Viatris Inc. (VTRS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.6	$0.69	+15.0%	—	—	—
Q4 26	$0.5	$0.59	+18.0%	—	—	—
Q3 26	$0.53	$0.57	+7.5%	—	—	—
Q2 26	$0.62	$0.67	+8.1%	—	—	—
Q1 26	$0.56	$0.62	+10.7%	—	—	—
Q4 25	$0.49	$0.5	+2.0%	—	—	—
Q3 25	$0.57	$0.54	-5.3%	—	—	—
Q2 25	$0.68	$0.75	+10.3%	—	—	—
Q1 25	$0.68	$0.69	+1.5%	—	—	—
Q4 24	$0.67	$0.67	0.0%	—	—	—
Q3 24	$0.65	$0.62	-4.6%	—	—	—
Q2 24	$0.74	$0.79	+6.8%	—	—	—
Q1 24	$0.71	$0.75	+5.6%	—	—	—
Q4 23	$0.7	$0.77	+10.0%	—	—	—
Q3 23	$0.72	$0.67	-6.9%	—	—	—
Q2 23	$0.84	$0.87	+3.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$3	—	—	$14.3B	—
FY24	—	-$0.53	—	—	$14.7B	—
FY23	—	$0.05	—	—	$15.4B	—
FY22	—	$1.71	—	—	$16.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.1B	$11.9B	$11.4B	$11.5B	$11.9B	$17.9B	$16.3B	$15.4B	$14.7B	$14.3B
YoY change	+17.5%	+7.5%	-3.98%	+0.58%	+3.87%	+49.7%	-9.08%	-5.14%	-4.46%	-2.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.1B	11.9B	11.4B	11.5B	11.9B	17.9B	16.3B	15.4B	14.7B	14.3B
Cost of revenue	6.4B	7.1B	7.4B	7.6B	8.1B	12.3B	9.8B	9B	9.1B	9.3B
Gross profit	4.7B	4.8B	4B	3.9B	3.8B	5.6B	6.5B	6.4B	5.6B	5B
Gross margin	42.4%	40.2%	35%	33.9%	31.8%	31.2%	40%	41.7%	38.2%	35.1%
Research & development	826.8M	783.3M	704.5M	639.9M	512.6M	681M	662.2M	805.2M	808.7M	965.9M
Selling, general & administrative	2.5B	2.6B	2.4B	2.6B	3.3B	4.5B	4.2B	4.7B	4.4B	3.8B
Operating expenses	3.3B	3.4B	3.1B	3.2B	3.9B	5.2B	4.8B	5.5B	5.2B	4.8B
Operating income	1.4B	1.4B	856.1M	694.1M	-60.5M	365.3M	1.7B	983.3M	389.3M	253.5M
Operating margin	12.4%	12%	7.49%	6.04%	-0.51%	2.04%	10.2%	6.37%	2.64%	1.77%
Non-operating income, net	-807.5M	13.5M	-15.4M	-22.4M	-162.9M	-393.5M	1.7B	-207.3M	-462.5M	-3.4B
Pretax income	121.7M	903M	298.4M	154.4M	-721.2M	-664.4M	2.8B	202.9M	-623.2M	-3.7B
Income tax	-358.3M	207M	-54.1M	137.6M	-51.3M	604.7M	734.6M	148.2M	11M	-150.1M
Net income	480M	696M	352.5M	16.8M	-669.9M	-1.3B	2.1B	54.7M	-634.2M	-3.5B
Net margin	4.33%	5.84%	3.08%	0.15%	-5.61%	-7.1%	12.8%	0.35%	-4.3%	-24.6%
EBITDA	2.8B	3.2B	2.9B	2.7B	2.1B	4.9B	6.5B	3.7B	3.2B	2.5B
EPS	0.94	1.3	0.69	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3
