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Viatris (VTRS) stock

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NASDAQ: VTRS Nasdaq Pharmaceuticals Next results ~November 5, 2026

C+ Fundamentals grade

Viatris is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$12–$30 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 6% below our base value.

Price used: $18.77, November 3, 2026

Viatris valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Viatris files

Where Viatris stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.7bn, up 4.4% on a year earlier, faster than 1.6% a quarter earlier. Free-cash-flow margin held at 13.3%. Operating margin widened to -0.6% from -18.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $15.89 a share, against a share price of $18.41. At that price, our model says the market is pricing in about 3.8% a year of cash-flow growth for five years, faster than the -3.8% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Viatris's trailing-twelve-month revenue grew 4.4% year on year, with a free-cash-flow margin of 13.3%.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$12–$30 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.6% while net income grew 88.2%: a 77pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 17.8 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -0.6%: costs exceed revenue.
  • Below peers: gross margin. Gross margin of 34.8% ranks 45 of 59 pharmaceuticals companies we cover (median 59.8%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.69 against an average estimate of $0.60: beat by 15.0%
Revenue
$3.76bn, up 4.9% on a year earlier
Share reaction
-6.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total Revenues $14,550m to $14,950m (2026); adjusted EBITDA $4,300m to $4,500m (2026)
Next report
November 5, 2026; average EPS estimate $0.64

Viatris' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+0.2%
  • 1 month+6.6%
  • This year+53.5%
  • 1 year+84.5%
  • 5 years+69.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.7B
Operating margin
-0.6%
Net margin
-2.8%

Growth

Revenue growth
+4.4%
Change in growth rate
+2.8 pts

Cash

Free cash flow (TTM)
$2B
FCF margin
13.3%
Stock pay % of revenue
1.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Regulatory
  3. Deal
  4. Results
  5. Announcement
  6. Regulatory
  7. Results
  8. Guidance
  9. Dividend
  10. Regulatory

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Viatris valuation models and calculator

What the price is pricing in

The share price implies about 1.4% a year of cash-flow growth for five years.That is faster than the -3.8% a year revenue growth Viatris has delivered.

  • Priced in1.4%
  • Last 12 months4.4%
  • 3 years a year-1.9%
  • 5 years a year-3.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($18.75, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$20
Price used
$18.75close November 3, 2026
Implied change
▲ +6%
Uncertainty
High

How we got here: a discounted-cash-flow model of Viatris's free cash flow after stock-based pay with after-tax interest added back ($2.2B, FY2026 Q2 TTM), growing 1.8% and 2.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$12–~$30 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Viatris's free cash flow after stock-based pay ( $2.2B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Viatris as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$12–$30 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$25–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.5 ~$0.0–$1.4 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$21 ~$20–$24 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Viatris with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $16$25$38$55$76$105
8.5% $9$16$26$37$53$73
10% $6$11$18$27$39$54

Valuation multiples over time Market data may be delayed

At fiscal year end 201820192020202120222023
Share price$21.88$16.05$14.97$11.06$9.48$9.67
Market value$22.6bn$16.6bn$18.0bn$13.4bn$11.5bn$11.7bn
+ Net debt (− = net cash)−$388m$12.2bn$25.0bn$22.4bn$18.0bn$17.1bn
Enterprise value$22.2bn$28.8bn$43.0bn$35.8bn$29.6bn$28.8bn
Multiples
Price / sales 2.0x1.4x1.5x0.7x0.7x0.8x
Price / earnings 64.1xn/m——5.6xn/m
Price / free cash flow 10.8x10.4x18.2x5.2x4.4x4.6x
EV / EBITDA 7.4x10.5x21.4x8.0x6.4x8.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

42 /100

Weak moat

How hard Viatris's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.3% of total assets over 6 years.

