Loading…
Global generic and off-patent branded-drug maker formed from the merger of Mylan and Pfizer's Upjohn unit.
Global generic and off-patent branded-drug maker formed from the merger of Mylan and Pfizer's Upjohn unit.
Earns from large volumes of lower-priced copies of off-patent drugs and from older brands such as Lipitor and Viagra, sold through wholesalers and pharmacies in many countries, with much of the business outside the US. Since 2022 it has sold several units, including its biosimilars unit to Biocon, to cut debt.
Moat: narrow (scale, distribution). Broad global manufacturing and distribution scale, but limited pricing power in commoditized generics.
Headquarters: Canonsburg, Pennsylvania, United States · Founded: 2020 · Employees: 30,000
Size Viatris (VTRS) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $22.9B, the 453rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $19.91 on 6 Nov 2026.
Performance Over six months the shares gained 16.8%, against +7.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +24.9%); the operating margin is 9.7% (peer median 22.7%).
Valuation It trades at 7.5× forward earnings against a peer median of 23.5× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points below its cost of capital (7.8% WACC).
Credit Viatris has 5 bonds outstanding ($6.42B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 129 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.7B | $14.3B | $14.7B | $15.4B | $16.2B |
| Revenue growth | — | -3% | -4% | -5% | — |
| Gross profit | $5.84B | $5.65B | $6.22B | $6.57B | $6.69B |
| EBITDA | $4.23B | $3.89B | $4.57B | $4.73B | $5.36B |
| Net income | -$411M | -$3.51B | -$634M | $54.7M | $2.08B |
| Free cash flow | $1.95B | $1.94B | $1.98B | $2.42B | $2.55B |
| Capital expenditure | $525M | $465M | $359M | $474M | $443M |
| Total debt | $13.6B | $14.7B | $14.3B | $18.4B | $19.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Viatris VTRS | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% |
| Dr. Reddy's Laboratories DRREDDY.NS | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% |
| Hikma Pharmaceuticals HIK.L | $4.59B | +18% | +2% | 20% | 9.9× | 1.4% |
| Amneal Pharmaceuticals AMRX | $7.01B | +53% | +9% | 17% | 17.7× | 15.2% |
| Lupin LUPIN.NS | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% |
| Aurobindo Pharma AUROPHARMA.NS | $10.9B | +22% | +14% | 15% | 22.4× | 21.0% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VTRS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +7.8% | 6th highest of 21 |
| 6-month return | +16.8% | +7.3% | 7th highest of 21 |
| Distance from 52-week high | -0.2% | -11.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +4.9% | +24.9% | 3rd lowest of 21 |
| Operating margin | 9.7% | 22.7% | 5th lowest of 21 |
| Forward P/E | 7.5× | 23.5× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 12.5% | 7.2% | 7th most demanding of 18 |
| Growth delivered (Del g) | +3.7% | +13.1% | lowest of 18 |
| Hurdle (Req g minus delivered) | +8.9 pp | -14.2 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -3.6 pp | +7.3 pp | 4th lowest of 21 |
| EV / EBITDA | 8.3× | 17.9× | 2nd cheapest of 17 |
| Net debt / EBITDA | 2.9× | -0.5× | most indebted of 18 |
| Bond spread | 129 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
Viatris has 5 bonds outstanding with $6.42B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 6.03%, a spread of 129 bp over government bonds.