 2026, exclude the impact of any transaction-related and restructuring-related costs (as defined below) and acquired IPR&D for unsigned deals as they cannot be reasonably forecasted. Please see "2026 Financial Guidance" and "Non-GAAP Financial Measures" for additional information.

Second-Quarter Results

Three Months Ended

June 30,

(Unaudited; in millions, except %s and per share amounts)

2026

2025

Reported
Change

Operational
Change(1) (2)

Total Revenues

$ 3,756.8

$ 3,582.1

5 %

4 %

Total Net Sales

$ 3,745.9

$ 3,569.0

5 %

4 %

Developed Markets

2,193.7

2,119.3

4 %

2 %

Emerging Markets

542.3

555.1

(2) %

(2) %

JANZ

296.1

305.7

(3) %

— %

Greater China

713.8

588.9

21 %

16 %

Net Sales by Product Category

Brands

$ 2,418.4

$ 2,284.5

6 %

4 %

Generics

1,327.5

1,284.5

3 %

3 %

U.S. GAAP Gross Profit

$ 1,456.5

$ 1,332.9

9 %

U.S. GAAP Gross Margin

38.8 %

37.2 %

Adjusted Gross Profit (2)

$ 2,158.9

$ 2,028.4

6 %

Adjusted Gross Margin (2)

57.5 %

56.6 %

U.S. GAAP Net Loss

$   (118.8)

$       (4.6)

NM

U.S. GAAP Loss Per Share

$     (0.10)

$         —

NM

Adjusted Net Earnings (2)

$    808.5

$    726.0

11 %

Adjusted EPS (2)

$      0.69

$      0.62

11 %

9 %

EBITDA (2)

$    729.0

$    577.8

26 %

Adjusted EBITDA (2)

$ 1,188.3

$ 1,078.8

10 %

8 %

U.S. GAAP Net Cash Provided by Operating Activities

$    381.8

$    219.7

74 %

Capital Expenditures

52.8

52.9

— %

Free Cash Flow (2)(3)

$    329.0

$    166.8

97 %

___________

(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)

Excluding the impact of transaction-related and restructuring-related costs of $120 million, free cash flow for the three months ended June 30, 2026, was $449 million. Excluding the impact of transaction-related costs of $74 million, free cash flow for the three months ended June 30, 2025, was $241 million.

Six Months Ended

June 30,

(Unaudited; in millions, except %s and per share amounts)

2026

2025

Reported
Change

Operational
Change(1) (2)

Total Revenues

$  7,273.8

$  6,836.4

6 %

3 %

Total Net Sales

$  7,255.6

$  6,812.2

7 %

3 %

Developed Markets

4,214.5

4,011.0

5 %

1 %

Emerging Markets

1,077.7

1,075.0

— %

(1) %

JANZ

569.5

581.8

(2) %

(1) %

Greater China

1,393.9

1,144.4

22 %

17 %

Net Sales by Product Category

Brands

$  4,750.9

$  4,401.4

8 %

4 %

Generics

2,504.7

2,410.8

4 %

2 %

U.S. GAAP Gross Profit

$  2,613.7

$  2,494.1

5 %

U.S. GAAP Gross Margin

35.9 %

36.5 %

Adjusted Gross Profit (2)

$  4,129.2

$  3,848.0

7 %

Adjusted Gross Margin (2)

56.8 %

56.3 %

U.S. GAAP Net Earnings (Loss) (3)

$       57.6

$ (3,046.6)

NM

U.S. GAAP Earnings (Loss) Per Share (3)

$       0.05

$      (2.58)

NM

Adjusted Net Earnings (2)

$  1,502.6

$  1,326.3

13 %

Adjusted EPS (2)

$       1.28

$       1.11

15 %

11 %

EBITDA (2)

$  1,277.9

$ (1,739.0)

NM

Adjusted EBITDA (2)

$  2,237.8

$  2,002.3

12 %

9 %

U.S. GAAP Net Cash Provided by Operating Activities

$     770.1

$     755.2

2 %

Capital Expenditures

92.7

95.5

(3) %

Free Cash Flow (2)(4)

$     677.4

$     659.7

3 %

___________

(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 six months ended June 30, 2025, includes the previously disclosed goodwill impairment charge of $2.9 billion as a result of the interim goodwill impairment test performed as of March 31, 2025.

(4)

Excluding the impact of transaction-related and restructuring-related costs of $231 million, free cash flow for the six months ended June 30, 2026, was $908 million. Excluding the impact of transaction-related costs of $116 million, free cash flow for the six months ended June 30, 2025, was $776 million.

Financial Highlights for the Second Quarter of 2026

Total revenues were $3.8 billion, up 5% on a reported basis and up 3.5% on an operational basis compared to second-quarter 2025 results, primarily driven by new product sales in Developed Markets and strong growth in Greater China. Brands net sales reflect continued strength in Greater China and Emerging Markets. Generics net sales reflect contributions from new product launches, in addition to growth in certain products in Developed Markets, partially offset by supply constraints in the ARV business within Emerging Markets. The Company generated approximately $101 million in new product revenues (approximately $172 million for the year) and continues expecting to deliver approximately $450 million to $550 million in new product revenues in full-year 2026. U.S. GAAP net loss was $119 million compared to U.S. GAAP net loss of $5 million in the second quarter of 2025 and U.S. GAAP diluted loss per share was $(0.10) compared to a loss of less than $(0.01) per share in the second quarter of 2025. The loss in the second quarter of 2026 was primarily driven by a non-cash charge of $177.8 million related to the planned sale of the product rights for Tyrvaya® and the write down of that intangible asset to fair value, less cost to sell. Adjusted EBITDA was $1.2 billion, up 10% on a reported basis and up 8% on an operational basis compared to the second quarter of 2025, and adjusted EPS was $0.69 per share, up 11% on a reported basis and up 9% on an operational basis compared to the second quarter of 2025. The Company generated U.S. GAAP net cash provided by operating activities of $382 million ($770 million for the year) and free cash flow, excluding the impact of transaction-related and restructuring-related costs, of $449 million ($908 million for the year). Additional Highlights

In August, the Company signed a definitive agreement to sell the global product rights for Tyrvaya to Harrow, Inc., a leading provider of ophthalmic disease management solutions in North America, for an upfront payment of $30 million and an additional $70 million in commercial contingent milestone payments. The transaction reflects the Company's continued focus on prioritizing its capital, talent and resources toward opportunities it believes offer the greatest long-term growth potential. In July, the Company announced that the U.S. Food and Drug Administration (FDA) approved Gwyn LoTM (norelgestromin and ethinyl estradiol transdermal system), a new combined hormonal contraceptive patch with low-dose estrogen. The Company expects Gwyn Lo to be commercially available later this year. In July, the Company completed the sale of its equity position in Biocon Limited for a pre-tax total consideration of approximately $380 million. The pre-tax sale proceeds include the impacts of an approximate 2.7% block sale discount to market, transaction fees and the strengthening of the U.S. dollar since the Company obtained the equity in January 2026. This sale completes the Company's monetization of its stake in Biocon Biologics Limited for a total of approximately $780 million.  In June, the FDA approved the Company's generic ferric carboxymaltose injection in three strengths: 750 mg/15 mL, 1000 mg/20 mL and 100 mg/2 mL. Ferric carboxymaltose is a substitutable generic version of Injectafer®, which is indicated for the treatment of iron deficiency anemia and non-dialysis dependent chronic kidney disease, and iron deficiency. In June, the Company announced positive top-line results from a Phase 3 clinical trial evaluating the efficacy and safety of VR-205 (targeted-release budesonide formulation) (Nefecon®) in Japanese adult patients with primary immunoglobulin A nephropathy at risk of developing end-stage renal disease. In May, the FDA inspected the Company's oral solid dose manufacturing facility in Nashik, India, and issued Form 483 observations. The Company responded to the Form 483 observations and promptly initiated a comprehensive remediation plan. The Company has also engaged independent third-party subject matter experts to support its remediation plan. Activities under the remediation plan are ongoing and have led to intermittent disruptions at the facility. While production at the facility has resumed, the temporary manufacturing suspension due to the fire at the facility in February along with these intermittent disruptions are expected to impact product supply in the second half of the year. The Company currently anticipates the impact of product supply disruptions to be between $100 million and $150 million to total revenues in the second half of 2026. In May, the Company announced that the FDA accepted for review the New Drug Application for MR-107A-02 (fast-acting meloxicam), a non-opioid, for the treatment of moderate-to-severe acute pain. The FDA has assigned a PDUFA goal date of December 27, 2026. The Company signed a distribution agreement with Accord Healthcare to commercialize three biosimilar products (filgrastim, ustekinumab, teriparatide) in France. In addition, the Company signed a co-promotion partnership with Idorsia Ltd. for Quvivq® in Italy and Canada. These transactions reflect the Company's disciplined business development strategy of expanding its portfolio through complementary, accretive products that leverage its regional capabilities and commercial strengths. Capital Allocation

Through August 5, 2026, the Company has returned approximately $550 million of capital to shareholders, including approximately $270 million through share repurchases at a weighted average purchase price of $16.42 per share. The Company has approximately $730 million remaining under its existing board-authorized share repurchase program, providing continued flexibility to return additional capital to shareholders.

