Viatris (VTRS) Financials

$16.30 -0.29 (-1.72%)

As of 11:01 AM Eastern

Annual Income Statements for Viatris

This table shows Viatris' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	353	17	-670	-1,269	2,079	55	-634	-3,515
Consolidated Net Income / (Loss)	353	17	-670	-1,269	2,079	55	-634	-3,515
Net Income / (Loss) Continuing Operations	353	17	-670	-1,269	2,079	55	-634	-3,515
Total Pre-Tax Income	298	154	-721	-664	2,813	203	-623	-3,665
Total Operating Income	906	716	-211	-34	1,615	766	10	-2,663
Total Gross Profit	4,002	3,898	3,797	5,576	6,497	6,439	5,624	5,014
Total Revenue	11,434	11,501	11,946	17,886	16,263	15,427	14,739	14,300
Operating Revenue	11,269	11,370	11,820	17,814	16,218	15,388	14,693	14,250
Other Revenue	165	130	126	73	45	39	47	50
Total Cost of Revenue	7,432	7,603	8,149	12,311	9,766	8,988	9,116	9,286
Operating Cost of Revenue	7,432	7,603	8,149	12,311	9,766	8,988	9,116	9,286
Total Operating Expenses	3,096	3,182	4,008	5,610	4,882	5,672	5,614	7,677
Selling, General & Admin Expense	2,441	2,564	3,345	4,529	4,179	4,070	4,105	3,794
Research & Development Expense	705	640	555	751	699	911	837	1,014
Impairment Charge	-	-	-	-	-	580	321	2,937
Other Special Charges / (Income)	-50	-21	108	329	4.40	112	351	-69
Total Other Income / (Expense), net	-607	-561	-510	-630	1,198	-563	-633	-1,002
Interest Expense	542	517	498	636	592	573	550	471
Other Income / (Expense), net	-65	-44	-13	5.80	1,791	9.80	-83	-531
Income Tax Expense	-54	138	-51	605	735	148	11	-150
Basic Earnings per Share	$0.69	$0.03	($1.11)	($1.05)	$1.71	$0.05	($0.53)	($3.00)
Weighted Average Basic Shares Outstanding	514.50M	515.70M	601.20M	1.21B	1.21B	1.20B	0.00	0.00
Diluted Earnings per Share	$0.68	$0.03	($1.11)	($1.05)	$1.71	$0.05	($0.53)	($3.00)
Weighted Average Diluted Shares Outstanding	516.50M	516.50M	601.20M	1.21B	1.22B	1.21B	0.00	0.00
Weighted Average Basic & Diluted Shares Outstanding	-	-	1.21B	1.21B	2.39B	2.38B	1.19B	1.15B
Cash Dividends to Common per Share	-	-	-	$0.33	$0.48	$0.48	$0.48	$0.48

This table shows Viatris' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	332	-766	114	-326	95	-517	-3,042	-4.60	-128	-340	176
Consolidated Net Income / (Loss)	332	-766	114	-326	95	-517	-3,042	-4.60	-128	-340	176
Net Income / (Loss) Continuing Operations	332	-766	114	-326	95	-517	-3,042	-4.60	-128	-340	176
Total Pre-Tax Income	402	-855	205	-392	91	-527	-3,097	-217	-7.90	-343	-247
Total Operating Income	452	-455	204	-240	226	-180	-2,882	233	179	-193	-80
Total Gross Profit	1,691	1,597	1,504	1,445	1,459	1,215	1,161	1,333	1,372	1,148	1,157
Total Revenue	3,942	3,837	3,663	3,797	3,751	3,528	3,254	3,582	3,760	3,704	3,517
Operating Revenue	3,934	3,826	3,654	3,786	3,738	3,515	3,243	3,569	3,748	3,691	3,510
Other Revenue	8.00	11	9.90	11	13	13	11	13	12	13	7.30
Total Cost of Revenue	2,251	2,241	2,159	2,351	2,292	2,313	2,093	2,249	2,388	2,556	2,360
Operating Cost of Revenue	2,251	2,241	2,159	2,351	2,292	2,313	2,093	2,249	2,388	2,556	2,360
Total Operating Expenses	1,240	2,051	1,300	1,685	1,233	1,395	4,043	1,100	1,193	1,341	1,237
Selling, General & Admin Expense	1,054	1,606	1,018	1,037	1,003	1,047	948	929	887	1,031	929
Research & Development Expense	211	308	200	204	198	229	222	219	250	323	249
Impairment Charge	-	-	0.00	321	0.00	-	2,937	0.00	0.00	-	0.00
Other Special Charges / (Income)	-26	148	77	131	32	112	-74	-48	56	-3.10	54
Total Other Income / (Expense), net	-50	-401	0.70	-152	-135	-347	-215	-450	-187	-150	-168
Interest Expense	142	141	138	146	146	120	116	117	120	120	120
Other Income / (Expense), net	92	-260	139	-6.10	10	-227	-99	-334	-67	-31	-48
Income Tax Expense	71	-89	91	-65	-4.30	-10	-55	-213	120	-2.90	-424
Basic Earnings per Share	$0.28	($0.64)	$0.10	($0.27)	$0.08	($0.44)	($2.55)	$0.00	($0.11)	($0.34)	$0.15
Weighted Average Basic Shares Outstanding	1.20B	0.00	1.20B	1.19B	1.19B	0.00	1.19B	1.17B	1.16B	0.00	1.16B
Diluted Earnings per Share	$0.27	($0.63)	$0.09	($0.27)	$0.08	($0.43)	($2.55)	$0.00	($0.11)	($0.34)	$0.15
Weighted Average Diluted Shares Outstanding	1.21B	0.00	1.21B	1.19B	1.20B	0.00	1.19B	1.17B	1.16B	0.00	1.18B
Weighted Average Basic & Diluted Shares Outstanding	1.20B	2.38B	1.19B	1.19B	1.19B	1.19B	1.17B	1.17B	1.15B	1.15B	1.16B
Cash Dividends to Common per Share	$0.12	-	$0.12	$0.12	$0.12	-	$0.12	$0.12	$0.12	-	$0.12

