Viatris has just announced its financial outcomes for the initial quarter of 2024, showcasing sustained progress and the robustness of its core operations.
Executive Insights
Scott A. Smith, CEO of Viatris, remarked, “Our impressive financial results for the first quarter underscore our commitment to executing our business fundamentals. We’ve maintained stability in our core operations while driving revenue from new products and advancing our growth strategy. With the closure of our Women’s Healthcare Business divestiture and imminent completion of our API divestiture, along with the successful global collaboration with Idorsia, we’re already enhancing and accelerating Phase 3 development programs for selatogrel and cenerimod. Concurrently, we’re delivering greater total shareholder return and reducing debt.”
Doretta Mistras, CFO of Viatris, added, “This quarter marks the fourth consecutive period of operational revenue growth, reflecting our strong commercial performance globally and surpassing expectations with new product launches. Our robust cash flow has further fortified our financial position, enabling us to prioritize capital allocation by returning $393 million to shareholders through dividends and share repurchases. Given our strong fundamentals and business momentum, we are confident in meeting our 2024 financial targets, including the anticipated $450 to $550 million from new product launches.”
Key Financial Highlights
For the quarter ending March 31, 2024, total net sales saw a 2% decrease on a U.S. GAAP basis but increased by 2% on an operational basis, adjusted for divestitures.
Viatris is reaffirming its 2024 financial guidance provided on February 28, 2024, adjusting ranges solely to reflect the impact of divestitures and acquired IPR&D. The company is not offering forward-looking guidance for U.S. GAAP net earnings or EPS but estimates U.S. GAAP net cash provided by operating activities for 2024 to be between $2.71 billion and $3.01 billion.
Return of Capital to Shareholders
Viatris’s Board of Directors declared a quarterly dividend of twelve cents ($0.12) per share of common stock on May 6, 2024, payable on June 14, 2024, to shareholders of record on May 24, 2024. Additionally, in February 2024, the company repurchased around 19.2 million shares of common stock worth approximately $250 million as part of its $2.0 billion share repurchase program authorized by the Board.
Conference Call and Earnings Materials
Viatris will conduct a conference call and live webcast today at 8:30 a.m. ET to discuss the first quarter 2024 financial results. Interested parties can access the live webcast at investor.viatris.com or dial 844.308.3344 (or 412.317.1896 for international callers). The “Viatris Q1 2024 Earnings Presentation” will be available on the investor.viatris.com website for reference during the call.
