# Viatris Inc. (VTRS)

> Source: Nexqual · https://nexqual.com/VTRS · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Viatris Inc. (VTRS), nexqual.com/VTRS" · informational, not investment advice.

**Price:** USD 18 (-2.60% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 18.48 · day 17.86–18.38 · 52w 9.92–18.75 · market cap $20.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.7B, net income -$411M (-2.8% margin), free cash flow $1.95B (SEC filings).
- 3 of 80 tracked superinvestors hold VTRS (13F, Q2 2026): 0 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $810K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (12 analysts), mean target USD 19.9 (range 13–26).
- Total return with dividends: 1Y +80.1% vs S&P 500 +13.4%; 5Y +66.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 0.64, revenue estimate $3.79B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.9B | $16.3B | $15.4B | $14.7B | $14.3B | $14.7B |
| Gross profit | $5.58B | $6.50B | $6.44B | $5.62B | $5.01B | — |
| Operating income | -$34.0M | $1.61B | $766M | $10.1M | -$2.66B | -$87.3M |
| Net income | -$1.27B | $2.08B | $54.7M | -$634M | -$3.51B | -$411M |
| EPS (diluted) | -$1.05 | $1.71 | $0.05 | -$0.53 | -$3.00 | — |
| Free cash flow | $2.56B | $2.59B | $2.52B | $1.98B | $1.94B | $1.95B |
| Gross margin | 31.2% | 40.0% | 41.7% | 38.2% | 35.1% | — |
| Operating margin | -0.2% | 9.9% | 5.0% | 0.1% | -18.6% | -0.6% |
| Net margin | -7.1% | 12.8% | 0.4% | -4.3% | -24.6% | -2.8% |
| Revenue growth | +49.7% | -9.1% | -5.1% | -4.5% | -3.0% | — |
| Cash + short-term investments | $739M | $1.30B | $1.03B | $773M | $1.36B | — |
| Total debt | $21.6B | $19.3B | $18.1B | $14.0B | $14.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.4x · P/FCF 10.6x · P/B 1.4x · FCF yield 9.46% · Earnings yield -1.99% · Buyback yield (TTM) 1.47%
P/E at fiscal year-ends: Dec 2023 239.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold VTRS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 5.13% | $1.19B | Reduced -3.8% |
| Bill Miller | Miller Value Partners | 2.75% | $11.6M | Added +0.2% |
| David Einhorn | Greenlight Capital | 1.13% | $44.0M | Added +52.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-25 | Campbell Paul | See Remarks | 50,076 | $810K | 13.7% | Yes (adopted March 24, 2026) | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 12 analysts; mean target USD 19.9 (low 13, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | JP Morgan | Target raised | Neutral | $18 → $20 |
| 2026-10-05 | UBS | Target raised | Buy | $23 → $26 |
| 2026-09-23 | Oppenheimer | Initiated | Outperform | $25 |
| 2026-09-16 | Piper Sandler | Target raised | Neutral | $12 → $13 |
| 2026-09-09 | Leerink Partners | Initiated | Outperform | $20 |
| 2026-09-08 | Argus Research | Target raised | Buy | $15 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +80.1% | +66.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +80.4% | +10.7% |
| Volatility (annualized) | 32.3% | 36.4% |
| Max drawdown | -19.0% (Feb 2026→Mar 2026) | -42.9% (Jan 2022→Apr 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
UTHR (United Therapeutics Corporation) USD 587.5 +0.46% · NBIX (Neurocrine Biosciences, Inc.) USD 142.7 -0.41% · ZTS (Zoetis Inc.) USD 81.03 -1.18% · ELAN (Elanco Animal Health Incorporat) USD 22.52 -0.75% · RDY (Dr. Reddy's Laboratories Ltd) USD 13.21 -0.15% · HLN (Haleon plc) USD 10.27 -0.96%

## More
Full page: https://nexqual.com/VTRS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VTRS's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | IQVIA HOLDINGS INC. (IQV) | "Unless otherwise indicated, industry data included in this Item 1 are sourced from IQVIA Holdings Inc. and are for the twelve months ended November 2025 and Viatris product and other company data included in this Item 1 …" |
| Competitor | Pfizer (PFE) | "Pfizer, however, has agreed to retain various matters – including certain specified competition law matters – to the extent they arise from conduct during the pre-Distribution period and has agreed to indemnify the Compa…" |