This table details how cash moves in and out of Viatris' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	19	102	359	-144	556	-269	-258	612
Net Cash From Operating Activities	2,342	1,804	1,232	3,017	2,999	2,900	2,303	2,316
Net Cash From Continuing Operating Activities	2,342	1,815	1,232	3,017	2,999	2,900	2,303	2,316
Net Income / (Loss) Continuing Operations	353	17	-670	-1,269	2,079	55	-634	-3,515
Consolidated Net Income / (Loss)	353	17	-670	-1,269	2,079	55	-634	-3,515
Depreciation Expense	2,110	2,019	2,216	4,507	3,028	2,741	2,893	2,798
Non-Cash Adjustments To Reconcile Net Income	333	287	595	909	-1,185	1,203	1,130	4,195
Changes in Operating Assets and Liabilities, net	-453	-508	-910	-1,129	-923	-1,098	-1,086	-1,163
Net Cash From Investing Activities	-1,210	-525	-301	-118	1,474	-865	1,801	-428
Net Cash From Continuing Investing Activities	-1,210	-525	-301	-118	1,474	-865	1,801	-428
Purchase of Property, Plant & Equipment	-252	-213	-243	-457	-406	-377	-326	-379
Acquisitions	-66	-149	416	277	0.00	-668	-350	0.00
Purchase of Investments	-63	-26	-105	-30	-30	-26	-26	-24
Sale of Property, Plant & Equipment	0.00	0.00	2.10	18	14	14	2.70	35
Divestitures	29	28	20	97	1,950	364	2,507	2.50
Sale and/or Maturity of Investments	85	27	47	30	30	26	26	24
Other Investing Activities, net	-944	-193	-438	-52	-83	-198	-33	-86
Net Cash From Financing Activities	-1,091	-1,169	-606	-3,012	-3,878	-2,302	-4,330	-1,294
Net Cash From Continuing Financing Activities	-1,091	-1,169	-606	-3,012	-3,878	-2,302	-4,330	-1,294
Repayment of Debt	-3,232	-1,116	-1,390	-3,821	-5,139	-1,423	-3,423	-192
Repurchase of Common Equity	-432	-	-	0.00	0.00	-250	-250	-501
Payment of Dividends	-13	-60	-49	-428	-601	-584	-606	-574
Issuance of Debt	2,578	7.40	983	1,710	1,876	0.30	0.00	0.00
Issuance of Common Equity	-	-	0.00	0.00	3.30	3.10	2.50	2.60
Other Financing Activities, net	7.70	-0.30	-151	-473	-17	-48	-53	-30
Effect of Exchange Rate Changes	-21	-7.50	34	-31	-39	-2.50	-31	18
Cash Interest Paid	461	471	555	685	643	612	561	493

This table details how cash moves in and out of Viatris' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	680	-318	22	-97	962	-1,144	20	-189	436	345	458
Net Cash From Operating Activities	835	569	615	379	827	483	536	220	745	816	388
Net Cash From Continuing Operating Activities	835	569	615	379	839	470	536	220	745	816	388
Net Income / (Loss) Continuing Operations	332	-766	114	-326	95	-517	-3,042	-4.60	-128	-340	176
Consolidated Net Income / (Loss)	332	-766	114	-326	95	-517	-3,042	-4.60	-128	-340	176
Depreciation Expense	679	644	691	786	670	746	665	678	689	767	676
Non-Cash Adjustments To Reconcile Net Income	-99	1,174	-3.50	499	248	335	3,178	576	196	246	308
Changes in Operating Assets and Liabilities, net	-77	-484	-187	-580	-174	-94	-266	-1,030	-11	144	-773
Net Cash From Investing Activities	-55	27	-154	376	1,748	-169	-65	-53	-99	-211	277
Net Cash From Continuing Investing Activities	-55	27	-154	376	1,735	-156	-65	-53	-99	-211	277
Purchase of Property, Plant & Equipment	-96	-166	-50	-59	-77	-140	-43	-53	-87	-197	-40
Purchase of Investments	-4.30	-5.40	-7.70	-5.60	-8.40	-4.30	-4.60	-6.30	-7.20	-5.80	-7.50
Sale of Property, Plant & Equipment	0.30	0.60	0.70	0.70	0.80	0.50	11	1.60	0.80	21	1.60
Sale and/or Maturity of Investments	4.30	5.40	7.70	5.60	8.40	4.30	4.60	6.30	7.20	5.80	408
Other Investing Activities, net	-7.30	-125	4.20	-3.20	-21	-13	-34	-1.20	-13	-38	-84
Net Cash From Financing Activities	-98	-926	-426	-848	-1,637	-1,420	-467	-362	-228	-236	-204
Net Cash From Continuing Financing Activities	-98	-926	-426	-848	-1,637	-1,420	-467	-362	-228	-236	-204
Repayment of Debt	48	-777	6.20	-679	-1,474	-1,276	-108	-46	-23	-14	-0.30
Repurchase of Common Equity	-	-	-250	-	-	-	-175	-175	-65	-85	0.00
Payment of Dividends	-144	-144	-154	-166	-143	-143	-155	-142	-140	-138	-148
Issuance of Common Equity	0.80	0.60	0.60	0.70	0.60	0.60	0.60	0.70	0.70	0.60	0.50
Other Financing Activities, net	-2.60	-5.60	-29	-3.40	-21	-	-29	-0.20	-0.80	0.10	-57
Effect of Exchange Rate Changes	-2.30	13	-12	-4.40	-	-	17	6.70	18	-24	-4.20

This table presents Viatris' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	31,256	61,553	54,843	50,022	47,686	41,501	37,193
Total Current Assets	6,757	12,868	10,903	10,635	12,976	9,521	9,789
Cash & Equivalents	476	844	701	1,260	992	735	1,322
Accounts Receivable	3,059	4,844	4,266	3,815	3,700	3,221	3,031
Inventories, net	2,671	5,472	3,978	3,520	3,470	3,854	3,999
Prepaid Expenses	552	1,707	1,958	1,811	2,028	1,711	1,436
Plant, Property, & Equipment, net	2,150	3,460	3,189	3,025	2,760	2,666	2,614
Total Noncurrent Assets	22,349	45,226	40,751	36,362	31,950	29,314	24,790
Goodwill	9,591	12,347	12,114	10,426	9,867	9,133	6,755
Intangible Assets	11,650	29,683	26,134	22,607	19,181	17,071	15,102
Noncurrent Deferred & Refundable Income Taxes	703	2,148	1,333	926	693	753	1,061
Other Noncurrent Operating Assets	405	1,048	1,171	2,404	2,209	2,357	1,872
Total Liabilities & Shareholders' Equity	31,256	61,553	54,843	50,022	47,686	41,501	37,193
Total Liabilities	19,372	38,599	34,350	28,950	27,218	22,865	22,482
Total Current Liabilities	5,569	10,563	9,884	6,746	7,777	5,779	7,094
Short-Term Debt	1,508	3,409	3,371	1,259	1,943	8.30	1,933
Accounts Payable	1,528	1,904	1,657	1,767	1,938	1,854	1,754
Current Deferred & Payable Income Tax Liabilities	213	289	237	280	227	193	124
Other Current Liabilities	2,320	4,961	4,620	3,441	3,394	3,725	3,283
Total Noncurrent Liabilities	13,803	28,036	24,466	22,204	19,441	17,086	15,388
Long-Term Debt	11,214	22,429	19,717	18,015	16,188	14,039	12,481
Noncurrent Deferred & Payable Income Tax Liabilities	1,628	3,124	2,815	2,432	1,736	1,108	892
Other Noncurrent Operating Liabilities	961	2,483	1,934	1,757	1,517	1,939	2,015
Total Equity & Noncontrolling Interests	11,884	22,954	20,493	21,072	20,467	18,636	14,711
Total Preferred & Common Equity	12,884	22,954	20,493	23,834	20,719	21,848	15,719
Total Common Equity	11,884	22,954	20,493	23,834	23,215	21,848	14,711
Common Stock	8,650	18,451	18,548	18,658	18,827	18,934	18,814
Retained Earnings	6,031	5,361	3,689	5,176	4,640	3,419	-388
Treasury Stock	-1,000	-	-	0.00	-252	-504	-1,007
Accumulated Other Comprehensive Income / (Loss)	-1,797	-858	-1,744	0.00	0.00	0.00	-2,707