  • Pricing power 11 / 20

    Gross margin has been a median 37.5%, moving by 4.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -0.4%; its worst year was -18.4%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 6 of 6 years, at a median 13.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (47 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $3.8bn and EPS of $0.64 (range $0.62 to $0.68) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.52 +7% $14.8bn +3%
Next $2.71 +8% $15.2bn +3%

Next year's EPS estimate has moved +3.2% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.6% on 90 days ago. In the last 30 days, 2 analysts raised Viatris's forecast and 1 cut it.

Consensus EPS forecast Viatris, last 90 days
$2.40 $2.50 $2.60 $2.70 $2.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.45 Current fiscal year, 60 days ago: $2.50 Current fiscal year, 30 days ago: $2.52 Current fiscal year, 7 days ago: $2.52 Current fiscal year, Now: $2.52 $2.52 Next fiscal year, 90 days ago: $2.63 Next fiscal year, 60 days ago: $2.67 Next fiscal year, 30 days ago: $2.67 Next fiscal year, 7 days ago: $2.68 Next fiscal year, Now: $2.71 $2.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.45$2.63
60 days ago $2.50$2.67
30 days ago $2.52$2.67
7 days ago $2.52$2.68
Now $2.52$2.71

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.60 $0.69 +15.0%
Mar 2026 $0.50 $0.59 +17.5%
Dec 2025 $0.53 $0.57 +7.4%
Sept 2025 $0.62 $0.67 +8.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total Revenues 2026 $14,550m to $14,950m Raised
    “Total Revenues $14,450 - $14,950 $14,700 $14,550 - $14,950 $14,750” source
  • Adjusted EPS 2026 $2.45 to $2.59 Non-GAAP Raised
    “Adjusted EPS (1) $2.33 - $2.47 $2.40 $2.45 - $2.59 $2.52” source
  • Adjusted EBITDA 2026 $4,300m to $4,500m Non-GAAP Raised
    “Adjusted EBITDA (1) $4,150 - $4,450 $4,300 $4,300 - $4,500 $4,400” source
  • Free Cash Flow Excluding Transaction-related and Restructuring-related Costs 2026 $2,050m to $2,350m Non-GAAP Raised
    “Free Cash Flow (1) Excluding Transaction-related and Restructuring-related Costs $1,950 - $2,350 $2,150 $2,050 - $2,350 $2,200” source
  • U.S. GAAP Net Cash Provided by Operating Activities 2026 $1.9bn to $2.1bn GAAP Raised
    “With respect to the Estimated Ranges as provided on August 6, 2026, U.S. GAAP net cash provided by operating activities for 2026 is estimated to be between $1.9 billion and $2.1 billion, with a midpoint of approximately $2.0 billion.” source
  • New Product Revenues full-year 2026 $450m to $550m Maintained
    “The Company generated approximately $101 million in new product revenues (approximately $172 million for the year) and continues expecting to deliver approximately $450 million to $550 million in new product revenues in full-year 2026.” source
Show 1 more item
  • Impact of Product Supply Disruptions to Total Revenues second half of 2026 $100m to $150m
    “The Company currently anticipates the impact of product supply disruptions to be between $100 million and $150 million to total revenues in the second half of 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Viatris's revenue by +1.8% next year and +2.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.8%, weight 55%) , management guidance (+1.6%, weight 19%) and the company's own record (+2.0%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy758%
Hold433%
Sell18%

Monthly trend

  1. Oct 2026164112
  2. Sep 2026164112
  3. Aug 2026144110
  4. Jul 2026144110

Counts of recommendations published by analysts covering Viatris, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
4.13
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.3%
of shares
Employees
30,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +86.6%

$10.01 on October 31, 2025 to $18.67

ThenNowEffect
Revenue (last 12 months) $14.1bn $14.7bn +4.4%
P/S multiple 0.8x 1.5x +75.7%
Share count 1189m 1169m +1.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +128.4%