Diluted EPS	0.92	1.3	0.68	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	3.8B	3.7B	3.8B	3.8B	3.5B	3.3B	3.6B	3.8B	3.7B	3.5B	3.8B
Cost of revenue	2.3B	2.2B	2.2B	2.4B	2.3B	2.3B	2.1B	2.2B	2.4B	2.6B	2.4B	2.3B
Gross profit	1.7B	1.6B	1.5B	1.4B	1.5B	1.2B	1.2B	1.3B	1.4B	1.1B	1.2B	1.5B
Gross margin	42.9%	41.6%	41.1%	38.1%	38.9%	34.4%	35.7%	37.2%	36.5%	31%	32.9%	38.8%
Research & development	211.2M	202.8M	199.7M	204.1M	198.4M	206.5M	222M	218.8M	250.4M	274.7M	248.6M	248.3M
Selling, general & administrative	1.1B	1.6B	1B	1.4B	1B	1B	948.1M	928.7M	886.6M	1B	928.8M	1.1B
Operating expenses	1.3B	1.8B	1.2B	1.6B	1.2B	1.3B	1.2B	1.1B	1.1B	1.3B	1.2B	1.4B
Operating income	426.6M	-212.1M	286.8M	-116.7M	257.4M	-38.2M	-8.9M	185.4M	234.5M	-157.5M	-20.2M	73.7M
Operating margin	10.8%	-5.53%	7.83%	-3.07%	6.86%	-1.08%	-0.27%	5.18%	6.24%	-4.25%	-0.57%	1.96%
Non-operating income, net	117.1M	-502M	56.2M	-129.3M	-21.3M	-368.1M	-3B	-285.9M	-122.8M	-65.9M	-107M	-17M
Pretax income	402.2M	-855M	204.6M	-391.8M	90.5M	-526.5M	-3.1B	-217.1M	-7.9M	-343M	-247.3M	-64M
Income tax	70.6M	-89.4M	90.7M	-65.4M	-4.3M	-10M	-55M	-212.5M	120.3M	-2.9M	-423.7M	54.8M
Net income	331.6M	-765.6M	113.9M	-326.4M	94.8M	-516.5M	-3B	-4.6M	-128.2M	-340.1M	176.4M	-118.8M
Net margin	8.41%	-20%	3.11%	-8.6%	2.53%	-14.6%	-93.5%	-0.13%	-3.41%	-9.18%	5.02%	-3.16%
EBITDA	1.2B	172.7M	1.1B	663.5M	937.3M	481.5M	556.5M	530.2M	855.9M	578.6M	608.4M	796.4M
EPS	0.28	-0.64	0.1	-0.27	0.08	-0.43	-2.55	0	-0.11	-0.3	0.15	-0.1
Diluted EPS	0.27	-0.64	0.09	-0.27	0.08	-0.43	-2.55	0	-0.11	-0.3	0.15	-0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	19.6B	22.6B	14.1B	10.4B	—	—	13.5B	13B	14.9B	14.6B	21B
Enterprise value	33.9B	36.8B	27.5B	22.7B	—	—	31.5B	30.2B	28.1B	27.8B	32.6B
Shares outstanding	513M	534.5M	514.5M	515.7M	601.2M	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	40.8	32.5	40	617	—	—	6.49	237.6	—	—	235.8
P/S	1.77	1.9	1.23	0.9	—	—	0.83	0.84	1.01	1.02	1.42
P/B	1.76	1.7	1.16	0.87	—	—	0.64	0.64	0.8	0.99	1.44
EV/EBITDA	12.1	11.6	9.54	8.51	—	—	4.87	8.08	8.77	11	7.59
EV/Sales	3.06	3.09	2.4	1.97	—	—	1.94	1.96	1.9	1.94	2.21
Earnings yield	2.45%	3.08%	2.5%	0.16%	—	—	15.4%	0.42%	—	—	0.42%
FCF yield	6.63%	5.17%	8.13%	13.5%	—	—	18.6%	17.9%	13.1%	12.7%	12.8%
PEG	—	—	—	—	—	—	—	—	—	—	0

