Viatris (VTRS) financial statements
Viatris reported revenue of $14.3B in fiscal 2025, up 3.4% a year over 7 years.
Net income was -$3.5B and the operating margin -18.7%, against 8.0% in 2018.
Free cash flow was $1.9B, and the company returned $500M in net buybacks.
The diluted share count rose 134% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Viatris's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.3B | $11.4B | $11.8B | $17.8B | $16.2B | $15.4B | $14.7B | $14.3B |
| Cost of revenue | $7.4B | $7.6B | $8.1B | $12.3B | $9.8B | $9.0B | $9.1B | $9.3B |
| Gross profit | $4.0B | $3.9B | $3.8B | $5.6B | $6.5B | $6.4B | $5.6B | $5.0B |
| Research and development | $704M | $640M | $555M | $751M | $662M | $805M | $809M | $966M |
| Selling, general and admin | $2.4B | $2.6B | $3.3B | $4.5B | $4.2B | $4.1B | $4.1B | $3.8B |
| Operating income | $906M | $716M | -$211M | -$34M | $1.6B | $766M | $10M | -$2.7B |
| Interest expense | $542M | $517M | $498M | $636M | $592M | $573M | $550M | $471M |
| Pre-tax income | $298M | $154M | -$721M | -$664M | $2.8B | $203M | -$623M | -$3.7B |
| Income tax | -$54M | $138M | -$51M | $605M | $735M | $148M | $11M | -$150M |
| Net income | $352M | $17M | -$670M | -$1.3B | $2.1B | $55M | -$634M | -$3.5B |
| EPS (diluted) | $0.68 | $0.03 | -$1.11 | -$1.05 | $1.71 | $0.05 | -$0.53 | -$3.00 |
| Diluted shares | 516M | 516M | 601M | 1.21B | 1.22B | 1.21B | — | — |
| Gross margin | 35.5% | 34.3% | 32.1% | 31.3% | 40.1% | 41.8% | 38.3% | 35.2% |
| Operating margin | 8.0% | 6.3% | -1.8% | -0.2% | 10.0% | 5.0% | 0.1% | -18.7% |
| Net margin | 3.1% | 0.1% | -5.7% | -7.1% | 12.8% | 0.4% | -4.3% | -24.7% |
Balance sheet
Fiscal years, from Viatris's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $388M | $502M | $884M | $739M | $1.3B | $1.0B | $773M | $1.4B |
| Receivables | — | $3.1B | $4.8B | $4.3B | $3.8B | $3.7B | $3.2B | $3.0B |
| Inventory | — | $2.7B | $5.5B | $4.0B | $3.5B | $3.5B | $3.9B | $4.0B |
| Total current assets | — | $6.8B | $12.9B | $10.9B | $10.6B | $13.0B | $9.5B | $9.8B |
| Property, plant and equipment | — | $2.1B | $3.5B | $3.2B | $3.0B | $2.8B | $2.7B | $2.6B |
| Goodwill | $9.7B | $9.6B | $12.3B | $12.1B | $10.4B | $9.9B | $9.1B | $6.8B |
| Total assets | — | $31.3B | $61.6B | $54.8B | $50.0B | $47.7B | $41.5B | $37.2B |
| Total current liabilities | — | $5.6B | $10.6B | $9.9B | $6.7B | $7.8B | $5.8B | $7.1B |
| Long-term debt | — | $11.2B | $22.4B | $19.7B | $18.0B | $16.2B | $14.0B | $12.5B |
| Total liabilities | — | $19.4B | $38.6B | $34.4B | $28.9B | $27.2B | $22.9B | $22.5B |
| Shareholders' equity | $12.2B | $0 | $23.0B | $20.5B | $21.1B | $20.5B | $18.6B | $14.7B |
| Net debt | -$388M | $12.2B | $23.9B | $20.9B | $18.0B | $17.1B | $13.3B | $13.1B |
Cash flow
Fiscal years, from Viatris's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $1.8B | $1.2B | $3.0B | $3.0B | $2.9B | $2.3B | $2.3B |
| Capital spending | $252M | $213M | $243M | $457M | $406M | $377M | $326M | $379M |
| Free cash flow | $2.1B | $1.6B | $989M | $2.6B | $2.6B | $2.5B | $2.0B | $1.9B |
| Stock-based compensation | -$3M | $57M | $79M | $111M | $116M | $181M | $146M | $178M |
| Share buybacks (net) | -$432M | $0 | $0 | $0 | $0 | -$250M | -$250M | -$500M |
| Net borrowing | -$632M | -$1.1B | -$401M | -$2.1B | -$3.3B | -$1.2B | -$3.7B | $100,000 |
| Free cash flow margin | 18.5% | 14.0% | 8.4% | 14.4% | 16.0% | 16.4% | 13.5% | 13.6% |
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Open VTRS in InvestinglyQuestions
What was Viatris's revenue in 2025?
$14.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Viatris generate?
$1.9B in fiscal 2025 (operating cash flow minus capital spending).
From Viatris's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.