Track market-moving stories before they get noisy

GigaCloud Technology Inc. (GCT - Free Report) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +36.47%. A quarter ago, it was expected that this company would post earnings of $0.87 per share when it actually produced earnings of $1.04, delivering a surprise of +19.54%.

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

GigaCloud Technology Inc., which belongs to the Zacks Technology Services industry, posted revenues of $411.64 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.28%. This compares to year-ago revenues of $322.61 million. 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.

GigaCloud Technology Inc. shares have added about 17.7% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for GigaCloud Technology Inc.?While GigaCloud Technology Inc. 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 GigaCloud Technology Inc. was mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 $1.10 on $380.5 million in revenues for the coming quarter and $4.18 on $1.53 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, Technology Services is currently in the bottom 38% 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, Keel Infrastructure Corp (KEEL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of -300%. The consensus EPS estimate for the quarter has been revised 6.3% higher over the last 30 days to the current level.

Keel Infrastructure Corp's revenues are expected to be $34.95 million, down 55.1% from the year-ago quarter.

SanDisk Corp. (NASDAQ:SNDK) wants to break the cycle that has long defined its industry.

NAND memory has historically swung between shortages, oversupply and volatile pricing, making it difficult for suppliers and customers alike to plan beyond the next few quarters.

Replacing Quarterly Negotiations With Long-Term CommitmentsHistorically, NAND suppliers and customers have negotiated pricing and supply on a relatively short-term basis, leaving both sides exposed to sudden shifts in demand and pricing.

SanDisk’s new business models, or NBMs, establish multi-year purchase commitments with strategic customers. This gives the company clearer visibility into future demand while helping customers secure long-term supply for their infrastructure needs.

SanDisk now has eight NBMs in place with data center and edge customers, with a weighted average duration of more than four years. Management expects those agreements to account for more than half of its NAND shipments in fiscal 2027 and roughly two-thirds in fiscal 2028.

CEO David Goeckeler said the objective extends well beyond improving margins. “We want to get this kind of… boom and bust out of it. It doesn’t work for anybody,” Goeckeler said.

From Three Months of Visibility to Four YearsManagement believes the biggest benefit of the new approach is visibility.

Just a year ago, the company was planning around only a few months of committed demand. Today, those agreements provide years of forward visibility into customer requirements, allowing SanDisk to better align manufacturing, technology investments and capacity planning.

“A year ago we were talking about visibility in this business of three months and now we’re talking over four years of committed financials and understanding the mix,” Goeckeler said.

That visibility is particularly important as hyperscale customers continue investing in AI infrastructure, where storage requirements are expected to grow over multiple years rather than quarter by quarter.

Management also noted that some customers have already returned to increase their commitments only months after signing their initial agreements, reinforcing its confidence in long-term demand.

SanDisk: Longer-Term Customer Deals Reduce VolatilityGoeckeler said the new agreements have also changed the nature of SanDisk’s customer relationships.

“This used to be, quite frankly, just a supply chain conversation every quarter in a price negotiation,” he said, describing how discussions have evolved beyond transactional purchasing.

Today, he said, those conversations increasingly involve long-term planning with senior executives. “We are literally talking to the CFOs, the CEOs of the largest companies in the world,” Goeckeler said.

For investors, SanDisk isn’t arguing that the NAND market will suddenly stop being cyclical. Instead, management believes longer-term customer commitments and deeper strategic partnerships can reduce the volatility that has historically defined the industry, making the business more predictable than it has been in the past. It seems to have broken the boom-bust cycle.

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Definitive Agreement for Long-Term Supply of High-Assay, Low-Enriched Uranium (“HALEU”) Advances Commercialization for HALEU Enrichment and TRISO Fuel Fabrication ROCKVILLE, Md., Aug. 06, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “the Company”), a leading developer of advanced nuclear reactors and fuel technology, and Centrus Energy Corp. (NYSE: LEU) (“Centrus”), a trusted supplier of nuclear fuel, services and technology, today announced a definitive agreement for Centrus to provide X-energy with enrichment services for Low-Enriched Uranium (“LEU”) and High-Assay Low-Enriched Uranium (“HALEU”). At full execution, the agreement meaningfully de-risks X-energy's Xe-100 project pipeline and would secure HALEU to support a portion of the initial fuel needs of X-energy’s 11.5 GW commercial pipeline.

The partnership combines the capabilities of the first two U.S. Nuclear Regulatory Commission-licensed HALEU fuel facilities in U.S. history, advancing commercialization of next-generation nuclear fuels across concurrent segments of the domestic fuel cycle. HALEU enriched by Centrus at the American Centrifuge Plant in Piketon, Ohio will be supplied to X-energy's fuel subsidiary TRISO-X, LLC (“TRISO-X”) for the fabrication of TRISO-X coated particle fuel at its fuel fabrication campus in Oak Ridge, Tennessee.

The agreement establishes terms for commitments operating under a phased approach to scale HALEU production in alignment with the advancement of X-energy’s commercial pipeline. This helps enable a stable, domestic supply of critical HALEU enrichment services for a portion of X-energy’s initial Xe-100 projects, ramping capacity over a period of years to support commercial-scale Xe-100, and TRISO-X fuel customer needs. X-energy previously secured the initial HALEU required to fuel its first Xe-100 project with Dow through the U.S. Department of Energy's HALEU Availability Program.

“X-energy is pleased to take the next step in our strategy to secure a portion of the HALEU our current and future customers will need to deploy advanced reactors at scale,” said X-energy CEO J. Clay Sell. “Our approach is to build a resilient, long-term fuel supply strategy by partnering with enrichment providers that are investing in new HALEU production capacity. Through our agreement with Centrus, X-energy has secured enrichment capacity that will support our customers' initial fuel needs through the market's transition to a robust commercial HALEU supply.”

Enriched to approximately 15.5% uranium-235, HALEU is the primary feedstock for X-energy's TRISO-X coated particle fuel, and by design enables the Xe-100 to operate more efficiently, achieve higher temperatures, extend operating cycles, and deliver greater performance than conventional reactors fueled with low-enriched uranium (< 5% U-235). These characteristics enable designs like the Xe-100 to provide both electricity, and process heat for industrial applications, expanding the total addressable market for nuclear technologies.

X-energy and TRISO-X have established one of the industry's most comprehensive commercial fuel supply strategies, anchored by the construction of its first fuel fabrication facility under the U.S. Department of Energy’s Advanced Reactor Demonstration Program. In February 2026, TRISO-X received a 40-year, Special Nuclear Material License from the U.S. Nuclear Regulatory Commission, the first new fuel fabrication facility licensed by the NRC in over 50 years, and preceded only by Centrus’s American Centrifuge Plant as the first-ever U.S. HALEU fuel facility. X-energy is advancing more than 11 GW of new nuclear capacity across the United States and United Kingdom with commercial Xe-100 projects underway with Dow, Amazon, and Centrica.

About X-energy
X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy's intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy's technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements regarding X-energy's business, including, but not limited to, statements regarding its expectations with respect to the benefits of X-energy and Centrica’s partnership, the de-risking of a portion of X-energy's Xe-100 project pipeline, X-energy’s fuel supply strategy and prospects and the creation of robust commercial HALEU supply. You should not rely on such forward-looking statements as predictions of future events. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to, project setbacks; changes delays or an inability for X-energy’s suppliers or customers to receive or maintain licenses or other necessary governmental approvals; dependence on a nascent domestic HALEU enrichment industry and failure of the HALEU industry to achieve commercial-scale production; and exposure to supply disruptions, pricing risks, quality issues, and trade policy changes. More information about potential risks and uncertainties that could affect X-energy's business and financial results is more fully detailed under the caption "Risk Factors" in X-energy's most recent Form 10-Q filed with the Securities and Exchange Commission, which is available on X-energy's Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on current expectations and assumptions believed to be reasonable as of the date of this press release. X-energy undertakes no obligation to update these statements as a result of new information or future events.

Contact
Robert McEntyre, Corporate Communications
[email protected]
+1 240.673.6565

Patricia Gil, Investor Relations
+1 301.558.3040
[email protected]

Award accelerates development of the Long‑Range Grasshopper™ autonomous aerial delivery system, now integrated within Ondas Sentinel following Ondas' recent acquisition of DZYNE

Valued at more than $6 million, the award adds to Ondas' growing U.S. defense pipeline and reinforces its position in scalable, low-cost autonomous logistics.

