Viatris Inc 10-Q, filed Nov 5, 2026

Viatris Inc (VTRS)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Viatris Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026.

Viatris agreed to acquire Pacira for $36.50 per share in cash, an aggregate equity value of $1.65 billion. The transaction is expected to close by the end of November 2026. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.75B; down 0.3% from $3.76B a year earlier
Diluted EPS: -$0.28; compared with -$0.11 a year earlier

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Delaware						83-4364296
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


		Page
	PART I — FINANCIAL INFORMATION
ITEM 1.	Condensed Consolidated Financial Statements (unaudited)
	Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2026 and 2025	6
	Condensed Consolidated Statements of Comprehensive (Loss) Earnings — Three and Nine Months Ended September 30, 2026 and 2025	7
	Condensed Consolidated Balance Sheets — September 30, 2026 and December 31, 2025	8
	Condensed Consolidated Statements of Equity — Three and Nine Months Ended September 30, 2026 and 2025	9
	Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2026 and 2025	11

	Notes to Condensed Consolidated Financial Statements	12

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	73

ITEM 4.	Controls and Procedures	73

	PART II — OTHER INFORMATION
ITEM 1.	Legal Proceedings	73

ITEM 1A.	Risk Factors	73

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74

ITEM 5.	Other Information	74

ITEM 6.	Exhibits	75

SIGNATURES		76


2003 LTIP			Mylan N.V. Amended and Restated 2003 Long-Term Incentive Plan
2020 Incentive Plan			Viatris Inc. 2020 Stock Incentive Plan
2025 Form 10-K			Viatris’ annual report on Form 10-K for the fiscal year ended December 31, 2025
2024 Revolving Facility			The $3.5 billion revolving facility dated as of September 27, 2024, by and among Viatris, certain lenders and issuing banks from time to time party thereto and Bank of America, N.A., as administrative agent
2033 Euro Senior Notes			The 4.250% Senior Notes due 2033 issued by Viatris Inc., which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub 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 divestitures-related and other special items
Adjusted EPS			Adjusted net earnings per diluted share
ANDA			Abbreviated New Drug Application
AOCE			Accumulated other comprehensive earnings
API			Active pharmaceutical ingredients
ARV			Antiretroviral medicines
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
Biocon			Biocon Limited
Biocon Biologics			Biocon Biologics Limited, a majority owned subsidiary of Biocon

Business Combination Agreement			Business Combination Agreement, dated as of July 29, 2019, as amended from time to time, among Viatris, Mylan, Pfizer and certain of their affiliates

CCPS			Compulsory convertible preferred shares

Code			The U.S. Internal Revenue Code of 1986, as amended
CODM			Chief operating decision maker
Combination			Refers to Mylan combining with Pfizer's Upjohn Business in a Reverse Morris Trust transaction to form Viatris on November 16, 2020
Commercial Paper Program			The $1.65 billion unsecured commercial paper program entered into as of November 16, 2020 by Viatris, as issuer, Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V., as guarantors, and certain dealers from time to time
Developed Markets segment			Viatris’ business segment that includes our operations primarily in the following markets: North America and Europe
Distribution			Pfizer's distribution to Pfizer stockholders of all the issued and outstanding shares of Upjohn Inc.
EBITDA			Non-GAAP financial measure that the Company believes is appropriate to provide information to investors - U.S. GAAP net earnings (loss) adjusted for income tax provision (benefit), interest expense and depreciation and amortization
EDPA			U.S. District Court for the Eastern District of Pennsylvania
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
EPS			Earnings per share
ERP system			Enterprise resource planning system
EU			European Union
EWSR			Enterprise-wide strategic review
Exchange Act			Securities Exchange Act of 1934, as amended