The Company repaid approximately $900 million of debt that matured in June 2026, refinancing the remaining balance with a public offering of €650 million aggregate principal amount of 4.250% euro-denominated senior notes due 2033. As a result, the Company ended the quarter with a gross leverage ratio of 2.9x.

2026 Financial Guidance

Viatris is raising the midpoints of its 2026 financial guidance ranges, each as set forth below. The Company is not providing forward-looking guidance for U.S. GAAP net earnings (loss) or U.S. GAAP diluted earnings (loss) per share (EPS) or a quantitative reconciliation of its 2026 adjusted EBITDA or adjusted EPS guidance to the most directly comparable U.S. GAAP measures, U.S. GAAP net earnings (loss) or U.S. GAAP diluted EPS, respectively, because it is unable to predict with reasonable certainty the ultimate 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 contingent consideration, acquired IPR&D and certain other gains or losses as well as related income tax accounting, because certain of these items have not occurred, are out of the Company's control and/or cannot be reasonably predicted without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. With respect to the Estimated Ranges as provided on August 6, 2026, U.S. GAAP net cash provided by operating activities for 2026 is estimated to be between $1.9 billion and $2.1 billion, with a midpoint of approximately $2.0 billion. With respect to the Estimated Ranges reaffirmed on May 7, 2026, U.S. GAAP net cash provided by operating activities for 2026 was estimated to be between $1.7 billion and $2.0 billion, with a midpoint of approximately $1.85 billion.

(In millions, except Adjusted EPS)

Estimated Ranges (2)

May 7, 2026

Midpoint (2)

May 7, 2026

Estimated Ranges (3)

August 6, 2026

Midpoint (3)

August 6, 2026

Total Revenues

$14,450 - $14,950

$14,700

$14,550 - $14,950

$14,750

Adjusted EBITDA (1)

$4,150 - $4,450

$4,300

$4,300 - $4,500

$4,400

Adjusted EPS (1)

$2.33 - $2.47

$2.40

$2.45 - $2.59

$2.52

Free Cash Flow (1)

Excluding Transaction-related and Restructuring-related Costs

$1,950 - $2,350

$2,150

$2,050 - $2,350

$2,200

(1)

Non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information.

(2)

2026 Financial Guidance reaffirmed on May 7, 2026, excluded any acquired IPR&D for unsigned deals to be incurred in any future period as it could not be reasonably forecasted. 

(3)

2026 Financial Guidance as provided on August 6, 2026, excludes any acquired IPR&D for unsigned deals to be incurred in any future period as it cannot be reasonably forecasted.

Conference Call and Earnings Materials 

As previously announced, Viatris will host a conference call and live webcast, today at 8:30 a.m. ET, to review the Company's second-quarter 2026 financial results. Investors and the general public are invited to listen to a live webcast of the call at investor.viatris.com or by calling 844.308.3344 or 412.317.1896 for international callers. The "Viatris Q2 2026 Earnings Presentation," which will be referenced during the call, can be found at investor.viatris.com. A replay of the webcast also will be available on the website.

About Viatris

Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Non-GAAP Financial Measures

This press release includes the presentation and discussion of certain financial information that differs from what is reported under accounting principles generally accepted in the United States ("U.S. GAAP"). These non-GAAP financial measures, including, but not limited to, adjusted gross profit, adjusted gross margins, adjusted net earnings, adjusted EPS, EBITDA, adjusted EBITDA, free cash flow, free cash flow excluding the impact of transaction-related and restructuring-related costs, adjusted R&D and as a % of total revenues, adjusted SG&A and as a % of total revenues, adjusted earnings from operations, adjusted interest expense, adjusted other income, net, adjusted effective tax rate, constant currency total revenues, constant currency net sales, constant currency adjusted EBITDA, constant currency adjusted EPS, notional debt, gross leverage ratio and long-term gross leverage ratio target, are presented in order to 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 these measures internally for forecasting, budgeting, measuring its operating performance, and incentive-based awards. Primarily due to acquisitions, divestitures and other significant events which may impact comparability of our periodic operating results, Viatris believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results was limited to financial measures prepared only in accordance with U.S. GAAP. We believe that non-GAAP financial measures are useful supplemental information for 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 the Company is measured by senior management, in part, using adjusted metrics included herein, along with other performance metrics. In addition, the Company believes that including EBITDA and supplemental adjustments applied in presenting adjusted EBITDA is appropriate to provide additional information to investors to demonstrate the Company's ability to comply with financial debt covenants and assess the Company's ability to incur additional indebtedness. The Company also believes that adjusted EBITDA better focuses management on the Company's underlying operational results and true business performance and is used, in part, for management's incentive compensation. We also report sales performance using the non-GAAP financial measures of "constant currency", also referred to herein as "operational change", total revenues, net sales, adjusted EBITDA, and adjusted EPS. These measures provide information on the change in total revenues, net sales, adjusted EBITDA, and adjusted EPS assuming that foreign currency exchange rates had not changed between the prior and current period. The comparisons presented at constant currency rates reflect comparative local currency sales at the prior year's foreign exchange rates. We routinely evaluate our net sales, total revenues, adjusted EBITDA, and adjusted EPS performance at constant currency so that sales results can be viewed without the impact of foreign currency exchange rates, thereby facilitating a period-to-period comparison of our operational activities and believe that this presentation also provides useful information to investors for the same reason. The "Summary of Total Revenues by Segment" table below compares total revenues and net sales on an actual and constant currency basis for each reportable segment for the three and six months ended June 30, 2026 and 2025. Also, set forth below, Viatris has provided reconciliations of such non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below, and investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with U.S. GAAP. For additional information regarding the components and uses of non-GAAP financial measures refer to Management's Discussion and Analysis of Financial Condition and Results of Operations--Use of Non-GAAP Financial Measures section of Viatris' Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026.

With respect to the guidance ranges reaffirmed on May 7, 2026, at that time the Company did not provide forward-looking guidance for U.S. GAAP net earnings (loss) or U.S. GAAP diluted EPS or a quantitative reconciliation of its 2026 adjusted EBITDA or adjusted EPS guidance to the most directly comparable U.S. GAAP measures, U.S. GAAP net earnings (loss) or U.S. GAAP diluted EPS, respectively, because it was unable to predict with reasonable certainty the ultimate 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 contingent consideration, acquired IPR&D and certain other gains or losses, including for the fair value accounting impact for equity investments, as well as related income tax accounting, because certain of these items had not occurred, were out of the Company's control, and/or could not be reasonably predicted without unreasonable effort. These items were uncertain, depended on various factors, and could have had a material impact on U.S. GAAP reported results for the guidance period. As previously disclosed, such guidance ranges excluded the impact of transaction-related and restructuring-related costs as well as any acquired IPR&D for unsigned deals to be incurred in any future period as it could not be reasonably forecasted. With respect to the Estimated Ranges reaffirmed on May 7, 2026, U.S. GAAP net cash provided by operating activities for 2026 was estimated to be between $1.7 billion and $2.0 billion, with a midpoint of approximately $1.85 billion.

Certain Key Terms and Presentation Matters

New product sales, new product launches or new product revenues: Refers to revenue from new products launched in 2026 and the carryover impact of new products, including business development, launched within the last 12 months.

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 2026 constant currency net sales, total revenues, adjusted EBITDA, and adjusted EPS to the corresponding amount in the prior year.

Transaction-related costs: Refers to the impact of any acquisition and divestiture-related transaction costs, including taxes.

Restructuring-related costs: Refers to the impact of any cash costs associated with the restructuring activities of the enterprise-wide strategic review, which are expected to be primarily related to severance and employee benefits expense, as well as other costs, including those related to contract terminations, vendor consolidations, product transfer costs and network related simplification and modernization costs.

