# Viatris (VTRS.US)

Canonical: https://gigainvestors.com/s/VTRS

Analysis as of: 2026-10-01T09:07:19.470Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: $18.22 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 7.79×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: -0.02×

- FY2021: -0.00×

- FY2022: 0.10×

- FY2023: 0.05×

- FY2024: 0.00×

- FY2025: -0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.8%

- ROIC, second-lowest year: 0.0%

- Typical minus recent gross margin: -8.6 pp

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 16.0%

- FY2022: 4.1%

- FY2023: 1.8%

- FY2024: 0.0%

- FY2025: -9.9%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $10B

- Net income, five-year total: -$3.3B

- Working capital / revenue, annual change: 2.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $2.7B

- FY2022: $4.6B

- FY2023: $2.2B

- FY2024: $1.8B

- FY2025: -$1.3B

### management: pass

- $1 retained earnings test: 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- Market cap gain: $423M

- Cumulative retained earnings: -$6.4B

- Diluted shares, 5-year annual growth: 14.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.56

- Per-share value, starting three-year median: $0.03

- Per-share value, ending three-year median: -$0.53

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.5%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 0.0%

### accounting: pass

- Sloan accruals: -15.7%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.7%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.44×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.7%

- FY2020: -3.1%

- FY2021: -7.8%

- FY2022: -1.8%

- FY2023: -6.0%

- FY2024: -7.1%

- FY2025: -15.7%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 98% since Oct 2023 · "Viatris (VTRS) Is Down 6.4% After Raising 2026 Guidance And Completing Major Buyback Program" (finance.yahoo.com, Aug 2026) · sales -3%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

- 2025-07-21: VTRS Down on Late-Stage Study Failure of Eye Disease Drug ([finance.yahoo.com](https://finance.yahoo.com/news/vtrs-down-stage-study-failure-134800103.html))

- 2025-11-06: Viatris raises outlook as emerging markets drive Q3 beat ([seekingalpha.com](https://seekingalpha.com/news/4517286-viatris-raises-2025-outlook-q3-beat?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-26: Viatris Q4 EPS Tops, Brands Drive Revenue Growth, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/viatris-q4-eps-tops-brands-164400980.html))

- 2026-05-07: Viatris Q1 EPS Beats Estimates, Revenues up 8% Driven by Greater China ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/viatris-q1-eps-beats-estimates-173700640.html))

- 2026-08-10: Viatris (VTRS) Is Down 6.4% After Raising 2026 Guidance And Completing Major Buyback Program ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/viatris-vtrs-down-6-4-011421686.html))

### Sales · FY2024–2025

sales -3%; source https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm; observed 2026-02-26.

- FY2018: $11B 

- FY2019: $11B 

- FY2020: $12B 

- FY2021: $18B 

- FY2022: $16B 

- FY2023: $15B 

- FY2024: $15B 

- FY2025: $14B 

### Gross margin · FY2025

gross margin 35.2%; source https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm; observed 2026-02-26.

- FY2018: 35.5% 

- FY2019: 34.3% 

- FY2020: 32.1% 

- FY2021: 31.3% 

- FY2022: 40.1% 

- FY2023: 41.8% 

- FY2024: 38.3% 

- FY2025: 35.2% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are USD 14.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm (filed 2026-02-26); FY2025: revenue 14299900000; grossProfit 5013500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); VTRS.US: Viatris Inc., together with its subsidiaries, operates as a healthcare company in North America, Europe, China, Taiwan, Hong Kong, Japan, Australia, New Zealand, rest of Asia, Africa, Latin America, and the Middle East. It operates in four segments: Developed Markets, Greater China, JANZ, and Emerging Markets. The company offers prescription brand drugs, generic drugs, complex generic drugs, and biosimilars. It also provides drugs in various therapeutic areas covering various noncommunicable and infectious diseases, including cardiovascular, CNS and anesthesia, dermatology, diabetes and metabolism, eye care, gastroenterology, immunology, oncology, and respiratory and allergy, as well as support services, such as diagnostic clinics, educational seminars, and digital tools to help patients better manage their health. In addition, the company offers medicines in the form of oral solid doses, injectables, and complex dosage forms to retail and pharmacy establishments, wholesalers and distributors, payers, insurers and governments, and institutions. It distributes its products through pharmaceutical wholesalers/distributors, pharmaceutical retailers, institutional pharmacies, mail-order and e-commerce pharmacies, and specialty pharmacies under the Lyrica, Lipitor, Celebrex, Viagra, Creon, Influvac, Wixela Inhub, EpiPen Auto-Injector, Fraxiparine, Yupelri, Norvasc, Amitiza, Effexor, Lipacreon, Zoloft, Xalabrands, Dymista, Xanax, and Breyna brands. The company has collaboration agreements with Mapi Pharma Ltd. to develop and commercialize long-acting glatiramer acetate depot products and additional products; Revance Therapeutics, Inc. to develop, manufacture, and commercialize a biosimilar to the branded biologic product, BOTOX; and Theravance Biopharma, Inc. to develop and commercialize revefenacin. Viatris Inc. was founded in 1961 and is headquartered in Canonsburg, Pennsylvania.