FASB			Financial Accounting Standards Board
FDA			U.S. Food and Drug Administration
Form 10-Q			This quarterly report on Form 10-Q for the quarterly period ended September 30, 2026
GA Depot			Long-acting glatiramer acetate depot product
Global Systemically Important Banks			Financial institutions that are considered systemically important by the Financial Stability Board
Greater China segment			Viatris’ business segment that includes our operations primarily in the following markets: mainland China, Taiwan and Hong Kong
Idorsia			Idorsia Pharmaceuticals Ltd.
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
IPR&D			In-process research and development
IRS			U.S. Internal Revenue Service
IT			Information technology
JANZ segment			Viatris’ business segment that includes our operations in the following markets: Japan, Australia and New Zealand
Mapi			Mapi Pharma Ltd.
Maximum Leverage Ratio			The maximum consolidated leverage ratio financial covenant requiring maintenance of a maximum ratio of consolidated total indebtedness as of the end of any quarter to consolidated EBITDA for the trailing four quarters as defined in the related credit agreements from time to time
MDL			Multidistrict litigation
Mylan			Mylan N.V. and its subsidiaries
Mylan Inc. U.S. Dollar Notes			The 4.550% Senior Notes due 2028, 5.400% Senior Notes due 2043 and 5.200% Senior Notes due 2048 issued by Mylan Inc., which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan II B.V., Viatris Inc. and Utah Acquisition Sub Inc.
NASDAQ			The NASDAQ Stock Market
NDA			New Drug Application
OAI			Official Action Indicated, an official FDA inspection classification indicating that regulatory and/or administrative actions are recommended
OTC			Over-the-counter
OTC Business			Viatris’ OTC business that the Company divested to Cooper Consumer Health SAS in July 2024, including two manufacturing sites located in Merignac, France, and Confienza, Italy, and an R&D site in Monza, Italy. This excludes the Company’s rights for Viagra®, Dymista® (which, in certain limited markets, are sold as OTC products), and select OTC products in certain markets.

Oyster Point			Oyster Point Pharma, Inc.
Pacira BioSciences, Inc.			Pacira
Pacira Merger			The second-step merger pursuant to which the Company will acquire all remaining Pacira Shares not tendered in the Pacira Offer for $36.50 per share in cash
Pacira Merger Agreement			The definitive agreement between the Company and Pacira under which the Company has agreed to acquire all of the outstanding Pacira Shares
Pacira Offer			The Company’s tender offer to acquire all of the outstanding Pacira Shares for $36.50 per share in cash
Pacira Shares			The shares of common stock of Pacira
Pfizer			Pfizer Inc.
PSUs			Performance awards
R&D			Research and development
Receivables Facility			The accounts receivable facility for up to an aggregate amount of $600 million entered into in May 2025 and expiring in April 2028
Registered Notes			The 2033 Euro Senior Notes, the Registered Upjohn Notes, the Utah U.S. Dollar Notes and the Mylan Inc. U.S. Dollar Notes, collectively.