Forward-Looking Statements

This press release contains "forward-looking statements". These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about our 2026 financial guidance; our second-quarter results reflect another quarter of strong execution and reinforce the momentum we're building across our business; commercial execution, pipeline progress and the early benefits of our enterprise-wide strategic review continue strengthening our business and improving our financial performance; our strong first-half results give us the confidence to raise our full-year guidance; we expect a more balanced operating environment in the second half of the year and we remain focused on disciplined execution, investing behind our future growth drivers and creating long-term value for patients and shareholders; we delivered another strong quarter of Total Revenues and Adjusted EBITDA growth over the prior year, reflecting continued strong operational execution; at the same time, we continued to execute on our balanced capital allocation strategy, returning approximately $550 million to shareholders, including approximately $270 million of share repurchases occurring through early August; in addition, we further strengthened our balance sheet and reduced our gross leverage ratio to 2.9x; the Company generated approximately $101 million in new product revenues (approximately $172 million for the year) and continues expecting to deliver approximately $450 million to $550 million in new product revenues in full-year 2026; the transaction to sell the global product rights for Tyrvaya® reflects the Company's continued focus on prioritizing its capital, talent and resources toward opportunities it believes offer the greatest long-term growth potential; the Company expects Gwyn Lo to be commercially available later this year; the outcomes of clinical trials; in May, the FDA inspected the Company's oral solid dose manufacturing facility in Nashik, India, and issued Form 483 observations; the Company responded to the Form 483 observations and promptly initiated a comprehensive remediation plan; the Company has also engaged independent third-party subject matter experts to support its remediation plan; activities under the remediation plan are ongoing and have led to intermittent disruptions at the facility; while production at the facility has resumed, the temporary manufacturing suspension due to the fire at the facility in February along with these intermittent disruptions are expected to impact product supply in the second half of the year; the Company currently anticipates the impact of product supply disruptions to be between $100 million and $150 million to total revenues in the second half of 2026; in May, the Company announced that the FDA accepted for review the New Drug Application for MR-107A-02 (fast-acting meloxicam), a non-opioid, for the treatment of moderate-to-severe acute pain and the FDA has assigned a PDUFA goal date of December 27, 2026; the Company signed a distribution agreement with Accord Healthcare to commercialize three biosimilar products (filgrastim, ustekinumab, teriparatide) in France; the Company signed a co-promotion partnership with Idorsia Ltd. for Quvivq® in Italy and Canada; these transactions reflect the Company's disciplined business development strategy of expanding its portfolio through complementary, accretive products that leverage its regional capabilities and commercial strengths; the Company has approximately $730 million remaining under its existing board-authorized share repurchase program, providing continued flexibility to return additional capital to shareholders; the goals or outlooks with respect to the Company's strategic initiatives and priorities, including but not limited to divestitures, acquisitions, strategic alliances, collaborations, or other potential transactions; the anticipated benefits of such strategic initiatives or priorities or restructuring activities; future opportunities for the Company and its products; the outcomes of clinical trials and research studies; R&D and new product development; and any other statements regarding the Company's future operations, financial or operating results, capital allocation, dividend policy and payments, share repurchases, debt ratio and covenants, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, imperatives, competitions, commitments, confidence in future results, efforts to create, enhance or otherwise unlock value, and other expectations and targets for future periods. Forward-looking statements may often be identified by the use of words such as "will", "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 and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the possibility that the Company may not realize the intended benefits of, or achieve the intended goals or outlooks with respect to, its strategic initiatives and priorities; the possibility that the Company may be unable to achieve the intended or expected benefits of its enterprise-wide strategic review and related cost-saving and restructuring activities within the expected timeframe or at all; the possibility that the Company may be unable to achieve intended or expected benefits in connection with divestitures, acquisitions, strategic alliances, collaborations, or other transactions, or restructuring programs, within the expected timeframes or at all; goodwill or impairment charges or other losses; success of clinical trials and the Company's or its partners' ability to execute on new product opportunities and develop, manufacture and commercialize products; any changes in or difficulties with the Company's manufacturing facilities, including with respect to short- or long-term shutdowns, inspections, remediation and restructuring activities, supply chain continuity, inventory management, or the ability to meet anticipated demand; the Company's failure to achieve expected or targeted future financial and operating performance and results; the potential impact of natural or man-made disasters, public health outbreaks, fires, accidents, weather, unrest or other emergencies in regions 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, including but not limited to tax, healthcare and pharmaceutical laws, regulations and policies globally; the ability to attract, motivate and retain key personnel; the Company's liquidity, capital resources and ability to obtain financing; any regulatory, legal or other impediments to the Company's ability to bring new products to market; products in development that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; longer review, response and approval times as a result of evolving regulatory priorities and reductions in personnel at health agencies; the scope, timing and outcome of any ongoing legal proceedings, including government inquiries or investigations, and the impact of any such proceedings on the Company; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with having significant operations globally; the ability to protect intellectual property and preserve intellectual property rights; changes in third-party relationships; the effect of any changes in the Company's or its partners' customer and supplier relationships and customer purchasing patterns, including customer loss and business disruption being greater than expected following an adverse regulatory action, acquisition or divestiture; the impacts of competition, including decreases in sales or revenues as a result of the loss of market exclusivity for certain products; changes in the economic and financial conditions of the Company or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, wars or other conflicts, potential for adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements, and the providing of estimates 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 Company's Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the SEC. You can access Viatris' filings with the SEC through the SEC website at www.sec.gov or through our website, and Viatris strongly encourages you to do so. Viatris routinely posts information that may be important to investors on our website at investor.viatris.com, and we use this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). The contents of our website are not incorporated into this press release or our filings with the SEC. Viatris undertakes no obligation to update any statements herein for revisions or changes after the date of this press release other than as required by law.

Viatris Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Revenues:

Net sales

$    3,745.9

$    3,569.0

$    7,255.6

$    6,812.2

Other revenues

10.9

13.1

18.2

24.2

Total revenues

3,756.8

3,582.1

7,273.8

6,836.4

Cost of sales

2,300.3

2,249.2

4,660.1

4,342.3

Gross profit

1,456.5

1,332.9

2,613.7

2,494.1

Operating expenses:

Research and development

248.3

218.8

496.9

440.8

Acquired IPR&D

(5.8)

—

0.2

10.0

Selling, general and administrative

1,134.5

928.7

2,063.3

1,876.8

Impairment of goodwill

—

—

—

2,936.8

Litigation settlements and other contingencies, net

73.2

(47.6)

126.7

(121.1)

Total operating expenses

1,450.2

1,099.9

2,687.1

5,143.3

Earnings (loss) from operations

6.3

233.0

(73.4)

(2,649.2)

Interest expense

120.7

116.6

240.8

232.1

Other (income) expense, net

(50.4)

333.5

(2.9)

432.8

Loss before income taxes

(64.0)

(217.1)

(311.3)

(3,314.1)

Income tax provision (benefit)

54.8

(212.5)

(368.9)

(267.5)

Net (loss) earnings

$     (118.8)

$       (4.6)

$       57.6

$  (3,046.6)

(Loss) earnings per share attributable to Viatris Inc. shareholders

Basic

$       (0.10)

$          —

$       0.05

$       (2.58)

Diluted

$       (0.10)

$          —

$       0.05

$       (2.58)

Weighted average shares outstanding:

Basic

1,163.3

1,173.0

1,159.4

1,182.7

Diluted

1,163.3

1,173.0

1,173.8

1,182.7

Viatris Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

June 30,
2026

December 31,
2025

ASSETS

Assets

Current assets:

Cash and cash equivalents

$        886.5

$      1,322.4

Accounts receivable, net

3,126.2

3,031.3

Inventories

3,933.2

3,999.2

Prepaid expenses and other current assets

2,109.8

1,436.3

Total current assets

10,055.7

9,789.2

Intangible assets, net

13,676.9

15,102.1

Goodwill

6,654.4

6,754.7

Other non-current assets

4,657.6

5,547.1

Total assets

$    35,044.6

$    37,193.1

LIABILITIES AND EQUITY

Liabilities

Current portion of long-term debt and other long-term obligations

$      1,738.9

$      1,933.3

Other current liabilities

4,606.9

5,161.0

Long-term debt

11,612.4

12,480.6

Other non-current liabilities

2,826.0

2,906.9

Total liabilities

20,784.2

22,481.8

Shareholders' equity

14,260.4

14,711.3

Total liabilities and equity

$    35,044.6

$    37,193.1

Viatris Inc. and Subsidiaries

Key Product Net Sales, on a Consolidated Basis

(Unaudited)

Three months ended June 30,

Six months ended June 30,

(In millions)

2026

2025

2026

2025

Select Key Global Products

Lipitor ®

$          452.2

$          387.9

$          914.2

$          775.9

Norvasc ®

200.2

182.7

410.2

355.0

EpiPen® Auto-Injectors

129.2

136.8

230.3

233.5

Lyrica ®

120.6

128.1

241.2

240.7

Viagra ®

112.9

100.3

207.9

198.8

Creon ®

97.4

91.4

194.8

173.8

Celebrex ®

76.4

70.0

143.5

133.4

Zoloft ®

71.4

61.1

144.0

121.3

Effexor ®

66.7

63.1

128.7

122.4

Xalabrands

38.8

40.7

78.0

77.8

Select Key Segment Products

Yupelri ®

70.7

66.6

$          133.2

$          124.9

Dymista ®

39.8

48.4

77.1

91.2

Amitiza ®

39.4

41.6

73.4

74.9

Xanax ®

38.1

33.9

72.9

66.2

____________

(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 include the impact of foreign currency fluctuations compared to the prior year period.