Other companies that name VTRS in their own reports (relationship from VTRS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Opus Genetics, Inc. (IRD) | 10-K 2026-03-12 | "In November 2022, we entered into a license and collaboration agreement (the "Viatris License Agreement") with a company now known as Viatris, Inc. ("Viatris"), pursuant to" |
| partner | LEXICON PHARMACEUTICALS, INC. (LXRX) | 10-K 2026-03-05 | "We entered into an exclusive license agreement with Viatris Inc. in October 2024 under which we granted Viatris an exclusive, royalty-bearing right and license to develop and commercialize sotaglifloz…" |
| customer | HALOZYME THERAPEUTICS, INC. (HALO) | 10-K 2026-02-17 | "In December 2025, we entered into a commercial license and supply agreement with Viatris under which we license and supply an auto-injector product for self-administered SC selatogrel for the treatmen…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Developed Markets | $2.19B | 58.6% | +3.5% | $937.3M | 42.7% |
| Greater China | $713.8M | 19.1% | +21.2% | $509.5M | 71.4% |
| Emerging Markets | $542.3M | 14.5% | -2.3% | $232.3M | 42.8% |
| Japan, Australia and New Zealand | $296.1M | 7.9% | -3.1% | $76.3M | 25.8% |
| Total revenue | $3.75B | 100% | — | $6.3M | 0.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Brands | $1.12B | 30.0% | +0.1% |
| Generics | $1.07B | 28.6% | +7.4% |
| Lipitor | $452.2M | 12.1% | +16.6% |
| Norvasc | $200.2M | 5.3% | +9.6% |
| EpiPen® Auto-Injectors | $129.2M | 3.4% | -5.6% |
| Lyrica ® | $120.6M | 3.2% | -5.9% |
| Viagra ® | $112.9M | 3.0% | +12.6% |
| Creon ® | $97.4M | 2.6% | +6.6% |
| Celebrex ® | $76.4M | 2.0% | +9.1% |
| Zoloft ® | $71.4M | 1.9% | +16.9% |
| Yupelri ® | $70.7M | 1.9% | +6.2% |
| Effexor ® | $66.7M | 1.8% | +5.7% |
| Dymista ® | $39.8M | 1.1% | -17.8% |
| Amitiza ® | $39.4M | 1.1% | -5.3% |
| Xalabrands | $38.8M | 1.0% | -4.7% |
| Xanax ® | $38.1M | 1.0% | +12.4% |
| Total revenue | $3.75B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.01B | 21.1% | -12.5% |
| China | $2.08B | 14.6% | +8.8% |
| Total revenue | $14.25B | 100% | — |
The lines above cover 35.7% of total revenue.

## Customer concentration

Period ended 2025-12-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-06)

- "In addition, we further strengthened our balance sheet and reduced our gross leverage ratio to 2.9x." [1] Viatris is not providing forward-looking guidance for U.S."
- "GAAP diluted EPS (loss) or a quantitative reconciliation of its 2026 Adjusted EBITDA or Adjusted EPS guidance."
- "GAAP net cash provided by operating activities for 2026 is estimated to be between $1.9 billion and $2.1 billion, with a midpoint of approximately $2.0 billion. 2026 financial guidance ranges as provided on August 6, 2026, exclude the impact of any transaction-related and restructuring-related costs (as defined below) and acquired IPR&D for unsigned deals as they cannot be reasonably forecasted."
- "Please see "2026 Financial Guidance" and "Non-GAAP Financial Measures" for additional information."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.64 | $0.64 | -0.4% | $3.79B | 10 |
| Next quarter (ends 2026-12-31) | $0.59 | $0.62 | -3.4% | $3.72B | 10 |
| Current fiscal year (ends 2026-12-31) | $2.52 | $2.46 | +2.4% | $14.78B | 11 |
| Next fiscal year (ends 2027-12-31) | $2.70 | $2.63 | +2.6% | $15.14B | 11 |