$8.17 on November 3, 2023 to $18.67

ThenNowEffect
Revenue (last 12 months) $15.6bn $14.7bn −5.5%
P/S multiple 0.6x 1.5x +133.3%
Share count 1212m 1169m +3.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VTRS−26%−14%+2%+20%+5%+54%
Industry peers (median)−18%−52%−14%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VTRS25%42%50%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VTRS−34%−43%−26%−24%−41%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 85% from December 29, 2015 to April 10, 2025. Getting back needed a 546% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.76 – $19.20
From 52-week high
−2.8%
vs 50-day average
+6.7%
vs 200-day average
+18.4%
Volatility (1 year)
33%
Beta vs S&P 500
0.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.1%
After a week
7 up, 5 down
typical move ±7.9%
After a month
6 up, 6 down
typical move ±9.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −6.9% +0.5% −9.1% −3.6%
May 7, 2026 +7.6% +0.5% +8.2% +0.6%
February 26, 2026 −7.2% −1.0% −9.6% −18.1%
November 6, 2025 −5.9% −1.0% +1.5% +4.4%
August 7, 2025 +10.9% +0.7% +22.2% +21.1%
May 8, 2025 +2.0% +0.6% +2.2% +3.9%
February 27, 2025 −17.9% −0.1% −15.4% −21.8%
November 7, 2024 +11.6% +1.2% +8.7% +11.3%
August 8, 2024 +3.7% +2.8% +2.7% −1.0%
May 9, 2024 −5.5% +0.7% −6.7% −10.0%
February 28, 2024 −6.5% +0.2% −7.8% −8.9%
November 7, 2023 +0.1% +0.4% +0.1% +7.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Viatris’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Viatris in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Viatris
$14B $14.5B $15B $15.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $15.5B Revenue (TTM), FY23 Q4: $15.4B Revenue (TTM), FY24 Q1: $15.4B Revenue (TTM), FY24 Q2: $15.2B Revenue (TTM), FY24 Q3: $15B Revenue (TTM), FY24 Q4: $14.7B Revenue (TTM), FY25 Q1: $14.3B Revenue (TTM), FY25 Q2: $14.1B Revenue (TTM), FY25 Q3: $14.1B Revenue (TTM), FY25 Q4: $14.3B Revenue (TTM), FY26 Q1: $14.6B Revenue (TTM), FY26 Q2: $14.7B $14.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $15.5B
FY23 Q4 $15.4B
FY24 Q1 $15.4B
FY24 Q2 $15.2B
FY24 Q3 $15B
FY24 Q4 $14.7B
FY25 Q1 $14.3B
FY25 Q2 $14.1B
FY25 Q3 $14.1B
FY25 Q4 $14.3B
FY26 Q1 $14.6B
FY26 Q2 $14.7B
Revenue growth, TTM YoY Viatris
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -7.5% Revenue growth, TTM YoY, FY23 Q4: -5.1% Revenue growth, TTM YoY, FY24 Q1: -2.8% Revenue growth, TTM YoY, FY24 Q2: -2.3% Revenue growth, TTM YoY, FY24 Q3: -2.7% Revenue growth, TTM YoY, FY24 Q4: -4.5% Revenue growth, TTM YoY, FY25 Q1: -6.7% Revenue growth, TTM YoY, FY25 Q2: -7.4% Revenue growth, TTM YoY, FY25 Q3: -6.1% Revenue growth, TTM YoY, FY25 Q4: -3.0% Revenue growth, TTM YoY, FY26 Q1: 1.6% Revenue growth, TTM YoY, FY26 Q2: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -7.5%
FY23 Q4 -5.1%
FY24 Q1 -2.8%
FY24 Q2 -2.3%
FY24 Q3 -2.7%
FY24 Q4 -4.5%
FY25 Q1 -6.7%
FY25 Q2 -7.4%
FY25 Q3 -6.1%
FY25 Q4 -3.0%
FY26 Q1 1.6%
FY26 Q2 4.4%
Operating margin (TTM) Viatris
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 6.6% Operating margin (TTM), FY23 Q4: 5.0% Operating margin (TTM), FY24 Q1: 3.7% Operating margin (TTM), FY24 Q2: -0.3% Operating margin (TTM), FY24 Q3: -1.8% Operating margin (TTM), FY24 Q4: 0.1% Operating margin (TTM), FY25 Q1: -21.5% Operating margin (TTM), FY25 Q2: -18.4% Operating margin (TTM), FY25 Q3: -18.8% Operating margin (TTM), FY25 Q4: -18.6% Operating margin (TTM), FY26 Q1: 1.0% Operating margin (TTM), FY26 Q2: -0.6% -0.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 6.6%
