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Here are 1-2 brief analogies to describe Viatris:

• Teva Pharmaceutical for off-patent branded drugs and generics, globally. (Like a global Teva, which is known for generics, but with a significant portfolio of well-known, off-patent branded medicines.)
• Procter & Gamble for established medicines and generics. (Similar to how P&G manages a vast global portfolio of established consumer brands, Viatris manages a broad catalog of established, often off-patent, branded medicines and generics.)

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• Lipitor (atorvastatin): An established brand medication used to lower high cholesterol and triglycerides.
• Viagra (sildenafil): An established brand medication primarily used to treat erectile dysfunction.
• Lyrica (pregabalin): An established brand medication used for neuropathic pain, fibromyalgia, and certain types of seizures.
• Generic Medicines: A comprehensive portfolio of off-patent versions of brand-name prescription drugs spanning various therapeutic areas.
• Biosimilars: Biologic medicines highly similar to existing approved reference biologic products, particularly in oncology and immunology.

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Viatris (VTRS) is a global healthcare company that develops, manufactures, and markets a broad portfolio of branded, generic, and biosimilar medicines. As such, Viatris primarily operates on a Business-to-Business (B2B) model, selling its pharmaceutical products to other companies within the healthcare supply chain rather than directly to individual consumers.

Its major customers typically include:

• Pharmaceutical Wholesalers: These companies are critical intermediaries that purchase medications directly from manufacturers like Viatris and then distribute them to pharmacies, hospitals, and other healthcare providers. Major customers in this category include:
  • McKesson Corporation (Symbol: MCK)
  • AmerisourceBergen Corporation (Symbol: ABC)
  • Cardinal Health, Inc. (Symbol: CAH)
• Large Retail Pharmacy Chains: These companies purchase pharmaceuticals in large volumes for their extensive network of pharmacies, sometimes directly from manufacturers in addition to through wholesalers. Major customers in this category include:
  • CVS Health Corporation (Symbol: CVS)
  • Walgreens Boots Alliance, Inc. (Symbol: WBA)
• Hospitals and Integrated Healthcare Systems: These entities purchase medications for use within their facilities and patient care networks, often through group purchasing organizations or direct contracts.
• Government Agencies: Various government bodies, such as the U.S. Department of Veterans Affairs (VA) and Department of Defense (DoD), are also significant purchasers of pharmaceutical products for their healthcare systems.

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Scott A. Smith, Chief Executive Officer
Scott A. Smith became the Chief Executive Officer of Viatris on April 1, 2023, having joined the company's board of directors in December 2022. With over 35 years of experience in the pharmaceutical and biotechnology sectors, he previously served as President of BioAtla, Inc., where he developed a clinical development structure and led business development activities. Prior to BioAtla, Mr. Smith was President and Chief Operating Officer at Celgene Corporation, progressing through various leadership roles, including Senior Vice President and Global Head of Immunology. His career at Celgene included overseeing the clinical development, registration, launch, and global commercial success of the drug Otezla®. He has also served on the boards of multiple public and private companies, including BioAtla, Apexigen, and Titan Pharmaceuticals.

Theodora "Doretta" Mistras, Chief Financial Officer
Theodora "Doretta" Mistras was appointed Chief Financial Officer of Viatris, effective March 1, 2024. An accomplished healthcare financial executive, Ms. Mistras brings nearly two decades of leadership, advisory, and capital markets experience. She previously held positions as Managing Director, Healthcare Investment Banking at Citigroup Global Markets and, prior to that, at Goldman Sachs. In these roles, she advised corporate boards and leadership teams on matters related to corporate strategy, business development, financial planning, corporate finance, and investor relations.

Philippe Martin, Chief R&D Officer
Philippe Martin was appointed Chief R&D Officer of Viatris, effective December 15, 2023. He brings extensive experience in innovative product development across R&D, Scientific, and Regulatory Affairs. Previously, he worked at Celgene, where he was instrumental in leading the development and global registration of blockbuster drugs such as Otezla® and Zeposia®, and oversaw the company's pipeline in both early and late stages.