This table presents Viatris' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	48,695	48,743	47,686	47,344	45,330	44,754	41,501	38,475	38,412	37,920	36,835
Total Current Assets	9,778	10,932	12,976	12,924	11,792	11,308	9,521	9,622	9,775	9,951	10,917
Cash & Equivalents	629	1,310	992	1,015	917	1,879	735	755	566	975	1,804
Accounts Receivable	3,607	3,739	3,700	3,632	3,567	3,717	3,221	3,126	3,258	3,372	3,076
Inventories, net	3,642	3,672	3,470	3,823	3,942	4,085	3,854	4,096	4,264	4,111	3,927
Prepaid Expenses	1,725	1,785	2,028	1,933	1,757	1,627	1,711	1,645	1,686	1,493	2,109
Plant, Property, & Equipment, net	2,983	2,927	2,760	2,708	2,663	2,677	2,666	2,636	2,643	2,626	2,528
Total Noncurrent Assets	35,934	34,884	31,950	31,712	30,875	30,770	29,314	26,217	25,994	25,343	23,390
Goodwill	10,533	10,278	9,867	9,694	9,326	9,562	9,133	6,462	6,748	6,731	6,692
Intangible Assets	22,084	21,281	19,181	19,134	18,419	17,979	17,071	16,662	16,324	15,723	14,482
Noncurrent Deferred & Refundable Income Taxes	966	930	693	653	685	763	753	818	924	999	1,109
Other Noncurrent Operating Assets	2,351	2,395	2,209	2,232	2,445	2,466	2,357	2,275	1,998	1,890	1,106
Total Liabilities & Shareholders' Equity	48,695	48,743	47,686	47,344	45,330	44,754	41,501	38,475	38,412	37,920	36,835
Total Liabilities	27,852	27,877	27,218	27,329	25,810	24,962	22,865	22,825	22,841	22,703	22,177
Total Current Liabilities	6,524	6,834	7,777	7,760	7,709	7,512	5,779	5,720	7,133	7,364	6,810
Short-Term Debt	1,358	1,308	1,943	1,898	2,367	1,447	8.30	8.50	1,681	1,952	1,931
Accounts Payable	1,962	1,989	1,938	2,197	1,958	1,926	1,854	1,988	1,783	1,793	1,749
Current Deferred & Payable Income Tax Liabilities	158	207	227	148	118	284	193	93	0.00	0.00	0.00
Other Current Liabilities	3,046	3,316	3,394	3,282	3,234	3,856	3,725	3,630	3,670	3,619	3,130
Total Noncurrent Liabilities	21,328	21,043	19,441	19,570	18,101	17,449	17,086	17,104	15,708	15,339	15,367
Long-Term Debt	17,246	17,077	16,188	16,073	14,731	14,303	14,039	14,178	12,792	12,488	12,414
Noncurrent Deferred & Payable Income Tax Liabilities	2,408	2,319	1,736	1,672	1,574	1,277	1,108	1,083	1,081	1,028	871
Other Noncurrent Operating Liabilities	1,674	1,647	1,517	1,825	1,796	1,869	1,939	1,844	1,835	1,823	2,083
Total Equity & Noncontrolling Interests	20,843	20,866	20,467	20,014	19,520	19,792	18,636	15,650	15,571	15,218	14,658
Total Preferred & Common Equity	21,095	21,117	20,719	20,519	20,024	20,297	19,140	16,330	16,426	16,142	15,665
Total Common Equity	21,095	21,117	23,215	20,014	19,520	19,792	18,636	15,650	15,571	15,218	14,658
Common Stock	18,732	18,773	18,827	18,852	18,866	18,901	18,934	18,973	19,011	18,903	18,677
Retained Earnings	5,369	5,553	4,640	4,608	4,134	4,082	3,419	228	80	-48	-212
Treasury Stock	-	-	-252	-504	-504	-504	-504	-680	-856	-924	-1,007
Accumulated Other Comprehensive Income / (Loss)	-3,006	-3,209	0.00	-2,941	-2,975	-2,686	-3,213	-2,871	-2,664	-2,713	-2,800