Viatris Inc. and Subsidiaries 
Reconciliation 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 Share to Adjusted EPS

Below is a reconciliation of U.S. GAAP net (loss) earnings and diluted (loss) earnings per share to adjusted net earnings and adjusted EPS for the three and six months ended June 30, 2026, compared to the prior year period: 

Three Months Ended June 30,

Six Months Ended June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

U.S. GAAP net (loss) earnings and U.S. GAAP diluted (loss) earnings per share

$ (118.8)

$         (0.10)

$   (4.6)

$   —

$   57.6

$ 0.05

$         (3,046.6)

$ (2.58)

Purchase accounting amortization (primarily included in cost of sales)

586.4

597.8

1,177.9

1,181.3

Impairment of goodwill

—

—

—

2,936.8

Litigation settlements and other contingencies, net

73.2

(47.6)

126.7

(121.1)

Interest expense (primarily amortization of premiums and discounts on long term debt)

(10.2)

(9.5)

(20.3)

(18.7)

Loss on divestitures of businesses (included in other (income) expense, net)

—

43.8

13.9

80.7

Acquisition and divestiture-related costs (primarily included in cost of sales and SG&A)(a)

51.4

53.7

113.7

94.4

Restructuring costs (b)

47.8

26.6

140.3

119.5

Share-based compensation expense

38.7

37.1

86.9

92.3

Other special items included in:

Cost of sales (c)

56.3

59.1

198.7

100.7

Research and development expense

1.1

1.4

3.9

2.1

Selling, general and administrative expense (d)

241.1

30.1

276.5

47.7

Other (income) expense, net (e)

(35.8)

304.6

25.5

406.0

Tax effect of the above items and other income tax related items (f)

(122.7)

(366.5)

(698.7)

(548.8)

Adjusted net earnings and adjusted EPS

$ 808.5

$ 0.69

$ 726.0

$ 0.62

$         1,502.6

$ 1.28

$ 1,326.3

$ 1.11

Weighted average diluted shares outstanding

1,172.4

1,176.8

1,173.8

1,189.9

____________

Significant items include the following:

(a)

Acquisition and divestiture-related costs consist primarily of contractual obligations related to divestitures, transaction costs including legal and consulting fees, and integration activities.

(b)

For the three and six months ended June 30, 2026, charges include approximately $26.9 million and $76.7 million in cost of sales, approximately $2.0 million and $2.6 million in R&D, and approximately $19.0 million and $61.0 million in SG&A, primarily relating to the 2026 restructuring program.

(c)

For the three and six months ended June 30, 2026, includes certain asset impairments, contractual termination costs, and incremental manufacturing variances and certain remediation costs at plants slated for sale or closure or undergoing remediation activities of approximately $44.2 million and $174.9 million, respectively, including charges of $14.9 million and $86.8 million, respectively, primarily related to the write off of inventory and fixed assets damaged in the fire at the Nashik manufacturing facility and incremental manufacturing variances.

(d)

For the three and six months ended June 30, 2026, includes a charge of $177.8 million related to the planned sale of the product rights for Tyrvaya®.

(e)

For the three and six months ended June 30, 2026, charges include a (gain)/loss of approximately $(56.3) million and $8.6 million, respectively, as a result of changes in the fair value of the Biocon Limited equity shares.

(f)

Adjusted for changes for uncertain tax positions. 

Reconciliation of U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA

Below is a reconciliation of U.S. GAAP net (loss) earnings to EBITDA and adjusted EBITDA for the three and six months ended June 30, 2026, compared to the prior year period:

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

U.S. GAAP net (loss) earnings

$    (118.8)

$       (4.6)

$       57.6

$  (3,046.6)

Add / (deduct) adjustments:

Income tax provision (benefit)

54.8

(212.5)

(368.9)

(267.5)

Interest expense (a)

120.7

116.6

240.8

232.1

Depreciation and amortization (b)

672.3

678.3

1,348.4

1,343.0

EBITDA

$     729.0

$     577.8

$   1,277.9

$  (1,739.0)

Add / (deduct) adjustments:

Share-based compensation expense

38.7

37.1

86.9

92.3

Litigation settlements and other contingencies, net

73.2

(47.6)

126.7

(121.1)

Loss on divestitures of businesses

—

43.8

13.9

80.7

Impairment of goodwill

—

—

—

2,936.8

Restructuring, acquisition and divestiture-related and other special items (c)

347.4

467.7

732.4

752.6

Adjusted EBITDA

$   1,188.3

$   1,078.8

$   2,237.8

$   2,002.3

____________

(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 Adjusted Net Earnings.

Summary of Total Revenues by Segment

Three Months Ended

June 30,

(In millions, except %s)

2026

2025

%
Change

2026
Currency
Impact (1)

2026
Constant
Currency
Revenues

Constant
Currency %
Change (2)

Net sales

Developed Markets

$ 2,193.7

$ 2,119.3

4 %

$   (30.8)

$  2,162.9

2 %

Greater China

713.8

588.9

21 %

(28.6)

685.2

16 %

JANZ

296.1

305.7

(3) %

8.1

304.2

— %

Emerging Markets

542.3

555.1

(2) %

2.1

544.4

(2) %

Total net sales

3,745.9

3,569.0

5 %

(49.2)

3,696.7

4 %

Other revenues (3)

10.9

13.1

NM

(0.1)

10.8

NM

Consolidated total revenues (4)

$ 3,756.8

$ 3,582.1

5 %

$   (49.3)

$  3,707.5

4 %

Six Months Ended

June 30,

(In millions, except %s)

2026

2025

%
Change

2026
Currency
Impact (1)

2026
Constant
Currency
Revenues

Constant
Currency %
Change (2)

Net sales

Developed Markets

$ 4,214.5

$ 4,011.0

5 %

$  (148.5)

$  4,066.0

1 %

Greater China

1,393.9

1,144.4

22 %

(54.2)

1,339.7

17 %

JANZ

569.5

581.8

(2) %

4.3

573.8

(1) %

Emerging Markets

1,077.7

1,075.0

— %

(12.5)

1,065.2

(1) %

Total net sales

$ 7,255.6

$ 6,812.2

7 %

$  (210.9)

$  7,044.7

3 %

Other revenues (3)

18.2

24.2

NM

(0.2)

18.0

NM

Consolidated total revenues (4)

$ 7,273.8

$ 6,836.4

6 %

$  (211.1)

$  7,062.7

3 %

____________

(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 year comparative period exchange rates, and in doing so shows the percentage change from 2026 constant currency net sales or revenues to the corresponding amount in the prior year.

(3)

For the three months ended June 30, 2026, other revenues in Developed Markets, JANZ, and Emerging Markets were approximately $9.3 million, $0.1 million, and $1.5 million, respectively. For the six months ended June 30, 2026, other revenues in Developed Markets, JANZ, and Emerging Markets were approximately $14.5 million, $0.2 million, and $3.5 million, respectively.

(4)

Amounts exclude intersegment revenue which eliminates on a consolidated basis.