Corinne Le Goff, Chief Commercial Officer
Corinne Le Goff serves as the Chief Commercial Officer at Viatris. She focuses on the company's portfolio strategy and leveraging pipeline momentum, with a particular emphasis on near-term commercial opportunities.

Andrew Enrietti, Chief People Officer
Andrew Enrietti is the Chief People Officer at Viatris. As part of the leadership team, he is involved in steering the company's strategic direction and fostering a positive workplace culture.

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The key risks to Viatris (VTRS) are primarily centered around regulatory challenges, its substantial debt burden, and intense competition within the generic drug market.

1. Regulatory and Compliance Issues (The "Indore Impact"): Viatris faces significant and quantifiable risks due to regulatory issues, most notably an FDA warning letter and import alert concerning its oral finished dose manufacturing facility in Indore, India. This "Indore Impact" is projected to negatively affect Viatris's 2025 revenues by approximately $500 million and adjusted EBITDA by about $385 million. The import alert affects 11 actively distributed products and introduces substantial supply chain risks and potential financial losses, with remediation efforts and the timeline for FDA re-inspection remaining uncertain.
2. High Debt Burden and Financial Pressure: The company carries a significant debt load, reported at around $19.7 billion in 2025, which amplifies financial risks, especially as generic drug margins erode. This high leverage limits Viatris's flexibility when confronting industry-wide challenges such as pricing pressures and foreign exchange volatility.
3. Intense Competition and Pricing Pressure in the Generic Drug Market: Viatris operates in a highly competitive global pharmaceutical industry, particularly in the generic drug segment, leading to ongoing price erosion and pressure on profit margins. The company's ability to maintain its market share and profitability relies heavily on its continuous development and successful launch of new generic and complex generic products. Delays or failures in product development, regulatory approvals, or market launches could significantly impact revenue growth and market position.

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The following are clear emerging threats to Viatris (VTRS):

• Disruption by Direct-to-Consumer (DTC) and Transparent Pricing Models for Generics: The emergence and rapid growth of companies like Mark Cuban's Cost Plus Drug Company and initiatives by large retailers such as Amazon Pharmacy are directly challenging the traditional generic drug supply chain. These models bypass established pharmaceutical benefit managers (PBMs) and wholesalers, offering generics at significantly lower, transparent prices. This puts immense pressure on Viatris's generic pricing strategies, distribution channels, and overall profitability by potentially reducing margins and market share in key generic segments.
• Impact of the Inflation Reduction Act (IRA) and Medicare Drug Price Negotiation: The IRA introduces fundamental changes to drug pricing in the United States, allowing Medicare to negotiate prices for certain high-cost, single-source drugs. While Viatris primarily operates in the generics and off-patent established brands space, this legislation creates a broader environment of intensified price pressure across the pharmaceutical industry. Even if Viatris's specific products are not immediately subject to negotiation, the IRA sets a powerful precedent for government intervention, potentially depressing overall market pricing for established medicines and reducing the long-term value proposition for its portfolio of mature assets.
• Paradigm Shift in Chronic Disease Management driven by Novel Therapeutics (e.g., GLP-1 Agonists): The rapid development and adoption of highly effective novel therapeutics, particularly GLP-1 agonists (e.g., Ozempic, Wegovy, Mounjaro), are revolutionizing the treatment of chronic conditions such as diabetes, obesity, and increasingly, cardiovascular and renal diseases. If these drugs prove to significantly alter disease progression and reduce the incidence or severity of these conditions, it could lead to a sustained reduction in the long-term demand for Viatris's established portfolio of chronic disease medications (e.g., certain cardiovascular, metabolic, and diabetes treatments), which form a substantial part of its business.

