NASDAQ: VTRS
Viatris
Health Care · Pharmaceutical Preparations
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.2B
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| Period | Market cap |
|---|---|
| FY2018, ended Dec 31, 2018 | $14.2B |
| FY2019, ended Dec 31, 2019 | $2.01K |
| FY2020, ended Dec 31, 2020 | $22.6B |
| FY2021, ended Dec 31, 2021 | $16.4B |
| FY2022, ended Dec 31, 2022 | $13.3B |
| FY2023, ended Dec 31, 2023 | $12.9B |
| FY2024, ended Dec 31, 2024 | $14.9B |
| FY2025, ended Dec 31, 2025 | $14.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.7B
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| Period | Revenue |
|---|---|
| FY2018, ended Dec 31, 2018 | $11.4B |
| FY2019, ended Dec 31, 2019 | $11.5B |
| FY2020, ended Dec 31, 2020 | $11.9B |
| FY2021, ended Dec 31, 2021 | $17.9B |
| FY2022, ended Dec 31, 2022 | $16.3B |
| FY2023, ended Dec 31, 2023 | $15.4B |
| FY2024, ended Dec 31, 2024 | $14.7B |
| FY2025, ended Dec 31, 2025 | $14.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2018, ended Dec 31, 2018 | $353M | $2.09B |
| FY2019, ended Dec 31, 2019 | $16.8M | $1.59B |
| FY2020, ended Dec 31, 2020 | −$670M | $989M |
| FY2021, ended Dec 31, 2021 | −$1.27B | $2.56B |
| FY2022, ended Dec 31, 2022 | $2.08B | $2.59B |
| FY2023, ended Dec 31, 2023 | $54.7M | $2.52B |
| FY2024, ended Dec 31, 2024 | −$634M | $1.98B |
| FY2025, ended Dec 31, 2025 | −$3.51B | $1.94B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | −$411M | $1.95B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$887M
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| Period | Cash and cash equivalents |
|---|---|
| FY2018, ended Dec 31, 2018 | $388M |
| FY2019, ended Dec 31, 2019 | $476M |
| FY2020, ended Dec 31, 2020 | $844M |
| FY2021, ended Dec 31, 2021 | $701M |
| FY2022, ended Dec 31, 2022 | $1.26B |
| FY2023, ended Dec 31, 2023 | $992M |
| FY2024, ended Dec 31, 2024 | $735M |
| FY2025, ended Dec 31, 2025 | $1.32B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $887M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.3B
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| Period | Total debt |
|---|---|
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | $12.7B |
| FY2020, ended Dec 31, 2020 | $24.7B |
| FY2021, ended Dec 31, 2021 | $21.6B |
| FY2022, ended Dec 31, 2022 | $19.3B |
| FY2023, ended Dec 31, 2023 | $18.1B |
| FY2024, ended Dec 31, 2024 | $14.0B |
| FY2025, ended Dec 31, 2025 | $14.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 122% since 2018.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.1.15B
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| Period | Shares outstanding |
|---|---|
| FY2018, ended Dec 31, 2018 | 517M |
| FY2019, ended Dec 31, 2019 | 100 |
| FY2020, ended Dec 31, 2020 | 1.21B |
| FY2021, ended Dec 31, 2021 | 1.21B |
| FY2022, ended Dec 31, 2022 | 1.20B |
| FY2023, ended Dec 31, 2023 | 1.19B |
| FY2024, ended Dec 31, 2024 | 1.19B |
| FY2025, ended Dec 31, 2025 | 1.15B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 1.15B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $125M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2018, ended Dec 31, 2018 | $432M | −$3.30M | — | — |
| FY2019, ended Dec 31, 2019 | $0 | $56.8M | — | — |
| FY2020, ended Dec 31, 2020 | $0 | $79.2M | $0 | $10.7B |
| FY2021, ended Dec 31, 2021 | $0 | $111M | $0 | — |
| FY2022, ended Dec 31, 2022 | $0 | $116M | $3.30M | $3.30M |
| FY2023, ended Dec 31, 2023 | $250M | $181M | $3.10M | $3.10M |
| FY2024, ended Dec 31, 2024 | $250M | $146M | $2.50M | $2.50M |
| FY2025, ended Dec 31, 2025 | $501M | $178M | $2.60M | $2.50M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $300M | $172M | $2.50M | — |
Revenue (TTM)
$14.7B
+4.4% YoY
Net income (TTM)
−$411M
n/m YoY
Cash
$887M
+56.5% YoY
Total debt
$13.3B
−7.7% YoY
Valuation
At current price- Market Cap
- $21.9B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.5×
- Price / Book
- 1.5×
- EV / EBITDA
- 12.6×
Growth
Trailing 12 months- Revenue (TTM)
- $14.7B
- Revenue Growth YoY
- 4.4%
- Revenue CAGR 3Y
- −4.2%
- Revenue CAGR 5Y
- 3.7%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 34.8%
- Operating Margin
- −0.6%
- Net Margin
- −2.8%
- FCF Margin
- 13.3%
- Return on Equity
- −2.8%
Earnings
Trailing 12 months- Net Income
- −$411M
- EPS (diluted)
- −$0.37
- EBITDA
- $2.72B
- Operating Income
- −$87.3M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $887M
- Total Debt
- $13.3B
- Net Debt
- $12.5B
- Total Assets
- $35.0B
- Total Liabilities
- $20.8B
- Shareholders' Equity
- $14.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.33B
- Capital Expenditure
- $376M
- Free Cash Flow
- $1.95B
Dividends and risk
Last 12 months- Dividend Yield
- 2.5%
- Dividend / Share
- $0.48
- Beta (5Y)
- 0.87
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $14.7B.