Reconciliation of Statements of Operations Line Items

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except %s)

2026

2025

2026

2025

U.S. GAAP cost of sales

$   2,300.3

$   2,249.2

$   4,660.1

$   4,342.3

Deduct:

Purchase accounting amortization and other related items

(586.4)

(597.8)

(1,177.9)

(1,181.3)

Acquisition and divestiture-related costs

(32.0)

(26.4)

(60.4)

(38.6)

Restructuring costs

(26.9)

(11.3)

(76.7)

(31.1)

Share-based compensation expense

(0.8)

(0.9)

(1.8)

(2.2)

Other special items, including restructuring related costs

(56.3)

(59.1)

(198.7)

(100.7)

Adjusted cost of sales

$   1,597.9

$   1,553.7

$   3,144.6

$   2,988.4

Adjusted gross profit (a)

$   2,158.9

$   2,028.4

$   4,129.2

$   3,848.0

Adjusted gross margin (a)

57 %

57 %

57 %

56 %

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except %s)

2026

2025

2026

2025

U.S. GAAP R&D

$     248.3

$     218.8

$     496.9

$     440.8

Deduct:

Acquisition and divestiture-related costs

(1.1)

(2.6)

(3.1)

(3.3)

Restructuring costs

(2.0)

(1.4)

(2.6)

(2.2)

Share-based compensation expense

(2.1)

(2.2)

(4.8)

(4.5)

Other special items

(1.1)

(1.4)

(3.9)

(2.1)

Adjusted R&D

$     242.0

$     211.2

$     482.5

$     428.7

Adjusted R&D as % of total revenues

6 %

6 %

7 %

6 %

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except %s)

2026

2025

2026

2025

U.S. GAAP SG&A

$   1,134.5

$     928.7

$   2,063.3

$   1,876.8

Deduct:

Acquisition and divestiture-related costs

(18.1)

(24.7)

(50.1)

(52.5)

Restructuring costs

(19.0)

(14.0)

(61.0)

(86.3)

Share-based compensation expense

(35.8)

(33.9)

(80.3)

(85.6)

Other special items and reclassifications

(241.1)

(30.1)

(276.5)

(47.7)

Adjusted SG&A

$     820.5

$     826.0

$   1,595.4

$   1,604.7

Adjusted SG&A as % of total revenues

22 %

23 %

22 %

23 %

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

U.S. GAAP total operating expenses

$     1,450.2

$     1,099.9

$   2,687.1

$   5,143.3

Add / (Deduct):

Litigation settlements and other contingencies, net

(73.2)

47.6

(126.7)

121.1

R&D adjustments

(6.3)

(7.6)

(14.4)

(12.1)

SG&A adjustments

(314.0)

(102.7)

(467.9)

(272.1)

Impairment of goodwill adjustments

—

—

—

(2,936.8)

Adjusted total operating expenses

$     1,056.7

$     1,037.2

$   2,078.1

$   2,043.4

Adjusted earnings from operations (b)

$     1,102.2

$       991.2

$   2,051.1

$   1,804.6

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

U.S. GAAP interest expense

$       120.7

$       116.6

$     240.8

$     232.1

Add / (Deduct):

Accretion of contingent consideration liability

(0.9)

(1.2)

(1.8)

(2.4)

Amortization of premiums and discounts on long-term debt

11.7

11.4

23.5

22.4

Other special items

(0.7)

(0.7)

(1.4)

(1.3)

Adjusted interest expense

$       130.8

$       126.1

$     261.1

$     250.8

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

U.S. GAAP other (income) expense, net

$       (50.4)

$       333.5

$      (2.9)

$     432.8

Add / (Deduct):

Fair value adjustments on non-marketable equity investments

—

(284.0)

—

(399.8)

Fair value adjustments on marketable equity investments

56.3

—

(8.6)

—

Loss on divestitures of businesses

—

(43.8)

(13.9)

(80.7)

Other items

(20.7)

(20.5)

(17.0)

(6.1)

Adjusted other income, net

$       (14.8)

$       (14.8)

$     (42.4)

$     (53.8)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except %s)

2026

2025

2026

2025

U.S. GAAP loss before income taxes

$      (64.0)

$    (217.1)

$     (311.3)

$  (3,314.1)

Total pre-tax non-GAAP adjustments

1,050.0

1,097.1

2,143.7

4,921.8

Adjusted earnings before income taxes

$     986.0

$     880.0

$   1,832.4

$   1,607.7

U.S. GAAP income tax provision (benefit)

$       54.8

$    (212.5)

$     (368.9)

$     (267.5)

Adjusted tax expense

122.7

366.5

698.7

548.8

Adjusted income tax provision

$     177.5

$     154.0

$      329.8

$      281.3

Adjusted effective tax rate

18.0 %

17.5 %

18.0 %

17.5 %

___________

(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 gross profit divided by total revenues. Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues.

(b)

U.S. GAAP earnings from operations is calculated as U.S. GAAP gross profit less U.S. GAAP total operating expenses. Adjusted earnings from operations is calculated as adjusted gross profit less adjusted total operating expenses. 

Reconciliation of Estimated 2026 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of August 6, 2026

(Unaudited)

A reconciliation of the estimated 2026 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

$1,900 - $2,100

Less: Capital Expenditures

$(350) - $(450)

Free Cash Flow

$1,450 - $1,750

Add: Estimated Transaction-related and Restructuring-related Costs

~$600

Free Cash Flow Excluding Transaction-related and Restructuring-related Costs

$2,050 - $2,350

Reconciliation of Estimated 2026 U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow as of May 7, 2026

(Unaudited)

A reconciliation of the estimated 2026 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

$1,700 - $2,000

Less: Capital Expenditures

$(350) - $(450)

Free Cash Flow

$1,250 - $1,650

Add: Estimated Transaction-related and Restructuring-related Costs

~$700

Free Cash Flow Excluding Transaction-related and Restructuring-related Costs

$1,950 - $2,350

Gross Leverage Ratio

Gross Leverage Ratio is the ratio of Viatris' total debt at notional amounts at June 30, 2026 to the sum of Viatris' adjusted EBITDA for the quarters ended September 30, 2025, December 31, 2025, March 31, 2026 and June 30, 2026.

Three Months Ended

Twelve
Months
Ended

(In millions, except ratio)

September 30,
2025

December 31,
2025

March 31,
2026

June 30,
2026

June 30, 2026

Adjusted EBITDA

$   1,154.6

$     1,003.1

$    1,049.5

$   1,188.3

$   4,395.5

Reported debt balances:

Long-term debt, including current portion

13,348.6

Short-term borrowings and other current obligations

—

Total

13,348.6

Add / (deduct):

Net premiums on various debt issuances

(423.7)

Deferred financing fees

23.1

Total debt at notional amounts

$  12,948.0

Gross debt to adjusted EBITDA

          2.9 x

Long-term Gross Leverage Target

The stated forward-looking non-GAAP financial measure of long-term gross leverage target range of 2.8x – 3.2x, is based on the ratio of (i) targeted notional gross debt and (ii) targeted Adjusted EBITDA. However, the Company has not quantified future amounts to develop this target but has stated its goal to manage notional gross debt and Adjusted EBITDA over time in order to generally maintain or reach the target. This target does not reflect Company guidance.

Reconciliation of U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA – Last Twelve Months

Three Months Ended

September 30,
2025

December 31,
2025

March 31,
2026

June 30,
2026

U.S. GAAP net (loss) earnings

$       (128.2)

$       (340.1)

$         176.4

$       (118.8)

Add / (deduct) adjustments:

Income tax provision (benefit)

120.3

(2.9)

(423.7)

54.8

Interest expense (a)

119.6

119.6

120.1

120.7

Depreciation and amortization (b)

688.5

766.8

676.1

672.3

EBITDA

$         800.2

$         543.4

$         548.9

$         729.0

Add / (deduct) adjustments:

Share-based compensation expense

36.0

49.4

48.2

38.7

Litigation settlements and other contingencies, net

55.7

(3.1)

53.5

73.2

(Gain) loss on divestitures of businesses

(1.6)

21.9

13.9

—

Restructuring, acquisition and divestiture-related and other special items

264.3

391.5

385.0

347.4

Adjusted EBITDA

$      1,154.6

$      1,003.1

$      1,049.5

$      1,188.3

SOURCE Viatris Inc.

In its upcoming report, Viatris (VTRS - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.62 per share, reflecting no change compared to the same period last year. Revenues are forecasted to be $3.68 billion, representing a year-over-year increase of 2.6%.

The current level reflects a downward revision of 1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Given this perspective, it's time to examine the average forecasts of specific Viatris metrics that are routinely monitored and predicted by Wall Street analysts.

The average prediction of analysts places 'Net Sales- Developed Markets' at $2.18 billion. The estimate points to a change of +2.8% from the year-ago quarter.

It is projected by analysts that the 'Net Sales- Greater China' will reach $631.67 million. The estimate indicates a change of +7.3% from the prior-year quarter.

Based on the collective assessment of analysts, 'Net Sales- JANZ' should arrive at $285.14 million. The estimate indicates a change of -6.7% from the prior-year quarter.

Analysts expect 'Net Sales- Emerging Markets' to come in at $558.47 million. The estimate indicates a change of +0.6% from the prior-year quarter.

Analysts predict that the 'Net Sales- Developed Markets- Brands' will reach $1.12 billion. The estimate indicates a change of 0% from the prior-year quarter.

Analysts forecast 'Revenues- Other revenues' to reach $11.55 million. The estimate indicates a change of -11.8% from the prior-year quarter.

