Detailed financial statements for Viatris Inc. (VTRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Viatris Inc. operates as a global pharmaceutical and healthcare enterprise. Its business is structured across four primary geographic divisions: Developed Markets, Greater China, JANZ (Japan, Australia, New Zealand), and Emerging Markets. The company offers a comprehensive range of pharmaceutical products, encompassing branded prescription medications, generic and complex generic drugs, biosimilar treatments, and active pharmaceutical ingredients (APIs).
Analysis Summary
Viatris Inc. reported revenue of $14.30B in the most recent fiscal year, growing at a 5-year CAGR of 3.7%.
Trailing-twelve-month margins: gross margin 34.8%, operating margin -0.6%, net margin -2.8%. Free cash flow grew at 28.6% CAGR over 5 years.
At the current price of $17.60, VTRS has negative trailing earnings (P/E not meaningful) and an ROE of -23.89%. Market capitalisation stands at $20.5B, placing it among large-cap names.
Balance sheet quality for VTRS: current ratio of 1.3, net debt of $13.25B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.08B | $11.91B | $11.43B | $11.50B | $11.95B | $17.89B | $16.26B | $15.43B | $14.74B | $14.30B |
| Cost of Revenue | $6.38B | $7.12B | $7.43B | $7.60B | $8.15B | $12.31B | $9.77B | $8.99B | $9.12B | $9.29B |
| Gross Profit | $4.70B | $4.78B | $4.00B | $3.90B | $3.80B | $5.58B | $6.50B | $6.44B | $5.62B | $5.01B |
| Research & Development | $826.8M | $783.3M | $704.5M | $639.9M | $512.6M | $681.0M | $662.2M | $805.2M | $808.7M | $965.9M |
| Selling, General & Admin | $2.50B | $2.58B | $2.44B | $2.56B | $3.34B | $4.53B | $4.18B | $4.65B | $4.43B | $3.79B |
| Operating Expenses | $4.00B | $3.35B | $3.10B | $3.18B | $4.01B | $5.61B | $4.88B | $5.67B | $5.61B | $7.68B |
| Operating Income | $699.2M | $1.44B | $905.6M | $715.5M | -$210.8M | -$34.0M | $1.61B | $766.2M | $10.1M | -$2.66B |
| EBITDA | $2.10B | $3.24B | $2.95B | $2.69B | $1.99B | $4.48B | $6.43B | $3.52B | $2.82B | -$395.4M |
| Interest Expense | $454.8M | $534.6M | $542.3M | $517.3M | $497.8M | $636.2M | $592.4M | $573.1M | $550.0M | $471.3M |
| Pre-tax Income | $121.7M | $903.0M | $298.4M | $154.4M | -$721.2M | -$664.4M | $2.81B | $202.9M | -$623.2M | -$3.67B |
| Income Tax | -$358.3M | $207.0M | -$54.1M | $137.6M | -$51.3M | $604.7M | $734.6M | $148.2M | $11.0M | -$150.1M |
| Net Income | $480.0M | $696.0M | $352.5M | $16.8M | -$669.9M | -$1.27B | $2.08B | $54.7M | -$634.2M | -$3.51B |
| EPS | $0.94 | $1.30 | $0.69 | $0.03 | $-1.11 | $-1.05 | $1.71 | $0.05 | $-0.53 | $-3.00 |
| EPS (Diluted) | $0.92 | $1.30 | $0.68 | $0.03 | $-1.11 | $-1.05 | $1.71 | $0.05 | $-0.53 | $-3.00 |
| Shares Outstanding (Diluted) | $520.5M | $536.7M | $516.5M | $516.5M | $601.2M | $1.21B | $1.22B | $1.21B | $1.19B | $1.17B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.76B | $3.70B | $3.52B | $3.76B |
| Gross Profit | $1.38B | $1.13B | $1.16B | $1.46B |
| Operating Income | $251.6M | -$265.5M | -$79.7M | $6.3M |
| EBITDA | $800.2M | $543.4M | $643.9M | $653.3M |
| Net Income | -$128.2M | -$340.1M | $176.4M | -$118.8M |
| EPS | $-0.11 | $-0.30 | $0.15 | $-0.10 |
