Viatris Inc. is a global pharmaceutical company formed in November 2020 by combining Mylan with Pfizer’s Upjohn business. It sells established brands, branded and unbranded generics, complex medicines and an expanding portfolio of innovative products through four geographic segments.
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A snapshot of what Viatris Inc owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001792044-24-000008 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001792044-25-000008 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001792044-26-000013 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Viatris is generating substantial operating cash while rebuilding a shrinking pharmaceutical portfolio, but its recovery remains uneven. Revenue and adjusted EBITDA declined in each of 2023–2025; disposals explain part of that contraction, while competition, pricing pressure and Indore manufacturing restrictions also mattered. The large 2025 GAAP loss included major noncash impairments, but underlying margins weakened too. First-half 2026 revenue and adjusted earnings improved, led by Greater China and launches, although currency amplified growth and a tax benefit—not pretax profitability—supported positive net earnings. Restructuring, manufacturing remediation and development spending continue to compete with debt service and shareholder returns. The October 2026 agreement to acquire Pacira adds a proposed non-opioid pain franchise, not a completed acquisition; funding, integration benefits and product durability remain important qualifications.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-08 · EX-99.1 · 2026-10-08 · 10-K · 2025-12-31
Viatris operates across more than 165 countries and territories. Its geographic segments are Developed Markets, Greater China, Japan/Australia/New Zealand (JANZ), and Emerging Markets. Established brands provide much of its sales, but brands include off-patent products rather than exclusively protected innovations. Generics generally combine lower margins with higher volumes; attractive launch economics can diminish as competitors enter. New products therefore need to replace erosion as well as create growth. In 2025, the top ten products represented 36% of net sales and the three largest customers 25%, leaving meaningful product and distribution dependencies despite the portfolio’s breadth.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31
Revenue fell from $15.427 billion in 2023 to $14.739 billion in 2024 and $14.300 billion in 2025. Management’s 2025 net-sales bridge separates lost divested-business sales and favorable currency from a remaining-business constant-currency decline. Approximately $370 million of estimated Indore-related disruption contributed to base-business erosion that exceeded new-product sales. Greater China grew, but Developed Markets and JANZ weakened. The $3.515 billion GAAP net loss included $2.937 billion of goodwill impairment and a $534.8 million Biocon valuation loss. Nevertheless, adjusted gross margin and adjusted EBITDA also declined: excluding charges did not eliminate the operating deterioration.
Sources: 10-K · 2025-12-31
2025 operating cash flow was $2.316 billion, slightly above 2024, as payment and collection timing offset lower operating earnings. After $378.8 million of capital expenditure, company-defined free cash flow was $1.937 billion. Neither measure is profit or cash left after every investment and financing commitment. Viatris paid $561.2 million of dividends and spent $500.5 million on repurchases, while R&D increased to $965.9 million. Cash ended the year at $1.322 billion. The decline in noncurrent debt did not signify comparable repayment: current maturities increased, and long-term debt cash repayments were only $0.1 million during 2025.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-23
The June 30, 2026 quarterly report, filed August 6, shows first-half revenue of $7.274 billion, up 6% reported and 3% at constant currency. Greater China and Developed Markets launches led growth, while ARV supply constraints and competition offset it. Adjusted EBITDA reached $2.238 billion, but GAAP operations still lost $73.4 million. The second-quarter net loss was primarily driven by a $177.8 million noncash Tyrvaya impairment: classification of the intangible asset as held for sale in Q2 required a write-down to fair value less cost to sell, recorded in SG&A. Separately, on August 3, Viatris signed an agreement to sell Tyrvaya product rights to Harrow for $30 million upfront cash consideration and up to $70 million of contingent sales milestones; closing and receipt of those amounts are not established. A $368.9 million tax benefit converted a pretax loss into $57.6 million net earnings; the prior-year comparison also benefited from the absence of a large goodwill impairment. Operating cash flow rose only to $770.1 million, with receivables and tax movements absorbing cash. Cash was $886.5 million at June 30.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
Biocon monetization progressed from $400 million cash and $415 million of shares received in first-quarter 2026 to a completed July sale of those shares for approximately $380 million pretax. The resulting approximately $780 million cumulative monetization is not an additional receipt on top of its components. On October 8, Viatris agreed to acquire Pacira for $36.50 per share, a stated $1.65 billion equity value. The tender offer had not commenced at that disclosure. Management expected funding mainly from excess cash and partly short-term borrowing, but did not quantify either component or establish final transaction expenditure.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-10-08 · 8-K · 2026-10-08
Indore’s U.S. import restrictions were not disclosed as lifted. Nashik production resumed after its February 2026 fire, but remediation following May FDA observations continued, with management expecting $100–150 million of second-half revenue disruption. Separately, the restructuring begun in February targets $600–700 million of savings once implemented, against $650–750 million of estimated cash costs; these are forecasts, not achieved net benefits. Pricing and reimbursement pressure, clinical failures, substantial debt service and unresolved litigation remain material. Reported covenant compliance and effective financial controls do not establish numerical borrowing headroom or resolve manufacturing deficiencies.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-02-23
USD 14.2999 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 14.2999 bn | -3.0% |
| 2024 | USD 14.7393 bn | -4.5% |
| 2023 | USD 15.4269 bn | — |
Consolidated net sales plus other revenue; includes divested businesses until disposition.
Sources: 10-K · 2025-12-31
USD 54.7 m
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 54.7 m | — |
GAAP net earnings or loss attributable to Viatris common shareholders.
Sources: 10-K · 2025-12-31
USD -3.5149 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -3.5149 bn | Loss widened |
| 2024 | USD -634.2 m | — |
GAAP net earnings or loss attributable to Viatris common shareholders.
Sources: 10-K · 2025-12-31
USD 2.9 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: IPRD_reclassified_to_investing
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 2.9 bn | — |
Net cash provided by operating activities under the consolidated cash-flow statement.
Sources: 10-K · 2025-12-31
USD 2.3159 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.3159 bn | 0.6% |
| 2024 | USD 2.3029 bn | — |
Net cash provided by operating activities under the consolidated cash-flow statement.
Sources: 10-K · 2025-12-31
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