WEST PALM BEACH, FL / ACCESS Newswire / August 6, 2026 / Ondas Inc. (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of advanced autonomous systems and next-generation defense and security technologies and services, announced today that the Air Force Research Laboratory (AFRL) has awarded a more than $6 million contract to DZYNE Technologies, LLC ("DZYNE"), now part of Ondas, to advance the Long‑Range Grasshopper™, an autonomous, runway‑independent precision aerial delivery system designed for extended‑range logistics in contested and austere environments.

Ondas recently acquired DZYNE Technologies, establishing Ondas as a vanguard autonomous defense platform uniting complementary capabilities across multi‑domain ISR, counter‑UAS, autonomous effects, aerial security, precision strike, autonomous logistics, and AI‑enabled mission orchestration. Following the acquisition, all contract work is now performed within Ondas Sentinel, the Company's dedicated U.S. defense division.

This award builds on years of collaboration between AFRL and the engineering teams now operating within Ondas Sentinel. Their 2024-2025 flight test campaign validated the Long‑Range Grasshopper's autonomous deployment, jet‑engine air‑start, extended‑range navigation, and precision payload delivery. Under Ondas Sentinel, the new contract accelerates development of scalable autonomous logistics capabilities aligned with the U.S. Air Force's Agile Combat Employment (ACE) concepts.

"This award is another important validation of Ondas' strategy to build a leading autonomous defense platform around technologies that solve urgent national security challenges," said Eric Brock, Chairman and Chief Executive Officer of Ondas. "By bringing DZYNE's proven engineering talent and advanced autonomous logistics capabilities into Ondas Sentinel, we are expanding the depth and scale of our defense portfolio while creating new opportunities to support U.S. and allied customers."

The award also reflects the broader strategic value of Ondas' recent acquisition of DZYNE, extending the Company's autonomous defense portfolio into mission-critical logistics capabilities.

"Long‑range, low‑cost autonomous delivery is a mission imperative for the future fight," said Ryan Hartman, Chief Executive Officer of Ondas Sentinel. "AFRL's continued partnership underscores the Long‑Range Grasshopper's transformative potential. With this technology and team now fully integrated into Ondas Sentinel, we are advancing a capability that directly strengthens resilient, distributed sustainment for contested operations."

The contract supports continued development across Long‑Range Grasshopper units and Grasshopper glider units. The effort builds on the mature Grasshopper glider architecture, which has seen extensive operational use delivering up to 500 pounds of critical payload with precision into contested or infrastructure‑limited environments. Leveraging this proven foundation enables rapid development cycles, reliable performance, and a clear path to scalable fielding for the jet‑powered Long‑Range Grasshopper variant. Development under the award will focus on:

Extended‑range flight and endurance

Modular payload integration

Autonomous navigation in GPS‑limited and GPS‑denied environments

Enhanced reliability and manufacturability for large‑scale fielding

These capabilities strengthen precision autonomous delivery from a wide range of platforms with minimal infrastructure, enabling rapid resupply while allowing crewed aircraft to remain outside threat envelopes.

AFRL's investment reflects the growing need for small, low-cost, long-range unmanned systems that can sustain distributed forces under threat. Ondas Sentinel's commercial manufacturing approach is designed to deliver high-performance systems at dramatically lower cost, supporting the Air Force's demand for scalable, attritable logistics solutions at speed.

The Long‑Range Grasshopper™ is part of Ondas' expanding autonomous defense portfolio, which includes long‑endurance ISR platforms (LEAP and ULTRA) and a suite of counter‑UAS systems.

About Ondas Inc.

Ondas Inc. (NASDAQ:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.

Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc
[email protected]

Jill Vacek
Director of Communications, Ondas Sentinel
[email protected]

SOURCE: Ondas Inc.

Let's get to the bad news first. Tesla (TSLA -1.77%) posted a disastrous second-quarter earnings report, sending the stock down 18% to a 52-week low. The week following Tesla's July 22 report was its worst since 2022, and the stock drop reduced CEO Elon Musk's net worth by $130 billion.

But on the other side of the coin, Tesla stock seems to have found a bottom and has risen 8.7% since hitting that low. Is this a good time to purchase the leading electric vehicle stock, given that it is apparently heavily discounted?

Tesla CEO Elon Musk. Image source: The White House.

Why did Tesla's stock fall? On the surface, Tesla's earnings report didn't look horrendous. Revenue was $28.23 billion, up a solid 26% from a year ago. Automotive revenue was strong, at $20.51 billion, up 23%. Tesla also reported delivering 480,126 vehicles, up 25% from last year.

The problem for Tesla, however, came in the company's rising expenses and falling margins. Operating expenses soared 47% from a year ago to $4.35 billion. Operating margins were nearly wiped out. Earnings per share were $0.33, badly missing consensus expectations of $0.54, as compiled by Yahoo! Finance.

On top of that, Tesla disclosed that its cash and investments dropped $1.2 billion in the quarter, and it reported negative free cash flow of $1.1 billion. CFO Vaibhav Taneja said capital expenditures more than doubled sequentially, and capital expenditures (capex) will increase in the second half of the year to more than $25 billion. Tesla will also borrow up to $30 billion for capex and plans to increase its capital spending over the next two to three years, Taneja said, adding:

We believe this is the right strategy to position the company for the next era. We'll always make such investments in a very capital-efficient manner. The path to amazing abundance is ever challenging and requires making bold bets. Our progress will be nonlinear. The future is going to be great. We are ready to rise to the occasion.

Today's Change

(

-1.77

%) $

-5.80

Current Price

$

321.55

Will investors come back to Tesla? One thing was abundantly clear from this earnings season: The market is rewarding companies that invest in AI when they deliver results. That's why Amazon, which raised its capex budget to $220 billion but showed massive gains in Amazon Web Services and its chips business, saw its stock price jump 20%.

Tesla isn't at that level yet. It's still working on full self-driving technology, and unsupervised drives are only available in a handful of cities. Musk has high hopes for the company's planned Optimus robots, which he plans to deploy in factories and as household assistants, but that technology also appears to be a long way from commercialization.

Autonomous driving and robot personal assistants are much longer-duration bets than Amazon's investments in semiconductors, data centers, and AI computing capacity. Tesla will struggle to deliver near-term results, and that will likely continue to pressure the stock. This might be a stock to avoid for now.

Alphabet logo is seen in this illustration taken September 18, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

Aug 6 (Reuters) - Alphabet (GOOGL.O), opens new tab is looking to raise as much as $25 billion from its ​latest U.S. bond offering, Bloomberg News reported ‌on Thursday citing people familiar with the matter, weeks after the tech giant's 2026 capital spending ​outlook triggered a selloff.

The company is offering ​notes in as many as 10 parts, ⁠a regulatory filing showed on Thursday. ​Bloomberg reported the maturities on the notes range ​from two to 40 years.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Alphabet did not immediately respond to a Reuters request for comment.

The debt raise ​is the latest in a series of ​moves by tech giants who have been tapping debt markets ‌and ⁠launching equity sales to fund their costly AI infrastructure build-out.

Big Tech collectively is expected to shell out more than $730 billion this year ​primarily on AI.

Alphabet ​late in ⁠July raised its annual capital expenditure forecast for the second time this ​year, fanning fears over the pace ​of ⁠returns on its AI investments, especially as concerns mount over delays to its flagship AI ⁠model.

The ​company also reported its first ​ever negative free cash flow in its second-quarter results.

Reporting by ​Deborah Sophia in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles., opens new tab

The logo of Microsoft at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. REUTERS/Gonzalo Fuentes Purchase Licensing Rights, opens new tab

Aug 6 (Reuters) - Microsoft (MSFT.O), opens new tab launched its largest India data center in Hyderabad on Thursday and has signed up Adani Group and ​HDFC Bank among early users as it races ‌rivals for the country's fast-growing AI market.

The India South Central facility brings Microsoft's cloud regions in India to four, adding to ​existing centers in Pune, Chennai and Mumbai, and ​cementing its position as the country's largest cloud-computing ⁠provider,

Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.

The Windows maker has committed about $20.5 billion to expand ​its India opreations, betting on a market of more than 1 ​billion internet users and one of the world's deepest pools of tech talent.

Here are more details:

Azure, Microsoft's cloud-computing arm, has posted ​double-digit revenue increases in India for the last two ​years, the company said.

Microsoft also operates two data centers in the ‌South ⁠Asian nation with Indian billionaire Mukesh Ambani's Jio.

