Viatris Inc. reported fourth‑quarter and full‑year 2025 results that exceeded analyst expectations. Revenue rose 5% year‑over‑year to $3.70 billion in the quarter and $14.30 billion for the year. Adjusted earnings per share climbed to $0.57 in the quarter and $2.35 for the year, beating consensus estimates of $0.53–$0.54 and $2.25, respectively. Adjusted EBITDA increased to $1.00 billion, a 2% rise from the prior year, while operating cash flow reached $1.94 billion, up 69% from the same period in 2024.
Segment data show the Brands division generated $2.30 billion in net sales, an 8% year‑over‑year gain, driven by strong demand in Greater China and emerging markets. The Generics unit reported $1.30 billion in net sales, largely flat compared with 2024, reflecting ongoing price competition and regulatory headwinds in North America and Japan.
Operating cash flow growth was supported by disciplined cost management and a favorable foreign‑exchange tailwind. Adjusted EBITDA growth of 2% reflects modest margin expansion in the Brands segment offset by pressure in the Generics business. The company’s operating cash flow of $1.94 billion, compared with $1.20 billion in Q4 2024, underscores the effectiveness of the cost‑saving initiatives launched in 2024.
Management reaffirmed its 2026 outlook, projecting revenue of $14.45 billion to $14.95 billion and adjusted EPS of $2.33 to $2.47. The guidance range, which is above the consensus revenue estimate of $14.37 billion, signals confidence that the strategic review and planned workforce reductions will translate into sustained growth and margin improvement.
CEO Scott A. Smith said, “2025 was a year of strong execution across our global business, and we enter 2026 from a position of strength.” He added, “Today marks an important inflection point in Viatris' evolution. We have just completed our enterprise‑wide strategic review to help make Viatris a more focused, efficient and future‑ready organization. By realigning resources and prioritizing investments in the areas we believe will drive the greatest impact, we are positioning Viatris to deliver sustained revenue and earnings growth beginning in 2026.” CFO Doretta Mistras noted, “In 2026, we anticipate continued operational growth driven by our base business and net cost savings. We also expect to be in a strong financial position with significant cash available for deployment to deliver on our balanced capital allocation framework.”
The market reacted positively, with the stock trading up between 1.4% and 1.8% in pre‑market sessions. Analysts highlighted the earnings beat, the completion of the strategic review, and the 2026 revenue guidance as key drivers of the favorable response.
Headwinds remain in the generics segment, where price regulation in Japan and competition in North America continue to pressure margins. A fire at the Nashik, India manufacturing facility temporarily halted production, a risk that management has factored into its 2026 outlook. Nevertheless, the company’s strong foreign‑exchange position and growth in emerging markets provide tailwinds that support its long‑term trajectory.
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