| EPS (Diluted) | $-0.11 | $-0.30 | $0.15 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $998.8M | $292.1M | $388.1M | $475.6M | $844.4M | $701.2M | $1.26B | $991.9M | $734.8M | $1.35B |
| Short-term Investments | $83.8M | $110.6M | $57.5M | $109.1M | $203.5M | $233.8M | $212.6M | $192.5M | $355.1M | $106.4M |
| Receivables | $3.02B | $3.17B | $2.42B | $3.06B | $4.84B | $4.27B | $4.14B | $4.04B | $3.52B | $3.35B |
| Inventory | $2.46B | $2.54B | $2.58B | $2.67B | $5.47B | $3.98B | $3.52B | $3.47B | $3.85B | $4.00B |
| Total Current Assets | $7.52B | $7.21B | $6.37B | $6.76B | $12.87B | $10.90B | $10.64B | $12.98B | $9.52B | $9.22B |
| Property, Plant & Equipment | $2.32B | $2.34B | $2.17B | $2.40B | $3.78B | $3.48B | $3.28B | $3.01B | $2.92B | $2.89B |
| Goodwill | $9.23B | $10.21B | $9.75B | $9.59B | $12.35B | $12.11B | $10.43B | $9.87B | $9.13B | $6.75B |
| Intangible Assets | $14.45B | $15.25B | $13.66B | $11.65B | $29.68B | $26.13B | $22.61B | $19.18B | $17.07B | $15.10B |
| Total Assets | $34.73B | $35.81B | $32.73B | $31.26B | $61.55B | $54.84B | $50.02B | $47.69B | $41.50B | $37.19B |
| Accounts Payable | $1.35B | $1.45B | $1.24B | $1.06B | $1.35B | $1.06B | $1.16B | $1.38B | $1.36B | $1.29B |
| Short-term Debt | $269.7M | $1.80B | $657.1M | $1.46B | $3.41B | $3.35B | $1.25B | $1.93B | $600,000 | $2.04B |
| Total Current Liabilities | $5.04B | $6.39B | $4.59B | $5.57B | $10.56B | $9.88B | $6.75B | $7.78B | $5.78B | $7.09B |
| Long-term Debt | $15.20B | $12.87B | $13.16B | $11.21B | $22.43B | $19.72B | $18.02B | $16.19B | $14.04B | $12.48B |
| Total Liabilities | $23.61B | $22.50B | $20.57B | $19.37B | $38.60B | $34.35B | $28.95B | $27.22B | $22.87B | $22.48B |
| Retained Earnings | $4.94B | $5.64B | $6.01B | $6.03B | $5.36B | $3.69B | $5.18B | $4.64B | $3.42B | -$388.3M |
| Total Equity | $11.12B | $13.31B | $12.17B | $11.88B | $22.95B | $20.49B | $21.07B | $20.47B | $18.64B | $14.71B |
| Total Debt | $15.47B | $14.66B | $13.82B | $12.92B | $26.16B | $23.36B | $19.53B | $18.37B | $14.31B | $14.70B |
| Net Debt | $14.33B | $14.24B | $13.37B | $12.34B | $25.11B | $22.42B | $18.06B | $17.19B | $13.22B | $13.25B |
| Working Capital | $2.48B | $828.0M | $1.78B | $1.19B | $2.30B | $1.02B | $3.89B | $5.20B | $3.74B | $2.13B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $975.3M | $1.35B | $1.80B | $886.5M |
| Total Assets | $37.92B | $37.19B | $36.83B | $35.04B |
| Total Liabilities | $22.70B | $22.48B | $22.18B | $20.78B |
| Total Equity | $15.22B | $14.71B | $14.66B | $14.26B |
| Total Debt | $14.72B | $14.70B | $14.61B | $13.63B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $480.0M | $696.0M | $352.5M | $16.8M | -$669.9M | -$1.27B | $2.08B | $54.7M | -$634.2M | -$3.51B |
| Depreciation & Amortization | $1.49B | $1.73B | $1.89B | $2.02B | $2.22B | $4.51B | $3.03B | $2.74B | $2.71B | $2.80B |
| Stock-based Compensation | $88.9M | $74.7M | -$70.6M | $56.8M | $79.2M | $111.2M | $116.4M | $180.7M | $146.1M | $177.7M |
| Change in Working Capital | -$934.7M | -$712.0M | -$385.4M | -$507.8M | -$696.3M | -$1.80B | -$922.6M | -$711.3M | -$318.6M | -$2.50B |
| Operating Cash Flow | $2.05B | $2.06B | $2.34B | $1.80B | $1.23B | $3.02B | $3.00B | $2.80B | $2.30B | $2.32B |
