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VTRSViatris

Health care · Pharmaceuticals · Nasdaq

Viatris is a global healthcare company whose breadth and scale we believe make it uniquely positioned to address healthcare needs globally. 10-K, Item 1

VTRS quote by TradingView
Headquarters
Canonsburg, PA
CEO
Scott A. Smith
Next results
around Feb 25, 2027
Compare with peers → Embed
FY2025 at a glance

Sales down 3.0%, free cash flow down to $1.9B

XBRL, from each 10-K
RevenueStatements ↓
$14.3B
from $14.7B in FY2024
FY2018FY2025
Net incomeStatements ↓
-$3.5B
from -$634.2M in FY2024
FY2018FY2025
Free cash flowStatements ↓
$1.9B
from $2.0B in FY2024
FY2018FY2025
EPS (diluted)Statements ↓
$-3.00
from $-0.53 in FY2024
FY2018FY2025
Operating marginStatements ↓
-18.6%
from 0.1% in FY2024
FY2018FY2025
Total debtStatements ↓
$14.4B
from $14.0B in FY2024
FY2018FY2025
Price and key numbers

The latest figures

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-0.53Sales (ttm)14.7BNet income (ttm)-607.8MSales growth-3.0%EPS growth-Sales Q/Q-0.3%
Free cash flow2.1BGross margin35.3%Oper. margin0.0%Net margin-4.1%FCF margin14.3%ROE-4.4%
ROA-1.8%R&D / sales6.8%Dividend0.48Debt/Eq0.97Curr. ratio1.55Cash1.8B
Op. cash flow (ttm)2.5BEBITDA135.2MEBITDA margin0.9%Net debt11.5BQuick ratio0.95Interest cover-5.65
Stock pay / sales1.2%Shares out.1.1BBook / share11.94Cash / share1.56Sales / share12.85Asset turnover0.42
Inventory turns2.32Days sales out.77Sales 3Y CAGR-4.2%Sales 5Y CAGR+3.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin narrowed to -18.6%0.1% → -18.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

VTRS against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
VTRSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
-3.0%59th of 60 · median +7.1%
Net margin
-4.1%57th of 60 · median 9.6%
Return on equity
-4.4%51st of 54 · median 13.1%
Free cash flow margin
14.3%31st of 56 · median 15.5%
Debt / equity (less is better)
0.9739th of 49 · median 0.66
VTRS and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VTRS Viatris$14.7B -3.0%35.3%-4.1%-4.4%14.3%0.97
REGN Regeneron Pharmaceuticals$16.9B +1.0%-28.5%14.4%22.6%0.06
LH Labcorp$14.6B +7.2%29.0%6.9%11.3%8.8%0.66
DVA DaVita$14.2B +6.5%-6.5%-9.1%-
HSIC Henry Schein$13.7B +4.0%31.6%3.1%13.3%4.1%1.12
VRTX Vertex Pharmaceuticals$13.0B +8.9%85.5%30.7%19.0%24.7%0.22
Where each dollar goes

From $16.3B of sales to $2.1B of profit

FY2022, from the 10-K income statement and revenue by segment
Developed Markets to Revenue: $9.8BGreater China to Revenue: $2.2BEmerging Markets to Revenue: $2.6BJapan Australia And New Zealand to Revenue: $1.6BRevenue to Gross profit: $6.5BRevenue to Cost of revenue: $9.8BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $4.9BOperating profit to Net profit: $880.3MOperating profit to Tax: $734.6MOther income to Net profit: $1.2BOperating expenses to R&D: $662.2MOperating expenses to SG&A: $4.2B Developed Markets: $9.8B · 60% Developed Markets$9.8B60% Greater China: $2.2B · 14% Greater China$2.2B14% Emerging Markets: $2.6B · 16% Emerging Markets$2.6B16% Japan Australia And New Zealand: $1.6B · 10% Japan Australia And New…$1.6B10% Revenue: $16.3B Revenue$16.3B −9% Y/Y Gross profit: $6.5B · 40% margin Gross profit$6.5B40% margin +17% Y/Y Cost of revenue: $9.8B · 60% of revenue Cost of revenue$9.8B60% of revenue Operating profit: $1.6B · 10% margin Operating profit$1.6B10% margin Other income: $1.2B · 7% of revenue Other income$1.2B7% of revenue Operating expenses: $4.9B · 30% of revenue Operating expenses$4.9B30% of revenue Net profit: $2.1B · 13% margin Net profit$2.1B13% margin Tax: $734.6M · 5% of revenue Tax$734.6M5% of revenue R&D: $662.2M · 4% of revenue R&D$662.2M4% of revenue SG&A: $4.2B · 26% of revenue SG&A$4.2B26% of revenue

