VTRSMEDIUM SIGNALFINANCIAL10-K

Viatris shows mixed operational trends with substantially higher cash reserves offset by declining profitability and increased R&D investment.

The company appears to be in a transitional phase, with management building liquidity while investing more heavily in research and development. The decline in gross profit alongside reduced SG&A expenses suggests ongoing operational restructuring, while the significant cash increase provides financial flexibility for strategic initiatives.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Viatris strengthened its balance sheet with cash reserves growing 80% to $1.3 billion, though this was accompanied by a 22.8% increase in current liabilities and a 10.4% decline in total assets. Operationally, the company increased R&D spending by 35.3% while reducing SG&A expenses by 14.3%, though gross profit declined 10.8%. The overall picture suggests a company restructuring operations while maintaining strong liquidity for future investments.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+80%
$734.8M→$1.3B

Cash position surged 80% — strong cash generation or capital raise providing significant financial cushion.

R&D Expense
P&L
+35.3%
$555.1M→$751.1M

R&D investment increased 35.3% — signals commitment to future product development, though near-term margin impact.

Current Liabilities
Balance Sheet
+22.8%
$5.8B→$7.1B

Current liabilities rose 22.8% — increased short-term obligations, watch current ratio.

SG&A Expense
P&L
-14.3%
$4.4B→$3.8B

SG&A reduced 14.3% — improved cost efficiency or headcount reduction improving operating margins.

Gross Profit
P&L
-10.8%
$5.6B→$5.0B

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Assets
Balance Sheet
-10.4%
$41.5B→$37.2B

Total assets contracted 10.4% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
ACA Patient Protection and Affordable Care Act, as amended by the Health Care and Education and Reconciliation Act Aculys Pharma Aculys Pharma, Inc.
Adjusted EBITDA Non-GAAP financial measure that the Company believes is appropriate to provide information to investors - EBITDA (defined below) is further adjusted for share-based compensation expense, litigation settlements, and other contingencies, net, gain (loss) on divestitures of businesses, impairment of long-lived assets and goodwill, restructuring, acquisition and divestiture-related and other special items Adjusted EPS Adjusted net earnings per diluted share Administration The current presidential administration in the U.S.
Department of Justice DPDP Act Digital Personal Data Protection Act, 2023 EBITDA Non-GAAP financial measure that the Company believes is appropriate to provide information to investors - U.S.
Upjohn Business Pfizer s off-patent branded and generic established medicines business that, in connection with the Combination, was separated from Pfizer and combined with Mylan to form Viatris Upjohn Distributor Markets Select geographic markets that were part of the Combination that are smaller in nature and in which we had no established infrastructure prior to or following the Combination and that the Company has divested or intends to divest Upjohn U.S.
The Company operates in more than 165 countries and territories with more than 30,000 employees.
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REMOVED
Department of Justice EBITDA Non-GAAP financial measure that the Company believes is appropriate to provide information to investors - U.S.
District Court for the Eastern District of Pennsylvania EMA European Medicines Agency Emerging Markets segment Viatris business segment that includes, but is not limited to, our operations primarily in the following markets: Parts of Asia, the Middle East, South and Central America, Africa, and Eastern Europe EPD Business Abbott Laboratories non-U.S.
Idorsia Transaction The transaction between Viatris and Idorsia pursuant to which Viatris acquired the development programs and certain personnel related to selatogrel and cenerimod from Idorsia in exchange for an upfront payment to Idorsia of $350 million, potential development and regulatory milestone payments, certain contingent payments of tiered sales milestones, as well as potential contingent tiered sales royalties INN International Nonproprietary Name IPR D In-process research and development IRS U.S.
Lexicon LIBOR London Interbank Offered Rate LOE Loss of exclusivity Mapi Mapi Pharma Ltd.
Profit Sharing 401(k) Plan 401(k) retirement plan with a profit sharing component for non-union represented employees PSUs Performance awards QCE Quality consistency evaluation R D Research and development Receivables Facility The $400 million accounts receivable facility entered into in August 2020 and expiring in April 2025 Registered Upjohn Notes The 2.300% Senior Notes due 2027, 2.700% Senior Notes due 2030, 3.850% Senior Notes due 2040 and 4.000% Senior Notes due 2050 originally issued on October 29, 2021 registered with the SEC in exchange for the corresponding Unregistered Upjohn U.S.
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