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. Dollar Notes in a similar aggregate principal amount and with terms substantially identical to the corresponding Unregistered Upjohn U.S. Dollar Notes and fully and unconditionally guaranteed by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Respiratory Delivery Platform			Pfizer’s proprietary dry powder inhaler delivery platform
Restricted Stock Awards			The Company’s nonvested restricted stock and restricted stock unit awards, including PSUs
SDNY			U.S. District Court for the Southern District of New York
SEC			U.S. Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
Senior U.S. Dollar Notes			The Upjohn U.S. Dollar Notes, the Utah U.S. Dollar Notes and the Mylan Inc. U.S. Dollar Notes, collectively
Separation and Distribution Agreement			Separation and Distribution Agreement between Viatris and Pfizer, dated as of July 29, 2019, as amended from time to time
SG&A			Selling, general and administrative expenses
TSA			Transition services agreements, including related distribution services
U.K.			United Kingdom
U.S.			United States
U.S. GAAP			Accounting principles generally accepted in the U.S.
Unregistered Upjohn U.S. Dollar 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 June 22, 2020 by Upjohn Inc. (now Viatris Inc.) in a private offering exempt from the registration requirements of the Securities Act and fully and unconditionally guaranteed by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Upjohn			Upjohn Inc., a wholly owned subsidiary of Pfizer prior to the Distribution, that combined with Mylan and was renamed Viatris Inc.
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. Dollar Notes			Senior unsecured notes denominated in U.S. dollars and originally issued by Upjohn Inc. or Viatris Inc. pursuant to an indenture dated June 22, 2020 and fully and unconditionally guaranteed by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Utah Acquisition Sub			Utah Acquisition Sub Inc., a Delaware corporation and an indirect wholly owned subsidiary of Viatris
Utah U.S. Dollar Notes			The 5.250% Senior Notes due 2046 issued by Utah Acquisition Sub Inc., which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Viatris Inc. and Mylan II B.V.
Viatris			Viatris Inc., formerly known as Upjohn Inc. prior to the completion of the Combination
YEN Term Loan Facility			The ¥40 billion term loan agreement dated as of July 1, 2026, among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenues:
Net sales	$	3,734.7	$	3,747.5	$	10,990.3	$	10,559.7
Other revenues	14.8		12.4		33.0		36.6
Total revenues	3,749.5		3,759.9		11,023.3		10,596.3
Cost of sales	2,311.5		2,388.4		6,971.6		6,730.7
Gross profit	1,438.0		1,371.5		4,051.7		3,865.6
Operating expenses:
Research and development	231.7		250.4		728.6		691.2
Acquired IPR&D	5.0		—		5.2		10.0
Selling, general and administrative	950.8		886.6		3,014.1		2,763.4
Impairment of goodwill	—		—		—		2,936.8
Litigation settlements and other contingencies, net	(11.0)		55.7		115.7		(65.4)
Total operating expenses	1,176.5		1,192.7		3,863.6		6,336.0
Earnings (loss) from operations	261.5		178.8		188.1		(2,470.4)
Interest expense	112.4		119.6		353.2		351.7
Other expense, net	21.2		67.1		18.3		499.9
Earnings (loss) before income taxes	127.9		(7.9)		(183.4)		(3,322.0)
Income tax provision (benefit)	453.2		120.3		84.3		(147.2)
Net loss	$	(325.3)	$	(128.2)	$	(267.7)	$	(3,174.8)
Loss per share attributable to Viatris Inc. shareholders
Basic	$	(0.28)	$	(0.11)	$	(0.23)	$	(2.70)
Diluted	$	(0.28)	$	(0.11)	$	(0.23)	$	(2.70)
Weighted average shares outstanding:
Basic	1,148.6		1,164.6		1,155.8		1,176.7
Diluted	1,148.6		1,164.6		1,155.8		1,176.7


	September 30, 2026		December 31, 2025
ASSETS
Assets
Current assets:
Cash and cash equivalents	$	1,789.2	$	1,322.4
Accounts receivable, net	3,121.2		3,031.3
Inventories	3,829.2		3,999.2
Prepaid expenses and other current assets	1,558.2		1,436.3

Total current assets	10,297.8		9,789.2
Property, plant and equipment, net	2,419.8		2,614.0
Intangible assets, net	13,079.5		15,102.1
Goodwill	6,620.0		6,754.7
Deferred income tax benefit	1,173.0		1,061.2
Other assets	1,092.5		1,871.9
Total assets	$	34,682.6	$	37,193.1

LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Accounts payable	$	1,653.3	$	1,754.1

Income taxes payable	120.0		124.0
Current portion of long-term debt and other long-term obligations	1,727.5		1,933.3

Other current liabilities	3,135.7		3,282.9
Total current liabilities	6,636.5		7,094.3
Long-term debt	11,587.5		12,480.6
Deferred income tax liability	776.0		892.0
Other long-term obligations	1,997.1		2,014.9
Total liabilities	20,997.1		22,481.8
Equity
Viatris Inc. shareholders’ equity
Common stock: $0.01 par value, 3,000,000,000 shares authorized; shares issued: 1,258,911,040 and 1,245,391,929 as of September 30, 2026 and December 31, 2025	12.6		12.5
Additional paid-in capital	18,459.1		18,801.3
Retained deficit	(656.0)		(388.3)
Accumulated other comprehensive loss	(2,822.1)		(2,707.0)
	14,993.6		15,718.5

Less: Treasury stock — at cost
Common stock shares: 112,461,919 and 94,176,848 as of September 30, 2026 and December 31, 2025	1,308.1		1,007.2
Total equity	13,685.5		14,711.3