Swipe sideways for the whole flow →

From $15.4B of sales to $54.7M of profit

FY2023, from the 10-K income statement and revenue by segment
Developed Markets to Revenue: $9.3BGreater China to Revenue: $2.2BEmerging Markets to Revenue: $2.6BJapan Australia And New Zealand to Revenue: $1.4BRevenue to Gross profit: $6.4BRevenue to Cost of revenue: $9.0BGross profit to Operating profit: $766.2MGross profit to Operating expenses: $5.7BOperating profit to Net profit: $54.7MOperating profit to Tax & other: $711.5MOperating expenses to R&D: $805.2MOperating expenses to Sales, admin & other: $4.9B Developed Markets: $9.3B · 60% Developed Markets$9.3B60% Greater China: $2.2B · 14% Greater China$2.2B14% Emerging Markets: $2.6B · 17% Emerging Markets$2.6B17% Japan Australia And New Zealand: $1.4B · 9% Japan Australia And New…$1.4B9% Revenue: $15.4B Revenue$15.4B −5% Y/Y Gross profit: $6.4B · 42% margin Gross profit$6.4B42% margin −1% Y/Y Cost of revenue: $9.0B · 58% of revenue Cost of revenue$9.0B58% of revenue Operating profit: $766.2M · 5% margin Operating profit$766.2M5% margin −53% Y/Y Operating expenses: $5.7B · 37% of revenue Operating expenses$5.7B37% of revenue Net profit: $54.7M · 0% margin Net profit$54.7M0% margin −97% Y/Y Tax & other: $711.5M · 5% of revenue Tax & other$711.5M5% of revenue R&D: $805.2M · 5% of revenue R&D$805.2M5% of revenue Sales, admin & other: $4.9B · 32% of revenue Sales, admin & other$4.9B32% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • R&D
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median-4.1% vs 9.6%
  • ✓
    Gross margin up over 5 years31.8% → 35.1%
  • !
    Return on equity below 15%-4.4%
  • !
    A profit in 4 of 8 years
Net margin, FY2018 to FY2025: 3.1% → -24.6%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is -5.7× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.97 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.55
  • !
    Net debt over 3 years of free cash flow$11.5B net debt, 5.4 years
Debt / equity at each year end, FY2018 to FY2025: 1.13 → 0.98
What the debt is made of ↓

Cash and shareholders

2 of 2
  • ✓
    Free cash flow positive in every one of 8 years$1.9B last year
  • ✓
    Dividend per share up over 4 years$0.33 → $0.48
Free cash flow, FY2018 to FY2025: 2.1B → 1.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$14.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2018 to FY2025

