VTRS · Viatris Inc.

Viatris delivered strong Q1 2026 results with total revenues of $3.5 billion, reflecting 8% reported growth and 3% operational growth over Q1 2025, primarily fueled by 22% reported growth in Greater China net sales to $680.1 million and strength in brands net sales up 10% reported. Developed Markets net sales rose 7% to $2,020.8 million, while Emerging Markets grew 3% to $535.4 million, offset by a 1% decline in JANZ. Generics net sales increased 5% reported, supported by new launches despite ARV supply issues. Adjusted gross margin expanded slightly to 56.0% from 55.9%, with Adjusted EBITDA surging 14% reported to $1.0 billion, showcasing operating leverage as noted by CEO Scott A. Smith. U.S. GAAP net earnings flipped to a $176 million profit from a $3.0 billion loss last year, driven by a prior $2.9 billion goodwill impairment. Management highlighted pipeline progress, including Effexor launch in Japan for anxiety disorder, low dose estrogen patch data, and MR-141 Phase 3 results for presbyopia, alongside $71 million in new product revenues. Cash generation included $388 million in operating cash flow, with adjusted free cash flow at $459 million excluding costs. The company reaffirmed full-year guidance, signaling confidence in $14.5-15.0 billion revenues, $4.2-4.4 billion Adjusted EBITDA, and over $2.5 billion deployable cash, underpinned by a balanced capital allocation strategy and durable growth in key markets.