Viatris Inc.
VTRSHealthcare|Drug Manufacturers - Specialty & Generic|US
$19.91
+0.94 (+4.96%)
DCF Value
$19.78
Cash / Share
$1.65
Financials
Financial Snapshot
Market Cap
$22.87B
Enterprise Value
$34.66B
Revenue (TTM)
$14.73B
Net Income (TTM)
-$607.8M
Cash & Investments
$1.90B
Net Cash
-$11.68B
Free Cash Flow (TTM)
$2.04B
Operating CF (TTM)
$2.49B
Debt/Equity
0.99
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.14B | $418.9M | $449.2M | $584.7M | $1.05B | $935.0M | $1.47B | $1.18B | $1.09B | $1.45B | $1.90B | |
| Operating Cash Flow | $2.05B | $2.06B | $2.34B | $1.80B | $1.23B | $3.02B | $3.00B | $2.80B | $2.30B | $2.32B | $2.49B | |
| Free Cash Flow | $1.66B | $1.79B | $2.09B | $1.40B | $550.6M | $2.51B | $2.51B | $2.33B | $1.98B | $1.94B | $2.04B | |
| Capital Expenditure | -$390.4M | -$275.9M | -$252.1M | -$406.0M | -$681.2M | -$509.4M | -$489.4M | -$474.5M | -$326.0M | -$378.8M | -$443.7M | |
| Financing Cash Flow | $5.34B | -$1.89B | -$1.09B | -$1.17B | -$605.7M | -$3.01B | -$3.88B | -$2.30B | -$4.33B | -$1.29B | -$1.97B |
R&D Spending
R&D (TTM)
$1.00B
R&D Intensity
6.8%
R&D Growth vs Prior
+3.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.08B | $11.91B | $11.43B | $11.50B | $11.95B | $17.89B | $16.26B | $15.43B | $14.74B | $14.30B | $14.73B | |
| R&D Expense | $826.8M | $783.3M | $704.5M | $639.9M | $512.6M | $681.0M | $662.2M | $805.2M | $808.7M | $965.9M | $1.00B | |
| R&D % of Revenue | 7.5% | 6.6% | 6.2% | 5.6% | 4.3% | 3.8% | 4.1% | 5.2% | 5.5% | 6.8% | 6.8% | |
| SG&A | $2.50B | $2.58B | $2.44B | $2.56B | $3.34B | $4.53B | $4.18B | $4.65B | $4.43B | $3.79B | $4.04B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.08B | $11.91B | $11.43B | $11.50B | $11.95B | $17.89B | $16.26B | $15.43B | $14.74B | $14.30B | $14.73B | |
| Cost of Revenue | $6.38B | $7.12B | $7.43B | $7.60B | $8.15B | $12.31B | $9.77B | $8.99B | $9.12B | $9.29B | $9.54B | |
| Gross Profit | $4.70B | $4.78B | $4.00B | $3.90B | $3.80B | $5.58B | $6.50B | $6.44B | $5.62B | $5.01B | $5.19B | |
| R&D | $826.8M | $783.3M | $704.5M | $639.9M | $512.6M | $681.0M | $662.2M | $805.2M | $808.7M | $965.9M | $1.00B | |
| SG&A | $2.50B | $2.58B | $2.44B | $2.56B | $3.34B | $4.53B | $4.18B | $4.65B | $4.43B | $3.79B | $4.04B | |
| Operating Income | $699.2M | $1.44B | $905.6M | $715.5M | -$210.8M | -$34.0M | $1.61B | $766.2M | $10.1M | -$2.66B | -$77.4M | |
| Interest Expense | $454.8M | $534.6M | $542.3M | $517.3M | $497.8M | $636.2M | $592.4M | $573.1M | $550.0M | $471.3M | $472.8M | |
| Pretax Income | $121.7M | $903.0M | $298.4M | $154.4M | -$721.2M | -$664.4M | $2.81B | $202.9M | -$623.2M | -$3.67B | -$526.4M | |
| Net Income | $480.0M | $696.0M | $352.5M | $16.8M | -$669.9M | -$1.27B | $2.08B | $54.7M | -$634.2M | -$3.51B | -$607.8M | |
| EPS (Diluted) | 0.92 | 1.30 | 0.68 | 0.03 | -1.11 | -1.05 | 1.71 | 0.05 | -0.53 | -3.00 | -0.53 | |
| EBITDA | $2.10B | $3.24B | $2.95B | $2.69B | $1.99B | $4.48B | $6.43B | $3.52B | $2.64B | -$395.4M | $2.85B | |