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Viatris (VTRS) operates across a diversified portfolio of branded, generic, and biosimilar medicines, as well as over-the-counter products, spanning various therapeutic areas globally. While the company has a broad range of products, the addressable market sizes for its main categories can be identified as follows:

• Generics: The global market for generic drugs is substantial, estimated to increase from approximately $435.3 billion in 2023 to reach $655.8 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 8.5% from 2023 through 2028.
• Biosimilars: The global biosimilars market was valued at about $20.44 billion in 2022 and is projected to grow to approximately $73.03 billion by 2030, at a CAGR of 17.3% during the forecast period. Europe held the largest share of the global biosimilars market in 2022, at 50.44%. Other estimates place the global biosimilars market size at around $33.92 billion in 2024, projected to reach $151.58 million by 2033 with a CAGR of 18.27% from 2025 to 2033, with North America dominating the market with a 42.73% revenue share in 2024.
• Ophthalmology: Viatris has made strategic moves to become a leader in eye care. The global ophthalmic disease therapeutics market was valued at approximately $21.92 billion in 2023 and is expected to grow to about $31.67 billion by 2030. Within this sector, the global market size for mydriasis (pupil dilation) was approximately $604 million in 2023. The U.S. market for mydriasis represented approximately 63% of the overall market revenue, totaling around $378.6 million in 2023. Viatris aims to achieve $1 billion in global eye care sales by 2028.

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Here are 3-5 expected drivers of future revenue growth for Viatris (VTRS) over the next 2-3 years:

1. New Product Launches and Pipeline Advancements: Viatris is focused on advancing its pipeline with key regulatory submissions and preparing for multiple potential product launches. These new products are expected to contribute to future revenue. Specifically, the company has made late-stage pipeline progress, including an NDA submission for a low-dose estrogen weekly patch. Other upcoming product launches, such as fast-acting meloxicam for acute pain, are also anticipated to contribute to future growth. The company generated approximately $100 million in new product revenues in the third quarter of 2025.
2. Expansion and Strong Performance in Emerging Markets and Greater China: Viatris has demonstrated continued strength and commercial performance in its Greater China and Emerging Markets segments. Net sales in Emerging Markets increased approximately 7% year-over-year, and net sales in Greater China grew 9%, surpassing expectations. This regional growth is attributed to established brand strength and increased demand for patient-driven brands.
3. Growth of Key Brands and Complex Products in Developed Markets: Despite some overall declines in developed markets, Viatris is experiencing solid growth in certain key brands in these regions. Specific mention has been made of growth in brands such as EpiPen®, Yupelri®, the Thrombosis portfolio, and Creon®. Additionally, there has been growth in certain complex products in North America and strong performance across key European markets for generics.
4. Strategic Business Development and M&A: Viatris is actively pursuing targeted, accretive business development opportunities to leverage its commercial and R&D infrastructure and strengthen its business in key markets. An example of this strategy is the acquisition of Aculys Pharma, which includes rights to Pitolisant in Japan and Spydia® in Japan and certain other markets in the Asia-Pacific region, adding innovative CNS assets to its portfolio.

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Share Repurchases

• Viatris authorized a share repurchase program of up to $2.0 billion, which was approved by shareholders on December 6, 2024.
• The company anticipates executing between $500 million and $650 million in total share repurchases during 2025.
• As of the third quarter of 2025, Viatris had repurchased $500 million in shares year-to-date, contributing to over $920 million in capital returned to shareholders.

Share Issuance

• An amendment to the 2020 Incentive Plan, approved on December 6, 2024, increased the maximum aggregate number of shares available for issuance by 49,000,000.
• These shares are reserved for granting to key employees, consultants, independent contractors, and non-employee directors through various incentive awards.
• As of May 5, 2025, the number of common shares outstanding was 1,173,681,964.

Outbound Investments

• Viatris acquired eye disease specialist Oyster Point Pharma in 2022.
• In 2024, Viatris acquired three new products from Idorsia for an upfront payment of $350 million, along with undisclosed development, regulatory, and commercial milestones, and royalties.
• As of October 15, 2025, Viatris completed the acquisition of Aculys Pharma, which includes exclusive rights to Pitolisant in Japan and to Spydia® in Japan and certain other markets in the Asia-Pacific region.

Capital Expenditures

• Viatris annually generates over $2 billion in free cash flow, with plans to allocate approximately 50% to business development over a three-to-five-year period.
• The company is undertaking a global restructuring initiative to optimize its manufacturing and supply chain network, planning to close, downsize, or divest up to 15 facilities to achieve at least $1 billion in cost synergies by the end of 2024 or sooner.
• Viatris does not report depreciation expense, total assets, and capital expenditures by segment, as this information is not used by the company's chief operating decision maker.