Total liabilities and equity	$	34,682.6	$	37,193.1


				Additional Paid-In Capital		Retained Deficit					Accumulated Other Comprehensive Loss		Total Equity
	Common Stock							Treasury Stock
	Shares	Cost						Shares	Cost
Balance at June 30, 2026	1,258,784,090	$	12.6	$	18,560.4	$	(330.7)	103,547,908	$	(1,157.1)	$	(2,824.8)	$	14,260.4
Net loss	—	—		—		(325.3)		—	—		—		(325.3)
Other comprehensive earnings, net of tax	—	—		—		—		—	—		2.7		2.7
Issuance of restricted stock and stock options exercised, net	94,710	—		—		—		—	—		—		—
Taxes related to the net share settlement of equity awards	—	—		(0.7)		—		—	—		—		(0.7)
Share-based compensation expense	—	—		39.6		—		—	—		—		39.6
Common stock repurchase	—	—		—		—		8,914,011	(151.0)		—		(151.0)

Issuance of common stock	32,240	—		0.5		—		—	—		—		0.5
Cash dividends declared, $0.12 per common share	—	—		(140.7)		—		—	—		—		(140.7)

Balance at September 30, 2026	1,258,911,040	$	12.6	$	18,459.1	$	(656.0)	112,461,919	$	(1,308.1)	$	(2,822.1)	$	13,685.5

				Additional Paid-In Capital		Retained Deficit					Accumulated Other Comprehensive Loss		Total Equity
	Common Stock							Treasury Stock
	Shares	Cost						Shares	Cost
Balance at December 31, 2025	1,245,391,929	$	12.5	$	18,801.3	$	(388.3)	94,176,848	$	(1,007.2)	$	(2,707.0)	$	14,711.3
Net loss	—	—		—		(267.7)		—	—		—		(267.7)
Other comprehensive loss, net of tax	—	—		—		—		—	—		(115.1)		(115.1)
Issuance of restricted stock and stock options exercised, net	13,407,867	0.1		16.4		—		—	—		—		16.5
Taxes related to the net share settlement of equity awards	—	—		(57.7)		—		—	—		—		(57.7)
Share-based compensation expense	—	—		126.5		—		—	—		—		126.5

Common stock repurchase	—	—		—		—		18,285,071	(300.9)		—		(300.9)

Issuance of common stock	111,244	—		1.7		—		—	—		—		1.7
Cash dividends declared, $0.36 per common share	—	—		(429.1)		—		—	—		—		(429.1)

Balance at September 30, 2026	1,258,911,040	$	12.6	$	18,459.1	$	(656.0)	112,461,919	$	(1,308.1)	$	(2,822.1)	$	13,685.5


				Additional Paid-In Capital		Retained Earnings (Deficit)					Accumulated Other Comprehensive Loss		Total Equity
	Common Stock							Treasury Stock
	Shares	Cost						Shares	Cost
Balance at June 30, 2025	1,245,047,557	$	12.5	$	18,998.2	$	80.0	79,334,807	$	(855.8)	$	(2,664.4)	$	15,570.5
Net loss	—	—		—		(128.2)		—	—		—		(128.2)
Other comprehensive loss, net of tax	—	—		—		—		—	—		(48.8)		(48.8)
Issuance of restricted stock and stock options exercised, net	172,798	—		0.2		—		—	—		—		0.2
Taxes related to the net share settlement of equity awards	—	—		(0.7)		—		—	—		—		(0.7)
Share-based compensation expense	—	—		36.0		—		—	—		—		36.0
Common stock repurchase	—	—		—		—		6,787,315	(68.4)		—		(68.4)
Issuance of common stock	63,913	—		0.6		—		—	—		—		0.6
Cash dividends declared, $0.12 per common share	—	—		(143.6)		—		—	—		—		(143.6)

Balance at September 30, 2025	1,245,284,268	$	12.5	$	18,890.7	$	(48.2)	86,122,122	$	(924.2)	$	(2,713.2)	$	15,217.6

				Additional Paid-In Capital		Retained Earnings (Deficit)					Accumulated Other Comprehensive Loss		Total Equity
	Common Stock							Treasury Stock
	Shares	Cost						Shares	Cost
Balance at December 31, 2024	1,234,131,491	$	12.3	$	18,921.6	$	3,418.8	40,483,663	$	(504.3)	$	(3,212.9)	$	18,635.5
Net loss	—	—		—		(3,174.8)		—	—		—		(3,174.8)
Other comprehensive earnings, net of tax	—	—		—		—		—	—		499.7		499.7
Issuance of restricted stock and stock options exercised, net	10,943,849	0.2		14.2		—		—	—		—		14.4
Taxes related to the net share settlement of equity awards	—	—		(31.7)		—		—	—		—		(31.7)
Share-based compensation expense	—	—		128.3		—		—	—		—		128.3
Common stock repurchase	—	—		—		—		45,638,459	(419.9)		—		(419.9)
Issuance of common stock	208,928	—		1.9		—		—	—		—		1.9
Cash dividends declared, $0.36 per common share	—	—		(143.6)		(292.2)		—	—		—		(435.8)