| Shares Out. (M) | 520.50 | 536.70 | 516.50 | 516.50 | 601.20 | 1208.80 | 1217.40 | 1206.90 | 1193.30 | 1170.70 | 1148.60 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $998.8M | $292.1M | $388.1M | $475.6M | $844.4M | $701.2M | $1.26B | $991.9M | $734.8M | $1.35B | $1.79B | |
| Short-Term Investments | $83.8M | $110.6M | $57.5M | $109.1M | $203.5M | $233.8M | $212.6M | $192.5M | $355.1M | $106.4M | $109.9M | |
| Total Current Assets | $7.52B | $7.21B | $6.37B | $6.76B | $12.87B | $10.90B | $10.64B | $12.98B | $9.52B | $9.22B | $10.30B | |
| Total Assets | $34.73B | $35.81B | $32.73B | $31.26B | $61.55B | $54.84B | $50.02B | $47.69B | $41.50B | $37.19B | $34.68B | |
| Total Current Liabilities | $5.04B | $6.39B | $4.59B | $5.57B | $10.56B | $9.88B | $6.75B | $7.78B | $5.78B | $7.09B | $6.64B | |
| Long-Term Debt | $15.20B | $12.87B | $13.16B | $11.21B | $22.43B | $19.72B | $18.02B | $16.19B | $14.04B | $12.48B | $11.59B | |
| Total Liabilities | $23.61B | $22.50B | $20.57B | $19.37B | $38.60B | $34.35B | $28.95B | $27.22B | $22.87B | $22.48B | $21.00B | |
| Stockholders' Equity | $11.12B | $13.31B | $12.17B | $11.88B | $22.95B | $20.49B | $21.07B | $20.47B | $18.64B | $14.71B | $13.69B | |
| Retained Earnings | $4.94B | $5.64B | $6.01B | $6.03B | $5.36B | $3.69B | $5.18B | $4.64B | $3.42B | -$388.3M | -$656.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.05B | $2.06B | $2.34B | $1.80B | $1.23B | $3.02B | $3.00B | $2.80B | $2.30B | $2.32B | $2.49B | |
| Capital Expenditure | -$390.4M | -$275.9M | -$252.1M | -$406.0M | -$681.2M | -$509.4M | -$489.4M | -$474.5M | -$326.0M | -$378.8M | -$443.7M | |
| Free Cash Flow | $1.66B | $1.79B | $2.09B | $1.40B | $550.6M | $2.51B | $2.51B | $2.33B | $1.98B | $1.94B | $2.04B | |
| Investing Cash Flow | -$7.68B | -$976.4M | -$1.21B | -$525.4M | -$301.1M | -$117.8M | $1.47B | -$764.1M | $1.80B | -$427.7M | $306.9M | |
| Financing Cash Flow | $5.34B | -$1.89B | -$1.09B | -$1.17B | -$605.7M | -$3.01B | -$3.88B | -$2.30B | -$4.33B | -$1.29B | -$1.97B | |
| Issuance of Stock | $13.8M | $0.00 | $0.00 | $0.00 | $600.0K | $0.00 | $3.3M | $3.1M | $2.5M | $2.6M | $2.3M | |
| Repurchase of Stock | -$17.5M | -$500.2M | -$432.0M | $0.00 | $0.00 | -$17.4M | $0.00 | -$250.0M | -$250.0M | -$500.5M | -$385.1M | |
| Net Debt Issuance | $5.50B | -$1.36B | -$631.7M | -$1.10B | -$401.3M | -$2.10B | -$3.28B | -$1.25B | -$3.71B | $100.0K | -$923.8M | |
| Stock Based Comp. | $88.9M | $74.7M | -$70.6M | $56.8M | $79.2M | $111.2M | $116.4M | $180.7M | $146.1M | $177.7M | $175.9M | |
| Net Change in Cash | -$89.0M | -$777.1M | $19.4M | $101.8M | $358.9M | -$143.8M | $556.3M | -$268.9M | -$257.5M | $611.9M | $789.2M |
Dilution Tracker
Shares outstanding grew 94.7% over 5 years — significant dilution
Shares Outstanding
1149M
5-Year Share Growth
+94.7%
Stock Issuance (TTM)
$2.3M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 520.50 | 536.70 | 516.50 | 516.50 | 601.20 | 1208.80 | 1217.40 | 1206.90 | 1193.30 | 1170.70 | 1148.60 | |
