Viatris
VTRS · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Viatris reported revenue of $14.3B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was −$2.7B, an operating margin of −18.7%, and net income was −$3.5B. Operating cash flow of $2.3B less capital expenditure of $379M left free cash flow of $1.9B. Net debt was $13.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.8B | $16.2B | $15.4B | $14.7B | $14.3B |
| Cost of revenue | $12.3B | $9.8B | $9B | $9.1B | $9.3B |
| Gross profit | $5.6B | $6.5B | $6.4B | $5.6B | $5B |
| Research & development | $751M | – | – | – | – |
| Selling, general & admin | $4.5B | $4.2B | $4.1B | $4.1B | $3.8B |
| Operating income | −$34M | $1.6B | $766M | $10M | −$2.7B |
| Interest expense | $636M | $592M | $573M | $550M | $471M |
| Pre-tax income | −$664M | $2.8B | $203M | −$623M | −$3.7B |
| Income tax | $605M | $735M | $148M | $11M | −$150M |
| Net income | −$1.3B | $2.1B | $55M | −$634M | −$3.5B |
| Diluted EPS | −1.05 | 1.71 | 0.05 | −0.53 | −3.00 |
| Diluted shares | 1,209M | 1,217M | 1,207M | – | – |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $701M | $1.3B | $992M | $735M | $1.3B |
| Receivables | $4.3B | $3.8B | $3.7B | $3.2B | $3B |
| Inventory | $4B | $3.5B | $3.5B | $3.9B | $4B |
| Current assets | $10.9B | $10.6B | $13B | $9.5B | $9.8B |
| Net PP&E | $3.2B | $3B | $2.8B | $2.7B | $2.6B |
| Goodwill | $12.1B | $10.4B | $9.9B | $9.1B | $6.8B |
| Total assets | $54.8B | $50B | $47.7B | $41.5B | $37.2B |
| Current liabilities | $9.9B | $6.7B | $7.8B | $5.8B | $7.1B |
| Short-term debt | $1.9B | $1.3B | $1.9B | $8M | $1.9B |
| Long-term debt | $19.7B | $18B | $16.2B | $14B | $12.5B |
| Total liabilities | $34.4B | $28.9B | $27.2B | $22.9B | $22.5B |
| Shareholders' equity | $20.5B | $21.1B | $20.5B | $18.6B | $14.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3B | $3B | $2.9B | $2.3B | $2.3B |
| Capital expenditure | $457M | $406M | $377M | $326M | $379M |
| Free cash flow | $2.6B | $2.6B | $2.5B | $2B | $1.9B |
| Depreciation & amortisation | $4.5B | $3B | $2.7B | $2.9B | $2.8B |
| Stock-based compensation | $111M | $116M | $181M | $146M | $178M |
| Acquisitions | −$277M | $0 | $668M | $350M | $0 |
| Share buybacks | $0 | $0 | $250M | $250M | $501M |
| Dividend per share | 0.33 | 0.48 | 0.48 | 0.48 | 0.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.0% | −5.1% | −4.5% | −3.0% |
| Operating income growth (YoY) | – | – | −52.6% | −98.7% | −26467.3% |
| EPS growth (YoY) | – | – | −97.1% | −1160.0% | – |
| Gross margin | 31.3% | 40.1% | 41.8% | 38.3% | 35.2% |
| Operating margin | −0.2% | 10.0% | 5.0% | 0.1% | −18.7% |
| Net margin | −7.1% | 12.8% | 0.4% | −4.3% | −24.7% |
| Return on equityBlank when equity is negative | −6.2% | 9.9% | 0.3% | −3.4% | −23.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.1% | 3.7% | 1.9% | 0.0% | −8.8% |
| Free cash flow margin | 14.4% | 16.0% | 16.4% | 13.5% | 13.6% |
| Cash conversion (CFO ÷ net income) | −2.38x | 1.44x | 53.0x | −3.63x | −0.66x |
| Receivable days | 87 | 86 | 88 | 80 | 78 |
| Inventory days | 118 | 132 | 141 | 154 | 157 |
| Interest cover | −0.05x | 2.73x | 1.34x | 0.02x | −5.65x |
| Debt ÷ equity | 1.05x | 0.91x | 0.89x | 0.75x | 0.98x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.9B | $18B | $17.1B | $13.3B | $13.1B |
| Current ratio | 1.10x | 1.58x | 1.67x | 1.65x | 1.38x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.