The consensus among analysts is that 'Net Sales- JANZ- Brands' will reach $145.53 million. The estimate points to a change of -9.3% from the year-ago quarter.

The combined assessment of analysts suggests that 'Net Sales- JANZ- Generics' will likely reach $139.62 million. The estimate indicates a year-over-year change of -3.9%.

The collective assessment of analysts points to an estimated 'Net Sales- Emerging Markets- Brands' of $443.10 million. The estimate indicates a year-over-year change of +6.5%.

Analysts' assessment points toward 'Net Sales- Emerging Markets- Generics' reaching $115.37 million. The estimate points to a change of -17% from the year-ago quarter.

According to the collective judgment of analysts, 'Revenues- Total Net Sales' should come in at $3.65 billion. The estimate points to a change of +2.4% from the year-ago quarter.

The consensus estimate for 'Net Sales- Developed Markets- Generics' stands at $1.06 billion. The estimate points to a change of +5.9% from the year-ago quarter.

View all Key Company Metrics for Viatris here>>>

Shares of Viatris have experienced a change of +4.4% in the past month compared to the +3.5% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), VTRS is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS) today announced that on August 3, 2026, its Board of Directors declared a quarterly dividend of $0.12 per share for each issued and outstanding share of the Company's common stock. The dividend is payable on September 16, 2026, to shareholders of record as of the close of business on August 21, 2026.

About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands, and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that the Viatris Board of Directors declared a quarterly dividend of $0.12 per share for each issued and outstanding share of the Company's common stock, payable on September 16, 2026, to shareholders of record as of the close of business on August 21, 2026. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.

New Patch Will Provide Low-Dose Estrogen Combined Hormonal Contraceptive Option

Approval Marks an Important Milestone in Viatris' Efforts to Advance Women's Health

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced that the U.S. Food and Drug Administration (FDA) has approved Gwyn Lo™ (norelgestromin and ethinyl estradiol transdermal system). Gwyn Lo is a new combined hormonal contraceptive (CHC) patch with low-dose estrogen. The patch has demonstrated contraceptive efficacy for women of childbearing potential with a body mass index (BMI) below 30 kg/m² who are appropriate candidates for CHC. The Gwyn Lo dosage is norelgestromin 220 mcg/day and ethinyl estradiol 20 mcg/day.

"Gwyn Lo will provide a discreet option for women seeking a reversible, non-invasive, once-weekly contraception patch with a low dose of estrogen," said Philippe Martin, Viatris Chief R&D Officer. "Building on our expertise in transdermal drug delivery systems and legacy in women's health, we are pleased that the approved label for this new patch reflects the strength of our clinical program. This includes demonstrated efficacy in women with a BMI of 25 to less than 30 kg/m², with no BMI-based limitation of use in this population."

The approval was granted under the FDA's 505(b)(2) regulatory pathway and was supported by results from the Phase 3 Luminous Study (NCT05139121), which demonstrated contraceptive efficacy, a well-characterized safety profile and robust patch adhesion performance. Key outcomes of the Phase 3 study included:

The primary efficacy endpoint was the Pearl Index (PI), defined as the number of pregnancies per 100 woman-years of exposure in the efficacy evaluable population (women aged 18 to 35 years), which was 4.14 (95% CI: 2.77 to 5.95). The study demonstrated robust patch adhesion under real-world conditions, with only 1.3% of the 39,790 transdermal systems applied during the year-long trial fully detaching. The most common adverse reactions (2% or greater) reported during the study were application site irritation (4.8%), application site erythema (3.7%), application site pruritus (3.7%), intercycle bleeding (3.9%), heavy withdrawal bleeding (2.0%), and nausea (2.0%). Cycle control improved over time, as rates and duration of unscheduled bleeding or spotting decreased from 34.5% and a mean of 3.2 days in Cycle 1 to 20.0% and 2.4 days by Cycle 13. Data from four Phase 1 studies investigating various application sites and conditions demonstrated consistent drug delivery under conditions including sauna, whirlpool, treadmill exercise and cold-water bath.

Unintended pregnancy remains a significant public health issue in the United States, accounting for 41.6% of pregnancies in 2019.1 Women's contraceptive needs and preferences also vary: in a 2023 CDC survey, 18.1% of women who had used a contraceptive method changed or stopped a method within the previous 12 months.2 Among those women, 42.8% reported that they did not like the method they had been using.2 These findings underscore the continued need for a range of contraceptive options that can align with individual needs and preferences. Gwyn Lo helps address this need by offering a non-invasive, reversible, low-estrogen-dose CHC option for women who prefer once-weekly administration.

The Company expects Gwyn Lo to be commercially available later this year and will provide additional information during its upcoming financial results call.

About Gwyn Lo
Gwyn Lo is a once-weekly transdermal contraceptive patch for women of childbearing potential with a BMI below 30 kg/m² who are appropriate candidates for combined hormonal contraception and who prefer a non-invasive, reversible option with a low estrogen dose. The patch is applied once weekly for three consecutive weeks, followed by one patch-free week, and delivers norelgestromin and ethinyl estradiol over each seven-day wear interval.

Gwyn Lo is a multilayer matrix type transdermal system. The active ingredients and adhesive are contained in a matrix between a backing layer, which consists of a flexible film that provides structural support to the patch, and a release liner that protects the matrix and is removed just prior to application. Upon application to the skin, the system provides controlled delivery of norelgestromin 220 mcg/day and ethinyl estradiol 20 mcg/day throughout the wear interval.

Gwyn Lo is a trademark of Mylan Pharmaceuticals Inc., a Viatris company.

INDICATION AND USAGE
Gwyn Lo is indicated for the prevention of pregnancy in women with a body mass index (BMI) < 30 kg/m2 for whom a combined hormonal contraceptive is appropriate.

IMPORTANT SAFETY INFORMATION
Gwyn Lo is contraindicated in women who smoke and are over 35 years of age due to an increased risk of serious cardiovascular events. Gwyn Lo is contraindicated in women with a BMI ≥ 30 kg/m2. The risk of VTE may be greater with Gwyn Lo in women with a BMI > 30 kg/m2 compared to women with a lower BMI. Patients should discuss their medical history and risk factors with their healthcare provider before using Gwyn Lo.

Please see Full Prescribing Information.

About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands, and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

References

Rossen LM, Hamilton BE, Abma JC, Gregory ECW, Beresovsky V, Resendez AV, et al. Updated methodology to estimate overall and unintended pregnancy rates in the United States. National Center for Health Statistics. Vital Health Stat 2(201). 2023. doi:10.15620/cdc:124395 NCHS Rapid Surveys Systems. Contraception Use. National Center for Health Statistics. Available from: www.cdc.gov/nchs/rss/round2/contraception-use.html. Forward-Looking Statements

This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements about FDA approval for Gwyn Lo; approval marks an important milestone in Viatris' efforts to advance women's health; Gwyn Lo will provide a discreet option for women seeking a reversible, non-invasive, once-weekly contraception patch with a low dose of estrogen; building on our expertise in transdermal drug delivery systems and legacy in women's health, we are pleased that the approved label for this new patch reflects the strength of our clinical program; and the Company expects Gwyn Lo to be commercially available later this year, and will provide additional information during its upcoming financial results call. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the uncertainties inherent in research and development, including the outcomes of clinical trials; the ability to meet anticipated clinical endpoints; the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from clinical studies; failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.

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The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Viatris (VTRS - Free Report) Viatris, a global healthcare company, was formed in November 2020 through the merger of the erstwhile Mylan and Pfizer’s Upjohn businesses. The company has operations in over 165 countries. Viatris’ portfolio consists of generics (including complex products), globally recognized iconic brands and an expanding portfolio of innovative drugs. 

VTRS is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.57; value investors should take notice.

One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.02 to $2.49 per share. VTRS boasts an average earnings surprise of +10%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, VTRS should be on investors' short list.

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Viatris (VTRS - Free Report) . VTRS is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A.

Another notable valuation metric for VTRS is its P/B ratio of 0.75. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 2.13. Over the past year, VTRS's P/B has been as high as 0.81 and as low as 0.55, with a median of 0.70.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. VTRS has a P/S ratio of 1.33. This compares to its industry's average P/S of 1.4.

Finally, investors should note that VTRS has a P/CF ratio of 5.21. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. VTRS's P/CF compares to its industry's average P/CF of 12.70. Over the past 52 weeks, VTRS's P/CF has been as high as 8.41 and as low as 4.30, with a median of 5.49.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Viatris is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, VTRS feels like a great value stock at the moment.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced it will report second-quarter 2026 financial results on Thursday, August 6, 2026. Company executives will host a conference call and live webcast at 8:30 a.m. ET on the same date to discuss the results.

