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Viatris (VTRS) investor relations material
Viatris Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues were $3.58B–$3.6B, down 6% year-over-year, but exceeded expectations excluding Indore impact.
Over $630M returned to shareholders YTD, including $350M in share repurchases and ~$280M in dividends.
Five positive Phase 3 data readouts in 2025, with key assets advancing in ophthalmology and acute pain.
Strategic review ongoing, targeting sustainable growth and commercial execution into 2026 and beyond.
$2.9B–$2.94B goodwill impairment in H1 2025 drove a six-month net loss of $3.0B–$3.05B.
Financial highlights
Q2 2025 total revenues: $3.58B–$3.6B, down 6% year-over-year; operational revenue up 3% ex-Indore.
Adjusted EBITDA for Q2 2025: $1.08B–$1.1B, down 11% year-over-year; adjusted EPS: $0.62, down 10%.
Free cash flow for Q2 2025: $167M ($241M excluding transaction costs).
Q2 2025 adjusted gross margin: 56.6%–57%.
Net loss for Q2 2025: $4.6M–$5M; six-month net loss: $3.0B–$3.05B.
Outlook and guidance
2025 guidance reaffirmed: total revenues $13.5B–$14.0B, adjusted EBITDA $3.89B–$4.19B, adjusted EPS $2.16–$2.30.
Revenues, adjusted EBITDA, and EPS expected to be higher in H2 2025 due to Indore phasing, seasonality, and new launches.
Free cash flow guidance: $1.8B–$2.2B; adjusted gross margin 56–57%.
Expected to be in the top half of guidance ranges for revenue and adjusted EPS.
Guidance excludes potential impacts from future tariffs and trade restrictions.
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