FY23 Q4 5.0%
FY24 Q1 3.7%
FY24 Q2 -0.3%
FY24 Q3 -1.8%
FY24 Q4 0.1%
FY25 Q1 -21.5%
FY25 Q2 -18.4%
FY25 Q3 -18.8%
FY25 Q4 -18.6%
FY26 Q1 1.0%
FY26 Q2 -0.6%
FCF margin (TTM) Viatris
10% 12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 13.9% FCF margin (TTM), FY23 Q4: 16.4% FCF margin (TTM), FY24 Q1: 14.1% FCF margin (TTM), FY24 Q2: 13.3% FCF margin (TTM), FY24 Q3: 13.5% FCF margin (TTM), FY24 Q4: 13.4% FCF margin (TTM), FY25 Q1: 13.3% FCF margin (TTM), FY25 Q2: 12.4% FCF margin (TTM), FY25 Q3: 11.8% FCF margin (TTM), FY25 Q4: 13.5% FCF margin (TTM), FY26 Q1: 12.3% FCF margin (TTM), FY26 Q2: 13.3% 13.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 13.9%
FY23 Q4 16.4%
FY24 Q1 14.1%
FY24 Q2 13.3%
FY24 Q3 13.5%
FY24 Q4 13.4%
FY25 Q1 13.3%
FY25 Q2 12.4%
FY25 Q3 11.8%
FY25 Q4 13.5%
FY26 Q1 12.3%
FY26 Q2 13.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 11.4 11.5 11.9 17.9 16.3 15.4 14.7 14.3 14.7
Gross profit 4.0 3.9 3.8 5.6 6.5 6.4 5.6 5.0 5.1
EBITDA 3.0 2.7 2.0 4.5 4.6 3.5 2.9 0.1 2.7
Operating income 0.9 0.7 −0.2 −0.0 1.6 0.8 0.0 −2.7 −0.1
Net income 0.4 0.0 −0.7 −1.3 2.1 0.1 −0.6 −3.5 −0.4
Diluted EPS $0.34 $0.01 −$0.56 −$1.05 $1.71 $0.05 −$0.53 −$3.00 —
Growth (year on year)
Revenue — +0.6% +3.9% +49.7% −9.1% −5.1% −4.5% −3.0% +4.4%
EBITDA — −9.3% −26.7% +123.0% +3.8% −24.5% −17.2% −95.3% —
Operating income — −21.0% −129.5% — — −52.6% −98.7% — —
Net income — −95.2% — — — −97.4% — — —
Diluted EPS — −95.6% — — — −97.1% — — —
Margins
Gross margin 35.0% 33.9% 31.8% 31.2% 40.0% 41.7% 38.2% 35.1% 34.8%
EBITDA margin 26.4% 23.8% 16.8% 25.0% 28.5% 22.7% 19.7% 0.9% 18.4%
Operating margin 7.9% 6.2% −1.8% −0.2% 9.9% 5.0% 0.1% −18.6% −0.6%
Net margin 3.1% 0.1% −5.6% −7.1% 12.8% 0.4% −4.3% −24.6% −2.8%
Free-cash-flow margin 18.3% 13.8% 8.3% 14.3% 15.9% 16.4% 13.4% 13.5% 13.3%
Cash flow
Cash from operations 2.3 1.8 1.2 3.0 3.0 2.9 2.3 2.3 2.3
Capital spending 0.3 0.2 0.2 0.5 0.4 0.4 0.3 0.4 0.4
Free cash flow 2.1 1.6 1.0 2.6 2.6 2.5 2.0 1.9 2.0
Stock-based pay −0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2
Free cash flow after stock pay 2.1 1.5 0.9 2.4 2.5 2.3 1.8 1.8 1.8
Balance sheet
Cash 0.4 0.5 0.8 0.7 1.3 1.0 0.7 1.3 0.9
Total debt 0.0 12.7 25.8 23.1 19.3 18.1 14.0 14.4 13.4
Net debt (negative = net cash) −0.4 12.2 25.0 22.4 18.0 17.1 13.3 13.1 12.5
Diluted shares 1,033m 1,033m 1,202m 1,209m 1,217m 1,207m — — —
Returned to shareholders
Buybacks 0.4 0.0 0.0 0.0 0.0 0.3 0.3 0.5 0.3
Total returned 0.4 0.0 0.0 0.0 0.0 0.3 0.3 0.5 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $35.0bn
Short-term assets $10.1bnLonger-term assets $25.0bn
What it owes, and who funded it · $35.0bn
Short-term liabilities $6.3bnLonger-term liabilities $14.4bnShareholders' equity $14.3bn
  • Short-term assets cover short-term liabilities $10.1bn of assets due within a year against $6.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $10.1bn short-term assets against $14.4bn of longer-dated liabilities.
  • More cash than debt $886m of cash against $13.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 94% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 96% to 94% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.3bn of operating cash flow against $13.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$87m against $480m of interest.