Creating value with AI "requires trusted infrastructure close to where data lives, teams work and decisions are made," said Microsoft India ​President Puneet Chandok, ​adding the ⁠new facility "is a critical part of that foundation"

Rivals Alphabet (GOOGL.O), opens new tab and Amazon (AMZN.O), opens new tab are also pouring money ​into data center capacity in India, drawn by ​the country's ⁠large potential pool of AI users.

Not all of those efforts have gone smoothly. Environmentalists have accused authorities of fast-tracking ⁠a planned ​Google data center hub in ​India without weighing risks to water supplies and wildlife, allegations the government ​rejects.

Reporting by Aditya Soni in Bengaluru; Editing by Tasim Zahid

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Milestone flight demonstrates real-world deployment of ultra-low carbon electrofuels produced at Project Pathfinder from waste CO₂ and renewable energy.

, /PRNewswire/ -- American Airlines and Infinium today announced its first delivery of electro sustainable aviation fuel (eSAF) to a commercial airport for use in a commercial passenger flight, marking a major milestone in the decarbonization of aviation. The eSAF was allocated to an American flight that departed Corpus Christi International Airport (CRP) and landed at Dallas Fort Worth International Airport (DFW), demonstrating the real-world deployment of next-generation, drop-in sustainable aviation fuel.

American Airlines and Infinium advance aviation with commercial deployment of electro sustainable aviation fuel. The eSAF used for the flight was part of a batch produced and blended at Infinium's Pathfinder facility in Corpus Christi, Texas — the world's first commercial-scale power-to-liquids eFuels production site, which has been operating since 2023. The eSAF batch was blended with conventional jet fuel and tested to meet the ASTM International specification for JetA, certifying its use in today's aircraft engines and fueling infrastructure without further modification. It was then delivered to the common jet fuel tanks at CRP before being allocated to American's flight to DFW — the first delivery of SAF made without biobased feedstocks to a commercial airport in the U.S. The flight demonstrates the compatibility of eSAF with existing aviation jet fuel supply chains. 

Infinium's eSAF is made using waste CO₂ and renewable electricity, delivering a meaningful reduction in lifecycle greenhouse gas (GHG) emissions compared to conventional jet fuel. Infinium's eSAF can reduce lifecycle GHG emissions by over 90% compared to conventional petroleum-based jet fuel.

"Since 2023, we have been producing scalable, drop-in eDiesel and eNaphtha at our Pathfinder facility from waste carbon and renewable energy for use in commercial trucks and plastics processing," said Infinium CEO Robert Schuetzle. "Adding eSAF to our product slate — and seeing it power a commercial passenger flight — marks another meaningful step forward in bringing practical, low-carbon fuel solutions to industry."

American Airlines, a leader in advancing sustainable aviation fuel adoption, is working across the value chain to accelerate deployment of low-carbon aviation solutions. The airline has an offtake agreement for commercial volumes of eSAF from Infinium's Project Roadrunner, supported in part by a separate agreement with Citi to enable Scope 3 emissions reductions from employee travel. These partnerships reinforce the collaboration needed to scale next-generation fuels. Project Roadrunner, financed by Breakthrough Energy Catalyst and Brookfield Asset Management, with nonrecourse project debt from HSBC, is currently under construction and expected to begin eSAF production and deliveries in 2027. Once it reaches full capacity, Project Roadrunner is expected to produce over 5 million gallons of eSAF annually.

"This flight represents a significant moment for aviation," said American's CEO Robert Isom. "Through our partnership with Infinium, we're demonstrating how next generation technologies like eSAF can move from early investment to real-world application. Scaling SAF production at lower prices is essential to reducing emissions, strengthening our long-term competitiveness, and continuing to deliver the connectivity and economic benefits that our customers rely on."

Aviation currently consumes nearly 100 billion gallons of jet fuel annually, with global air travel exceeding 4 billion passengers per year. Despite growing momentum, sustainable aviation fuel accounts for less than 1% of total jet fuel use worldwide. Scalable, drop-in fuels like eSAF offer one of the most near-term and practical solutions for reducing aviation emissions. Scaling eSAF also strengthens energy security by diversifying aviation fuel supply, helping create a more resilient system.

"This first-of-its-kind eSAF flight from American Airlines and Infinium is an important step for lower carbon aviation and we are proud to support this effort with our long-time partner," said Citi Head of Enterprise Services and Public Affairs Edward Skyler. "Given the potential SAF has on reducing emissions, we look forward to efforts to scale its production."

Today's flight marks a transition from innovation to implementation, signaling a new phase in scaling viable, low-carbon alternatives to conventional jet fuel and advancing the future of sustainable flight.

"South Texas has long been an energy leader, and today's sustainable aviation fuel announcement shows how our region continues to innovate," said Congressman Vicente Gonzalez (TX 34). "The work Infinium and American are doing in Corpus Christi strengthens our local economy while advancing our nation's energy security. We need to continue investing in domestic energy production to help create American jobs and reduce our reliance on foreign energy sources."

About American Airlines Group (NASDAQ: AAL)

American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 130,000 aviation professionals, American's team lives out the airline's purpose of caring for people on life's journey every day.

The world's largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever Forward℠ spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

About Infinium
Infinium is reimagining how the world powers, moves, and computes. Through Infinium Energy™, the company transforms waste carbon into ultra-low carbon eFuels that decarbonize aviation, industry, and transport. Through Infinium Edge™, Infinium advances next-generation thermal infrastructure for data centers, removing heat as a constraint to enable more efficient, high-performance computing. Grounded in deep chemistry and energy systems expertise, Infinium's platforms turn carbon and heat from limits into opportunities. Learn more at https://www.infiniumco.com/. 

SOURCE Infinium

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Ford's truck gets an all-new name: Fathom. Bloomberg/Getty Images Ford has been very secretive about its all-important new slate of EVs. That's starting to change.

The Detroit automaker confirmed to Business Insider that its next EV, a midsize truck, will be called the Fathom. The company also said it will have a starting price of $28,350 — or $29,945 after destination charges.

Both the name and pricing are a big departure from Ford's recent EV efforts. The company's first generation of mass-market EVs — including the Mustang Mach-E and the F-150 Lightning — were named after iconic, nostalgic Ford vehicles. They also had sticker prices ranging from roughly $38,000 to around $90,000.

Fathom is a new nameplate for Ford. The sub-$30,000 starting price will also put the new EV in striking distance of the coming no-frills Slate truck.

Fathom is the result of a Skunkworks program that the company launched in 2022, which aimed at building simpler electric cars after Ford lost billions of dollars on its first generation of EV products.

Unlike the standard assembly line that Ford adopted in the early 1900s, the next generation of EVs will adopt an "assembly tree" production system. The company will build the EV's front, rear, and structural battery-and-interior sections on three separate lines before joining them.

Ford has teased multiple silhouettes, suggesting that the retooled assembly line could support vehicles including a hatchback, SUVs, and a cargo van — but the company has not confirmed which of those models will reach production.

Ford has teased the Fathom's design in a few images of camouflage-wrapped units during winter testing.  Ford The Fathom, Ford says, has some pretty impressive specs. The automaker says it's as fast off the line as the Mustang EcoBoost, and has the same interior cargo space as the Toyota RAV4 SUV.

It's also Ford's first vehicle that will have Apple software integration.

There's still plenty we don't know about the truck: we haven't seen its full design, because Ford has only revealed images of the truck wrapped in camouflage. We also don't have trim details or range estimates.

Work at Ford? We want to hear from you. Contact Ben Shimkus at [email protected] or Signal at bshimkus.41. Use a personal email address and a nonwork device.

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Ben Shimkus You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Ben Shimkus is a reporter for the Business News desk. He writes about cars, transportation, retail, and jobs. Ben's reporting has appeared in Rolling Stone, The Verge, Automotive News, USA Today, AutoBody News, LGBTQ Nation, TopSpeed, and Out Magazine. He's also held staff writing positions at The U.S. Sun and the Daily Mail. He graduated from NYU with a Master's in journalism in 2024. Email Ben at [email protected] or message him privately on Signal at bshimkus.41. 

Ford Electric Cars

Reported total revenue of $57 million for the second quarter of 2026 and raised full-year 2026 Revenue Framework Improved GAAP Combined R&D and SG&A expense guidance by $10 million at mid-point  Sanofi confirmed with Novavax that they are in advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination trial timing and intend to be among the first movers in the combination vaccine segment Completion of manufacturing technology transfer to Sanofi expected in mid-2027 and would trigger a $75 million milestone payment to Novavax Multiple partner-led experiments with Matrix-M are currently underway in a wide array of infectious disease and oncology targets On track to advance C. difficile vaccine program into the clinic as early as 2027 , /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced its financial results and operational highlights for the second quarter ended June 30, 2026.

