Viatris Inc.

Pharmaceutical Preparations

VTRSMixed6 of 11 basics passed

$17.64

+1.15%

Market cap $20.3B

$17.64

+1.15%

Market cap $20.3B

Viatris was formed in November 2020 through the combination of Upjohn, a wholly owned subsidiary of Pfizer that specialized in off-patent drugs, and Mylan, a global pharmaceutical manufacturer that focused on generic and specialty drugs.

It is a $20.3B healthcare company. Revenue grew 4.4% over the last year, it currently loses money, and its net debt equals ~5.7 years of free cash flow.

Website: viatris.com
Location: Canonsburg, PA
Employees: 30 000
Sector: Healthcare

Share price · 3 years

$9.62 → $17.64+83.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.7B
Loss: spends more than it earns; -$411M
Free cash flow: cash left after running the business; $1.95B
Net debt: debt minus cash on hand; $11.2B
P/E: years of profit in the price; 5.5
Dividend: pays out 79% of profit · 28% of FCF; 2.75%
Shares: up 486% since 2019 — dilution; 1.17B
Volatility: beta vs the market — under 1 swings less; 0.89

Revenue, last 7 years

52-week range

Low $9.74$17.64High $18.27

Today's price is 93% of the way from the year's low to its high.

Valuation vs own history

P/E

255.4×

P/S

1.4×

EV/EBITDA

21.3×

66%

P/B

1.4×

FCF yield

9.6%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Healthcare

Size$20.3Btop 59%
Revenue growth-4%top 91%
Net margin-3%top 76%
Return on equity-3%top 77%
P/E5.5×top 3%
Dividend yield2.75%top 16%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Profitability, Health and Moat lag behind.

Valuation70

P/E vs own history91th pct · 0/25
FCF yield9.6% · 25/25
P/S1.4x · 25/25
EV/EBITDA12.3x · 20/25

Growth0

Revenue CAGR-5.4% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-15.7% · 0/25

Profitability0

ROIC-12.1% · 0/25
ROE-2.8% · 0/25
Net margin-2.8% · 0/25
Operating margin-0.9% · 0/25

Health26

Altman Z0.99 · 3/25
Current ratio1.58 · 18/25
Interest coverage-6.8x · 0/25
Net cash / debtD/A 30% · 5/25

Quality60

Piotroski F5/9 · 15/25
Beneish M-3.15 · 25/25
FCF conversion-476% · 0/25
Margin stabilityσ 5.7% · 20/25

Moat38

ROIC >12% years0/6 yrs · 0/25
Median gross margin36.6% · 13/25
FCF-positive years6/6 yrs · 25/25
Worst-year net marginworst -24.6% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Turned profitable
$2.08B net income after a loss year
FY2022Financial
Best year on record
$2.08B net income
FY2020Financial
Revenue crossed $1B
$11.9B for the year
FY2020Financial
Revenue crossed $10B
$11.9B for the year
FY2020Financial
Positive free cash flow every year since
6-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 895 today — price return only

$14.3B revenue in FY2025

Positive free cash flow 6 years in a row

30 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.3%)

Watch-outs

Not profitable — 2.8% net margin
Altman Z-Score 0.99 — elevated financial-distress risk
Net debt would take ~6.2 years of free cash flow to repay
Thin interest coverage (-6.8×)
Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.4% YoY
Profitable — makes more than it spends-$411M TTM
Profit growing — earnings are higher than last year-454.2% YoY
Generates cash — cash left after running and investing$1.95B TTM
Debt under control — could handle its obligations~5.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$20.3B market cap
Not printing shares — share count not ballooning — you keep your slice-2.6% shares over ~5y
Proven track record — years of profitability behind it2/7 profitable years
Financially stable — balance sheet not near distressAltman Z 1.0 — distress
Pays a dividend — returns cash to shareholdersyield 2.75%
Valuation not extreme — price not wildly above earningsP/E 5.5

Peer comparisonViatris Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
VTRS this company	$20.3B	5.5	+4.4%	-2.8%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: VTRS vs LLY · VTRS vs JNJ · VTRS vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 7Hold 5Sell 1

Appendix · Financial records

The full statements behind this CV, FY2019–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.7B · net income -$411M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$14.7B

YoY 4.4%

Net income (TTM)

-$411M

Margin -2.8%

Gross margin

40.3%

Operating margin

-0.9%

P/E ratio

5.5

Dividend yield

2.75%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	11.9	17.9	16.3	15.4	14.7	14.3
Gross profit	3.8	5.6	6.5	6.4	5.6	5.0
Operating income (EBIT)	-0.2	-0.0	1.6	0.8	0.0	-2.7
Net income	-0.7	-1.3	2.1	0.1	-0.6	-3.5
EPS (diluted)	-0.56	-1.05	1.71	0.05	-0.53	-3.00

Cash flowFree cash flow $1.95B · operating cash flow $2.33B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.95B

Margin 13.3%

Operating cash flow (TTM)

$2.33B

FCF margin

13.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.2	3.0	3.0	2.8	2.3	2.3
Capital expenditure	-0.2	-0.5	-0.4	-0.4	-0.3	-0.4
Free cash flow	1.0	2.6	2.5	2.4	2.0	1.9
FCF margin	8.3%	14.3%	15.7%	15.7%	13.4%	13.5%

Balance sheetAssets $37.2B · net debt $11.2B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $37.2B of assets is financed

60%

40%

Liabilities $22.5B — borrowed moneyEquity $14.7B — owners' stake

Cash vs debt

Total debt $12.5B − cash $1.32B = net debt $11.2B

Cash on hand covers 11% of debt.

Altman Z-Score

0.99

Distress zone

Debt repayment

6.2 yrs

Years of free cash flow to clear net debt

Interest coverage

-6.8x

EBIT ÷ interest expense

ROE

-2.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.8	0.7	1.3	1.0	0.7	1.3
Total assets	61.6	54.8	50.0	47.7	41.5	37.2
Total liabilities	38.6	34.4	28.9	27.2	22.9	22.5
Total debt	23.5	21.2	18.0	16.2	14.0	12.5
Equity	23.0	20.5	21.1	20.5	18.6	14.7
Net debt	22.7	20.5	16.8	15.2	13.3	11.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of VTRS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $17.64 · market cap $20.3B.