From Viatris's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$303M
Returned to shareholders
16%
of free cash flow
Buybacks, last 3 fiscal years
$1B
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
R&D spending
6.9%
of revenue
Sales & admin spending
27.0%
of revenue
Days sales outstanding
77 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated VTRS HLN UPC BHC ZTS OGN Median
Revenue, last 12 months $14.7bn $14.6bn $17.9bn $11.1bn $9.5bn $6.1bn $276m
Revenue growth, last 12 months 4.4% 1.3% −22.4% 10.8% 1.5% −3.2% 9.9%
Revenue growth, 3-year average −1.9% — — 9.2% 5.0% −0.3% 5.5%
Revenue growth, latest quarter 4.9% — — 9.7% −0.2% −1.7% 6.5%
Gross margin 34.8% 64.2% 35.3% — 71.5% 53.1% 62.0%
Operating margin −0.6% 21.9% −16.3% 11.2% — — −5.9%
Operating margin, 3-year average −6.4% — — 14.8% — — −7.4%
Net margin −2.8% 15.1% −20.6% −7.6% 27.5% 3.5% −7.3%
Cash from operations / revenue 15.8% 23.9% −28.3% 19.9% 29.8% 13.8% 10.2%
Free-cash-flow margin 13.3% 21.0% −29.8% 16.8% 24.3% 11.1% 8.6%
Free-cash-flow margin, 3-year average 13.0% — — 13.0% 24.0% 11.7% 7.4%
Stock pay / revenue 1.2% 0.8% — 2.2% 1.0% 1.2% 3.6%
Change in share count −0.5% −1.6% −96.7% 1.9% −4.2% 2.4% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 4.4% 10.0% 46 of 74
Change in growth rate Growth +2.8pp -0.3pp 20 of 74
Gross margin Profitability 34.8% 59.8% 45 of 59
Operating margin Profitability -0.6% -5.9% 28 of 67
Net margin Profitability -2.8% -7.3% 33 of 75
Free-cash-flow margin Cash generation 13.3% 10.1% 31 of 74
Stock pay as % of revenue Cash generation 1.2% 3.6% 15 of 69
Long-term debt as % of assets Balance sheet 33.1% 23.8% 33 of 53
Days sales outstanding Balance sheet 77 days 72 days 34 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Brands $9.2B ▼ 0.2%
Generics $5.1B ▼ 7.8%
Lipitor $1.5B ▲ 5.5%
Norvasc $710M ▲ 5.4%
Lyrica $487M ▼ 1.7%
Epi Pen Auto Injectors $470M ▲ 19.8%
Viagra $408M ▲ 3.2%
Creon $366M ▲ 11.5%
Celebrex $273M ▼ 4.4%
Yupelri $267M ▲ 11.9%
Effexor $258M ▲ 1.9%
Zoloft $255M ▲ 8.1%
Influvac $194M ▲ 8.8%
Dymista $164M ▼ 13.0%
Xalabrands $158M ▼ 4.8%
Amitiza $158M ▲ 6.0%
Xanax $140M ▼ 3.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
United States $3B ▼ 12.5%
China $2.1B ▲ 8.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Viatris's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$16.7B
Institutions reporting
1,015
Shares held vs prior quarter
▲ 6.1%
Positions opened / closed
92 / 94

