Viatris Eyes Midpoint Of FY23 Guidance Post Mixed Q1 Performance

Viatris Inc VTRS reported Q1 FY23 sales of $3.73 billion, down 2% on a divestiture-adjusted operational basis, below the consensus of $3.81 billion.

Brands performed in line with expectations, driven by products such as Dymista, Celebrex, and Norvasc.

Complex generics performed lower than expectations on a divestiture-adjusted operational basis compared to Q1 2022 results primarily due to the phasing of certain products.

Also Raed: BMO Downgrades Viatris As Its Looks For More Visibility On Next Phase.

Generics performed ahead of expectations, including strong performance across broader Developed and Emerging Markets portfolios.

It reported an adjusted EPS of $0.77, better than the consensus of $0.69. The company reported an adjusted profit of $932.9 million, down 17% Y/Y.

Adjusted EBITDA declined 15% to $1.34 billion.

On May 5, 2023, its Board of Directors declared a quarterly dividend of $0.12 per share. The dividend is payable on June 16, 2023, to shareholders of record on May 24, 2023.

Guidance: Viatris currently expects to be at the midpoint of the financial guidance ranges for FY23, with prior sales guidance range at $15.5-$16 billion (consensus $15.64 billion), Adjusted EBITDA at $5-$5.4 billion and free cash flow at $2.3-$2.7 billion.

Price Action: VTRS shares are up 4.69% at $9.72 on the last check Monday.