Investors and the general public are invited to listen to a live webcast of the call at investor.viatris.com or by calling 844.308.3344 or 412.317.1896 for international callers. A replay of the webcast also will be available on the website.

About Viatris 
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a broad portfolio that spans generics, value-added medicines, established brands, and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

SOURCE Viatris Inc.

Also from this source

VR-205 Met Primary Endpoint and Key Secondary Endpoints and Was Well Tolerated

VR-205 Efficacy and Safety Profile in Japanese Patients Was Consistent with the Profile Observed in Global Studies 

Japanese New Drug Application Submission Targeted by End of 2026

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced positive top-line results from a Phase 3 clinical trial evaluating the efficacy and safety of VR-205 (targeted-release budesonide formulation) (Nefecon®) in Japanese adult patients with primary immunoglobulin A nephropathy (IgAN) at risk of developing end-stage renal disease.

The Phase 3 clinical trial was a multicenter, interventional, open-label study designed to evaluate the efficacy and safety of 16 mg of VR-205 in Japanese adult patients with primary IgAN. Patients were treated for nine months, followed by a three-month follow-up period.

The study achieved its primary endpoint, with VR-205 demonstrating a 33.75 percent reduction in geometric mean urine protein-to-creatinine ratio (UPCR) at 9 months compared to baseline [95% CI: -45.27 to -19.80; p < 0.001]. These results were statistically significant and clinically meaningful, and were consistent with those observed in the global Phase 3 program for the product. Key findings included:

In addition to a statistically significant and clinically meaningful reduction in UPCR at 6 and 12 months, VR-205 demonstrated a significant improvement in estimated glomerular filtration rate (eGFR) and reductions in serum creatinine and urine albumin-to-creatinine ratio (UACR) at 9 months compared to baseline. The overall therapeutic benefit of VR-205 was further supported by improvements in microhematuria and a sustained proteinuria reduction. No study participants progressed to dialysis, kidney transplant or severe renal impairment (eGFR ≤15 mL/min per 1.73 m2) by the end of the study. VR-205 was generally well tolerated over the nine-month treatment period, with a safety profile consistent with the known safety profile of targeted-release budesonide in non-Japanese patients. "We are pleased with these top-line results, which highlight VR-205 as a potentially meaningful, disease-modifying treatment option for patients with primary IgAN," said Viatris Chief R&D Officer Philippe Martin. "In Japan, where IgAN incidence is the highest globally, VR-205 could become the first IgAN-specific, targeted-release budesonide oral therapy. This progress reflects the continued execution of Viatris' strategy focused on building a differentiated and increasingly innovative portfolio in Japan, with an emphasis on delivering therapies that provide meaningful value and address significant unmet needs."

"Primary IgAN is a designated intractable disease in Japan, and remains a significant unmet need, with no curative treatment despite the risk of progression to end-stage renal disease," said Yuko Asami, Head of R&D, Viatris Japan. "These top-line results mark an important step toward expanding treatment options for patients and healthcare providers."

Viatris is targeting submission of a New Drug Application in Japan by the end of 2026.

In 2022, Calliditas Therapeutics AB and Viatris Pharmaceuticals Japan Inc., a subsidiary of Viatris Inc., entered into an exclusive license agreement to obtain marketing authorization and to commercialize VR-205 for the treatment of primary IgAN in Japan. It is currently a specialty drug approved and marketed as Tarpeyo® in the U.S. and as Kinpeygo® in Europe.

About Phase 3 Study (VR-205A-01-CAZ-3001)
The Phase 3 trial was a multicenter, interventional, open-label study conducted in Japan to evaluate the efficacy and safety of oral VR-205 (targeted-release budesonide formulation) for the treatment of primary IgA nephropathy in Japanese adult patients at risk of developing end-stage renal disease. The study enrolled a total of 39 participants who were treated with 16 mg of VR-205 daily (four capsules) over a nine-month treatment period.

Following completion of treatment, participants entered a three-month follow-up period including a two-week dose tapered to 8 mg of VR-205 (two capsules) daily at the start of the follow-up period.

About Immunoglobulin A Nephropathy (IgAN)
IgAN is a progressive, immune-mediated kidney disease and the most common primary glomerulonephritis worldwide. Japan reports the highest incidence rates globally, at 39 to 45 cases per million population per year, with peak age at diagnosis between 30 and 39 years. In Japan, adult-onset IgAN is reported to progress to end-stage renal disease (dialysis or transplantation) in approximately 15-20 percent of patients within 10 years. Most patients reaching end-stage renal disease face decades of dialysis. The total national cost of maintenance hemodialysis in Japan is approximately JPY 1.5 trillion per year. Chronic glomerulonephritis (with IgAN as a leading underlying cause) accounts for 23.4 percent of Japan's more than 340,000 dialysis patients. Despite this burden, therapies that target the underlying immunological drivers of IgAN to preserve long-term kidney function have remained limited, and a clear need persists for disease-modifying treatment options.

About Viatris
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a dynamic portfolio that spans generics, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that positive top-line results from a Phase 3 clinical trial evaluating the efficacy and safety of VR-205 (targeted-release budesonide formulation) (Nefecon®) in Japanese adult patients with primary immunoglobulin A nephropathy (IgAN) at risk of developing end-stage renal disease; VR-205 met primary endpoint and key secondary endpoints, and was well tolerated; VR-205 efficacy and safety profile in Japanese patients was statistically significant and clinically meaningful and were consistent with the profile observed in global studies; we are pleased with these top-line results, which highlight VR-205 as a potentially meaningful, disease-modifying treatment option for patients with primary IgAN; in Japan, where IgAN incidence is the highest globally, VR-205 could become the first IgAN-specific, targeted-release budesonide oral therapy; this progress reflects the continued execution of Viatris' strategy focused on building a differentiated and increasingly innovative portfolio in Japan, with an emphasis on delivering therapies that provide meaningful value and address significant unmet needs; these top-line results mark an important step toward expanding treatment options for patients and healthcare providers; Viatris is targeting submission of a New Drug Application in Japan by the end of 2026. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the uncertainties inherent in research and development, including the outcomes of clinical trials; the ability to meet anticipated clinical endpoints; the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from clinical studies; failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Viatris (VTRS - Free Report) . VTRS is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

We should also highlight that VTRS has a P/B ratio of 0.75. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.91. Over the past year, VTRS's P/B has been as high as 0.81 and as low as 0.55, with a median of 0.70.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. VTRS has a P/S ratio of 1.23. This compares to its industry's average P/S of 1.39.

Finally, we should also recognize that VTRS has a P/CF ratio of 5.21. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 11.44. Over the past 52 weeks, VTRS's P/CF has been as high as 8.41 and as low as 4.30, with a median of 5.49.

Value investors will likely look at more than just these metrics, but the above data helps show that Viatris is likely undervalued currently. And when considering the strength of its earnings outlook, VTRS sticks out as one of the market's strongest value stocks.

Viatris Inc. ends the first half of 2026 on a high note. On May 8, its stock reached a 52-week high of $17.53. One of the key drivers behind Viatris' recent rally is its pipeline, which includes more than 10 late-stage product candidates.

Delivers Total Revenues of $3.5 Billion, Representing 8% Reported Growth Compared to First Quarter 2025, and U.S. GAAP Net Earnings of $176 Million Total Revenues Were Up 3% Operationally Compared to First Quarter 2025 Adjusted EBITDA was $1.0 Billion Up 10% Operationally Compared to First Quarter 2025, Demonstrating Solid Operating Leverage Progresses Key Launches and Pipeline Milestones Across Multiple Products, Including the Launch of Effexor® for Generalized Anxiety Disorder in Japan Continues to Expect More Than $2.5 Billion of Cash Available for Deployment in 2026 Reaffirms 2026 Financial Guidance [1] PITTSBURGH, May 7, 2026 /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS) today announced its first-quarter 2026 financial results. Executive Commentary "We delivered a strong first quarter, reflecting disciplined execution across our global businesses," said Scott A.

While the top- and bottom-line numbers for Viatris (VTRS) give a sense of how the business performed in the quarter ended March 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Viatris Inc. (VTRS) Q1 2026 Earnings Call Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced that the Company will present at the Bank of America Securities 2026 Healthcare Conference on Tuesday, May 12, 2026, at 8 a.m. PT / 11 a.m. ET.

Investors and the general public are invited to listen to the live webcast of the event at investor.viatris.com. An archived version of the presentation will be available following the live event and can be accessed at the same location for a limited time.

About Viatris 
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a dynamic portfolio that spans generics, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X. 

SOURCE Viatris Inc.