"We're encouraged by the momentum we're seeing across our business as we continue to advance our strategy," said John C. Jacobs, President and Chief Executive Officer, Novavax. "As we enter the second half of 2026 and prepare for next year, we believe we are well positioned to deliver several important partner milestones while we advance our internal R&D programs and progress our MTA collaborations. This continued progress reinforces our confidence in our strategy and the potential to drive vaccine innovation to create meaningful value for our shareholders."

Second Quarter 2026 and Recent Highlights

Key Business Highlights

Sanofi partnership continues to advance, supporting significant potential near- and long-term value creation. Sanofi confirmed with Novavax they intend to be among the first movers in the combination vaccine segment and that they are in advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination (CIC) trial timing. Initiation of this trial in the U.S. or European Union will trigger a $125 million milestone to Novavax. Manufacturing technology transfer to Sanofi for Nuvaxovid™ is expected to be completed in mid-2027, which would trigger a $75 million milestone payment to Novavax. Sanofi is expanding the commercial reach of Nuvaxovid through broader commercial activities in the U.S. and launches in the United Kingdom, Germany and Canada from 2026 onwards, with Novavax eligible to receive royalties in the high teens to low twenties as a percentage of Sanofi's global net sales. Sanofi received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its H5 pandemic influenza vaccine candidate (SP0335) utilizing Matrix-M®. A growing body of scientific evidence supports Matrix-M's utility in oncology and infectious disease. Multiple scientific evaluations by partners and potential partners are underway, enabling future licensing opportunities. Advanced Novavax's differentiated C. difficile vaccine candidate into pre-IND interactions with the FDA and initiated GMP manufacturing process, supporting potential clinical entry as early as 2027. Second Quarter 2026 Total Revenue

$ in millions

Q2 2026

Q2 2025

Change

%

Nuvaxovid Sales 1

$          0

$          (2)

$            2

N/A

Supply Sales 2

19

13

6

47 %

Product Sales

19

11

8

76 %

Sanofi 3

36

199

(164)

(82 %)

Takeda

0

27

(27)

(99 %)

Serum

2

2

0

N/A

Licensing, Royalties
and Other Revenue

38

229

(191)

(83 %)

Total Revenue

$        57

$       239

$       (183)

(76 %)

Notes

1.

Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine.

2.

Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners.

3.

Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement.

Second Quarter 2026 Financial Results

Total revenue for the second quarter of 2026 was $57 million, a 76% decrease compared to $239 million in the same period in 2025. The prior year's second quarter 2025 total revenue included the benefit of $202 million from the combination of a $175 million milestone earned for the Nuvaxovid U.S. Biologics License Application (BLA) approval and a $27 million Takeda amendment. Product sales of $19 million in the second quarter of 2026 were 76% higher than the same period in 2025 due to higher Matrix-M adjuvant demand and sales to license partners. Cost of sales for the second quarter of 2026 were $14 million, compared to $15 million in the same period in 2025.
  Research and development (R&D) expenses for the second quarter of 2026 were $71 million, compared to $79 million in the same period in 2025. R&D expenses reimbursed by partners in the second quarter of 2026 were $23 million. Non-GAAP R&D expenses, net of partner reimbursement, were $48 million in the second quarter of 2026, a 34% decrease when compared to $73 million in the same period in 2025. The lower Non-GAAP R&D expenses were driven by the ongoing Novavax cost reduction program as it streamlines operations and makes targeted R&D investments. Selling, general and administrative expenses (SG&A) expenses for the second quarter of 2026 were $27 million, a 39% decrease compared to $44 million for the same period in 2025. The decrease was primarily due to the transition of lead commercial activities to Sanofi and the elimination of commercial infrastructure plus the ongoing general administrative cost reduction program.  Net loss for the second quarter of 2026 was $53 million, compared to net income of $107 million in the same period in 2025. The prior years, second quarter of 2025 net income benefited from $202 million from a combination of a $175 million milestone earned for the Nuvaxovid U.S. BLA approval and a $27 million Takeda amendment. Cash, cash equivalents, marketable securities and restricted cash (Cash) were $724 million as of June 30, 2026, compared to $751 million as of December 31, 2025. Financial Framework

Improves Full Year 2026 Financial Guidance

Novavax improved its Full Year 2026 Financial Guidance by reducing Combined R&D and SG&A Expense guidance while maintaining Non-GAAP Combined R&D and SG&A Expense guidance and expects to achieve the following results:

$ in millions

Full Year 2026

(as of Aug 6, 2026)

Full Year 2026

(as of May 6, 2026)

Combined R&D and SG&A
Expenses

$370 - $410

$380 - $420

Less: R&D Reimbursements

($60 - $70)

($70 - $80)

Non-GAAP Combined R&D and
SG&A Expenses

$310 - $340

$310 - $340

Non-GAAP Combined R&D and SG&A Expenses exclude R&D Reimbursements, which are amounts reimbursed by Novavax's license partners. See "Non-GAAP Financial Measures" below. R&D Reimbursements are recorded as revenue under Licensing, Royalties and Other Revenue. 

Raises Full Year 2026 Revenue Framework

For 2026, Novavax raised its 2026 Revenue Framework and expects to achieve Adjusted Total Revenue4 to between $235 million and $275 million. Novavax transitioned lead commercial responsibility of Nuvaxovid beginning with the 2025-2026 COVID-19 vaccination season to Sanofi for select markets. Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these are not included in the Full Year 2026 Revenue Framework.

$ in millions

Full Year 2026

(as of Aug 6, 2026)

Full Year 2026

(as of May 6, 2026)

Nuvaxovid Product Sales1

$35 - $45

$35 - $45

Adjusted Supply Sales2

$45 - $55

$40 - $50

Adjusted Licensing, Royalties and
Other Revenue3

$155 - $175

$155 - $175

Adjusted Total Revenue4

$235 - $275

$230 - $270

Sanofi Supply Sales, Sanofi Royalties
and Sanofi Milestones

No guidance

No guidance

Revenue Framework Footnotes

Revenue Category

Revenue Framework Footnotes

Nuvaxovid Product
Sales1

$35 million to $45 million in Nuvaxovid Product Sales by Novavax
under existing Advance Purchase Agreements and commercial
agreements. 

Adjusted Supply
Sales2

$45 million to $55 million in Adjusted Supply Sales associated with
collaborations with the Serum Institute on R21/Matrix-M™ and
collaboration partners for COVID-19 vaccine, including Serum and
Takeda and other partner related clinical and commercial supply
sales. 

Adjusted Licensing,
Royalties and Other
Revenue3 

•

$60 million to $70 million in R&D Reimbursement. Under the
Sanofi co-exclusive licensing agreement, Novavax is eligible to
receive reimbursement for costs incurred related to select R&D
and technology transfer activities during the transition
performance period.

•

$60 million to $70 million in Other Partner related revenue
including royalties and milestones from Pfizer, Serum on
R21/Matrix-M and collaboration partners for COVID-19 vaccine,
including Serum and Takeda. Includes a $30 million upfront
payment under the Pfizer agreement received in the first quarter
of 2026.

•

$35 million amortization related to the $500 million Upfront
Payment and the $50 million Database Lock Milestone. Revenue
recognition will occur over the transition performance period.

Adjusted Total
Revenue4

•

Adjusted Total Revenue is a Non-GAAP Financial Measure.
Adjusted Total Revenue is total revenue excluding Sanofi Supply
Sales, Sanofi Royalties and Sanofi Milestones. See "Non-GAAP
Financial Measures."

Components of Revenue excluded from the Full Year 2026 Revenue Framework are described below. 

Sanofi Supply Sales

Novavax will sell Nuvaxovid commercial supply to Sanofi for the 2026-2027 COVID-19 vaccination season and the reimbursement for this supply will be recorded as product sales. Sanofi Royalties

Sanofi will lead commercial activities for the 2026-2027 COVID-19 vaccination season in select markets, including the U.S. Novavax is eligible to receive royalties in the high teens to low twenties percent on Sanofi global net sales. Sanofi Milestones

Novavax is eligible to receive up to $350 million in Phase 3 development and commercial launch milestone payments associated with Sanofi CIC products. For each new vaccine using Matrix-M, Novavax is eligible to receive up to $200 million in launch and sales milestones and mid-single digit sales royalties for 20 years. Conference Call
Novavax will discuss second quarter 2026 financial results and operational highlights at 8:30 a.m. Eastern Time on Thursday, August 6, 2026. Dial-in information can be found here. A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events.

