- Viatris Inc VTRS reported Q1 net sales of $4.4 billion, down 6% Y/Y on a reported basis, but only down 2% compared to a combined loss of exclusivity. The sales beat the consensus of $4.18 billion.
- EpiPen, Amitiza, Lipitor, and Viagra were the brands that performed better than expectations.
- Complex Generics and Biosimilars grew by 27% Y/Y, primarily driven by Pegfilgrastim, Trastuzumab, and Adalimumab biosimilars. Generics performed in line with expectations, including the impact of COVID-19 during the quarter.
- New product revenue clocked $163 million.
- Adjusted gross margin expanded to 59.6% from 52.7% a year ago.
- Viatris generated $799 million of free cash flow, $849 million in operating cash flow, and held $807 million in cash and equivalents in Q1.
- Viatris also declared a quarterly dividend of $0.11, payable on June 26, to stockholders of record at the close of business on May 24.
- Guidance: Viatris reaffirms FY21 guidance, which incorporates known and potential headwinds and tailwinds for the remainder of the year. It sees FY21 sales of $17.2 billion - $17.8 billion vs. consensus of $17.5 billion.
- Expects adjusted EBITDA of $6 billion - $6.4 billion with free cash flow of $2 billion - $2.3 billion.
- The company says it is on track to meet $690 million in consolidated new product revenue in 2021 and realize approximately $500 million of cost synergies this year.
- By the end of Q2, the company will be reassessed guidance for the full year.
- Price Action: VTRS shares are up 2.4% at $14.42 during premarket reading on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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