Viatris (VTRS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3,749.5M, flat operationally; adjusted EBITDA was $1,195.7M, up 1% operationally, and adjusted EPS was $0.71, up 3%.

• FY26 guidance was raised across revenue, adjusted EBITDA, adjusted EPS and free cash flow; the new-product revenue expectation increased to ~$450M.

• 9M revenue rose 4% reported to $11.02B; adjusted EBITDA reached $3.43B and adjusted EPS $1.99.

Financial highlights

• Q3 adjusted gross margin was 58% versus 56%; adjusted earnings from operations were $1,119.5M versus $1,046.2M.

• Q3 U.S. GAAP net loss was $325.3M versus $128.2M; diluted loss per share was $0.28 versus $0.11, including a $453.2M tax provision.

• Q3 free cash flow was $813.7M, or $894.8M excluding transaction and restructuring costs; operating cash flow was $899M.

• 9M U.S. GAAP net loss narrowed to $267.7M from $3.17B, which included a prior-year $2.94B goodwill impairment.

Outlook and guidance

• FY26 guidance: revenue $14.7B–$14.9B; adjusted EBITDA $4.45B–$4.55B; adjusted EPS $2.56–$2.63; free cash flow excluding transaction and restructuring costs $2.225B–$2.375B.

• Guidance excludes Pacira contributions and an estimated $600M of transaction and restructuring costs; expected 2026 operating cash flow is $2.025B–$2.1B.

• New-product revenue expectation rose to ~$450M for FY26, after ~$287M through 9M.

• Supply constraints are expected to reduce Q4 revenue by ~$100M; Nashik production is expected to resume in Q1 2027, with no recovery of 2026 lost revenue expected in 2027.

• Adjusted gross margin guidance rose to 56.5%–57.5%; expected full-year FX tailwind is ~1%.