| Change vs Prior % | — | 3.1% | -3.8% | 0.0% | 16.4% | 101.1% | 0.7% | -0.9% | -1.1% | -1.9% | -1.9% | |
| Stock Issuance | $13.8M | $0.00 | $0.00 | $0.00 | $600.0K | $0.00 | $3.3M | $3.1M | $2.5M | $2.6M | $2.3M | |
| Stock Repurchase | -$17.5M | -$500.2M | -$432.0M | $0.00 | $0.00 | -$17.4M | $0.00 | -$250.0M | -$250.0M | -$500.5M | -$385.1M | |
| Stock Based Comp. | $88.9M | $74.7M | -$70.6M | $56.8M | $79.2M | $111.2M | $116.4M | $180.7M | $146.1M | $177.7M | $175.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 42.4% | 40.2% | 35.0% | 33.9% | 31.8% | 31.2% | 40.0% | 41.7% | 38.2% | 35.1% | 35.2% | |
| Operating Margin % | 6.3% | 12.1% | 7.9% | 6.2% | -1.8% | -0.2% | 9.9% | 5.0% | 0.1% | -18.6% | -0.5% | |
| Net Margin % | 4.3% | 5.8% | 3.1% | 0.1% | -5.6% | -7.1% | 12.8% | 0.4% | -4.3% | -24.6% | -4.1% | |
| EBITDA Margin % | 19.0% | 27.2% | 25.8% | 23.4% | 16.7% | 25.0% | 39.6% | 22.8% | 17.9% | -2.8% | 19.4% | |
| FCF Margin % | 15.0% | 15.0% | 18.3% | 12.2% | 4.6% | 14.0% | 15.4% | 15.1% | 13.4% | 13.5% | 13.9% | |
| ROE % | 4.3% | 5.2% | 2.9% | 0.1% | -2.9% | -6.2% | 9.9% | 0.3% | -3.4% | -23.9% | -4.2% | |
| ROA % | 1.4% | 1.9% | 1.1% | 0.1% | -1.1% | -2.3% | 4.2% | 0.1% | -1.5% | -9.5% | -1.8% | |
| ROIC % | 2.3% | 3.5% | 3.1% | 0.3% | -0.4% | -0.1% | 2.7% | 0.5% | 0.0% | -7.9% | -0.3% | |
| R&D / Revenue % | 7.5% | 6.6% | 6.2% | 5.6% | 4.3% | 3.8% | 4.1% | 5.2% | 5.5% | 6.8% | 6.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17.5% | 7.5% | -4.0% | 0.6% | 3.9% | 49.7% | -9.1% | -5.1% | -4.5% | -3.0% | |
| Gross Profit | 11.4% | 1.8% | -16.3% | -2.6% | -2.6% | 46.9% | 16.5% | -0.9% | -12.7% | -10.8% | |
| Operating Income | -52.1% | 105.5% | -37.0% | -21.0% | -129.5% | 83.9% | 4849.7% | -52.6% | -98.7% | -26467.3% | |
| Net Income | -43.4% | 45.0% | -49.4% | -95.2% | -4087.5% | -89.4% | 263.8% | -97.4% | -1259.4% | -454.2% | |
| EPS (Diluted) | -45.9% | 41.3% | -47.7% | -95.6% | -3800.0% | 5.4% | 262.9% | -97.4% | -1270.0% | -466.0% | |
| Operating Cash Flow | 1.9% | 0.9% | 13.4% | -23.0% | -31.7% | 144.9% | -0.6% | -6.6% | -17.7% | 0.6% | |
| Free Cash Flow | 0.7% | 8.0% | 16.8% | -33.1% | -60.6% | 355.4% | 0.1% | -7.4% | -15.0% | -2.0% | |
| R&D Expense | 23.1% | -5.3% | -10.1% | -9.2% | -19.9% | 32.9% | -2.8% | 21.6% | 0.4% | 19.4% | |
| SG&A Expense | 14.6% | 3.1% | -5.2% | 5.0% | 30.5% | 35.4% | -7.7% | 11.3% | -4.8% | -14.3% | |
| Total Assets | 55.9% | 3.1% | -8.6% | -4.5% | 96.9% | -10.9% | -8.8% | -4.7% | -13.0% | -10.4% | |
| Book Value / Share | 8.8% | 16.4% | -5.2% | -2.3% | 65.9% | -55.6% | 2.5% | -1.9% | -8.4% | -19.5% | |
| Debt | 111.8% | -5.2% | -5.7% | -6.5% | 102.4% | -10.7% | -16.4% | -5.9% | -22.1% | 2.8% | |
| Diluted Shares | 4.6% | 3.1% | -3.8% | 0.0% | 16.4% | 101.1% | 0.7% | -0.9% | -1.1% | -1.9% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High6.51 / 40.59 / 670.00
P/S1.55