About Novavax
Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. The Company's corporate growth strategy is designed to deliver value via three key strategic pillars: partnering its technology, targeted and capital-efficient R&D innovation and a lean and efficient operating model. This includes maximizing impact through partnerships for its marketed products (Nuvaxovid, R21/Matrix-M), Matrix technology and R&D assets. Please visit novavax.com and LinkedIn for more information.

Non-GAAP Financial Measures
The Company presents the following non-GAAP financial measures in this press release: Non-GAAP Combined R&D and SG&A Expenses, Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that the presentation of these adjusted financial measures is useful to investors as they provide additional information on comparisons between periods by including certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes and to consider underlying trends of its business. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our use of non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company is unable to reconcile these revenue forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable effort because the Company is reliant on Sanofi sales forecasts for certain revenue categories, which are not available.

Forward-Looking Statements
This press release contains forward-looking statements relating to the future of Novavax, its mission; its corporate strategy and operating plans, objectives and prospects; its value drivers and strategic priorities; its partnerships, including expectations with respect to potential partner product sales and royalties, milestones and other commercial objectives, and cost reimbursement, Matrix-M's potential utility in partners' vaccine portfolios and plans for additional potential partnering activities; the development of Novavax's clinical and preclinical product candidates and pipeline advancement opportunities the conduct, timing and potential results from clinical trials, conducted by Novavax or its partners, ; expectations as to the timing and outcome of future and pending regulatory filings and actions; full year 2026 financial guidance and revenue framework; and Novavax's future financial or business performance. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, Novavax's ability to successfully and timely obtain and maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver its COVID-19 vaccine; the impact of delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety, for our product candidates; challenges in conducting the PMC study, our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates; challenges related to Novavax's partnership with Sanofi, including collaboration on the Nuvaxovid PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for its product candidates; manufacturing, distribution or export delays or challenges; Novavax's substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation and filling Novavax's COVID-19 vaccine and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration, including any adverse impact funding for vaccine research and development, reimbursement for vaccines and their administration, vaccine mandates and recommendations, and public perception of vaccine importance; uncertainty with respect to pricing, third-party reimbursement and healthcare reform; uncertainty in the regulatory pathway for Novavax's COVID -19 Vaccine; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manufacturing capacity; constraints on Novavax's ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; Novavax's ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation, or for its CIC vaccine candidates, stand-alone influenza vaccine candidates or other candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements to deliver doses that may require Novavax to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; Novavax's expectations as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than its assumptions; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

NOVAVAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

(unaudited)

(unaudited)

Revenue:

   Product sales

$        18,854

$       10,724

$           61,054

$      632,402

   Licensing, royalties and other

37,844

228,516

135,158

273,493

Total revenue

56,698

239,240

196,212

905,895

Expenses:

   Cost of sales

14,246

15,325

44,941

29,439

   Research and development

70,693

79,233

166,165

168,170

   Selling, general and administrative

26,665

43,612

55,442

91,702

Total expenses

111,604

138,170

266,548

289,311

Income (loss) from operations

(54,906)

101,070

(70,336)

616,584

Other income (expense):

   Interest expense

(5,689)

(5,518)

(10,590)

(11,241)

   Other income, net

8,919

11,902

20,744

21,957

Income (loss) before income tax expense

(51,676)

107,454

(60,182)

627,300

   Income tax expense

1,711

946

2,696

2,146

Net income (loss)

$       (53,387)

$     106,508

$         (62,878)

$      625,154

Net income (loss) per share:

  Basic

$           (0.32)

$           0.66

$             (0.38)

$            3.87

  Diluted

$           (0.32)

$           0.62

$             (0.38)

$            3.55

Weighted average number of common shares outstanding:

  Basic

164,574

162,019

163,929

161,536

  Diluted

164,574

177,215

163,929

177,410

SELECTED CONSOLIDATED BALANCE SHEET DATA

(in thousands)

June 30, 2026

December 31, 2025

(unaudited)

Cash and cash equivalents

$                  191,458

$                  240,634

Marketable securities

527,882

494,450

Total restricted cash

4,582

15,418

Total current assets

771,098

978,276

Working capital

440,524

518,326

Total assets

955,575

1,176,512

Long-term debt

291,490

244,213

Total stockholders' deficit

(190,707)

(127,753)

NOVAVAX, INC.

Reconciliation of GAAP to NON-GAAP Financial Results

(unaudited)

Three Months Ended

Six Months Ended

($ in millions)

June 30,

June 30,

2026

2025

2026

2025

R&D Expenses

$70.7

$79.2

$166.2

$168.2

Adjustments:

R&D Reimbursement

22.6

6.5

50.3

17.7

Non-GAAP R&D Expenses

$48.1

$72.8

$115.9

$150.4

Combined R&D and SG&A Expenses

$97.4

$122.8

$221.6

$259.9

Adjustments:

R&D Reimbursement

22.6

6.5

50.3

17.7

Non-GAAP Combined R&D and SG&A
Expenses

$74.8

$116.4

$171.3

$242.1

Contacts:

Investors
Naina Zaman
240-410-5353
[email protected]

Media

Yvonne Sprow
844-264-8571
[email protected]

SOURCE Novavax, Inc.

, /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter")  announced today the early tender results for the previously announced (i) private offer by its wholly-owned subsidiaries, Charter Communications Operating, LLC ("CCO"), Charter Communications Operating Capital Corp. ("CCO Capital" and, together with CCO, collectively, the "CCO Issuers" or the "Company") and Time Warner Cable, LLC (the "TWC Issuer" and, together with CCO Issuers, the "Old Notes Issuers"), as applicable, to exchange (the "Pool 1 Offer") seven series of notes issued by the CCO Issuers or the TWC Issuer, as applicable (collectively, the "Pool 1 Notes"), for a combination of cash consideration and a new series of Senior Secured Notes due 2038 (the "New 2038 Notes") to be issued by the CCO Issuers and (ii) private offer by the CCO Issuers to exchange (the "Pool 2 Offer" and, together with the Pool 1 Offer, the "Exchange Offers") five series of notes (collectively, the "Pool 2 Notes" and, together with the Pool 1 Notes, the "Old Notes" and each series of Old Notes, a "series of Old Notes") for a combination of cash and a new series of Senior Secured Notes due 2041 (the "New 2041 Notes" and, together with the New 2038 Notes, the "New Notes" and each series of New Notes, a "series of New Notes") to be issued by the CCO Issuers.

As of the previously announced early tender time of 5:00 p.m., New York City time, on August 5, 2026 (the "Early Tender Date"), according to information provided by D.F. King & Co., Inc., the exchange agent and the information agent for the Exchange Offers, the aggregate principal amount of $2,664,740,000 of Pool 1 Notes had been validly tendered and not withdrawn in the Pool 1 Offer, representing 26.5% of the outstanding Pool 1 Notes, and the aggregate principal amount of $2,689,377,000 of Pool 2 Notes had been validly tendered and not withdrawn in the Pool 2 Offer, representing 27.8% of the outstanding Pool 2 Notes, each as detailed below.

Pool 1 Notes

Issuer(s)

Title of Security

Aggregate Principal
Amount Outstanding

CUSIP No./ ISIN(1)

Acceptance Priority
Level(2)

Sub-Cap(2)

Principal
Amount
Tendered

CCO Issuers

3.500% senior secured notes due 2042

$1,236,000,000

161175CE2 /
US161175CE27

1

N/A

$323,348,000

3.500% senior secured notes due 2041

$1,479,000,000

161175BZ6 /
US161175BZ64

2

N/A

$450,822,000

 TWC Issuer

4.500% senior debentures due 2042

$1,250,000,000

88732JBD9 /
US88732JBD90

3

$ 614,423,000

$614,423,000

CCO Issuers

5.375% senior secured notes due 2047

$2,265,000,000

161175BL7 /
US161175BL78

161175BD5

US161175BD52

4

N/A

$778,719,000

2.300% senior secured notes due 2032

$1,000,000,000

161175BX1 /
US161175BX17

5

N/A

$144,042,000

2.800% senior secured notes due 2031

$1,590,000,000

 161175BU7 / 
US161175BU77

6

N/A

$260,060,000

2.250% senior secured notes due 2029

$1,250,000,000

161175CD4 /
US161175CD44

7

N/A

$93,326,000

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in the Offering Memorandum (as defined below). Such CUSIP and ISIN numbers are provided solely for the convenience of the holders of Pool 1 Notes.