Also from this source

Viatris (VTRS) is upgraded to Strong Buy, underpinned by robust pipeline catalysts and a credible long-term growth framework. Viatris targets a five-year sales CAGR midpoint of 3.5%, exceeding consensus, with $450–550 million annual new product contributions and upside from branded assets. Key assets such as Selatogrel and Cenerimod, alongside upcoming launches (e.g., meloxicam), support reacceleration in growth and margin expansion.

Viatris Inc. (VTRS) Presents at Bank of America Global Healthcare Conference 2026 Transcript

FDA PDUFA Goal Date Set for Dec. 27, 2026

, /PRNewswire/ -- Viatris Inc. (Nasdaq: VTRS), a global healthcare company, today announced that the U.S. Food and Drug Administration (FDA) has accepted for review the New Drug Application (NDA) for MR-107A-02 (fast-acting meloxicam), a non-opioid, for the treatment of moderate-to-severe acute pain. The FDA has assigned a PDUFA goal date of Dec. 27, 2026. Acute pain affects more than 80 million individuals in the United States each year, where opioids remain a commonly used treatment option.1,2

"FDA's acceptance of the New Drug Application for investigational fast-acting meloxicam takes us one step closer to bringing a potential non-opioid first-line treatment option to patients with moderate-to-severe acute pain, which will help address an important public health need in the United States," said Philippe Martin, Viatris Chief R&D Officer. "Fast-acting meloxicam is one of several value-added medicines in our pipeline. We are proud of the strength of the clinical profile supporting this program, which includes a fast speed of onset of action, strong and sustained analgesic efficacy with a significant reduction in opioid usage, together with an established mechanism of action and well characterized safety profile."

The NDA is supported by data from the Phase 3 program which was presented at PAINWeek 2025. The Phase 3 program consisted of two randomized, double-blind, placebo-(double-dummy) and active-controlled trials – one following herniorrhaphy surgery (NCT06215859) and one following bunionectomy surgery (NCT06215820).

Both Phase 3 trials evaluated the efficacy and safety of fast-acting meloxicam versus placebo and included an opioid arm (tramadol 50mg q6h) to confirm the sensitivity of the pain model. The primary endpoint in both trials was defined by the Sum of Pain Intensity Difference (SPID) based on the Numeric Rating Scale measured over 0-48 hours (SPID0-48h) versus placebo. Both trials evaluated the reduction in opioid usage that was defined by number of mean doses of opioid rescue medication and proportion of opioid-free patients over the combined in- and out-patient treatment phases. In both studies, fast-acting meloxicam met primary and secondary endpoints and demonstrated a safety profile consistent with the well-characterized safety profile of this mechanism of action.

Viatris is pursuing several value-added medicines, including fast-acting meloxicam, to drive high value products through life cycle optimization including new formulations, delivery technologies and indications.

Phase 3 Trial Design for Herniorrhaphy (NCT06215859) and Bunionectomy (NCT06215820) 
Post-operative herniorrhaphy and bunionectomy patients aged 18 or older who experienced moderate-to-severe acute pain following surgery were eligible to participate in the trials, NCT06215859 and NCT06215820, respectively. 579 herniorrhaphy subjects and 410 bunionectomy subjects were randomized and received doses of either MR-107A-02, tramadol or placebo during the inpatient phase (0-48h). During the outpatient phase, subjects continued to receive the study drug. Subjects randomized to receive tramadol during the inpatient phase received placebo in the outpatient phase.

About Acute Pain
Acute pain is defined as pain of sudden onset associated with a known cause—such as surgery, trauma, or acute illness—and is typically self-limiting, resolving within 30 days to three months. It affects more than 80 million individuals in the United States. each year and is a primary driver of emergency department visits and postoperative morbidity. Clinically, it contributes to delayed recovery, impaired physical function, poor sleep, and reduced quality of life. Economically, the burden of acute pain is substantial, including both direct medical expenses and indirect costs such as lost productivity and disability. Societally, inadequate pain control affects patient satisfaction and rehabilitation outcomes, contributes to opioid prescribing and potential misuse. Despite the widespread impact, more than half of surgical patients report inadequate pain relief, reflecting a significant unmet need for effective, non-opioid treatment options with rapid onset and favorable safety profiles.

About Fast-Acting Meloxicam
Fast-acting meloxicam (MR-107A-02) is an investigational, novel fast-acting oral formulation of meloxicam being developed by Viatris for the treatment of moderate-to-severe acute pain. Meloxicam is a non-steroidal anti-inflammatory drug (NSAID), and this formulation was designed to enable more rapid dissolution and absorption than currently approved oral meloxicam products. Viatris has reported positive results from two pivotal Phase 3 studies of MR-107A-02 in acute post-surgical pain models following bunionectomy and herniorrhaphy. MR-107A-02 has been submitted to the U.S. Food and Drug Administration for review under the 505(b)(2) regulatory pathway and has not been approved by any regulatory authority.

References

Lopez et al. "A real-world database analysis of the prevalence of pain medication use in the United States." Pain Reports, vol. 11, 2026, e1396. Centers for Disease Control and Prevention. About Prescription Opioids. Accessed April 2026. About Viatris 
Viatris Inc. (Nasdaq: VTRS) is a global healthcare company whose mission is to empower people worldwide to live healthier at every stage of life. We meet the needs of patients around the world by acting decisively with ingenuity and resolve. Whether we're developing new medicines, working to maintain a resilient supply of needed therapies, or pursuing bold innovation, we strive to deliver solutions that are effective at scale and built to endure. We're purpose-built to make an impact with a dynamic portfolio that spans generics, established brands and innovative medicines that address areas of significant unmet need. We are headquartered in the U.S., with global centers in Pittsburgh, Shanghai, China, and Hyderabad, India. Learn more at viatris.com and investor.viatris.com, and connect with us on LinkedIn, Instagram, YouTube and X.

Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include statements that FDA has accepted for review the NDA for MR-107A-02 (fast-acting meloxicam), a non-opioid, for the treatment of moderate-to-severe acute pain; the FDA has assigned a PDUFA goal date of Dec. 27, 2026; FDA's acceptance of the NDA for investigational fast-acting meloxicam takes us one step closer to bringing a potential non-opioid first-line treatment option to patients with moderate-to-severe acute pain, which will help address an important public health need in the United States; fast-acting meloxicam is one of several value-added medicines in our pipeline; we are proud of the strength of the clinical profile supporting this program, which includes a fast speed of onset of action, strong and sustained analgesic efficacy with a significant reduction in opioid usage, together with an established mechanism of action and well characterized safety profile; information about clinical trials; in both studies, fast-acting meloxicam met primary and secondary endpoints and demonstrated a safety profile consistent with the well-characterized safety profile of this mechanism of action; Viatris is pursuing several value-added medicines, including fast-acting meloxicam, to drive high value products through life cycle optimization including new formulations, delivery technologies and indications. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the uncertainties inherent in research and development, including the outcomes of clinical trials; the ability to meet anticipated clinical endpoints; the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from clinical studies; failure to achieve the intended benefits of our strategic initiatives and priorities; goodwill or impairment charges or other losses; any changes in or difficulties with the Company's manufacturing facilities; failure to achieve expected or targeted future financial and operating performance and results; Viatris' or its partners' ability to develop, manufacture, and commercialize products; any regulatory, legal or other impediments to Viatris' ability to bring new products to market; products in development and/or that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; actions and decisions of healthcare and pharmaceutical regulators; changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the scope, timing and outcome of any ongoing legal proceedings, and the impact of any such proceedings on Viatris; any significant breach of data security or data privacy or disruptions to our IT systems; risks associated with international operations; changes in third-party relationships; the effect of any changes in Viatris' or its partners' customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of Viatris or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions, potential adverse impacts from future tariffs and trade restrictions, inflation rates and global exchange rates; and the other risks described in Viatris' filings with the Securities and Exchange Commission ("SEC"). Viatris routinely uses its website as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Viatris undertakes no obligation to update these statements for revisions or changes after the date of this press release other than as required by law.

SOURCE Viatris Inc.

VTRS' fast-acting meloxicam NDA enters FDA review as a non-opioid acute pain therapy, with a decision expected by Dec. 27, 2026.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Viatris (VTRS - Free Report) Viatris, a global healthcare company, was formed in November 2020 through the merger of the erstwhile Mylan and Pfizer’s Upjohn businesses. The company has operations in over 165 countries. Viatris’ portfolio consists of generics (including complex products), globally recognized iconic brands and an expanding portfolio of innovative drugs. 

VTRS is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.3; value investors should take notice.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.02 to $2.47 per share. VTRS boasts an average earnings surprise of +10%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, VTRS should be on investors' short list.