Viatris (VTRS) FY2025 results: revenue $14.3 billion, down 3.0% on the year

Viatris is a global healthcare company supplying medicines to approximately 1 billion patients around the world each year. It operates in more than 165 countries and territories with more than 30,000 employees, has 27 manufacturing, packaging and distribution sites and more than 1,400 approved molecules. The company describes its portfolio as generics including complex products, globally recognised iconic brands, and an expanding portfolio of innovative medicines. It is headquartered in the United States, with global centres in Pittsburgh, Pennsylvania, Shanghai, China and Hyderabad, India.

How the company came to exist

Upjohn was incorporated in Delaware on 14 February 2019 as a wholly owned subsidiary of Pfizer, holding the Upjohn Business, which was a primarily off-patent branded and generic established medicines business with 20 legacy oral solid dose brands including Lyrica, Lipitor, Celebrex and Viagra. On 16 November 2020 Upjohn, Mylan and Pfizer combined Mylan with that business through a Reverse Morris Trust transaction; Upjohn became the parent of the combined business and renamed itself Viatris, and Mylan ceased to exist as a separate legal entity. Mylan itself was founded in 1961, became publicly traded in 1973 and grew by acquisition, taking in Matrix Laboratories and Merck KGaA's generic and specialty pharmaceutical business in 2007, Abbott Laboratories' non-U.S. developed markets specialty and branded generics business in 2015 and Meda in 2016.

What has been sold since

Four transactions have narrowed the company. In November 2022 the biosimilars portfolio went to Biocon Biologics for cash and stock, leaving Viatris with a stake of approximately 12.9% on a fully diluted basis. In March 2024 the women's healthcare business, mainly oral and injectable contraceptives, went to Insud Pharma, with two manufacturing plants in India. In June 2024 the active pharmaceutical ingredient business in India went to Matrix Pharma, taking three manufacturing sites and a research lab in Hyderabad and three sites in Vizag, though Viatris kept some research capability in that area. In July 2024 the over-the-counter business went to Cooper Consumer Health, with two plants in France and Italy and a research site in Monza, while Viatris retained the rights to Viagra, to Dymista and to selected over-the-counter products in certain markets.

Four segments, organised by geography

Developed Markets covers North America and Europe. In the United States, where the company describes itself as one of the largest providers of prescription medicines, competition turns on development, timely approval, manufacturing and supply chain, formulary placement, product quality, marketing, portfolio size, customer service, reputation and price, and the customer base, though extensive, comes down to a small number of very large firms. In Europe, governments largely regulate prices or reimbursement levels. Products here include Lyrica, Lipitor, Creon, Breyna, Influvac, Wixela Inhub, the EpiPen Auto-Injector, Fraxiparine and Yupelri.

Greater China covers mainland China, Taiwan and Hong Kong, and the portfolio there is predominantly branded products that have lost exclusivity, with Lipitor, Norvasc and Viagra named. The volume-based procurement policy for such molecules is in its seventh year and covers approximately 490 molecules, all major Viatris brands among them, and the company has rebalanced towards retail pharmacy and e-commerce channels while keeping its hospital presence.

JANZ is Japan, Australia and New Zealand, where pricing is regulated by the national health insurance system in Japan and by the pharmaceutical benefits scheme in Australia, and where selling runs primarily through wholesalers. Products include AMITIZA, EFFEXOR, Lipacreon, Lyrica and the EpiPen Auto-Injector. Emerging Markets covers more than 125 countries across Asia, Africa, Eastern Europe, Latin America and the Middle East, and includes the antiretroviral franchise.

The pipeline

The company points to its record of first approvals of generic versions of Advair Diskus, sold as Wixela Inhub, Restasis, Symbicort, sold as Breyna, and Venofer. It is working on patent-protected assets including selatogrel and cenerimod, on 505(b)(2) products such as a fast-absorbing meloxicam for acute pain and a low dose weekly estrogen patch for contraception, and on being first to market with generics of Abilify Maintena, Injectafer, Ozempic and Wegovy. In Japan the filing names Nefecon, for immunoglobulin A nephropathy, and pitolisant, a histamine H3 receptor agonist for excessive daytime sleepiness in narcolepsy and in obstructive sleep apnea syndrome, among its pipeline assets.

From Viatris' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.