Revenue 14.3B Net income -3.5B
FY2018 revenue 11.4B · Revenues, 0001792044-21-000009 FY2018 net income 352.5M · ProfitLoss, 0001792044-21-000009 11.4B FY2018 FY2019 revenue 11.5B · Revenues, 0001792044-22-000010 FY2019 net income 16.8M · ProfitLoss, 0001792044-22-000010 11.5B FY2019 FY2020 revenue 11.9B · Revenues, 0001792044-23-000008 FY2020 net income -669.9M · ProfitLoss, 0001792044-23-000008 11.9B FY2020 FY2021 revenue 17.9B · Revenues, 0001792044-24-000008 FY2021 net income -1.3B · ProfitLoss, 0001792044-24-000008 17.9B FY2021 FY2022 revenue 16.3B · Revenues, 0001792044-25-000008 FY2022 net income 2.1B · ProfitLoss, 0001792044-25-000008 16.3B FY2022 FY2023 revenue 15.4B · Revenues, 0001792044-26-000013 FY2023 net income 54.7M · ProfitLoss, 0001792044-26-000013 15.4B FY2023 FY2024 revenue 14.7B · Revenues, 0001792044-26-000013 FY2024 net income -634.2M · ProfitLoss, 0001792044-26-000013 14.7B FY2024 FY2025 revenue 14.3B · Revenues, 0001792044-26-000013 FY2025 net income -3.5B · ProfitLoss, 0001792044-26-000013 14.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

VTRS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue14.3B
FY2018: 11.4BFY2019: 11.5BFY2020: 11.9BFY2021: 17.9BFY2022: 16.3BFY2023: 15.4BFY2024: 14.7BFY2025: 14.3B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income-3.5B
FY2018: 352.5MFY2019: 16.8MFY2020: -669.9MFY2021: -1.3BFY2022: 2.1BFY2023: 54.7MFY2024: -634.2MFY2025: -3.5B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Free cash flow1.9B
FY2018: 2.1BFY2019: 1.6BFY2020: 988.8MFY2021: 2.6BFY2022: 2.6BFY2023: 2.5BFY2024: 2.0BFY2025: 1.9B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
EPS (diluted)-3.00
FY2018: 0.68FY2019: 0.03FY2020: -1.11FY2021: -1.05FY2022: 1.71FY2023: 0.05FY2024: -0.53FY2025: -3.00 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Dividend per share0.48
FY2018: -FY2019: -FY2020: -FY2021: 0.33FY2022: 0.48FY2023: 0.48FY2024: 0.48FY2025: 0.48 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Diluted shares1.2B
FY2018: 516.5MFY2019: 516.5MFY2020: 601.2MFY2021: 1.2BFY2022: 1.2BFY2023: 1.2BFY2024: -FY2025: - FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Developed Markets 8.5B59.5% -4.7%
Greater China 2.3B16.3% +7.7%
Emerging Markets 2.2B15.5% -1.8%
Japan Australia And New Zealand 1.2B8.3% -11.3%

10-K 0001792044-26-000013, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Brands 9.2B64.2% -0.2%
Generics 5.1B35.4% -7.8%
Lipitor ® 1.5B10.8% +5.5%
Norvasc ® 709.9M5.0% +5.4%
Lyrica ® 487.0M3.4% -1.7%
EpiPen® Auto-Injectors 469.7M3.3% +19.8%
Viagra ® 408.2M2.9% +3.2%
Creon ® 365.8M2.6% +11.5%
Celebrex ® 272.9M1.9% -4.4%
Yupelri ® 266.9M1.9% +11.9%
Effexor ® 257.7M1.8% +1.9%
Zoloft ® 254.9M1.8% +8.1%
Influvac ® 194.4M1.4% +8.8%
Dymista ® 163.6M1.1% -13.0%
Xalabrands 158.4M1.1% -4.8%
Amitiza ® 158.1M1.1% +6.0%
Xanax ® 139.9M1.0% -3.5%

10-K 0001792044-26-000013, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 3.0B21.0% -12.5%
CHINA 2.1B14.5% +8.8%

10-K 0001792044-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue11.4B11.5B11.9B17.9B16.3B15.4B14.7B14.3B
Cost of revenue7.4B7.6B8.1B12.3B9.8B9.0B9.1B9.3B
Gross profit4.0B3.9B3.8B5.6B6.5B6.4B5.6B5.0B
R&D704.5M639.9M555.1M751.1M662.2M805.2M808.7M965.9M
SG&A2.4B2.6B3.3B4.5B4.2B4.1B4.1B3.8B
Operating income905.6M715.5M-210.8M-34.0M1.6B766.2M10.1M-2.7B
Interest expense542.3M517.3M497.8M636.2M592.4M573.1M550.0M471.3M
Pretax income298.4M154.4M-721.2M-664.4M2.8B202.9M-623.2M-3.7B
Income tax-54.1M137.6M-51.3M604.7M734.6M148.2M11.0M-150.1M
Net income352.5M16.8M-669.9M-1.3B2.1B54.7M-634.2M-3.5B
EPS (diluted)0.680.03-1.11-1.051.710.05-0.53-3.00
Diluted shares516.5M516.5M601.2M1.2B1.2B1.2B--
Depreciation & amortization2.1B2.0B2.2B4.5B3.0B2.7B2.9B2.8B
EBITDA3.0B2.7B2.0B4.5B4.6B3.5B2.9B135.2M
Gross margin35.0%33.9%31.8%31.2%40.0%41.7%38.2%35.1%
Operating margin7.9%6.2%-1.8%-0.2%9.9%5.0%0.1%-18.6%
Net margin3.1%0.1%-5.6%-7.1%12.8%0.4%-4.3%-24.6%
Revenue growth-+0.6%+3.9%+49.7%-9.1%-5.1%-4.5%-3.0%
EPS growth--95.6%-3800%---97.1%-1160%-

Balance sheet

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash388.1M475.6M844.4M701.2M1.3B991.9M734.8M1.3B
Short-term investments--39.1M38.2M35.3M37.0M38.0M40.7M
Receivables-3.1B4.8B4.3B3.8B3.7B3.2B3.0B
Inventory-2.7B5.5B4.0B3.5B3.5B3.9B4.0B
Current assets-6.8B12.9B10.9B10.6B13.0B9.5B9.8B
Property & equipment-2.1B3.5B3.2B3.0B2.8B2.7B2.6B
Goodwill9.7B9.6B12.3B12.1B10.4B9.9B9.1B6.8B
Total assets-31.3B61.6B54.8B50.0B47.7B41.5B37.2B
Current liabilities-5.6B10.6B9.9B6.7B7.8B5.8B7.1B
Total debt-12.7B25.8B23.1B19.3B18.1B14.0B14.4B
Total liabilities-19.4B38.6B34.4B28.9B27.2B22.9B22.5B
Shareholders' equity12.2B023.0B20.5B21.1B20.5B18.6B14.7B
Retained earnings-6.0B5.4B3.7B5.2B4.6B3.4B-388.3M

Cash flow

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.3B1.8B1.2B3.0B3.0B2.9B2.3B2.3B
Capital spending252.1M213.2M243.0M457.2M406.0M377.0M326.0M378.8M
Free cash flow2.1B1.6B988.8M2.6B2.6B2.5B2.0B1.9B
Stock-based pay (added back)-3.3M56.8M79.2M111.2M116.4M180.7M146.1M177.7M
Buybacks432.0M0000250.0M250.0M500.5M
Acquisitions65.9M148.7M-415.8M-277.0M0667.7M350.0M0
Debt raised2.6B7.4M983.3M1.7B1.9B300K00
Debt repaid3.2B1.1B2.5B4.2B3.7B1.3B3.7B100K
Investing cash flow-1.2B-525.4M-301.1M-117.8M1.5B-864.5M1.8B-427.7M
Financing cash flow-1.1B-1.2B-605.7M-3.0B-3.9B-2.3B-4.3B-1.3B
Dividend per share---0.330.480.480.480.48

Stock-based pay and leases

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)-3.3M56.8M79.2M111.2M116.4M180.7M146.1M177.7M
Stock-based pay / revenue0.0%0.5%0.7%0.6%0.7%1.2%1.0%1.2%
Right-of-use assets-254.6M323.6M290.8M259.3M245.6M253.1M271.3M
Operating lease liabilities-252.4M322.4M287.6M262.0M248.4M266.4M287.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on VTRS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VTRS/export.csv") into a cell.