This table displays calculated financial ratios and metrics derived from Viatris' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.58%	3.87%	49.73%	-9.08%	-5.14%	-4.46%	-2.98%
EBITDA Growth	0.00%	-8.80%	-25.95%	124.74%	43.65%	-45.34%	-19.81%	-114.02%
EBIT Growth	0.00%	-20.10%	-133.26%	87.38%	12,176.60%	-77.21%	-109.43%	-4,262.98%
NOPAT Growth	0.00%	-92.72%	-289.54%	83.87%	5,113.48%	-82.69%	-96.58%	-26,467.33%
Net Income Growth	0.00%	-95.23%	-4,087.50%	-89.45%	263.79%	-97.37%	-1,259.42%	-454.23%
EPS Growth	0.00%	-95.59%	-3,800.00%	5.41%	262.86%	-97.08%	-1,160.00%	-466.04%
Operating Cash Flow Growth	0.00%	-22.97%	-31.71%	144.92%	-0.59%	-3.30%	-20.59%	0.56%
Free Cash Flow Firm Growth	0.00%	0.00%	0.36%	121.05%	3.38%	-23.95%	-20.46%	-27.71%
Invested Capital Growth	0.00%	0.00%	98.70%	-10.57%	-9.38%	-9.68%	-8.97%	-12.97%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.18%	-2.78%	-0.25%	-2.05%	1.24%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	15.77%	38.60%	-42.09%	16.99%	33.98%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	96.65%	96.41%	-75.02%	80.79%	5.42%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	95.94%	-2.61%	-72.04%	103.82%	-0.49%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	33.94%	158.66%	-97.01%	28.20%	4.78%
EPS Q/Q Growth	0.00%	0.00%	0.00%	56.61%	159.09%	-96.69%	27.40%	2.91%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	19.25%	-10.02%	17.21%	0.64%	16.80%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-31.78%	515.31%	-14.22%	-27.05%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-2.22%	3.80%	-6.48%	-5.10%	-3.06%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	35.00%	33.89%	31.78%	31.17%	39.95%	41.74%	38.15%	35.06%
EBITDA Margin	25.81%	23.40%	16.68%	25.04%	39.56%	22.79%	19.13%	-2.77%
Operating Margin	7.92%	6.22%	-1.76%	-0.19%	9.93%	4.97%	0.07%	-18.62%
EBIT Margin	7.35%	5.84%	-1.87%	-0.16%	20.94%	5.03%	-0.50%	-22.33%
Profit (Net Income) Margin	3.08%	0.15%	-5.61%	-7.10%	12.78%	0.35%	-4.30%	-24.58%
Tax Burden Percent	118.13%	10.88%	92.89%	191.01%	73.89%	26.96%	101.77%	95.90%
Interest Burden Percent	35.49%	22.99%	322.83%	2,356.03%	82.61%	26.15%	851.37%	114.76%
Effective Tax Rate	-18.13%	89.12%	0.00%	0.00%	26.11%	73.04%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.65%	-0.41%	-0.05%	2.92%	0.56%	0.02%	-6.24%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.35%	-3.21%	-5.31%	7.33%	-0.38%	-4.57%	-18.74%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.36%	-3.44%	-5.79%	7.08%	-0.30%	-3.26%	-14.84%
Return on Equity (ROE)	0.00%	0.28%	-3.85%	-5.84%	10.00%	0.26%	-3.24%	-21.08%
Cash Return on Invested Capital (CROIC)	0.00%	-199.35%	-66.50%	11.11%	12.76%	10.73%	9.41%	7.63%
Operating Return on Assets (OROA)	0.00%	2.15%	-0.48%	-0.05%	6.50%	1.59%	-0.16%	-8.12%
Return on Assets (ROA)	0.00%	0.05%	-1.44%	-2.18%	3.96%	0.11%	-1.42%	-8.93%
Return on Common Equity (ROCE)	0.00%	0.28%	-3.85%	-5.84%	10.67%	0.30%	-3.47%	-23.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.13%	-2.92%	-6.19%	8.72%	0.26%	-3.31%	0.00%
Net Operating Profit after Tax (NOPAT)	1,070	78	-148	-24	1,193	207	7.07	-1,864
NOPAT Margin	9.36%	0.68%	-1.24%	-0.13%	7.34%	1.34%	0.05%	-13.04%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.00%	2.81%	5.26%	-4.41%	0.94%	4.59%	12.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	2.96%	0.54%	0.02%	-6.40%
Cost of Revenue to Revenue	65.00%	66.11%	68.22%	68.83%	60.05%	58.26%	61.85%	64.94%
SG&A Expenses to Revenue	21.35%	22.29%	28.00%	25.32%	25.70%	30.14%	30.03%	26.53%
R&D to Revenue	6.16%	5.56%	4.65%	4.20%	4.30%	5.90%	5.68%	7.09%
Operating Expenses to Revenue	27.08%	27.67%	33.55%	31.36%	30.02%	36.77%	38.09%	53.68%
Earnings before Interest and Taxes (EBIT)	841	672	-223	-28	3,406	776	-73	-3,194
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,951	2,691	1,993	4,478	6,433	3,517	2,820	-395
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.73	0.52	0.54	0.80	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.84	0.76	0.81	1.01	1.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	5.95	228.14	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	2.67%	4.71%	4.61%	3.86%	3.86%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	16.82%	0.44%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.52	0.87	0.78	0.84	0.88	0.99
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	2.09	2.09	1.87	1.92	1.91	1.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	12.54	8.34	4.72	8.42	9.99	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	8.92	38.17	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	25.46	143.39	3,984.81	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	20.29	12.38	10.13	10.21	12.23	11.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.40	5.82	7.47	8.93	12.03
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.07	1.13	1.13	0.91	0.89	0.75	0.98
Long-Term Debt to Equity	0.00	0.94	0.98	0.96	0.85	0.79	0.75	0.85
Financial Leverage	0.00	1.03	1.07	1.09	0.97	0.78	0.71	0.79
Leverage Ratio	0.00	2.63	2.66	2.68	2.52	2.35	2.28	2.36
Compound Leverage Factor	0.00	0.60	8.60	63.12	2.08	0.62	19.42	2.71
Debt to Total Capital	0.00%	51.70%	52.96%	52.98%	47.77%	46.97%	42.98%	49.49%
Short-Term Debt to Total Capital	0.00%	6.13%	6.99%	7.73%	3.12%	5.03%	0.03%	6.64%
Long-Term Debt to Total Capital	0.00%	45.58%	45.97%	45.24%	44.65%	41.94%	42.96%	42.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	48.30%	47.04%	47.02%	59.07%	60.14%	57.02%	50.51%
Debt to EBITDA	0.00	4.73	12.97	5.16	3.00	5.16	4.98	-36.45
Net Debt to EBITDA	0.00	4.55	12.54	5.00	2.80	4.87	4.72	-33.11
Long-Term Debt to EBITDA	0.00	4.17	11.26	4.40	2.80	4.60	4.98	-31.56
Debt to NOPAT	0.00	163.42	-175.11	-970.07	16.15	87.78	1,986.87	-7.73
Net Debt to NOPAT	0.00	157.31	-169.38	-940.61	15.10	82.98	1,882.94	-7.02
Long-Term Debt to NOPAT	0.00	144.05	-152.00	-828.45	15.10	78.37	1,985.70	-6.70
Altman Z-Score	0.00	0.00	0.35	0.70	1.04	0.92	0.96	0.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-6.64%	-13.26%	-7.03%	-9.63%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.21	1.22	1.10	1.58	1.67	1.65	1.38
Quick Ratio	0.00	0.63	0.54	0.50	0.75	0.60	0.68	0.61
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-24,053	-23,965	5,045	5,216	3,967	3,155	2,281
Operating Cash Flow to CapEx	928.88%	846.01%	511.33%	687.38%	764.66%	798.90%	712.31%	673.42%
Free Cash Flow to Firm to Interest Expense	0.00	-46.50	-48.14	7.93	8.80	6.92	5.74	4.84
Operating Cash Flow to Interest Expense	4.32	3.49	2.47	4.74	5.06	5.06	4.19	4.91
Operating Cash Flow Less CapEx to Interest Expense	3.85	3.07	1.99	4.05	4.40	4.43	3.60	4.18
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.37	0.26	0.31	0.31	0.32	0.33	0.36
Accounts Receivable Turnover	0.00	3.76	3.02	3.93	4.03	4.11	4.26	4.57
Inventory Turnover	0.00	2.85	2.00	2.61	2.61	2.57	2.49	2.37
Fixed Asset Turnover	0.00	5.35	4.26	5.38	5.24	5.33	5.43	5.42
Accounts Payable Turnover	0.00	4.98	4.75	6.91	5.70	4.85	4.81	5.15
Days Sales Outstanding (DSO)	0.00	97.08	120.73	92.95	90.68	88.90	85.70	79.80
Days Inventory Outstanding (DIO)	0.00	128.22	182.35	140.08	140.11	141.91	146.63	154.34
Days Payable Outstanding (DPO)	0.00	73.36	76.86	52.80	63.99	75.22	75.92	70.90
Cash Conversion Cycle (CCC)	0.00	151.94	226.22	180.24	166.80	155.59	156.41	163.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	24,131	47,948	42,879	38,856	35,096	31,948	27,803
Invested Capital Turnover	0.00	0.95	0.33	0.39	0.40	0.42	0.44	0.48
Increase / (Decrease) in Invested Capital	0.00	24,131	23,818	-5,069	-4,023	-3,760	-3,148	-4,145
Enterprise Value (EV)	0.00	0.00	24,994	37,360	30,375	29,619	28,173	27,431
Market Capitalization	0.00	0.00	0.00	14,974	12,361	12,479	14,860	14,340
Book Value per Share	$0.00	$23.04	$229,541,000.00	$16.94	$19.65	$19.35	$15.61	$12.77
Tangible Book Value per Share	$0.00	($18.14)	($190,761,000.00)	($14.68)	($7.59)	($4.86)	($6.34)	($6.20)
Total Capital	0.00	24,606	48,793	43,580	40,347	38,599	32,683	29,125
Total Debt	0.00	12,722	25,839	23,088	19,274	18,132	14,047	14,414
Total Long-Term Debt	0.00	11,214	22,429	19,717	18,015	16,188	14,039	12,481
Net Debt	0.00	12,247	24,994	22,386	18,014	17,140	13,312	13,092
Capital Expenditures (CapEx)	252	213	241	439	392	363	323	344
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	2,221	4,870	3,688	3,888	6,150	3,015	3,306
Debt-free Net Working Capital (DFNWC)	0.00	2,696	5,714	4,389	5,148	7,142	3,750	4,628
Net Working Capital (NWC)	0.00	1,188	2,305	1,019	3,889	5,199	3,741	2,695
Net Nonoperating Expense (NNE)	717	61	522	1,245	-885	152	641	1,651
Net Nonoperating Obligations (NNO)	0.00	12,247	24,994	22,386	17,784	14,629	13,312	13,092
Total Depreciation and Amortization (D&A)	2,110	2,019	2,216	4,507	3,028	2,741	2,893	2,798
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	19.31%	40.76%	20.62%	23.91%	39.87%	20.45%	23.12%
Debt-free Net Working Capital to Revenue	0.00%	23.45%	47.83%	24.54%	31.66%	46.30%	25.44%	32.37%
Net Working Capital to Revenue	0.00%	10.33%	19.29%	5.69%	23.91%	33.70%	25.38%	18.85%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.11)	($1.05)	$1.71	$0.05	($0.53)	($3.00)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	601.20M	1.21B	1.21B	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.11)	($1.05)	$1.71	$0.05	($0.53)	($3.00)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	601.20M	1.21B	1.22B	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.21B	1.21B	2.39B	2.38B	1.19B	1.15B
Normalized Net Operating Profit after Tax (NOPAT)	599	486	-72	207	1,196	614	253	144
Normalized NOPAT Margin	5.24%	4.22%	-0.60%	1.16%	7.36%	3.98%	1.71%	1.00%
Pre Tax Income Margin	2.61%	1.34%	-6.04%	-3.71%	17.30%	1.32%	-4.23%	-25.63%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.55	1.30	-0.45	-0.04	5.75	1.35	-0.13	-6.78
NOPAT to Interest Expense	1.97	0.15	-0.30	-0.04	2.01	0.36	0.01	-3.96
EBIT Less CapEx to Interest Expense	1.09	0.89	-0.93	-0.73	5.09	0.72	-0.72	-7.51
NOPAT Less CapEx to Interest Expense	1.51	-0.26	-0.78	-0.73	1.35	-0.27	-0.58	-4.69
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.55%	358.93%	-7.24%	-33.69%	28.89%	1,067.64%	-95.60%	-16.34%
Augmented Payout Ratio	126.10%	358.93%	-7.24%	-33.69%	28.89%	1,524.68%	-135.02%	-30.58%

