Viatris

VTRS · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

VTRS · Last close · October 26, 2026

$18.29

Viatris' revenue fell 3.0% to $14.3 billion in fiscal 2025. Its operating margin was −18.6%, down from 0.1% a year earlier. Free cash flow was $1.9 billion, down 2.0%. It paid out $500 million in dividends and buybacks, 26% of free cash flow. The diluted share count fell 1.9%.

VIATRIS INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001792044-26-000013 Updated October 9, 2026

Revenue

$14.3B

3.0%

Operating margin

−18.6%

18.7 pts

Net income

−$3.5B

Free cash flow

$1.9B

2.0%

Return on capital

−7.0%

7.1 pts

Market cap

$21.3B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Years to 2019 come from Mylan, which combined with Upjohn to form Viatris in 2020. Viatris's 2024 and 2025 filings tag its average share count under a pro forma label; those figures match its reported loss per share.

What Viatris does

Viatris makes and sells medicines. Its portfolio includes generic drugs (including complex products), well-known brands and a smaller group of newer medicines. Customers include retail and pharmacy chains, wholesalers, governments, institutions and doctors. The company says its medicines reach about 1 billion patients each year, in more than 165 countries and territories.

It makes money by selling these medicines. It reports four segments by region: Developed Markets, Emerging Markets, JANZ (Japan, Australia and New Zealand) and Greater China. Its revenue was $14.30 billion in 2025. Over the last few years it has sold several businesses, including its women's healthcare business, its India-based active ingredients business and its over-the-counter business, to simplify the company and pay down debt.

Viatris has 27 manufacturing, packaging and distribution sites and more than 30,000 employees. It is headquartered in the United States, with global centers in Pittsburgh, Shanghai and Hyderabad.

Its biggest risks, as it describes them

Strategic plans and business sales that may not deliver the benefits it expects.
Pressure on drug prices and reimbursement from governments, insurers and large buyers.
Health care reform laws that could reduce what it is paid or change how its medicines are covered.
Counterfeit and infringing medicines entering the drug supply.
Failing to launch new products on time, and the heavy regulation of the drug industry.

From Viatris's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share fell 34.0% a year and net income 26.7% a year, as new shares raised the share count by 132% and diluted each share's earnings. Viatris then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Viatris yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Viatris' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Viatris' fiscal 2025 free cash flow of $1.9B, net cash of −$13.1B at December 31, 2025 and 1,171 million diluted shares, from its filings. The scenarios are fitted to Viatris: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -4.2% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Pharmaceuticals), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Viatris's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $18.29
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Viatris' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	739	1,295	1,029	773	1,363
Debt incl. finance leases	23,088	19,274	18,132	14,047	14,414
Net debt (negative means net cash)	22,348	17,979	17,103	13,274	13,051
Net debt to EBITDA	5.0x	3.9x	4.9x	4.6x	96.5x
Debt to equity	1.1x	0.9x	0.9x	0.8x	1.0x
Interest coverage	−0.1x	2.7x	1.3x	0.0x	−5.7x
Current ratio	1.1x	1.6x	1.7x	1.6x	1.4x
Quick ratio	0.7x	1.1x	1.2x	1.0x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2,222 of Viatris shares on the open market, and 1 insider sold $1.1 million, $809,729 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 25, 2026	Paul CampbellSee Remarks	Sold plan	50,076	$16.17	$809,729	Form 4
Mar 23, 2026	Paul CampbellSee Remarks	Sold	21,350	$13.28	$283,528	Form 4
Nov 3, 2025	David S SimmonsDirector	Bought	213	$10.43	$2,222	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	5 of 9	4 of 9
Accruals ratio	−5.8%	−6.6%	−14.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Viatris side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Viatris	FY25	−3.0%	−18.6%	13.6%	−7.0%	96.5x	4
Teva Pharmaceuticals	FY25	4.3%	12.5%	6.7%	10.5%	4.2x	8	Compare
Bausch Health Companies	FY25	6.7%	17.7%	9.8%	4.5%	6.5x	7	Compare
Zoetis	FY25	2.3%	—	24.1%	29.3%	1.7x	8	Compare
GSK	FY25	4.1%	24.3%	19.6%	23.9%	1.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11,077	11,908	11,434	11,500	11,946	17,886	16,263	15,427	14,739	14,300
Revenue growth	17.5%	7.5%	−4.0%	0.6%	3.9%	49.7%	−9.1%	−5.1%	−4.5%	−3.0%
Gross profit	4,697	4,783	4,002	3,898	3,797	5,576	6,497	6,439	5,624	5,014
Research and development	827	783	704	640	555	751	662	805	809	966
Operating income	699	1,437	906	716	−211	−34	1,615	766	10	−2,663
Net income	480	696	352	17	−670	−1,269	2,079	55	−634	−3,515
Diluted EPS (US$)	0.92	1.30	0.68	0.03	−1.11	−1.05	1.71	0.05	−0.53	−3.00
Diluted shares (millions)	520	537	516	516	601	1,209	1,217	1,207	1,193	1,171
Cash flow
Cash from operations	2,047	2,065	2,342	1,804	1,232	3,017	2,999	2,900	2,303	2,316
Capital expenditure	390	276	252	213	243	457	406	377	326	379
Free cash flow	1,657	1,789	2,090	1,590	989	2,560	2,593	2,523	1,977	1,937
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	500	432	0	0	0	0	250	250	500
Acquisitions	6,482	167	66	149	416	277	0	668	350	0
Stock-based compensation	89	75	−3	57	79	111	116	181	146	178
Balance sheet at fiscal year end
Cash and short-term investments	999	292	388	476	884	739	1,295	1,029	773	1,363
Debt incl. finance leases	15,539	14,721	13,863	12,722	25,839	23,088	19,274	18,132	14,047	14,414
Total assets	34,726	35,806	32,735	31,256	61,553	54,843	50,022	47,686	41,501	37,193
Total liabilities	23,609	22,499	20,568	19,372	38,599	34,350	28,950	27,218	22,865	22,482
Shareholders' equity	11,118	13,308	12,167	0	22,954	20,493	21,072	20,467	18,636	14,711
Margins and ratios
Gross margin	42.4%	40.2%	35.0%	33.9%	31.8%	31.2%	40.0%	41.7%	38.1%	35.1%
Operating margin	6.3%	12.1%	7.9%	6.2%	−1.8%	−0.2%	9.9%	5.0%	0.1%	−18.6%
Net margin	4.3%	5.8%	3.1%	0.1%	−5.6%	−7.1%	12.8%	0.3%	−4.3%	−24.6%
Free cash flow margin	15.0%	15.0%	18.3%	13.8%	8.3%	14.3%	15.9%	16.4%	13.4%	13.6%
Return on capital	3.4%	4.2%	3.4%	1.4%	−0.5%	−0.1%	2.9%	1.0%	0.0%	−7.0%
Return on equity	4.6%	5.7%	2.8%	0.3%	−5.8%	−5.8%	10.0%	0.3%	−3.2%	−21.1%
Return on assets	1.7%	2.0%	1.0%	0.1%	−1.4%	−2.2%	4.0%	0.1%	−1.4%	−8.9%
Net debt to EBITDA	6.5x	4.5x	4.5x	4.5x	12.4x	5.0x	3.9x	4.9x	4.6x	96.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Viatris' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Viatris.