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.4%	40.2%	35%	33.9%	31.8%	31.2%	40%	41.7%	38.2%	35.1%	38.8%
Operating margin	12.4%	12%	7.49%	6.04%	-0.51%	2.04%	10.2%	6.37%	2.64%	1.77%	12.6%
Net margin	4.33%	5.84%	3.08%	0.15%	-5.61%	-7.1%	12.8%	0.35%	-4.3%	-24.6%	-2.79%
ROE	4.32%	5.23%	2.9%	0.14%	-2.92%	-6.19%	9.86%	0.27%	-3.4%	-23.9%	-2.75%
ROA	1.38%	1.94%	1.08%	0.05%	-1.09%	-2.31%	4.16%	0.11%	-1.53%	-9.45%	2.67%
ROIC	5.38%	3.99%	3.35%	0.31%	-0.13%	0.85%	3.13%	0.7%	1.22%	0.91%	0.49%
Return on tangible assets	-3.8%	-4.61%	-2.5%	-0.15%	2.98%	5.86%	-13%	-0.53%	5.81%	53.9%	7.31%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.49	1.13	1.39	1.21	1.22	1.1	1.58	1.67	1.65	1.38	1.58
Quick ratio	1.01	0.73	0.83	0.73	0.7	0.7	1.05	1.22	0.98	0.82	0.96
Debt / equity	1.4	1.11	1.14	1.09	1.14	1.14	0.93	0.9	0.77	1	0.96
Debt / assets	0.45	0.41	0.42	0.41	0.43	0.43	0.39	0.39	0.34	0.4	0.39
Net debt / EBITDA	5.12	4.47	4.65	4.62	11.7	4.6	2.79	4.6	4.13	5.23	4.27
Interest coverage	1.27	2.69	1.55	1.3	-0.45	-0.04	5.75	1.35	-0.13	-6.78	-0.38
Effective tax rate	0%	22.9%	0%	89.1%	0%	0%	26.1%	73%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.6	22.3	22.2	22.3	19.9	14.8	13.4	12.9	12.4	12.2	12.7
EPS (basic)	0.94	1.3	0.69	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3	-3
EPS (diluted)	0.92	1.3	0.68	0.03	-1.11	-1.05	1.71	0.05	-0.53	-3	-0.37
Book value per share	21.7	24.9	23.6	23	38.2	17	17.4	17.1	15.6	12.6	12.6
FCF per share	2.53	2.19	2.23	2.71	0.92	2.07	2.07	1.94	1.63	1.58	1.56
Cash per share	2.29	0.92	0.93	1.13	1.74	0.77	1.21	0.99	0.91	1.29	1.31
Capex per share	—	—	0	0	0	0.02	0.01	0.01	0	0.32	0.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	0%	0%	0.02%	0.1%	0.08%	0.09%	0.02%	2.65%	2.55%
Capex / operating cash flow	—	—	0%	0%	0.18%	0.62%	0.29%	0.55%	0.14%	16.4%	16.1%
Payout ratio	—	—	—	0%	0%	-31.4%	28%	1.1K%	-90.6%	-16%	960%
Dividend yield	—	—	—	0%	—	—	4.31%	4.43%	3.87%	3.85%	2.63%