This table displays calculated financial ratios and metrics derived from Viatris' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,151,392,922.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,151,392,922.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.34%	-1.00%	-1.76%	-3.11%	-4.84%	-8.06%	-11.17%	-5.65%	0.23%	4.97%	8.07%
EBITDA Growth	-4.46%	-102.80%	-13.81%	-53.56%	-25.94%	587.66%	-324.06%	6.94%	-11.66%	59.87%	123.69%
EBIT Growth	-6.37%	-144.19%	-26.97%	-151.60%	-56.58%	43.10%	-969.24%	59.15%	-52.69%	45.02%	95.73%
NOPAT Growth	-19.77%	-129.58%	-59.23%	-157.37%	-36.46%	60.44%	-1,877.41%	197.12%	-47.11%	-7.17%	97.23%
Net Income Growth	-6.41%	-175.71%	-49.31%	-223.64%	-71.41%	32.54%	-2,770.76%	98.59%	-235.23%	34.15%	105.80%
EPS Growth	-6.90%	-175.90%	-52.63%	-222.73%	-70.37%	31.75%	-2,933.33%	100.00%	-237.50%	20.93%	105.88%
Operating Cash Flow Growth	-3.89%	200.79%	-36.72%	-27.80%	-1.04%	-15.09%	-12.87%	-42.05%	-9.87%	69.01%	-27.49%
Free Cash Flow Firm Growth	-95.96%	-11.38%	167.13%	952.94%	1,373.79%	-12.20%	-22.60%	6.36%	24.56%	32.69%	-49.03%
Invested Capital Growth	0.25%	-9.68%	-11.53%	-12.09%	-10.30%	-8.97%	-16.16%	-13.62%	-14.80%	-12.97%	-6.48%
Revenue Q/Q Growth	0.59%	-2.65%	-4.53%	3.64%	-1.20%	-5.95%	-7.76%	10.07%	4.96%	-1.50%	-5.04%
EBITDA Q/Q Growth	5.13%	-105.70%	1,583.50%	-47.75%	67.65%	-62.48%	-781.61%	124.94%	38.49%	-32.09%	1.01%
EBIT Q/Q Growth	14.06%	-231.34%	148.03%	-171.72%	195.98%	-272.09%	-633.82%	96.63%	211.14%	-300.00%	43.06%
NOPAT Q/Q Growth	27.23%	-185.43%	135.68%	-247.94%	240.91%	-153.19%	-1,503.00%	108.08%	-23.26%	-207.77%	58.64%
Net Income Q/Q Growth	25.61%	-330.88%	114.88%	-386.57%	129.04%	-644.83%	-488.96%	99.85%	-2,686.96%	-165.29%	151.87%
EPS Q/Q Growth	22.73%	-333.33%	114.29%	-400.00%	129.63%	-637.50%	-493.02%	100.00%	0.00%	-209.09%	144.12%
Operating Cash Flow Q/Q Growth	59.06%	-31.93%	28.20%	-38.32%	118.02%	-41.60%	10.94%	-58.97%	239.05%	9.52%	-52.40%
Free Cash Flow Firm Q/Q Growth	-35.25%	1,137.24%	34.59%	-2.34%	-9.38%	-26.29%	18.64%	34.20%	6.13%	-21.48%	-54.43%
Invested Capital Q/Q Growth	-3.32%	-6.48%	-1.17%	-1.61%	-1.35%	-5.10%	-8.97%	1.36%	-2.70%	-3.06%	-2.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.91%	41.60%	41.05%	38.07%	38.90%	34.44%	35.68%	37.21%	36.48%	30.99%	32.90%
EBITDA Margin	31.03%	-1.82%	28.23%	14.23%	24.15%	9.63%	-71.19%	16.13%	21.28%	14.67%	15.61%
Operating Margin	11.46%	-11.84%	5.57%	-6.32%	6.02%	-5.10%	-88.57%	6.50%	4.76%	-5.20%	-2.27%
EBIT Margin	13.79%	-18.61%	9.36%	-6.48%	6.29%	-11.52%	-91.62%	-2.81%	2.97%	-6.03%	-3.62%
Profit (Net Income) Margin	8.41%	-19.95%	3.11%	-8.60%	2.53%	-14.64%	-93.48%	-0.13%	-3.41%	-9.18%	5.02%
Tax Burden Percent	82.45%	89.54%	55.67%	83.31%	104.75%	98.10%	98.22%	2.12%	1,622.78%	99.15%	-71.33%
Interest Burden Percent	73.97%	119.73%	59.65%	159.27%	38.33%	129.58%	103.87%	216.02%	-7.07%	153.54%	194.42%
Effective Tax Rate	17.55%	0.00%	44.33%	0.00%	-4.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.90%	-3.46%	1.29%	-1.85%	2.67%	-1.57%	-27.86%	2.02%	1.51%	-1.74%	-0.82%
ROIC Less NNEP Spread (ROIC-NNEP)	3.66%	-6.22%	1.29%	-2.82%	1.74%	-4.36%	-35.16%	0.84%	-0.35%	-3.30%	0.97%
Return on Net Nonoperating Assets (RNNOA)	3.19%	-4.85%	1.04%	-2.28%	1.31%	-3.12%	-27.70%	0.69%	-0.27%	-2.61%	0.83%
Return on Equity (ROE)	7.09%	-8.31%	2.33%	-4.13%	3.97%	-4.69%	-55.57%	2.71%	1.24%	-4.35%	0.01%
Cash Return on Invested Capital (CROIC)	1.72%	10.73%	11.21%	12.79%	10.33%	9.41%	10.82%	8.89%	10.03%	7.63%	7.04%
Operating Return on Assets (OROA)	4.38%	-5.88%	2.98%	-2.10%	2.03%	-3.81%	-30.60%	-0.95%	1.02%	-2.19%	-1.40%
Return on Assets (ROA)	2.67%	-6.30%	0.99%	-2.79%	0.81%	-4.84%	-31.22%	-0.04%	-1.17%	-3.34%	1.94%
Return on Common Equity (ROCE)	7.14%	-9.41%	2.33%	-4.15%	4.00%	-5.02%	-55.57%	2.71%	1.24%	-4.77%	0.01%
Return on Equity Simple (ROE_SIMPLE)	8.67%	0.00%	-0.27%	-3.23%	-4.35%	0.00%	-23.21%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	372	-318	114	-168	237	-126	-2,018	163	125	-135	-56
NOPAT Margin	9.45%	-8.29%	3.10%	-4.42%	6.31%	-3.57%	-62.00%	4.55%	3.33%	-3.64%	-1.59%
Net Nonoperating Expense Percent (NNEP)	0.23%	2.76%	0.00%	0.97%	0.93%	2.80%	7.29%	1.18%	1.85%	1.55%	-1.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.82%	-	-	-	-0.39%	-6.76%	0.54%	0.42%	-0.46%	-0.19%
Cost of Revenue to Revenue	57.09%	58.40%	58.95%	61.93%	61.10%	65.56%	64.32%	62.79%	63.52%	69.01%	67.10%
SG&A Expenses to Revenue	26.73%	41.85%	27.77%	35.77%	26.75%	29.67%	29.13%	25.93%	23.58%	27.83%	26.41%
R&D to Revenue	5.36%	8.03%	5.62%	5.38%	5.29%	6.48%	6.82%	6.11%	6.66%	8.72%	7.07%
Operating Expenses to Revenue	31.45%	53.45%	35.49%	44.39%	32.88%	39.53%	124.25%	30.71%	31.72%	36.20%	35.17%
Earnings before Interest and Taxes (EBIT)	544	-714	343	-246	236	-406	-2,982	-101	112	-223	-127
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,223	-70	1,034	540	906	340	-2,317	578	800	543	549
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.54	0.54	0.72	0.65	0.70	0.80	0.66	0.67	0.76	0.97	1.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.73	0.81	0.93	0.83	0.92	1.01	0.73	0.74	0.82	1.00	1.07
Price to Earnings (P/E)	6.18	228.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	5.09%	4.61%	4.02%	4.52%	4.13%	3.86%	5.51%	5.38%	4.85%	3.86%	3.55%
Earnings Yield	16.18%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.76	0.84	0.90	0.85	0.82	0.88	0.82	0.83	0.87	0.99	1.03
Enterprise Value to Revenue (EV/Rev)	1.84	1.92	2.04	1.89	1.84	1.91	1.66	1.73	1.77	1.92	1.93
Enterprise Value to EBITDA (EV/EBITDA)	4.68	8.42	9.34	10.57	11.50	9.99	0.00	0.00	0.00	0.00	11.37
Enterprise Value to EBIT (EV/EBIT)	9.14	38.17	48.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	38.43	143.39	0.00	0.00	0.00	3,984.81	0.00	0.00	0.00	0.00	287.93
Enterprise Value to Operating Cash Flow (EV/OCF)	11.48	10.21	12.80	12.55	12.12	12.23	10.72	11.81	12.61	11.84	12.96
Enterprise Value to Free Cash Flow (EV/FCFF)	44.04	7.47	7.55	6.18	7.54	8.93	6.91	8.63	8.00	12.03	14.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	0.89	0.90	0.88	0.80	0.75	0.91	0.93	0.95	0.98	0.98
Long-Term Debt to Equity	0.82	0.79	0.80	0.75	0.72	0.75	0.91	0.82	0.82	0.85	0.85
Financial Leverage	0.87	0.78	0.80	0.81	0.75	0.71	0.79	0.81	0.78	0.79	0.86
Leverage Ratio	2.43	2.35	2.36	2.33	2.30	2.28	2.41	2.39	2.36	2.36	2.48
Compound Leverage Factor	1.80	2.82	1.41	3.71	0.88	2.96	2.50	5.16	-0.17	3.62	4.83
Debt to Total Capital	46.84%	46.97%	47.31%	46.69%	44.31%	42.98%	47.55%	48.17%	48.69%	49.49%	49.46%
Short-Term Debt to Total Capital	3.33%	5.03%	5.00%	6.47%	4.07%	0.03%	0.03%	5.59%	6.58%	6.64%	6.66%