(2)

Subject to the New 2038 Notes Cap (as defined below) and, solely with respect to the 4.500% senior debentures due 2042 issued by the TWC Issuer (the "4.500% Notes"), the sub-cap with respect to the aggregate principal amount of such series set forth in this table and proration, the principal amount of each series of Pool 1 Notes that is accepted for exchange in the Pool 1 Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 7 being the lowest) specified in this column.

Pool 2 Notes

Issuer(s)

Title of Security

Aggregate Principal
Amount Outstanding

CUSIP No./ ISIN(1)

Acceptance
Priority Level(2)

Sub-Cap

Principal Amount
Tendered

CCO Issuers

3.700% senior secured notes due 2051

$2,050,000,000

161175BV5 /
US161175BV50

1

N/A

$517,617,000

3.900% senior secured notes due 2052

$2,400,000,000

161175CA0 /
US161175CA05

2

N/A

$504,449,000

4.800% senior secured notes due 2050

$2,473,000,000

161175BT0 /
US161175BT05

3

N/A

$864,822,000

5.125% senior secured notes due 2049

$1,244,000,000

161175BS2 /
US161175BS22

4

N/A

$505,766,000

5.250% senior secured notes due 2053

$1,500,000,000

161175CK8 /
US161175CK86

5

N/A

$296,723,000

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in the Offering Memorandum (as defined below). Such CUSIP and ISIN numbers are provided solely for the convenience of the holders of Pool 2 Notes.

(2)

  Subject to the New 2041 Notes Cap (as defined below) and proration, the principal amount of each series of Pool 2 Notes that is accepted for exchange in the Pool 2 Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 5 being the lowest) specified in this column.

Charter further announced that the Company has amended the Exchange Offers to increase the consideration for Eligible Holders who validly tender their Old Notes after the Early Tender Date (as defined below) but on or prior to the Expiration Date (as defined below), and whose Old Notes are accepted for exchange pursuant to the terms of the applicable Exchange Offers, to receive, for each $1,000 aggregate principal amount of Old Notes validly tendered after the Early Tender Date but on or prior to the Expiration Date (and not validly withdrawn), the Total Exchange Consideration (as defined in the Offering Memorandum).

In addition, the Company has increased (i) the maximum aggregate principal amount of New 2038 Notes that the CCO Issuers will issue in connection with the Exchange Offers from $1,750,000,000 to $2,000,000,000 (as increased, the "New 2038 Notes Cap"), (ii) the maximum aggregate principal amount of New 2041 Notes that the CCO Issuers will issue in connection with the Exchange Offers from $1,750,000,000 to $2,000,000,000 (as increased, the "New 2041 Notes Cap") and (iii) the maximum aggregate principal amount of 4.500% Notes that the Company will accept for exchange pursuant to the terms of the Pool 1 Offer from $450,000,000 to $614,423,000, which is equivalent to the amount of 4.500% Notes tendered prior to the Early Tender Date (as increased, the "4.500% Notes Sub-Cap"). The maximum aggregate principal amount of Pool 1 Notes that the Company will accept for exchange is an amount of Pool 1 Notes that results in the issuance of New 2038 Notes in an amount not exceeding the New 2038 Notes Cap. The maximum aggregate principal amount of Pool 2 Notes that the Company will accept for exchange is an amount of Pool 2 Notes that results in the issuance of the New 2041 Notes in an amount not exceeding the New 2041 Notes Cap. The maximum aggregate principal amount of the 4.500% Notes that the Company will accept for exchange is the 4.500% Notes Sub-Cap.

Except as stated in this press release, no other terms of the Exchange Offers have changed. The complete terms and conditions of the Exchange Offers are set forth in the offering memorandum, dated July 23, 2026 (as amended and supplemented from time to time, the "Offering Memorandum").

The withdrawal deadline for the Exchange Offers occurred at 5:00 p.m., New York City time, on August 5, 2026 (the "Withdrawal Deadline"). As a result, tenders of Old Notes submitted in the Exchange Offers after the Withdrawal Deadline will be irrevocable except in the limited circumstances where additional withdrawal rights are required by law (as determined by the Company).

The pricing of the New Notes will occur at 10:00 a.m., New York City time, on August 6, 2026.

The Company has elected to exercise its right to settle the Exchange Offers for Old Notes that were validly tendered (and not validly withdrawn) prior to or at the Early Tender Date and that are accepted for exchange pursuant to the terms of the applicable Exchange Offers on August 12, 2026 (the "Early Settlement Date").

Eligible Holders of Old Notes who validly tendered their Old Notes on or prior to the Early Tender Date, and whose Old Notes are accepted pursuant to the terms of the applicable Exchange Offers, will receive (i) the Total Exchange Consideration, which includes the Early Exchange Premium (as defined in the Offering Memorandum), and (ii) accrued and unpaid interest in cash from the last applicable interest payment date to, but excluding, the Early Settlement Date, plus amounts due in lieu of fractional amounts of New Notes.

The amount of outstanding Old Notes validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline), as reflected in the tables above, satisfied the Minimum New Issue Condition in each of the Exchange Offers as described in the Offering Memorandum.

The Exchange Offers will expire at 5:00 p.m., New York City time, on August 20, 2026, unless extended or earlier terminated by the Company (the "Expiration Date").

The New Notes and related guarantees and the offering thereof have not been registered with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), or any state or foreign securities laws. The New Notes and related guarantees may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers are only being made, and the New Notes and related guarantees are only being offered and will only be issued to holders of Old Notes who are (1) reasonably believed to be "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the Securities Act ("Rule 144A") or (2) outside the United States to persons other than "U.S. persons" as defined in Rule 902 under the Securities Act in offshore transactions in compliance with Regulation S under the Securities Act ("Regulation S") (such holders, the "Eligible Holders"). Only Eligible Holders who have properly completed and returned the eligibility certification, which is available from the information agent, are authorized to receive and review the Offering Memorandum and to participate in the Exchange Offers. Additionally, in order to participate in the Exchange Offers, Eligible Holders located in Canada are required to complete, sign and submit to the information agent a Canadian Eligibility Form (which is available from the information agent). There is no separate letter of transmittal in connection with the Offering Memorandum.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Exchange Offers before the deadlines specified herein and in the Offering Memorandum, eligibility certification and Canadian Eligibility Form. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum, eligibility certification and Canadian Eligibility Form.

This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers are being made solely by the Offering Memorandum and only to such persons and in such jurisdictions as is permitted under applicable law.

Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are serving as the joint lead dealer managers for the Exchange Offers, and BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are serving as the co-dealer managers for the Exchange Offers. Questions regarding the Exchange Offers may be directed to Barclays Capital Inc., Liability Management Group at (800) 438-3242 (toll free) or (212) 528-7581 (collect), Citigroup Global Markets Inc., Liability Management Group at (800) 558-3745  (toll free) or (212) 723-6106  (collect) or Morgan Stanley & Co. LLC, Liability Management Group at (800) 624-1808 (toll free) or (212) 761-1057 (collect).

D.F. King & Co., Inc. will act as the exchange agent and information agent for the Exchange Offers. Documents relating to the Exchange Offers will only be distributed to holders of Old Notes who certify that they are Eligible Holders. Questions or requests for assistance related to the Exchange Offers or for additional copies of the Offering Memorandum, eligibility certification or Canadian beneficial holder form may be directed to D.F. King & Co., Inc. at (888) 644-5854 (toll-free) or (646) 981-1289 (banks and brokers) or by email at [email protected]. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers. The Offering Memorandum, eligibility certification and Canadian beneficial holder form can be accessed at the following link: www.dfking.com/charter.

About Charter

Charter Communications, Inc. (NASDAQ: CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com. 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Exchange Offers. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under "Risk Factors" from time to time in Charter's filings with the SEC. Many of the forward-looking statements contained in this press release may be identified by the use of forward-looking words such as "believe," "future," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," among others.

All forward-looking statements attributable to the Company or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company is under no duty or obligation to update any of the forward-looking statements after the date of this press release. 

SOURCE Charter Communications, Inc.

