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08.05.2023 06:59
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Viatris Reports Strong Financial and Operational Results for First Quarter 2023 and Reaffirms Full-Year 2023 Guidance Ranges[1]
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PR Newswire
PITTSBURGH, May 8, 2023
- Reports Total Revenues of $3.73 billion; U.S. GAAP Net Earnings of $225 million; Adjusted EBITDA of $1.34 billion; U.S. GAAP Net Cash Provided by Operating Activities of $971 million; and Free Cash Flow of $923 million for the Quarter
- Expects Full-Year Total Revenues, Adjusted EBITDA and Free Cash Flow to be at Midpoint of 2023 Guidance Ranges[1]
- Reaffirms 2024 Phase 2 Outlook from November 7 Strategic Update
- Returns Approximately $400 million of Capital to Shareholders in First Quarter Through Dividends and Share Repurchases
- Pays Down Debt of $546 million in First Quarter
- Board of Directors Declares Quarterly Dividend of $0.12 per Share
PITTSBURGH, May 8, 2023 /PRNewswire/ -- Viatris Inc. (NASDAQ: VTRS) today reported strong results for the first quarter of 2023 reflecting another robust operational performance and instilling further confidence in the Company's ability to return to growth as it prepares to enter Phase 2 of its strategic plan in 2024.
Executive Commentary
Viatris CEO Scott A. Smith said: "Since becoming CEO, I have met with colleagues all over the globe and have had the opportunity to spend time with each business segment. I have seen firsthand the unique combination of passion, dedication and skills of the people of Viatris. The unwavering commitment to our mission is not only infectious but also is displayed by the great execution that has led to a strong start to the year and yet another quarter of robust operational performance. The strength of this quarter gives me further confidence in our ability to return to growth as we enter into Phase 2 in 2024.
Smith continued: "I want to reiterate that I firmly believe in the Company's strategic plan, including the capital allocation priorities, laid out in November. A critical part of my job is to enhance the already strong execution by the Company and, ideally, accelerate our well-crafted strategy. I look forward to the exciting path ahead."
Viatris President Rajiv Malik said: "We believe that we are headed into the final stages of completing all aspects of our Phase 1 commitments, which is a critical part of our two-phased strategy, driven primarily by the continued strength of our branded portfolio. Looking ahead, we have tremendous confidence in our ability to deliver on our full-year commitments based on effective management of our brands, $500 million-plus in expected new product launches and further progress of our pipeline, including the NDA for GA once-monthly that we filed with the FDA."
Viatris CFO Sanjeev Narula said: "We delivered a strong first quarter which met our expectations across all metrics. This included free cash flow generation of $923 million which was prioritized for debt paydown of $546 million. Since the beginning of 2021, we have paid down approximately $6 billion in debt. Additionally, in the quarter we returned approximately $400 million of capital to our shareholders in dividends and share buybacks. Based on our first quarter results and outlook for the rest of the year, we are reaffirming our 2023 financial guidance and remain confident in our Phase 2 outlook beginning in 2024."
Return of Capital to Shareholders
Viatris announced that, on May 5, 2023, its Board of Directors declared a quarterly dividend of twelve cents ($0.12) for each issued and outstanding share of the Company's common stock. The dividend is payable on June 16, 2023, to shareholders of record at the close of business on May 24, 2023.
Viatris paid a quarterly cash dividend of twelve cents ($0.12) per share on the Company's issued and outstanding common stock on March 17, 2023. Additionally, in January and February 2023, the Company repurchased approximately 21.2 million shares of common stock at a cost of approximately $250 million, as part of its previously announced $1 billion stock repurchase program authorized by Viatris' Board of Directors.
Conference Call and Earnings Materials
Viatris Inc. will host a conference call and live webcast, today at 8:30 a.m. ET, to review the Company's financial results for the first quarter ended March 31, 2023.
Investors and the general public are invited to listen to a live webcast of the call at investor.viatris.com or by calling 800.579.2543 or 785.424.1789 for international callers (ID#: VTRSQ123). The "Viatris Q1 Earnings Presentation," which will be referenced during the call, can be found at investor.viatris.com. A replay of the webcast also will be available on the website.
[1] Viatris is not providing forward-looking guidance for U.S. GAAP net earnings (loss) or a quantitative reconciliation of its 2023 adjusted EBITDA guidance. U.S. GAAP net cash provided by operating activities for 2023 is estimated to be between $2.8 billion and $3.1 billion. Please see "2023 Financial Guidance" and "Non-GAAP Financial Measures" for additional information.
| Financial Summary | |||||||||
| | Three Months Ended | ||||||||
| | March 31, | ||||||||
| (Unaudited; in millions, except %s) | 2023 | | 2022 | | Reported | | Operational | | Divestiture |
| Total Net Sales | $ 3,719.1 | | $ 4,178.2 | | (11) % | | (6) % | | (2) % |
| Developed Markets | 2,170.4 | | 2,476.1 | | (12) % | | (9) % | | (4) % |
| Emerging Markets | 641.9 | | 705.2 | | (9) % | | (1) % | | 1 % |
| JANZ | 342.2 | | 423.8 | | (19) % | | (11) % | | (10) % |
| Greater China | 564.6 | | 573.1 | | (1) % | | 5 % | | 5 % |
| | | | | | | | | | |
| Net Sales by Product Category | | | | | | | | | |
| Brands | $ 2,420.3 | | $ 2,554.1 | | (5) % | | — % | | — % |
| Complex Gx | 136.1 | | 390.8 | | (65) % | | (65) % | | (39) % |
| Generics | 1,162.7 | | 1,233.3 | | (6) % | | — % | | — % |
| | | | | | | | | | |
| U.S. GAAP Gross Profit | $ 1,542.2 | | $ 1,771.2 | | (13) % | | | | |
| U.S. GAAP Gross Margin | 41.4 % | | 42.3 % | | | | | | |
| Adjusted Gross Profit (3) | $ 2,250.9 | | $ 2,493.4 | | (10) % | | | | |
| Adjusted Gross Margin (3) | 60.4 % | | 59.5 % | | | | | | |
| | | | | | | | | | |
| U.S. GAAP Net Earnings | $ 224.7 | | $ 399.2 | | (44) % | | | | |
| Adjusted Net Earnings (3) | $ 932.9 | | $ 1,125.3 | | (17) % | | | | |
| | | | | | | | | | |
| EBITDA (3) | $ 1,199.7 | | $ 1,409.6 | | (15) % Werbung Mehr Nachrichten zur Virtus Investment Partners Aktie kostenlos abonnieren
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