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Viatris

VTRS Nasdaq Pharmaceuticals Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$18.00

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$14.3B
3.0% vs prior year
Operating margin Operating income as a share of revenue.
−18.6%
18.7 pts
Net income Profit after all expenses, interest and tax.
−$3.5B
Free cash flow Cash from operations minus capital spending.
$1.9B
2.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−7.1%
7.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$20.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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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

No business description yet.

Legal name
VIATRIS INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001792044-26-000013
0001792044

Revenue and margins

Viatris had $14.3B of revenue in fiscal 2025, down 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.9B in fiscal 2025, 13.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Viatris returned $501M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Viatris yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$13.1B and divides by 1,170.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Viatris can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $739M$1.3B$1.0B$773M$1.4B
Debt incl. finance leases $23.1B$19.3B$18.1B$14.0B$14.4B
Net debt / EBITDA 5.0x3.9x4.9x4.6x96.5x
Debt / equity 1.1x0.9x0.9x0.8x1.0x
Interest coverage −0.1x2.7x1.3x0.0x−5.7x
Current ratio 1.1x1.6x1.7x1.7x1.4x
Quick ratio 0.7x1.1x1.2x1.0x0.8x
Total assets $54.8B$50.0B$47.7B$41.5B$37.2B
Total liabilities $34.4B$28.9B$27.2B$22.9B$22.5B
Shareholders' equity $20.5B$21.1B$20.5B$18.6B$14.7B
Net debt (− = net cash) $22.3B$18.0B$17.1B$13.3B$13.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$1.1M

1 insider

Of sales under plans

74%

$0.8M

DateInsiderTradeSharesPriceValueFiling
Jun 25, 2026 Paul CampbellSee Remarks Sold plan 50,076 $16.17 $0.8M Form 4
Mar 23, 2026 Paul CampbellSee Remarks Sold 21,350 $13.28 $0.3M Form 4
Nov 3, 2025 David S SimmonsDirector Bought 213 $10.43 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 95 / 94 / 9
Accruals ratio −5.8%−6.6%−14.8%
Altman Z'' 1.931.720.65