CLEVELAND, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter and fiscal year ended June 30, 2026, that included the following highlights (compared with the prior year period): Fiscal 2026 Fourth Quarter Highlights: Sales increased 9.8% to a record $5.8 billion; organic sales increased 8.0% Net income was $1.1 billion, an increase of 18%, or $1.2 billion adjusted, an increase of 20% EPS increased 19% to $8.54, adjusted EPS increased 21% to a record $9.27 Segment operating margin was 26.5%, an increase of 260 bps, or 28.0% adjusted, an increase of 110 bps Fiscal 2026 Full Year Highlights: Sales increased 8.3% to a record $21.5 billion; organic sales increased 6.6% Net income was $3.6 billion, an increase of 3%, or $4.1 billion adjusted, an increase of 16% EPS increased 5% to $28.48, adjusted EPS increased 18% to a record $32.31 Segment operating margin was 24.5%, an increase of 150 bps, or 27.3% adjusted, an increase of 120 bps Cash flow from operations was a record $4.4 billion, or 20.3% of sales Completed acquisition of Curtis Instruments, Inc. and announced agreements to acquire Filtration Group Corporation and CIRCOR's Commercial and Defense Aerospace Business Returned nearly $2 billion to shareholders, through a combination of share repurchases and dividends Increased the annual dividend 11%, marking 70 consecutive fiscal years of increasing annual dividends per share paid “On behalf of the entire leadership team, thank you to our global team members for their outstanding contributions in fiscal year 2026,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We had our safest year ever, continued enhancing our portfolio of interconnected technologies through strategic acquisitions, and demonstrated operational excellence to deliver record results.

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN), a developer of modular power plant technology, today announced it has been awarded a $41.7 million contract from the Office of Naval Research (ONR) to design, develop, and deliver two multi-megawatt KARNO™ Power Modules for validation in land and maritime applications at NAVSEA, Philadelphia. This contract represents Hyliion’s largest military contract to date and marks a significant milestone in scaling the KARNO platform toward multi-megawatt power solutions for both defense and commercial applications.

Under the contract, Hyliion will develop and deliver two KARNO Power Modules rated at 2+ MW and 3+ MW scale, expanding the platform to support a broader range of U.S. Navy vessels and applications. These systems build on the company’s modular 800 kW architecture to meet the higher power requirements of naval and land-based missions.

“This contract accelerates the development of our multi-megawatt KARNO systems and expands the range of naval platforms the technology can support,” said Thomas Healy, Founder and CEO of Hyliion. “The Office of Naval Research has been a tremendous partner in advancing the KARNO technology, and their continued investment reflects the confidence they have built in both our team and the platform.”

The multi-megawatt KARNO Power Modules are expected to expand the capabilities that have driven Navy interest in the technology: unmatched fuel flexibility, high electrical efficiency, and a low-maintenance design optimized for demanding operating environments. These attributes can reduce logistical burden, extend mission endurance, and deliver resilient power for maritime and expeditionary operations while maintaining low acoustic and thermal signatures.

This award underscores the critical role of investment in accelerating innovative power technologies that support national security and the domestic industrial base. It also validates Hyliion’s strategy of deploying a common KARNO architecture across diverse markets, enabling the same scalable platform to serve both defense missions and high-growth distributed power applications including data centers.

The views expressed are those of the author and do not reflect the official policy or position of the Department of Defense or the U.S. Government.

About Hyliion

Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine vessels. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.

Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026 for the year ended December 31, 2025 and our subsequently filed Form 10-Qs. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

More News From Hyliion Holdings Corp.

Bigcommerce NASDAQ: BIGC, which operates under the Commerce brand, reported second-quarter 2026 revenue of $84.5 million and non-GAAP operating income of $8.1 million, exceeding its prior operating-income guidance range of $4 million to $5 million. The company also revised its full-year outlook lower, citing a more concentrated partner strategy, targeted product investment and continued softness in B2C replatforming activity.

Chief Executive Officer Travis Hess said the company generated positive GAAP net income for the second consecutive quarter and improved net revenue retention for a third straight quarter. Net revenue retention reached 95.8%, up from 95.4% in the first quarter, while gross merchandise value rose 14% year over year to $8.8 billion.

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Profitability and cash generation improve Subscription solutions revenue totaled $63.1 million in the second quarter, while partner and services revenue was $21.4 million. Non-GAAP operating margin was 9.6%, an improvement of nearly 400 basis points from a year earlier.

Chief Financial Officer and Chief Operating Officer Daniel Lentz said annual recurring revenue ended the quarter at $360.5 million, compared with $359.8 million in the prior quarter. The company ended June with more than $157 million in cash equivalents, restricted cash and marketable securities. Its net cash position increased by nearly $22 million from a year earlier, according to Lentz.

For the first half of 2026, Commerce generated operating cash flow of $23.5 million and free cash flow of $14.1 million, compared with $14 million and $9 million, respectively, in the prior-year period. Second-quarter operating cash flow was $5.1 million and free cash flow was $0.1 million, as capital expenditures rose to $5 million from $1.7 million a year earlier to support product investment.

The company said it remains on track to achieve GAAP profitability for the full year.

Company shifts focus toward product intelligence and AI Hess described a changing commerce environment in which product discovery is increasingly spread across marketplaces, retail media networks, AI search, shopping agents and other channels rather than occurring only through a merchant’s website.

Commerce is organizing its strategy around three “control planes”: Feedonomics for product intelligence, Makeswift for digital experiences and BigCommerce for transactions and operational workflows. Feedonomics processes and transforms more than one trillion product listings each month, Hess said.

The company plans to introduce data-enrichment offerings across Feedonomics and BigCommerce in the third quarter, intended to improve and measure product discovery across conventional and AI-driven channels. In early fourth quarter, it expects to launch a B2C brand agent and conversational search capabilities for BigCommerce.

Hess said Commerce is also preparing a year-end freemium launch of Makeswift within BigCommerce. Feedonomics Surface, a self-service product-intelligence offering for small and mid-market merchants, continued to see adoption and stronger GMV growth among its users, he said.

Commerce has also expanded BigCommerce Payments following its U.S. launch earlier this year. Lentz said payment GMV has been running more than 30% ahead of internal plans, while adoption has included both new customers and existing accounts. The company expects to launch the offering in the U.K. later this year.

B2B strength contrasts with slower B2C replatforming B2B GMV increased 17% year over year, ahead of the platform-wide 14% GMV growth rate. Management said B2B pipeline, win rates and gross retention were stronger than those of the broader business.

However, the company noted that B2B transaction volumes tend to include fewer card-based payments, resulting in less partner revenue share than B2C activity. Lentz said closing the gap between GMV growth and revenue growth through payments, cross-selling and improved product attach rates remains a priority.

Management said B2C replatforming demand has remained subdued, with customer decision cycles taking longer as merchants consider AI’s effect on their technology choices. Hess told analysts that the company has not observed a material change in win rates or losses, characterizing the trend as more of a delay in decision-making than a broad loss of opportunities.

The company said its June pricing and packaging changes were not a broad price increase and have not affected pipeline activity or conversion rates. Lentz said the changes primarily affected smaller business plans and the company’s payments approach, while negotiated agreements representing most of its ARR were not affected.

Outlook lowered on partner decisions and investment Commerce updated its full-year 2026 outlook to revenue of $336.5 million to $344.5 million and non-GAAP operating income of $28 million to $34 million. At the midpoint, the revenue forecast is $18 million below the company’s previous outlook, while the non-GAAP operating-income midpoint is lower by $12.5 million.

For the third quarter, the company forecast revenue of $82.5 million to $85.5 million and non-GAAP operating income of $3.3 million to $5.3 million.

Lentz said the revised outlook reflects an approximately even contribution from two factors:

A decision to reduce exposure to portions of the partner ecosystem in favor of a smaller set of deeper strategic relationships. A more cautious outlook for new account bookings during the second half, particularly in B2C replatforming. The reduced operating-income outlook also incorporates higher research-and-development spending and increased infrastructure costs related to AI-driven discovery. Non-GAAP gross margin declined sequentially to 75.7% from 77.4% in the first quarter, largely because of higher hosting costs from AI crawlers and agents accessing merchant storefronts.

Hess said the company intends to keep merchant storefronts broadly accessible to AI agents despite the added near-term costs, arguing that the traffic reflects growing demand from AI-based discovery surfaces. Commerce said it is redirecting operating efficiencies toward product intelligence, payments, B2B, Makeswift and AI-related capabilities as it seeks to improve long-term monetization.