Long-Term Debt to Total Capital	43.51%	41.94%	42.31%	40.23%	40.24%	42.96%	47.52%	42.58%	42.11%	42.85%	42.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.80%	60.14%	52.69%	53.31%	55.69%	57.02%	52.45%	51.83%	51.31%	50.51%	50.54%
Debt to EBITDA	3.03	5.16	5.36	6.27	6.53	4.98	-26.73	-29.34	-24.11	-36.45	5.81
Net Debt to EBITDA	2.81	4.87	5.06	5.93	5.75	4.72	-25.30	-28.19	-22.48	-33.11	5.08
Long-Term Debt to EBITDA	2.81	4.60	4.80	5.40	5.93	4.98	-26.71	-25.93	-20.85	-31.56	5.03
Debt to NOPAT	24.88	87.78	-47.63	-629.55	-85.03	1,986.87	-6.59	-7.94	-7.78	-7.73	147.00
Net Debt to NOPAT	23.11	82.98	-44.94	-595.78	-74.89	1,882.94	-6.24	-7.63	-7.26	-7.02	128.51
Long-Term Debt to NOPAT	23.11	78.37	-42.60	-542.39	-77.22	1,985.70	-6.58	-7.02	-6.73	-6.70	127.21
Altman Z-Score	0.86	0.82	0.93	0.85	0.92	0.94	0.52	0.72	0.77	0.82	0.93
Noncontrolling Interest Sharing Ratio	-0.63%	-13.26%	0.00%	-0.62%	-0.62%	-7.03%	0.00%	0.00%	0.00%	-9.63%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.67	1.67	1.53	1.51	1.65	1.68	1.37	1.35	1.38	1.60
Quick Ratio	0.74	0.60	0.60	0.58	0.74	0.68	0.68	0.54	0.59	0.61	0.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	278	3,442	4,633	4,524	4,100	3,022	3,586	4,812	5,107	4,010	1,828
Operating Cash Flow to CapEx	873.64%	344.75%	1,251.73%	652.50%	1,084.65%	345.03%	1,710.86%	428.27%	866.16%	465.37%	1,013.84%
Free Cash Flow to Firm to Interest Expense	1.97	24.43	33.47	31.03	28.16	25.14	31.05	41.27	42.70	33.53	15.22
Operating Cash Flow to Interest Expense	5.90	4.03	4.44	2.60	5.68	4.02	4.64	1.88	6.23	6.82	3.23
Operating Cash Flow Less CapEx to Interest Expense	5.23	2.86	4.09	2.20	5.15	2.85	4.37	1.44	5.51	5.36	2.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.32	0.32	0.32	0.32	0.33	0.33	0.34	0.34	0.36	0.39
Accounts Receivable Turnover	4.37	4.11	4.31	4.25	4.04	4.26	4.24	4.14	3.98	4.57	4.70
Inventory Turnover	2.65	2.57	2.39	2.37	2.33	2.49	2.29	2.18	2.21	2.37	2.38
Fixed Asset Turnover	5.18	5.33	5.37	5.40	5.37	5.43	5.36	5.32	5.33	5.42	5.64
Accounts Payable Turnover	5.67	4.85	4.31	4.59	4.62	4.81	4.32	4.78	4.86	5.15	5.11
Days Sales Outstanding (DSO)	83.46	88.90	84.70	85.92	90.42	85.70	86.06	88.24	91.60	79.80	77.72
Days Inventory Outstanding (DIO)	137.66	141.91	152.49	153.74	156.53	146.63	159.72	167.39	165.39	154.34	153.28
Days Payable Outstanding (DPO)	64.41	75.22	84.61	79.46	79.01	75.92	84.41	76.29	75.05	70.90	71.41
Cash Conversion Cycle (CCC)	156.71	155.59	152.59	160.20	167.94	156.41	161.37	179.34	181.93	163.23	159.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	37,527	35,096	34,685	34,125	33,664	31,948	29,081	29,476	28,682	27,803	27,198
Invested Capital Turnover	0.41	0.42	0.42	0.42	0.42	0.44	0.45	0.44	0.45	0.48	0.52
Increase / (Decrease) in Invested Capital	94	-3,760	-4,519	-4,692	-3,864	-3,148	-5,603	-4,649	-4,982	-4,145	-1,883
Enterprise Value (EV)	28,392	29,619	31,280	28,838	27,728	28,173	23,828	24,387	25,006	27,431	28,096
Market Capitalization	11,318	12,479	14,324	12,657	13,857	14,860	10,397	10,481	11,542	14,340	15,555
Book Value per Share	$17.60	$19.35	$16.75	$16.39	$16.58	$15.61	$13.11	$13.27	$13.05	$12.77	$12.73
Tangible Book Value per Share	($8.70)	($4.86)	($7.37)	($6.91)	($6.49)	($6.34)	($6.26)	($6.39)	($6.21)	($6.20)	($5.66)
Total Capital	39,250	38,599	37,985	36,619	35,543	32,683	29,836	30,043	29,657	29,125	29,002
Total Debt	18,384	18,132	17,971	17,099	15,750	14,047	14,186	14,472	14,440	14,414	14,345
Total Long-Term Debt	17,077	16,188	16,073	14,731	14,303	14,039	14,178	12,792	12,488	12,481	12,414
Net Debt	17,075	17,140	16,956	16,181	13,871	13,312	13,431	13,906	13,464	13,092	12,540
Capital Expenditures (CapEx)	96	165	49	58	76	140	31	51	86	175	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,096	6,150	6,047	5,533	3,363	3,015	3,156	3,756	3,564	3,306	4,233
Debt-free Net Working Capital (DFNWC)	5,406	7,142	7,062	6,450	5,242	3,750	3,911	4,322	4,539	4,628	6,038
Net Working Capital (NWC)	4,098	5,199	5,164	4,083	3,795	3,741	3,902	2,641	2,587	2,695	4,107
Net Nonoperating Expense (NNE)	41	447	-0.39	158	142	391	1,024	168	253	205	-232
Net Nonoperating Obligations (NNO)	16,662	14,629	14,670	14,605	13,871	13,312	13,431	13,906	13,464	13,092	12,540
Total Depreciation and Amortization (D&A)	679	644	691	786	670	746	665	678	689	767	676
Debt-free, Cash-free Net Working Capital to Revenue	26.48%	39.87%	39.37%	36.31%	22.35%	20.45%	22.02%	26.61%	25.23%	23.12%	29.07%
Debt-free Net Working Capital to Revenue	34.95%	46.30%	45.97%	42.33%	34.83%	25.44%	27.29%	30.62%	32.14%	32.37%	41.46%
Net Working Capital to Revenue	26.50%	33.70%	33.61%	26.79%	25.22%	25.38%	27.23%	18.71%	18.32%	18.85%	28.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	($0.64)	$0.10	($0.27)	$0.08	($0.44)	($2.55)	$0.00	($0.11)	($0.34)	$0.15
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.20B	1.19B	1.19B	0.00	1.19B	1.17B	1.16B	0.00	1.16B
Adjusted Diluted Earnings per Share	$0.27	($0.63)	$0.09	($0.27)	$0.08	($0.43)	($2.55)	$0.00	($0.11)	($0.34)	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.21B	1.19B	1.20B	0.00	1.19B	1.17B	1.16B	0.00	1.18B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.20B	2.38B	1.19B	1.19B	1.19B	1.19B	1.17B	1.17B	1.15B	1.15B	1.16B
Normalized Net Operating Profit after Tax (NOPAT)	351	-214	156	-76	180	-48	-13	130	164	-137	-18
Normalized NOPAT Margin	8.90%	-5.59%	4.27%	-2.01%	4.80%	-1.35%	-0.41%	3.62%	4.37%	-3.70%	-0.52%
Pre Tax Income Margin	10.20%	-22.28%	5.59%	-10.32%	2.41%	-14.92%	-95.17%	-6.06%	-0.21%	-9.26%	-7.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.84	-5.07	2.48	-1.69	1.62	-3.38	-25.81	-0.86	0.93	-1.87	-1.06
NOPAT to Interest Expense	2.63	-2.26	0.82	-1.15	1.63	-1.05	-17.47	1.40	1.05	-1.13	-0.46
EBIT Less CapEx to Interest Expense	3.17	-6.24	2.12	-2.09	1.10	-4.54	-26.08	-1.30	0.21	-3.33	-1.38
NOPAT Less CapEx to Interest Expense	1.96	-3.43	0.47	-1.55	1.10	-2.21	-17.74	0.96	0.33	-2.59	-0.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.97%	1,067.64%	-1,043.67%	-94.00%	-68.72%	-95.60%	-16.02%	-16.80%	-15.70%	-16.34%	-191.26%
Augmented Payout Ratio	45.62%	1,524.68%	-1,489.30%	-132.67%	-97.02%	-135.02%	-20.65%	-26.90%	-26.95%	-30.58%	-300.91%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise four-year look at Viatris (VTRS) using the provided quarterly cash flow statements, income statements, and balance sheets. The overarching themes are solid cash generation from operations and a persistent net income challenge, underpinned by meaningful leverage and ongoing investing activity.