Balance at September 30, 2025	1,245,284,268	$	12.5	$	18,890.7	$	(48.2)	86,122,122	$	(924.2)	$	(2,713.2)	$	15,217.6


(In millions)	Three Months Ended September 30, 2026
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,184.6	$	697.1	$	143.5	$	436.2	$	2,461.4

Generics	1,031.3		5.5		143.6		92.9		1,273.3
Total Viatris	$	2,215.9	$	702.6	$	287.1	$	529.1	$	3,734.7









(In millions)	Nine Months Ended September 30, 2026
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	3,375.9	$	2,085.1	$	426.7	$	1,324.6	$	7,212.3

Generics	3,054.5		11.4		429.9		282.2		3,778.0
Total Viatris	$	6,430.4	$	2,096.5	$	856.6	$	1,606.8	$	10,990.3


(In millions)	Three Months Ended September 30, 2025
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,241.3	$	612.3	$	159.1	$	424.1	$	2,436.8

Generics	1,014.3		2.9		147.2		146.3		1,310.7
Total Viatris	$	2,255.6	$	615.2	$	306.3	$	570.4	$	3,747.5









(In millions)	Nine Months Ended September 30, 2025
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	3,382.5	$	1,751.6	$	461.4	$	1,242.7	$	6,838.2

Generics	2,884.1		8.0		426.7		402.7		3,721.5
Total Viatris	$	6,266.6	$	1,759.6	$	888.1	$	1,645.4	$	10,559.7


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Select Key Global Products
Lipitor ®	$	451.9	$	396.1	$	1,366.1	$	1,172.0
Norvasc ®	190.2		179.7		600.4		534.7
EpiPen® Auto-Injectors	155.8		157.2		386.1		390.7
Lyrica ®	114.2		126.5		355.4		367.2
Creon ®	98.1		93.1		292.9		266.9
Viagra ®	94.1		105.2		302.0		304.0
Zoloft ®	78.8		66.8		222.8		188.1
Celebrex ®	70.2		73.3		213.7		206.7
Effexor ®	63.9		67.2		192.6		189.6
Xalabrands	43.9		38.6		121.9		116.4

Select Key Segment Products
Influvac ®	$	90.6	$	125.4	$	100.5	$	130.8
Yupelri ®	71.5		71.4		204.7		196.3
Xanax ®	36.6		34.2		109.5		100.4
Amitiza ®	36.4		40.8		109.8		115.7
Dymista ®	35.4		33.8		112.5		125.0


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2026		2025		2026		2025
Gross sales	$	5,860.1	$	6,208.3	$	17,863.3	$	17,753.3
Gross to net adjustments:
Chargebacks	(1,043.9)		(1,265.9)		(3,383.8)		(3,684.5)
Rebates, promotional programs and other sales allowances	(878.9)		(975.0)		(2,898.3)		(2,864.0)
Returns	(49.4)		(48.7)		(136.3)		(150.8)
Governmental rebate programs	(153.2)		(171.2)		(454.6)		(494.3)
Total gross to net adjustments	$	(2,125.4)	$	(2,460.8)	$	(6,873.0)	$	(7,193.6)
Net sales	$	3,734.7	$	3,747.5	$	10,990.3	$	10,559.7


	Number of Stock Options	Weighted Average Exercise Price per Share
Outstanding at December 31, 2025	2,460,805	$	34.21

Exercised	(37,393)	9.91
Forfeited	(605,947)	43.25
Outstanding at September 30, 2026	1,817,465	$	31.70
Vested and expected to vest at September 30, 2026	1,817,465	$	31.70
Exercisable at September 30, 2026	1,817,465	$	31.70


	Number of Restricted Stock Awards	Weighted Average Grant-Date Fair Value Per Share
Nonvested at December 31, 2025	32,916,111	$	10.59
Granted	14,565,838	13.69
Released	(15,618,994)	10.90
Forfeited	(2,752,042)	11.32
Nonvested at September 30, 2026	29,110,913	$	11.90