10Y Low / Med / High0.83 / 1.01 / 1.90
P/B1.67
10Y Low / Med / High0.49 / 0.87 / 1.79
EV/EBITDA12.15
10Y Low / Med / High4.94 / 9.35 / 18.36
EV/Revenue2.35
10Y Low / Med / High1.93 / 2.18 / 3.11
P/FCF11.20
10Y Low / Med / High5.38 / 7.52 / 20.46
Intrinsic Value Models (per share)
DCF Value
$19.78
Cash / Share
$1.65
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 40.59 | 32.55 | 39.71 | 670.00 | -16.88 | -12.89 | 6.51 | 237.50 | -23.49 | -4.15 | -37.57 | |
| P/S Ratio | 1.79 | 1.90 | 1.24 | 0.90 | 0.94 | 0.91 | 0.83 | 0.84 | 1.01 | 1.02 | 1.55 | |
| P/B Ratio | 1.79 | 1.70 | 1.16 | 0.87 | 0.49 | 0.80 | 0.64 | 0.64 | 0.80 | 0.99 | 1.67 | |
| EV/EBITDA | 16.35 | 11.41 | 9.35 | 8.48 | 18.36 | 8.71 | 4.94 | 8.64 | 10.79 | -70.63 | 12.15 | |
| EV/Revenue | 3.10 | 3.11 | 2.41 | 1.99 | 3.06 | 2.18 | 1.95 | 1.97 | 1.93 | 1.95 | 2.35 |
Analyst Estimates & Quality
Altman Z-Score
1.18
Distress
Piotroski F-Score
7
Strong
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $14.78B | $15.25B | $15.80B |
| Net Income | $2.94B | $3.21B | $3.46B |
| EPS | $2.51 | $2.71 | $2.91 |
| # Analysts (EPS) | 6 | 7 | 3 |
Dividends
Dividend/Share (TTM)
$0.48
Dividend Yield
2.41%
Frequency
Quarterly
Next Payment
Dec 16, 2026
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Nov 23, 2026 | Dec 16, 2026 | $0.12 | Quarterly |
| Aug 21, 2026 | Sep 16, 2026 | $0.12 | Quarterly |
| May 22, 2026 | Jun 17, 2026 | $0.12 | Quarterly |
| Mar 9, 2026 | Mar 18, 2026 | $0.12 | Quarterly |
| Nov 24, 2025 | Dec 15, 2025 | $0.12 | Quarterly |
| Aug 22, 2025 | Sep 15, 2025 | $0.12 | Quarterly |
| May 23, 2025 | Jun 16, 2025 | $0.12 | Quarterly |
| Mar 10, 2025 | Mar 18, 2025 | $0.12 | Quarterly |
| Nov 22, 2024 | Dec 13, 2024 | $0.12 | Quarterly |
| Aug 23, 2024 | Sep 13, 2024 | $0.12 | Quarterly |
| May 23, 2024 | Jun 14, 2024 | $0.12 | Quarterly |
| Mar 8, 2024 | Mar 18, 2024 | $0.12 | Quarterly |
| Nov 22, 2023 | Dec 15, 2023 | $0.12 | Quarterly |
| Aug 23, 2023 | Sep 15, 2023 | $0.12 | Quarterly |
| May 23, 2023 | Jun 16, 2023 | $0.12 | Quarterly |
| Mar 8, 2023 | Mar 17, 2023 | $0.12 | Quarterly |
| Nov 22, 2022 | Dec 16, 2022 | $0.12 | Quarterly |
| Aug 23, 2022 | Sep 16, 2022 | $0.12 | Quarterly |
| May 23, 2022 | Jun 16, 2022 | $0.12 | Quarterly |
| Feb 23, 2022 | Mar 16, 2022 | $0.12 | Quarterly |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Brands | $5.23B | $10.84B | $9.89B | $9.80B | $9.20B | $9.18B |
| Complex GX and Biosimilars | $1.30B | $1.34B | $1.31B | — | — | — |
| Generics | $5.29B | $5.63B | $5.02B | $5.59B | $5.49B | $5.07B |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Developed Markets Segment | $8.51B | $10.43B | $9.77B | $9.25B | $8.96B | $8.55B |
| Emerging Markets Segment | $1.85B | $3.14B | $2.62B | $2.55B | $2.26B | $2.22B |
| Greater China Segment | $259.9M | $2.21B | $2.20B | $2.16B | $2.17B | $2.33B |
| Japan, Australia and New Zealand Segment | $1.20B | $2.03B | $1.63B | $1.42B | $1.35B | $1.20B |