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Viatris VTRS $20.9B −3.0% −18.6% 13.6% −7.1% — 4
Teva Pharmaceuticals TEVA $45.9B 4.3% 12.5% 6.7% 10.5% 65.7x 8 Compare →
Bausch Health Companies BHC $2.4B 6.7% 17.7% 9.8% 4.5% — 7 Compare →
Zoetis ZTS $33.8B 2.3% — 24.1% 29.3% 13.4x 8 Compare →
Elanco ELAN $11.4B 6.2% — 6.0% −0.1% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.1B $11.9B $11.4B $11.5B $11.9B $17.9B $16.3B $15.4B $14.7B $14.3B
Gross profit $4.7B $4.8B $4.0B $3.9B $3.8B $5.6B $6.5B $6.4B $5.6B $5.0B
Research and development $827M $783M $705M $640M $555M $751M $662M $805M $809M $966M
Operating income $699M $1.4B $906M $716M −$211M −$34.0M $1.6B $766M $10.1M −$2.7B
Interest expense $455M $535M $542M $517M $498M $636M $592M $573M $550M $471M
Pretax income $122M $903M $298M $154M −$721M −$664M $2.8B $203M −$623M −$3.7B
Income tax −$358M $207M −$54.1M $138M −$51.3M $605M $735M $148M $11.0M −$150M
Net income $480M $696M $353M $16.8M −$670M −$1.3B $2.1B $54.7M −$634M −$3.5B
Diluted EPS $0.92 $1.30 $0.68 $0.03 −$1.11 −$1.05 $1.71 $0.05 −$0.53 −$3.00
Diluted shares 0.52B 0.54B 0.52B 0.52B 0.60B 1.21B 1.22B 1.21B 1.19B 1.17B
Cash flow
Cash from operations $2.0B $2.1B $2.3B $1.8B $1.2B $3.0B $3.0B $2.9B $2.3B $2.3B
Capital expenditure $390M $276M $252M $213M $243M $457M $406M $377M $326M $379M
Free cash flow $1.7B $1.8B $2.1B $1.6B $989M $2.6B $2.6B $2.5B $2.0B $1.9B
Depreciation and amortization $1.5B $1.8B $2.1B $2.0B $2.2B $4.5B $3.0B $2.7B $2.9B $2.8B
Stock-based compensation $88.9M $74.7M −$3.3M $56.8M $79.2M $111M $116M $181M $146M $178M
Acquisitions $6.5B $167M $65.9M $149M $416M $277M $0.0M $668M $350M $0.0M
Share buybacks $0.0M $500M $432M $0.0M $0.0M $0.0M $0.0M $250M $250M $501M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $500M $432M $0.0M $0.0M $0.0M $0.0M $250M $250M $501M
Balance sheet
Cash and short-term investments $999M $292M $388M $476M $884M $739M $1.3B $1.0B $773M $1.4B
Total debt $15.5B $14.7B $13.9B $12.7B $25.8B $23.1B $19.3B $18.1B $14.0B $14.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $7.5B $7.2B $6.4B $6.8B $12.9B $10.9B $10.6B $13.0B $9.5B $9.8B
Current liabilities $5.0B $6.4B $4.6B $5.6B $10.6B $9.9B $6.7B $7.8B $5.8B $7.1B
Inventory $2.5B $2.5B $2.6B $2.7B $5.5B $4.0B $3.5B $3.5B $3.9B $4.0B
Property and equipment, net $2.3B $2.3B $2.2B $2.1B $3.5B $3.2B $3.0B $2.8B $2.7B $2.6B
Total assets $34.7B $35.8B $32.7B $31.3B $61.6B $54.8B $50.0B $47.7B $41.5B $37.2B
Total liabilities $23.6B $22.5B $20.6B $19.4B $38.6B $34.4B $28.9B $27.2B $22.9B $22.5B
Shareholders' equity $11.1B $13.3B $12.2B $0.0M $23.0B $20.5B $21.1B $20.5B $18.6B $14.7B
Margins
Gross margin 42.4% 40.2% 35.0% 33.9% 31.8% 31.2% 40.0% 41.7% 38.2% 35.1%
Operating margin 6.3% 12.1% 7.9% 6.2% −1.8% −0.2% 9.9% 5.0% 0.1% −18.6%
EBITDA margin 20.1% 27.2% 26.4% 23.8% 16.8% 25.0% 28.6% 22.7% 19.7% 1.0%
Net margin 4.3% 5.8% 3.1% 0.2% −5.6% −7.1% 12.8% 0.4% −4.3% −24.6%
FCF margin 15.0% 15.0% 18.3% 13.8% 8.3% 14.3% 15.9% 16.4% 13.4% 13.6%
Returns
Return on capital 3.4% 4.2% 3.4% 1.4% −0.5% −0.1% 2.9% 1.0% 0.0% −7.1%
Return on capital employed 2.9% 4.9% 3.2% 2.7% −0.6% −0.1% 3.7% 1.8% 0.0% −8.1%
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%
Growth
Revenue growth 17.5% 7.5% −4.0% 0.6% 3.9% 49.7% −9.1% −5.1% −4.5% −3.0%
Net income growth −43.4% 45.0% −49.4% −95.2% −4,087.5% — — −97.4% −1,259.4% —
EPS growth −45.9% 41.3% −47.7% −95.6% −3,800.0% — — −97.1% −1,160.0% —
FCF growth 0.7% 8.0% 16.8% −23.9% −37.8% 158.9% 1.3% −2.7% −21.6% −2.0%
Share count change 4.6% 3.1% −3.8% 0.0% 16.4% 101.1% 0.7% −0.9% −1.1% −1.9%
Financial health
Net debt / EBITDA 6.5x 4.5x 4.5x 4.5x 12.4x 5.0x 3.9x 4.9x 4.6x 96.5x
Debt / equity 1.4x 1.1x 1.1x — 1.1x 1.1x 0.9x 0.9x 0.8x 1.0x
Interest coverage 1.5x 2.7x 1.7x 1.4x −0.4x −0.1x 2.7x 1.3x 0.0x −5.7x
Current ratio 1.5x 1.1x 1.4x 1.2x 1.2x 1.1x 1.6x 1.7x 1.7x 1.4x
Quick ratio 1.0x 0.7x 0.8x 0.7x 0.7x 0.7x 1.1x 1.2x 1.0x 0.8x
Capital allocation
Capex / revenue 3.5% 2.3% 2.2% 1.9% 2.0% 2.6% 2.5% 2.4% 2.2% 2.7%
Stock comp / revenue 0.8% 0.6% −0.0% 0.5% 0.7% 0.6% 0.7% 1.2% 1.0% 1.2%
Payouts / FCF 0.0% 28.0% 20.7% 0.0% 0.0% 0.0% 0.0% 9.9% 12.7% 25.8%
Quality scores
Piotroski F-score 3.0 4.0 6.0 6.0 4.0 4.0 8.0 7.0 5.0 4.0
Altman Z'' 1.6 1.6 1.8 1.7 1.1 1.0 1.8 1.9 1.7 0.7
Accruals ratio −5.5% −3.9% −5.8% −5.6% −4.1% −7.4% −1.8% −5.8% −6.6% −14.8%

Source: SEC EDGAR XBRL filings (CIK 0001792044). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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