	Pension and Other Postretirement Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2026		2025		2026		2025
Service cost	$	8.7	$	7.4	$	26.0	$	22.3
Interest cost	16.0		16.2		48.0		48.7
Expected return on plan assets	(17.6)		(16.8)		(52.7)		(50.4)
Amortization of prior service costs	0.6		—		1.9		—
Recognized net actuarial gains	(2.2)		(2.9)		(6.7)		(8.7)

Net periodic benefit cost	$	5.5	$	3.9	$	16.5	$	11.9


(In millions)	September 30, 2026		December 31, 2025
Prepaid expenses	$	266.2	$	225.4

Available-for-sale fixed income securities	40.0		40.7
Fair value of financial instruments	107.2		84.2
Equity securities	69.9		65.7
Deferred charge for taxes on intercompany profit	616.3		568.3
Income tax receivable	298.9		315.8
Other current assets	159.7		136.2
Prepaid expenses and other current assets	$	1,558.2	$	1,436.3


(In millions)	Developed Markets (1)		Greater China		JANZ (2)		Emerging Markets (3)		Total



Balance at December 31, 2025:	5,024.5		933.2		—		797.0		6,754.7



Foreign currency translation	(143.3)		8.3		—		0.3		(134.7)
Balance at September 30, 2026:	$	4,881.2	$	941.5	$	—	$	797.3	$	6,620.0


(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
September 30, 2026
Product rights, licenses and other (1)	13	$	33,725.0	$	21,320.5	$	12,404.5
In-process research and development		675.0		—		675.0
		$	34,400.0	$	21,320.5	$	13,079.5
December 31, 2025
Product rights, licenses and other (1)	13	$	34,506.8	$	20,110.7	$	14,396.1
In-process research and development		706.0		—		706.0
		$	35,212.8	$	20,110.7	$	15,102.1


			Notional Amount Designated as a Net Investment Hedge
(In millions)	Principal Amount		September 30, 2026		December 31, 2025
1.362% Euro Senior Notes due 2027	€	850.0	€	850.0	€	850.0
3.125% Euro Senior Notes due 2028 (1)	750.0		—		750.0
1.908% Euro Senior Notes due 2032	1,250.0		1,250.0		1,250.0
4.250% Euro Senior Notes due 2033	650.0		650.0		—
Euro Total	€	3,500.0	€	2,750.0	€	2,850.0

Yen
YEN Term Loan	¥	40,000.0	¥	40,000.0	¥	40,000.0
Yen Total	¥	40,000.0	¥	40,000.0	¥	40,000.0


	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	September 30, 2026 Fair Value		December 31, 2025 Fair Value		Balance Sheet Location	September 30, 2026 Fair Value		December 31, 2025 Fair Value
Derivatives designated as hedges:
Cross-currency interest rate swaps	Prepaid expenses & other current assets	$	—	$	—	Other current liabilities	$	—	50.1
Foreign currency forward contracts	Prepaid expenses & other current assets	11.0		6.5		Other current liabilities	21.9		21.5
Foreign currency forward contracts		—		—		Other long-term obligations	8.5		2.7
Total derivatives designated as hedges		11.0		6.5			30.4		74.3
Derivatives not designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	96.2		77.7		Other current liabilities	65.9		95.0
Total derivatives not designated as hedges		96.2		77.7			65.9		95.0
Total derivatives		$	107.2	$	84.2		$	96.3	$	169.3



		Amount of Gains/(Losses) Recognized in Earnings				Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on Derivatives				Amount of Gains/(Losses) Reclassified from AOCE into Earnings
		Three months ended September 30,
(In millions)	Location of Gain/(Loss)	2026		2025		2026		2025		2026		2025
Derivative Financial Instruments in Cash Flow Hedging Relationships (1) :
Foreign currency forward contracts	Net sales (3)	$	—	$	—	$	(2.1)	$	6.2	$	(2.0)	$	(2.1)
Interest rate swaps	Interest expense (3)	—		—		0.2		(0.9)		0.2		(1.2)