Watch
Lost $411M over the last 12 months.
Watch
Net debt is 4.6× EBITDA ($12.5B), a heavy load.
Note
Free cash flow of $1.95B, 13.3% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K33Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Revenue fell 4% to $14.74 billion, operating earnings collapsed to $10.1 million from $766 million, and Viatris swung to a $634 million net loss.
- An FDA warning letter and import alert on the Indore, India plant are expected to cut 2025 revenue by about $500 million.
- Viatris closed its over-the-counter, women's health and active ingredient sales, collecting $2.51 billion, and repaid about $3.7 billion of notes.
- Excluding divestitures and currency, sales grew 2% on new products, though litigation costs and impairment charges weighed heavily on profit.
Business momentum
Sharp deterioration
“Earnings from operations 10.1 766.2 (756.1)”
Outlook
Cautious
“The Company currently estimates the negative impact to 2025 total revenues to be approximately $500 million and to 2025 earnings from operations to be approximately $385 million.”
Financial stress
Low
“We believe that net cash provided by operating activities and available liquidity will continue to allow us to meet our needs for working capital, capital expenditures, interest and principal payments on debt obligations, dividend payments, and share repurchases.”
Tone against the previous report
More negative
Red flags
- Medium
Other
“Following an inspection by the FDA at our oral finished dose manufacturing facility in Indore, India in 2024, the FDA has issued a warning letter, and an import alert related to this facility.”
- Medium
Major lawsuit
“Litigation settlements, net 296.1 31.2”
- Minor
Large write-down
“the Company recorded a goodwill impairment charge of $321.0 million during the second quarter of 2024 related to its JANZ reporting unit”
Positives
New products drove 2% underlying sales growth, excluding divestitures and currency
“On a constant currency basis, net sales from the remaining business increased by approximately $276.1 million, or 2%, for the year ended December 31, 2024 compared to the prior year period, driven by new product sales, primarily in Developed Markets, of approximately $582.4 million.”
Divestitures completed, bringing in $2.51 billion of cash
“proceeds from the sale of assets and businesses of $2.51 billion, primarily related to the divestitures of the OTC Business, the API business in India and the women’s healthcare business”
Large undrawn credit line supports liquidity
“The Company has access to $3.5 billion under the 2024 Revolving Facility which matures in September 2029.”
Concerns
Indore plant problems will reduce 2025 revenue and earnings
“The Company currently estimates the negative impact to 2025 total revenues to be approximately $500 million and to 2025 earnings from operations to be approximately $385 million.”
Cash generated by operations fell by about $600 million
“Net cash provided by operating activities decreased by $597.1 million to $2.30 billion for the year ended December 31, 2024”
Further goodwill write-downs are possible in the Japan, Australia and New Zealand unit
“If market conditions or the projected results were to change materially, it may be necessary to record further impairment charges to the JANZ reporting unit in future periods.”
New risks since the previous report
US import ban on products from the Indore plant
“The import alert affects 11 actively distributed products that will no longer be accepted into the U.S. until the warning letter is lifted.”
Financial weakness at drug development partner Idorsia
“considering certain capital structuring steps announced by Idorsia to secure its ongoing operations”
Possible cuts to US government funding for products in Emerging Markets
“We expect that any reduction in that funding will have a negative impact on our financial condition, results of operations or cash flows.”
Possible reciprocal tariffs from US trade policy changes
“including potentially significant reciprocal tariffs on products sold between the U.S. and other countries as a result of recent trade policy shifts in the U.S.”
FDA staff cuts could slow approvals and resolution of warning letters
“Reductions in personnel at the FDA or other health agencies as a result of changing legislative or regulatory priorities could result in slower response times or reduced resources”
Biggest risks named
- FDA warning letter and import alert at the Indore plant
- Drug price pressure from governments, tenders and China's bulk buying
- Generic competition and erosion of existing product sales
- Heavy debt load and refinancing at higher interest rates
- Further impairment charges on goodwill and intangible assets
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −5.7 | |
| New risks | −2 | |
| Score | 33 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 33 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 28, 2024 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 27, 2023 | 50 | Mixed | 1 medium | |
| 10-K | Feb 28, 2022 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Mar 1, 2021 | 31 | Sharp deterioration | 2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR