By Fineline Cube 
U.S.‑based Viatris Inc. (NASDAQ: VTRS) released its third‑quarter 2025 earnings, showing a 2 % year‑over‑year (YOY) decline in total revenue to $3.76 billion. The figures are presented on an operational basis (currency‑neutral). Over the first nine months, revenue fell 6 % YOY to $10.6 billion.
Revenue Breakdown – Branded vs. Generics
| Segment | Q3 2025 Revenue | Q3 2025 YoY Growth | 9M 2025 Revenue | 9M 2025 YoY Growth |
|---|---|---|---|---|
| Branded portfolio | $2.44 bn | +1 % | — | — |
| Generics | $1.31 bn | ‑6 % | — | — |
The branded segment’s modest gain was driven by strong demand in Emerging Markets and Greater China.
Regional Performance
| Region | Q3 2025 Revenue (USD mn) | Q3 2025 Growth | 9M 2025 Revenue (USD mn) | 9M 2025 Growth |
|---|---|---|---|---|
| Developed Markets | 2,255.6 | ‑5 % | 6,266.6 | ‑9 % |
| Emerging Markets | 570.4 | +7 % | 1,645.4 | ‑4 % |
| JANZ (Japan, Australia, New Zealand) | 306.3 | ‑10 % | 888.1 | ‑11 % |
| Greater China | 615.2 | +9 % | 1,759.6 | +8 % |
| Total | 3,759.9 | ‑2 % | 10,596.3 | ‑6 % |
Source: Viatris internal reporting.
Strategic Highlights
- Aculys Pharma acquisition – announced in Q3, giving Viatris exclusive development and commercialization rights in Japan to pitolisant, a Phase III selective/inverse H3‑receptor agonist. Two NDAs are slated for filing in Japan by year‑end for:
- Excessive daytime sleepiness (EDS) or cataplexy in adult narcolepsy
- EDS associated with obstructive sleep‑apnea syndrome
- Spydia Nasal Spray (diazepam) – Viatris now controls this product in Japan and selected Southeast‑Asian markets after the June 2025 Japanese approval for status epilepticus.
- Emerging‑Market momentum – Branded sales grew 7 % in the quarter, outpacing all other regions, underscoring Viatris’s execution of its “Emerging‑Market growth engine.”
Analyst Reaction
- Equity movement: Viatris shares edged up 0.8 % in early trading, reflecting confidence that the Emerging‑Market upside will offset broader revenue softness.
- Sell‑side outlook: Several brokerage houses upgraded Viatris to “Outperform” on the basis of the Aculys deal and the robust branded performance in Greater China, while maintaining a cautious view on the generics segment which remains under pressure.
Forward‑Looking Statements
This release contains forward‑looking statements regarding Viatris’s financial results, acquisition strategy and market outlook. Actual results may differ due to risks and uncertainties described in the company’s most recent Form 10‑K filing.-Fineline Info & Tech