Derivative Financial Instruments in Net Investment Hedging Relationships:
Cross-currency interest rate swaps	Interest expense (2)	—		2.7		—		1.9		—		—
Foreign currency forward contracts	Other expense, net (3)	—		—		(2.2)		1.2		1.0		1.2
Non-derivative Financial Instruments in Net Investment Hedging Relationships:
Foreign currency borrowings		—		—		13.9		18.0		—		—
Derivative Financial Instruments Not Designated as Hedging Instruments:
Foreign currency option and forward contracts	Other expense, net (2)	18.3		168.4		—		—		—		—
Total		$	18.3	$	171.1	$	9.8	$	26.4	$	(0.8)	$	(2.1)


(In millions)	Current Portion (1)		Long-Term Portion (2)		Total Contingent Consideration
Balance at December 31, 2025	$	28.5	$	343.1	$	371.6

Payments	(21.6)		—		(21.6)
Reclassifications	11.6		(11.6)		—
Accretion	—		2.6		2.6
Fair value loss (3)	—		88.2		88.2
Balance at September 30, 2026	$	18.5	$	422.3	$	440.8


($ in millions)	Interest Rate as of September 30, 2026		September 30, 2026		December 31, 2025
Current portion of long-term debt:
2026 Senior Notes (a) **	3.950	%	$	—	$	1,674.3
2027 Euro Senior Notes ****	1.362	%	969.3		—
2027 Senior Notes ***	2.300	%	754.2		—
YEN Term Loan Facility	Variable		—		255.2
Other			1.3		1.0
Deferred financing fees			—		(0.6)
Current portion of long-term debt			$	1,724.8	$	1,929.9

Non-current portion of long-term debt:

2027 Euro Senior Notes ****	1.362	%	—		1,011.5
2027 Senior Notes ***	2.300	%	—		758.6
2028 Euro Senior Notes **	3.125	%	848.0		878.5
2028 Senior Notes *	4.550	%	749.7		749.5
2030 Senior Notes ***	2.700	%	1,482.5		1,488.8
2032 Euro Senior Notes ****	1.908	%	1,485.6		1,549.2
2033 Euro Senior Notes ***	4.250	%	734.6		—
2040 Senior Notes ***	3.850	%	1,624.7		1,630.1
2043 Senior Notes *	5.400	%	497.7		497.6
2046 Senior Notes **	5.250	%	999.9		999.9
2048 Senior Notes *	5.200	%	748.0		747.9
2050 Senior Notes ***	4.000	%	2,183.1		2,186.8
YEN Term Loan Facility	Variable		254.1		—
Other			3.2		2.7
Deferred financing fees			(23.6)		(20.5)
Long-term debt			$	11,587.5	$	12,480.6


	Three Months Ended September 30, 2026
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Available-for-Sale Fixed Income Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at June 30, 2026, net of tax			$	7.2	$	175.5	$	(0.9)	$	276.2	$	(3,282.8)	$	(2,824.8)
Other comprehensive earnings (loss) before reclassifications, before tax			(2.4)		13.5		(1.2)		1.6		(6.1)		5.4
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	2.0		2.0										2.0
Gain on interest rate swaps classified as cash flow hedges, included in interest expense		(0.2)	(0.2)										(0.2)
Amortization of prior service costs included in other expense, net									0.6				0.6
Amortization of actuarial gain included in SG&A									(2.2)				(2.2)
Net other comprehensive earnings (loss), before tax			(0.6)		13.5		(1.2)		—		(6.1)		5.6
Income tax provision (benefit)			(0.2)		2.9		(0.3)		0.5		—		2.9

Balance at September 30, 2026, net of tax			$	6.8	$	186.1	$	(1.8)	$	275.7	$	(3,288.9)	$	(2,822.1)


(In millions)	Employee Related Costs		Other Exit Costs		Total
Balance at December 31, 2025:	$	—	$	—	$	—
Charges (1)	75.8		2.1		77.9

Cash payment	(5.9)		—		(5.9)
Utilization	—		(2.1)		(2.1)
Foreign currency translation	(0.1)		—		(0.1)
Balance at March 31, 2026:	$	69.8	$	—	$	69.8
Charges (1)	22.9		4.4		27.3

Cash payment	(31.4)		—		(31.4)
Utilization	—		(4.4)		(4.4)
Foreign currency translation	(0.5)		—		(0.5)
Balance at June 30, 2026:	$	60.8	$	—	$	60.8
Charges (1)	47.2		4.9		52.1