Yield

2.63%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.12

ex-dividend Aug 21, 2026

Payout ratio

960%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$0.12
May 22, 2026	$0.12
Mar 9, 2026	$0.12

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$3.8B	$3.7B	$3.8B	$3.8B	$3.5B	$3.3B	$3.6B	$3.8B	$3.7B	$3.5B	$3.8B
YoY change	-3.34%	-1%	-1.76%	-3.11%	-4.84%	-8.06%	-11.2%	-5.65%	+0.23%	+4.97%	+8.07%	+4.88%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	491.6M	479.4M	584.7M	1B	935M	1.5B	1.2B	1.1B	1.5B
Receivables	3B	3.2B	2.4B	2.6B	3.9B	3.8B	3.2B	2.8B	2.7B	2.6B
Inventory	2.5B	2.5B	2.6B	2.7B	5.5B	4B	3.5B	3.5B	3.9B	4B
Total current assets	7.5B	7.2B	6.4B	6.8B	12.9B	10.9B	10.6B	13B	9.5B	9.8B
Property, plant & equipment	1.2B	1.1B	987.9M	1.2B	1.8B	1.7B	1.7B	1.6B	1.5B	1.4B
Goodwill & intangibles	47.4B	50.9B	46.8B	42.5B	84.1B	76.5B	66.1B	58.1B	52.4B	43.7B
Total assets	34.7B	35.8B	32.7B	31.3B	61.6B	54.8B	50B	47.7B	41.5B	37.2B
Accounts payable	939.5M	976M	1.1B	1.1B	1.3B	1.1B	1.2B	1.4B	1.4B	1.3B
Short-term debt	336.4M	1.9B	701.7M	1.5B	3.5B	3.4B	1.3B	2B	87.7M	2B
Total current liabilities	5B	6.4B	4.6B	5.6B	10.6B	9.9B	6.7B	7.8B	5.8B	7.1B
Long-term debt	15.2B	12.9B	13.2B	11.4B	22.7B	19.9B	18.2B	16.4B	14.2B	12.7B
Total liabilities	23.6B	22.5B	20.6B	19.4B	38.6B	34.4B	28.9B	27.2B	22.9B	22.5B
Shareholders' equity	11.1B	13.3B	12.2B	11.9B	23B	20.5B	21.1B	20.5B	18.6B	14.7B
Total debt	15.5B	14.7B	13.9B	12.9B	26.2B	23.4B	19.5B	18.4B	14.3B	14.7B
Net debt	14.5B	14.4B	13.5B	12.4B	25.3B	22.7B	18.3B	17.4B	13.6B	13.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.6B	1.2B	1.2B	1.1B	2B	1.1B	1B	808.6M	1.2B	1.5B	2.4B	1.5B
Receivables	3.2B	2.8B	2.8B	2.7B	2.9B	2.7B	2.6B	2.8B	2.9B	2.6B	2.6B	2.6B
Inventory	3.7B	3.5B	3.8B	3.9B	4.1B	3.9B	4.1B	4.3B	4.1B	4B	3.9B	3.9B
Total current assets	10.9B	13B	12.9B	11.8B	11.3B	9.5B	9.6B	9.8B	10B	9.8B	10.9B	10.1B
Property, plant & equipment	1.7B	1.6B	1.5B	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.2B
Goodwill & intangibles	63.1B	58.1B	57.7B	55.5B	55.1B	52.4B	46.2B	46.1B	44.9B	43.7B	42.3B	40.7B
Total assets	48.7B	47.7B	47.3B	45.3B	44.8B	41.5B	38.5B	38.4B	37.9B	37.2B	36.8B	35B
Accounts payable	1.2B	1.4B	1.6B	1.4B	1.2B	1.4B	1.5B	1.3B	1.3B	1.3B	1.2B	1.2B
Short-term debt	1.4B	2B	2B	2.5B	1.5B	87.7M	103.9M	1.8B	2.1B	2B	2B	1.9B
Total current liabilities	6.8B	7.8B	7.8B	7.7B	7.5B	5.8B	5.7B	7.1B	7.4B	7.1B	6.8B	6.3B
Long-term debt	17.2B	16.4B	16.2B	14.9B	14.5B	14.2B	14.4B	13B	12.7B	12.7B	12.6B	11.8B
Total liabilities	27.9B	27.2B	27.3B	25.8B	25B	22.9B	22.8B	22.8B	22.7B	22.5B	22.2B	20.8B
