Viatris Reports Q3 2024 Global Sales of USD 3.8 Billion with a 5% YOY Decline

November 11, 2024

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US generics giant Viatris (NASDAQ: VTRS) has published its financial report for the third quarter of 2024, revealing a 5% year-on-year (YOY) decrease in global sales to USD 3.8 billion in constant currency terms. The report indicates that generics and brand sales fell by 2% and 6% respectively, reaching USD 1.376 billion and USD 2.362 billion. Despite these declines, Viatris reported new product revenues of USD 133 million, signaling ongoing growth momentum.

Organizational Streamlining and Divestitures
In October of the previous year, Viatris initiated the divestment of non-core businesses and began streamlining its organizational structure, which included the sale of its women’s healthcare business and API business in India. After excluding transaction costs, the company achieved divestitures worth USD 116 million. Overall revenues increased by 3% when excluding these impacts.

Executive Comments
Scott A. Smith, Chief Executive Officer of Viatris, stated, “I am very pleased to report strong third quarter results that continue the momentum we’ve seen all year.” Doretta Mistras, Chief Financial Officer, added, “We continue to make excellent progress executing on our debt paydown commitment and are on pace to achieve our long-term gross leverage target of ~3.0x by year end.” The company has made significant strides in debt repayment, amounting to approximately USD 1.9 billion.

Portfolio Expansion and Licensing Agreement
Viatris has expanded its innovative portfolio by entering into an exclusive licensing agreement with Lexicon Pharmaceuticals for sotagliflozin, excluding the U.S. and Europe. This move is set to bolster Viatris’s presence in the global pharmaceutical market.

Regional Revenue Breakdown for Q3 2024
Viatris’ Q3 2024 revenues by region are as follows: