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Viatris Inc VTRS

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Viatris Raises Guidance Following Strong Second Quarter

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Viatris announced strong second-quarter results across all segments, driven by increased demand for COVID-19-related generic products and steady growth in biosimilars. Management raised full-year revenue guidance to $17.5–17.9 billion, up from $17.2–17.8 billion, and raised adjusted EBITDA guidance to $6.15–6.45 billion, up from $6.0–6.4 billion. The company also paid its first dividend of $0.11 per share this quarter. We maintain our fair value estimate of $25 per share on no-moat Viatris.

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Company Profile

Business Description

The new entity will largely be led by Pfizer executives and will be registered in Delaware. The new entity is anticipated to leverage the stand-alone Mylan infrastructure consisting of roughly 55 manufacturing and research and development facilities and that were largely acquired, including Matrix Laboratories and the generics business of Germany-based Merck KGaA. The combined portfolio will consist of the mature Upjohn drugs with notably better economics and Mylan's portfolio of more than 7,500 generic, specialty, and over-the-counter active ingredients and medicines, including EpiPen (treatment for anaphylaxis acquired through the Merck KGaA transaction). Unlike its generic peers, the company has made the most progress on the biosimilar front.

Contact
1000 Mylan Boulevard
Canonsburg, PA, 15317
T +1 724 514-1800
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 40,000

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