Viatris Reports Sales Decline Amid Intense Generic Competition

Published 1 hours agoVTRS

Viatris Reports Sales Decline Amid Intense Generic Competition

Viatris Inc. has unveiled its financial results for the first quarter of 2023, showing a notable decline in its sales. The company's total net sales dropped by 11% to reach $3.7 billion compared to the previous year. Generic sales experienced a 6% decrease, reporting $1.16 billion, while the developed markets' revenue fell by 12% to $2.17 billion. A particularly sharp decline of 65% in complex generics was attributed to increased competition in North America, impacting products like Restasis, Xulane, and Wixela.

In response to the financial dip, Viatris managed to pay down $546 million of its debt, contributing to a total reduction of approximately $6 billion since early 2021. The company's adjusted EBITDA was reported at $1.34 billion, reflecting a 15% decline year-over-year. Despite these challenges, Viatris returned around $400 million to its shareholders via dividends and stock buyback programs. According to the news published by Viatris itself, these actions underline a strategy to maintain investor confidence amid market pressures.

Looking forward, Viatris remains firm on its full-year 2023 guidance and is optimistic about launching its Phase 2 strategy in 2024. This ongoing commitment to strategic debt management and shareholder returns is critical as the company navigates a competitive generic pharmaceutical landscape. While facing these hurdles, Viatris is determined to meet its financial targets and adapt its strategic focus to ensure a stable financial footing.

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