10-Q · May 7, 2026
Viatris reported a strong Q1 2026 performance with revenues of $3.51 billion, an 8% increase from the previous year, and EPS of $0.59, surpassing estimates by 16%. Key growth was driven by a significant 22% rise in the…
Earnings analysis · 10-Q
VTRS earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Viatris delivered an adjusted EPS beat at $0.71 but missed revenue expectations with approximately $3.75 billion, while GAAP net loss was $325.3 million. Management raised its 2026 adjusted EPS, EBITDA and free cash…
Read full summary
Viatris delivered an adjusted EPS beat at $0.71 but missed revenue expectations with approximately $3.75 billion, while GAAP net loss was $325.3 million. Management raised its 2026 adjusted EPS, EBITDA and free cash flow outlooks, although revenue remained guided to $14.7 billion-$14.9 billion. The planned Pacira acquisition and ongoing ERP implementation introduce material execution and control risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Adjusted EPS beat despite revenue miss
Adjusted EPS was $0.71, exceeding the $0.64 consensus estimate, while revenue was approximately $3.75 billion versus the $3.79 billion estimate. GAAP net loss was $325.3 million.
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Full-year outlook raised
2026 adjusted EPS midpoint increased to $2.60 from $2.52, while adjusted EBITDA midpoint increased to $4.50 billion from $4.40 billion.
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Free cash flow outlook improved
Free cash flow guidance excluding transaction-related and restructuring-related costs increased to a $2.30 billion midpoint from $2.20 billion.
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Share repurchases continued
The company repurchased 8,914,011 shares during the quarter at an average price of $16.83 per share, for approximately $150.0 million; $699.5 million remained available under the authorization at September 30, 2026.
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Disclosure controls remain effective
Management reported that disclosure controls were effective as of September 30, 2026. The new ERP implementation for entities outside the U.S. is expected to continue through the end of calendar year 2026.
What to watch
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Pacira closing and integration risk
The proposed Pacira acquisition requires valid tenders representing at least one share more than 50% of Pacira's outstanding shares, along with regulatory and other closing conditions. Failure to satisfy these conditions could delay or prevent completion and limit anticipated synergies.
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ERP implementation control risk
The new ERP system for entities outside the U.S. is still being implemented through the end of calendar year 2026. Viatris identified inherent risks in implementation and said it will continue evaluating and testing control changes before its December 31, 2026 ICFR certification.
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GAAP loss and revenue pressure
GAAP net loss was $325.3 million despite adjusted EPS of $0.71, indicating a substantial gap between adjusted and GAAP performance. The quarter's approximately $3.75 billion revenue also fell short of the $3.79 billion consensus estimate.
Management's outlook
2026 adjusted EPS guidance was raised to $2.56-$2.63, with a midpoint of $2.60 versus $2.52 previously. Revenue guidance is $14.7 billion-$14.9 billion, and the outlook excludes any contribution from the planned Pacira acquisition.
Earlier filings 4
10-K · February 26, 2026
Viatris reported 2025 total revenues of $14.30 billion and highlights execution on its strategy to reshape the business: pipeline progress (five positive Phase 3 readouts), targeted M&A (Aculys acquisition) and…
10-Q · May 8, 2025
Viatris reported Q1 total revenues of $3,254.3 million, down from $3,663.4 million a year ago, with gross margin of 35.7% and a GAAP diluted loss per share of $(2.55). Results were driven by a $2,936.8 million…
10-Q · November 7, 2024
Viatris reported Q3 (three months ended September 30, 2024) total revenues of $3,751.2 million and diluted EPS of $0.08. Revenue, gross profit and operating income all declined versus the prior-year quarter while the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.