Operating cash flow has remained positive in the 2025 quarters, with Net Cash From Continuing Operating Activities around $816 million in Q4 2025 and about $745 million in Q3 2025, indicating ongoing cash generation from core business activities.
Sequential strength in cash flow in the back half of 2025, coupled with relatively modest capital outlays (CapEx around $196.5 million in Q4 2025), suggests potential for meaningful free cash flow in that period.
Liquidity remains solid. In 2025, total current assets and liabilities point to a positive working capital position, with current assets near $9.3–9.95 billion and current liabilities around $7.3–7.9 billion across 2025 quarters, yielding a healthy current ratio.
Revenue base stays in the multi‑billion range each quarter. For example, Q4 2025 Total Revenue ≈ $3.70 billion, with similar quarterly levels seen in related years. There isn’t a clear, sustained up or down spike across the four-year window.
Depreciation and amortization are sizable, providing a notable non‑cash add‑back to net income (e.g., Depreciation Expense around $766.8 million in Q4 2025), which supports operating cash flow.
Net income tends to be negative in many quarters. For instance, Q4 2025 Net Income Attributable to Common Shareholders was about -$340 million, and several 2023–2024 quarters show meaningful losses, highlighting earnings volatility.
Financing activities have generally used cash in 2025, reflecting debt repayments and shareholder returns (e.g., Net Cash From Financing Activities around -$236 million in Q4 2025 and -$228 million in Q3 2025), which can pressure cash balances over time.
Leverage remains substantial. Long‑term debt has trended in the low to mid‑teens of billions (roughly $12.8B–$14.3B across 2024–2025), contributing to ongoing interest expense and a sizable liabilities base.
Investing activities are cash‑well outflows in many periods as Viatris funds capex and investments (e.g., Net Cash From Investing Activities around -$211.2 million in Q4 2025, -$98.9 million in Q3 2025, and similar levels in other quarters), reducing cash available for other uses in the near term.