Shareholders' equity	20.9B	20.5B	20B	19.5B	19.8B	18.6B	15.7B	15.6B	15.2B	14.7B	14.7B	14.3B
Total debt	18.6B	18.4B	18.2B	17.4B	16B	14.3B	14.5B	14.8B	14.7B	14.7B	14.6B	13.6B
Net debt	17.3B	17.4B	17.2B	16.5B	14.1B	13.6B	13.7B	14.2B	13.7B	13.4B	12.8B	12.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	480M	696M	352.5M	16.8M	-669.9M	-1.3B	2.1B	54.7M	-634.2M	-3.5B
Depreciation & amortization	1.5B	1.8B	2.1B	2B	2.2B	4.5B	3B	2.7B	2.9B	2.8B
Stock-based compensation	88.9M	74.7M	-3.3M	56.8M	79.2M	111.2M	116.4M	180.7M	146.1M	177.7M
Change in working capital	-809.5M	-682.4M	-189M	-507.8M	-696.3M	-1.8B	-922.6M	-711.3M	-318.6M	-686.4M
Operating cash flow	1.9B	2B	2.3B	1.7B	1.2B	3B	4.7B	2.6B	1.9B	2.3B
Capital expenditure	—	—	0	0	2.1M	18.3M	13.8M	14M	2.7M	-378.8M
Investing cash flow	-6.9B	-80.2M	-14.8M	-119.4M	380.1M	391.6M	2B	-289.6M	2.2B	-376.3M
Dividends paid	—	—	—	0	0	-399M	-581.6M	-575.6M	-574.8M	-561.2M
Share repurchases	0	-500.2M	-432M	0	0	0	0	-250M	-250M	-500.5M
Financing cash flow	5.3B	-1.9B	-1.1B	-1.2B	-606.3M	-3B	-3.9B	-2.3B	-4.3B	-1.3B
Net change in cash	338M	15.7M	1.1B	445.1M	957.2M	334.6M	2.8B	-31.8M	-279.5M	645.7M
Free cash flow	1.3B	1.2B	1.1B	1.4B	550.6M	2.5B	2.5B	2.3B	1.9B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	331.6M	-765.6M	113.9M	-326.4M	94.8M	-516.5M	-3B	-4.6M	-128.2M	-340.1M	176.4M	-118.8M
Depreciation & amortization	679.4M	644.4M	691M	786.3M	669.7M	746.2M	664.7M	678.3M	688.5M	766.8M	676.1M	672.3M
Stock-based compensation	43.1M	55.8M	46.7M	34.7M	32.4M	32.3M	55.2M	37.1M	36M	49.4M	48.2M	38.7M
Change in working capital	8.3M	-276.8M	-186.8M	-425.2M	138.7M	154.7M	-221.9M	-982.3M	126M	391.8M	-702.9M	-347.3M
Operating cash flow	835.2M	239.5M	685M	120.3M	1B	366.7M	-2.4B	219.7M	744.9M	815.8M	388.3M	381.8M
Capital expenditure	300K	600K	700K	700K	800K	500K	11.3M	-52.9M	-86.8M	-196.5M	-39.9M	-52.8M
Investing cash flow	300K	316.7M	-108.7M	437.8M	1.8B	-2.6M	11.3M	-52.9M	-86.8M	-196.5M	360.1M	-52.8M
Dividends paid	-143.9M	-144M	-142.8M	-145.5M	-143.2M	-143.3M	-143.3M	-139.8M	-139.9M	-138.2M	-139.6M	-139.8M
Share repurchases	0	0	-250M	0	0	0	-175.4M	-175M	-65M	-85.1M	0	-150M
Financing cash flow	-97.6M	-926.1M	-425.6M	-847.9M	-1.6B	-1.4B	-467M	-362.4M	-228.1M	-236.4M	-203.8M	-320.4M
Net change in cash	737.9M	-369.9M	150.7M	-289.8M	1.2B	-1.1B	-2.9B	-195.6M	430M	382.9M	544.6M	8.6M
Free cash flow	732M	278.5M	563.8M	309.6M	741.1M	329.3M	459.1M	165.6M	645.2M	580.9M	264.1M	322M

Date	Ratio
Oct 9, 2003	3:2
Jan 28, 2003	3:2
Aug 16, 1995	3:2
Aug 3, 1992	2:1

Viatris Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history