Cash payment	(19.8)		(0.5)		(20.3)
Utilization	—		(4.4)		(4.4)
Foreign currency translation	(1.2)		—		(1.2)
Balance at September 30, 2026:	$	87.0	$	—	$	87.0


	Three Months Ended
	September 30,
(In millions, except per share amounts)	2026		2025		Change
Total revenues	$	3,749.5	$	3,759.9	$	(10.4)
Gross profit	1,438.0		1,371.5		66.5
Earnings from operations	261.5		178.8		82.7
Net loss	(325.3)		(128.2)		(197.1)
Diluted loss per share	$	(0.28)	$	(0.11)	$	(0.17)

	Nine Months Ended
	September 30,
(In millions, except per share amounts)	2026		2025		Change
Total revenues	$	11,023.3	$	10,596.3	$	427.0
Gross profit	4,051.7		3,865.6		186.1
Earnings from operations	188.1		(2,470.4)		2,658.5
Net loss	(267.7)		(3,174.8)		2,907.1
Diluted loss per share	$	(0.23)	$	(2.70)	$	2.47


	Three Months Ended
	September 30,
(In millions, except %s)	2026		2025		% Change		2026 Currency Impact (1)		2026 Constant Currency Revenues		Constant Currency % Change (2)
Net sales
Developed Markets	$	2,215.9	$	2,255.6	(2)	%	$	16.3	$	2,232.2	(1)	%
Greater China	702.6		615.2		14	%	(26.3)		676.3		10	%
JANZ	287.1		306.3		(6)	%	5.0		292.1		(5)	%
Emerging Markets	529.1		570.4		(7)	%	6.9		536.0		(6)	%
Total net sales	$	3,734.7	$	3,747.5	—	%	$	1.9	$	3,736.6	—	%

Other revenues (3)	14.8		12.4		NM		0.3		15.1		NM
Consolidated total revenues (4)	$	3,749.5	$	3,759.9	—	%	$	2.2	$	3,751.7	—	%


	Combined Summarized Balance Sheet Information of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V.
(In millions)	September 30, 2026		December 31, 2025
ASSETS
Current assets	$	1,714.2	$	1,457.2
Non-current assets	57,276.4		59,413.4

LIABILITIES AND EQUITY
Current liabilities	33,945.5		35,024.2
Non-current liabilities	11,359.6		11,135.0


	Combined Summarized Income Statement Information of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V.
(In millions)	Nine Months Ended September 30, 2026		Year Ended December 31, 2025
Revenues	$	—	$	—
Gross profit	—		—
Loss from operations	(860.6)		(1,008.2)
Net loss	(267.7)		(3,514.9)


Period	Total Number of Shares Purchased (a) (b)	Average Price Paid per Share (c)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) (b)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a)
July 1 - July 31, 2026	6,084,948	$	16.88	6,084,948	$	746,819,124
August 1 - August 31, 2026	2,829,063	16.71		2,829,063	699,532,414
September 1 - September 30, 2026	—	—		—	699,532,414
Total	8,914,011	$	16.83	8,914,011	$	699,532,414


ITEM 6. EXHIBITS

10.1			Amended and Restated Term Loan Credit Agreement, dated as of July 1, 2026, among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent, filed as Exhibit 10.1 to the Report on Form 8-K filed by Viatris Inc. with the SEC on July 1, 2026, and incorporated herein by reference.^

22			List of subsidiary guarantors and issuers of guaranteed securities, filed by Viatris Inc. as Exhibit 22 to Form 10-Q for the quarter ended June 30, 2026, and incorporated herein by reference.

31.1			Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32			Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS			Inline XBRL Instance Document

101.SCH			Inline XBRL Taxonomy Extension Schema

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF			Inline XBRL Taxonomy Definition Linkbase

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase

104			Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101).

^			Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Viatris agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request.


						Viatris Inc.

			By:			/s/ SCOTT A. SMITH
						Scott A. Smith
						Chief Executive Officer
						(Principal Executive Officer)


						/s/ PAUL CAMPBELL
						Paul Campbell
						Interim Chief Financial Officer, Chief Accounting Officer & Corporate Controller
						(Principal Financial and Accounting Officer)