About Bigcommerce (NASDAQ:BIGC)BigCommerce Holdings, Inc NASDAQ: BIGC is a software-as-a-service (SaaS) company that provides a cloud-based e-commerce platform designed to help merchants create, manage and scale online stores. Its platform offers a suite of tools including storefront design and customization, shopping cart functionality, payment gateway integrations, order management, shipping and tax solutions, and security features. The open architecture of its API-driven platform enables businesses to connect with a wide range of third-party applications, marketplaces and digital channels.

The company was founded in 2009 by Eddie Machaalani and Mitchell Harper and is headquartered in Austin, Texas, with additional offices in San Francisco and Sydney.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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New listings edged higher, but buyers pulled back as mortgage rates climbed to their highest level in nearly a year

, /PRNewswire/ -- The number of homes going under contract fell 3.7% week over week nationwide—the steepest decline since 2022—as would-be buyers pressed pause amid high mortgage rates. That's according to a new report from Redfin, the real estate brokerage powered by Rocket.

Redfin is taking a break from analysis this week, but please see the tables and charts below for this week's housing-market data.

Leading indicators

Indicators of homebuying demand and activity

Value (if applicable)

Recent change

Year-over-year
change

Source

Daily average 30-year
fixed mortgage rate

6.82% (Aug. 3)

Near highest level in
over a year

Up from 6.57%

Mortgage News Daily

Weekly average 30-year
fixed mortgage rate

6.66% (week ending
July 30)

Highest level in
nearly a year

Down from 6.72%

Freddie Mac

Mortgage-purchase
applications (seasonally adjusted)

Down 4% from a
week earlier (as of
week ending July 29)

Up 3%

Mortgage Bankers
Association

Google searches of
"homes for sale"

Down about 3% from
a month earlier (as of
Aug. 2)

Down 6%

Google Trends

Touring activity

Up 12% from the
start of the year (as of
July 26)

At this time last year, it
was up 29% from the
start of 2025

ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Aug. 2, 2026

Redfin's national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.

Four weeks ending Aug. 2, 2026

Year-over-year change

Week-over-week
change (where applicable)

Notes

Median sale price

$406,362

2.9 %

Median asking price
(seasonally adjusted)

$398,666

1.1 %

Median monthly mortgage
payment (seasonally adjusted)

$2,631 at a 6.66% mortgage rate

0.6 %

Pending sales (seasonally adjusted)

311,150

-1.9 %

-3.7 %

Lowest level in over 5
months, biggest weekly
decline since 2022

New listings (seasonally adjusted)

354,313

0.2 %

1 %

Active listings (seasonally adjusted)

1,468,943

-0.3 %

-1.5 %

Months of supply

3.6

Unchanged

4 to 5 months of supply 
is considered balanced,
with a lower number
indicating seller's
market conditions

Share of homes off market in two weeks 

31.5 %

Unchanged

Median days on market

41

-1 day

Share of home listings with price drops

21.5 %

Unchanged

Share of homes sold above list price

27.6 %

Up from about 27%

Average sale-to-list price ratio

99 %

Up from 98.8%

Metro-level highlights: Four weeks ending Aug. 2, 2026

Redfin's metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

Metros with biggest year-over-
year increases

Metros with biggest year-over-
year decreases

Notes

Median sale price

Newark, NJ (9.8%)

West Palm Beach, FL (9.5%)

Baltimore (7.6%)

St. Louis (6.8%)

Cleveland (6.5%)

San Jose, CA (-4.2%)

Seattle (-1.8%)

Dallas (-1.6%)

Los Angeles (-0.8%)

Indianapolis (-0.4%)

Portland, OR (-0.4%)

Las Vegas (-0.3%)

Declined in 7 metros

Pending sales

West Palm Beach, FL (13%)

Cincinnati (7.1%)

Pittsburgh (6.7%)

St. Louis (3.9%)

Chicago (3.4%)

Seattle (-19.8%)

Houston (-17.1%)

Phoenix (-15%)

Denver (-10.9%)

Atlanta (-9.8%)

New listings

St. Louis (13%)

San Jose, CA (11.7%)

Montgomery County, PA (9.7%)

Boston (9.4%)

Chicago (8.1%)

Dallas (-12.6%)

Atlanta (-10.9%)

Fort Worth, TX (-10.8%)

Miami (-10.1%)

San Antonio (-9.8%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-homebuying-demand-stalls-summer

About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

SOURCE Redfin

Also from this source

Sphere-9 all-in-one mapping and ablation, large-tip focal, dual energy catheter first to be CE Marked for ventricular ablation

New indication marks important milestone for ventricular arrhythmia patients as positive physician sentiment and global expansion for Sphere‑9 continue

Sphere VT U.S. pivotal trial enrollment underway

, /PRNewswire/ -- Medtronic (NYSE: MDT), a global leader in healthcare technology, today announced an expanded CE Mark indication for the Affera™ Mapping and Ablation System with Sphere-9™ Catheter to treat ventricular arrhythmias, including ventricular tachycardia (VT) and premature ventricular complexes (PVCs). The Sphere-9 catheter is the first all-in-one mapping and ablation, large-tip focal, dual-energy catheter CE marked for ventricular ablation.

"This milestone is a major step forward as we continue to expand the footprint of the Affera technology to more physicians and patients," said Rebecca Seidel, president of the Electrophysiology Therapies business at Medtronic. "Indication expansion to include ventricular arrhythmias unlocks another fast-growing market opportunity to keep building on our momentum, powered by the versatility, safety and efficiency of the Sphere-9 catheter."

Additionally, in recognition of the critical unmet need for ventricular arrhythmia treatments, the U.S. Food and Drug Administration (FDA) granted Breakthrough Device Designation for the Sphere-9 catheter for the treatment of ventricular arrhythmias, which provides an expedited regulatory pathway for the technology in this patient population. The Sphere VT pivotal trial to evaluate Sphere-9 for the treatment of VT and support future approval in the US is now enrolling patients.

The Affera Mapping and Ablation System with Sphere-9 Catheter is an all-in-one, dual-energy pulsed field (PF) and radiofrequency (RF) ablation and high-definition mapping catheter for use in cardiac ablation procedures.

"Physicians have long needed better tools for ventricular arrhythmias, and we're proud to deliver a technology that addresses this unmet need and moves the needle on patient care," said Khaldoun Tarakji, M.D., MPH, vice president, chief medical officer, Cardiac Ablation Solutions business, which is part of the Cardiovascular Portfolio at Medtronic. "The unique features of Sphere-9, including a single catheter to map and ablate using radiofrequency or pulsed field energy and a large footprint, make it an excellent tool for a variety of arrhythmias, including those that may be challenging to treat."

About Ventricular Arrhythmias
VT is a potentially life-threatening arrhythmia that causes the heart to beat abnormally fast.1 Unlike atrial fibrillation, VT affects the lower chamber of the heart and often presents after a heart attack or together with other advanced heart diseases.1,2 VT patients are often treated with medications and may receive life-saving therapies from implanted defibrillators in the form of pacing or shocks.1 Catheter ablation for VT is an established treatment option, but outcomes have remained suboptimal2 with little ablation tool innovation in recent years. As a result, a significant unmet need exists to improve patient care.3

PVCs are extra or early heartbeats that start in the heart's lower chambers (ventricles), briefly disrupting normal rhythm and potentially causing a flutter-like feeling in the chest.4

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit Medtronic.com and follow @Medtronic on LinkedIn.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

Sciria,C. et al. Trends and Outcomes of Catheter Ablation of Ventricular Tachycardia in Patients With Ischemic and Nonischemic Cardiomyopathy. Circ: Arr. and Elec. 2022; vol.15, no. 4. 2019 HRS/EHRA/APHRS/LAHRS expert consensus statement on catheter ablation of ventricular arrhythmias. Cheung, J, et al. Outcomes, Costs, and 30-Day Readmissions After Catheter Ablation of Myocardial Infarct–Associated Ventricular Tachycardia in the Real World: Nationwide Readmissions Database 2010 to 2015. Circ: Arr. and Elec. 2018; vol. 11, issue 11. American Heart Association, "Premature Contractions: PACs and PVCs." https://www.heart.org/en/health-topics/arrhythmia/about-arrhythmia/premature-contractions-pacs-and-pvcs Contacts:

Leslie Williamson
Public Relations
+1-612-227-5099

Ingrid Goldberg
Investor Relations
+1-763-505-2696

SOURCE Medtronic plc

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.