Bottom line for investors: Viatris demonstrates ongoing cash generation from operations and a stable liquidity position, but the company continues to wrestle with net losses and a high debt load. The key questions going forward are whether operating performance can translate into stronger earnings, and whether the balance sheet can further de‑risk through debt reduction or improved cash conversion from investing activities.

05/21/26 08:23 AM ETAI Generated. May Contain Errors.

Viatris Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Viatris' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Viatris' net income appears to be on an upward trend, with a most recent value of -$3.51 billion in 2025, falling from $352.50 million in 2018. The previous period was -$634.20 million in 2024. Check out Viatris' forecast to explore projected trends and price targets.

Viatris' total operating income in 2025 was -$2.66 billion, based on the following breakdown:

Total Gross Profit: $5.01 billion
Total Operating Expenses: $7.68 billion

Over the last 7 years, Viatris' total revenue changed from $11.43 billion in 2018 to $14.30 billion in 2025, a change of 25.1%.

Viatris' total liabilities were at $22.48 billion at the end of 2025, a 1.7% decrease from 2024, and a 16.1% increase since 2019.

In the past 6 years, Viatris' cash and equivalents has ranged from $475.60 million in 2019 to $1.32 billion in 2025, and is currently $1.32 billion as of their latest financial filing in 2025.

Over the last 7 years, Viatris' book value per share changed from 0.00 in 2018 to 12.77 in 2025, a change of 1,277.3%.

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Financial statements for NASDAQ:VTRS last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Viatris (VTRS) Financials

Financials Breakdown Chart

Key Financial Trends

Viatris Financials - Frequently Asked Questions

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Viatris (VTRS) Financials

Annual Income Statements for Viatris

Quarterly Income Statements for Viatris

Annual Cash Flow Statements for Viatris

Quarterly Cash Flow Statements for Viatris

Annual Balance Sheets for Viatris

Quarterly Balance Sheets for Viatris

Annual Metrics And Ratios for Viatris

Quarterly Metrics And Ratios for Viatris

Financials Breakdown Chart

Key Financial Trends

Viatris Financials - Frequently Asked Questions

When does Viatris' financial year end?

How has Viatris' net income changed over the last 7 years?

What is Viatris' operating income?

How has Viatris' revenue changed over the last 7 years?

How much debt does Viatris have?

How much cash does Viatris have?

How has Viatris' book value per share changed over the last 7 years?

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