| Capital Expenditure | -$390.4M | -$275.9M | -$252.1M | -$406.0M | -$681.2M | -$509.4M | -$489.4M | -$474.5M | -$326.0M | -$378.8M |
| Acquisitions | -$6.79B | -$167.0M | -$65.9M | -$148.7M | $415.8M | $277.0M | 0 | -$667.7M | -$350.0M | 0 |
| Stock Repurchased | -$17.5M | -$500.2M | -$432.0M | 0 | 0 | -$17.4M | 0 | -$250.0M | -$250.0M | -$500.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$399.0M | -$581.6M | -$575.6M | -$574.8M | -$561.2M |
| Free Cash Flow | $1.66B | $1.79B | $2.09B | $1.40B | $550.6M | $2.51B | $2.51B | $2.33B | $1.98B | $1.94B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $744.9M | $815.8M | $388.3M | $381.8M |
| Capital Expenditure | -$99.7M | -$265.3M | -$39.9M | -$52.8M |
| Free Cash Flow | $645.2M | $550.5M | $348.4M | $329.0M |
| Dividends Paid | -$139.9M | -$138.2M | -$139.6M | -$139.8M |
| Stock-based Compensation | $36.0M | $49.4M | $48.2M | $38.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.5% | -4.0% | +0.6% | +3.9% | +49.7% | -9.1% | -5.1% | -4.5% | -3.0% | |
| Net Income Growth (YoY) | +45.0% | -49.4% | -95.2% | -4,087.5% | -89.4% | +263.8% | -97.4% | -1,259.4% | -454.2% | |
| EPS Growth (YoY) | +38.3% | -46.9% | -95.7% | -3,800.0% | +5.4% | +262.9% | -97.3% | -1,262.3% | -466.0% | |
| Shares Change (YoY) | +3.1% | -3.8% | +0.0% | +16.4% | +101.1% | +0.7% | -0.9% | -1.1% | -1.9% | |
| FCF Growth (YoY) | +8.0% | +16.8% | -33.1% | -60.6% | +355.4% | +0.1% | -7.4% | -15.0% | -2.0% | |
| Gross Margin | 42.4% | 40.2% | 35.0% | 33.9% | 31.8% | 31.2% | 40.0% | 41.7% | 38.2% | 35.1% |
| Operating Margin | 6.3% | 12.1% | 7.9% | 6.2% | -1.8% | -0.2% | 9.9% | 5.0% | 0.1% | -18.6% |
| EBITDA Margin | 19.0% | 27.2% | 25.8% | 23.4% | 16.7% | 25.0% | 39.6% | 22.8% | 19.1% | -2.8% |
| Net Margin | 4.3% | 5.8% | 3.1% | 0.1% | -5.6% | -7.1% | 12.8% | 0.4% | -4.3% | -24.6% |
| FCF Margin | 15.0% | 15.0% | 18.3% | 12.2% | 4.6% | 14.0% | 15.4% | 15.1% | 13.4% | 13.5% |
| Effective Tax Rate | -294.4% | 22.9% | -18.1% | 89.1% | 7.1% | -91.0% | 26.1% | 73.0% | -1.8% | 4.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.18 | $3.33 | $4.05 | $2.71 | $0.92 | $2.07 | $2.06 | $1.93 | $1.66 | $1.65 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.33 | $0.48 | $0.48 | $0.48 | $0.48 |
| Shares Outstanding (Basic) | $520.5M | $535.4M | $516.5M | $516.5M | $601.2M | $1.21B | $1.21B | $1.20B | $1.19B | $1.17B |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -23.89% |
| Return on Invested Capital | -7.95% |
| Return on Assets | -9.45% |
| Gross Margin | 34.83% |
| Operating Margin | -0.59% |
| Net Margin | -2.79% |
Financial Health
| Debt / Equity | 0.96 |
| Current Ratio | 1.58 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 40.59 | 32.55 | 39.71 | 670.00 | -16.88 | -12.89 | 6.51 | 237.50 | -23.49 | -4.15 |
| P/B | 1.79 | 1.70 | 1.16 | 0.87 | 0.49 | 0.80 | 0.64 | 0.64 | 0.80 | 0.99 |
| P/S | 1.79 | 1.90 | 1.24 | 0.90 | 0.94 | 0.91 | 0.83 | 0.84 | 1.01 | 1.02 |
| Gross Margin | 42.4% | 40.2% | 35.0% | 33.9% | 31.8% | 31.2% | 40.0% | 41.7% | 38.2% | 35.1% |
| Operating Margin | 6.3% | 12.1% | 7.9% | 6.2% | -1.8% | -0.2% | 9.9% | 5.0% | 0.1% | -18.6% |
| Net Margin | 4.3% | 5.8% | 3.1% | 0.1% | -5.6% | -7.1% | 12.8% | 0.4% | -4.3% | -24.6% |
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