Top buyers and sellers, Q2 2026: 456 institutions bought and 417 sold ; the biggest buyer was FMR LLC (+80.1M shares) and the biggest seller Marshall Wace, LLP (−8.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $1.5B 96.7M 9.2% ▲ 482.7%
Blackrock, Inc. $1.4B 86.0M 8.2% ▲ 2.0%
Vanguard Capital Management LLC $1.2B 76.0M 7.2% ▲ 1.8%
Davis Selected Advisers $1.2B 75.2M 7.2% ▼ 3.8%
Price T Rowe Associates Inc $1.1B 68.2M 6.5% ▲ 3.6%
Vanguard Portfolio Management LLC $862M 54.3M 5.2% ▲ 0.7%
State Street Corp $843M 53.1M 5.1% ▲ 1.6%
Rubric Capital Management LP $543M 34.2M 3.3% ▲ 2.0%
Geode Capital Management, LLC $520M 32.8M 3.1% ▲ 3.0%
Dimensional Fund Advisors LP $476M 30.0M 2.9% ▼ 21.8%
Invesco Ltd. $330M 20.8M 2.0% ▼ 5.5%
Deerfield Management Company, L.P. $321M 20.2M 1.9% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Viatris's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2,222 1 trade by 1 insider, last 12 months Insider sales History → $1.1M 2 trades by 1 insider · 74% under pre-set plans
Net ▼ $1.1M net selling
Insider Date Trade Shares Price Value
Campbell Paul See Remarks June 25, 2026 Sell pre-set plan 50,076 $16.17 $809,729
Campbell Paul See Remarks March 23, 2026 Sell 21,350 $13.28 $283,528
Simmons David S Director November 3, 2025 Buy 213 $10.43 $2,222

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Viatris shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 31, 2025, filed April 7, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Viatris was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Viatris in brief

What does Viatris do?
Viatris is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Viatris's stock ticker?
Viatris trades under the ticker VTRS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Viatris's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Viatris reported revenue of $14.7B, 4.4% higher than a year earlier, according to its SEC filings.
What is Viatris's free cash flow?
Viatris's free-cash-flow margin is 13.3% of revenue over the trailing twelve months, ranking 31 of the 74 pharmaceuticals companies we cover.
What is Viatris's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Viatris's free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$12–$30 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Viatris's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Viatris's market cap?
On December 29, 2023, Viatris's market capitalisation was about $11.7B, with a price-to-earnings ratio of 213.4 and net debt of $17.1B. Market figures come from third-party market data and may be delayed.
How much debt does Viatris have?
Viatris's debt-to-equity ratio is 93.6%, from its latest balance sheet (96.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Viatris's competitors?
In our Pharmaceuticals peer group, the companies closest to Viatris are Haleon plc, Universe Pharmaceuticals Inc, Bausch Health Companies Inc., Zoetis and Organon & Co. The side-by-side comparison below sets their revenue, margins and growth against Viatris's.
Are insiders buying or selling Viatris stock?
Over the last 12 months, Viatris's directors and officers reported 1 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Viatris's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Viatris announces its own schedule.