### Why customers stay

Margins ranged from 35.2% to 41.8% during 2023–25; it earns 1.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 41.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 38.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 8-year return on capital observations [[2019,0.1598965137867015],[2022,0.041254764538205035],[2023,0.01779422115669762],[2024,0.0003456955937784325],[2025,-0.09860744483398638]]; median 0.01779422115669762. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 500.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 390400000; owner earnings 1523700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 275900000; owner earnings 2151200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 252100000; owner earnings 2280900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 406000000; owner earnings 1573300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 681200000; owner earnings 785800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 509400000; owner earnings 2616800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 443000000; owner earnings 4546800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 474500000; owner earnings 2140000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 326000000; owner earnings 1786900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,399000000],[2019,300000],[2020,7900000],[2021,399000000],[2022,581600000],[2023,575600000],[2024,574800000],[2025,561200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 500500000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); VTRS.US SharesStats.PercentInsiders = 0.318 percentage points; cache date 2026-10-02.

### What could break it

"Viatris’ restructuring activities may not achieve their intended goals" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm (filed 2026-02-26); Viatris’ restructuring activities may not achieve their intended goals

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 17.46 USD; reporting-to-trading FX 1; FY2025 annual sales per share 12.172546339796703; price multiple 1.4343753157806096. FY2025 cash earnings/share -1.0874690356197148. Closing-price date 2026-10-01.

## Monthly share-price history (USD per share)

- 2016-10: $36.50 per share

- 2016-11: $36.61 per share

- 2016-12: $38.15 per share

- 2017-01: $38.05 per share

- 2017-02: $41.85 per share

- 2017-03: $38.99 per share

- 2017-04: $37.35 per share

- 2017-05: $38.98 per share

- 2017-06: $38.82 per share

- 2017-07: $38.99 per share

- 2017-08: $31.48 per share

- 2017-09: $31.37 per share

- 2017-10: $35.71 per share

- 2017-11: $36.53 per share

- 2017-12: $42.31 per share

- 2018-01: $42.85 per share

- 2018-02: $40.32 per share

- 2018-03: $41.17 per share

- 2018-04: $38.76 per share

- 2018-05: $38.46 per share

- 2018-06: $36.14 per share

- 2018-07: $37.31 per share

- 2018-08: $39.13 per share

- 2018-09: $36.60 per share

- 2018-10: $31.25 per share

- 2018-11: $33.86 per share

- 2018-12: $27.40 per share

- 2019-01: $29.95 per share

- 2019-02: $26.39 per share

- 2019-03: $28.34 per share

- 2019-04: $26.99 per share

- 2019-05: $16.80 per share

- 2019-06: $19.04 per share

- 2019-07: $20.90 per share

- 2019-08: $19.47 per share

- 2019-09: $19.78 per share

- 2019-10: $19.15 per share

- 2019-11: $18.78 per share

- 2019-12: $20.10 per share

- 2020-01: $21.42 per share

- 2020-02: $17.19 per share

- 2020-03: $14.91 per share

- 2020-04: $16.77 per share

- 2020-05: $17.07 per share

- 2020-06: $16.08 per share

- 2020-07: $16.11 per share

- 2020-08: $16.38 per share

- 2020-09: $14.83 per share

- 2020-10: $14.54 per share

- 2020-11: $16.82 per share

- 2020-12: $18.74 per share

- 2021-01: $16.99 per share

- 2021-02: $14.85 per share

- 2021-03: $13.97 per share

- 2021-04: $13.30 per share

- 2021-05: $15.24 per share

- 2021-06: $14.29 per share

- 2021-07: $14.07 per share

- 2021-08: $14.63 per share

- 2021-09: $13.55 per share

- 2021-10: $13.35 per share

- 2021-11: $12.31 per share

- 2021-12: $13.53 per share

- 2022-01: $14.97 per share

- 2022-02: $11.01 per share

- 2022-03: $10.88 per share

- 2022-04: $10.33 per share

- 2022-05: $12.27 per share

- 2022-06: $10.47 per share

- 2022-07: $9.69 per share

- 2022-08: $9.55 per share

- 2022-09: $8.52 per share

- 2022-10: $10.13 per share

- 2022-11: $11.03 per share

- 2022-12: $11.13 per share

- 2023-01: $12.16 per share

- 2023-02: $11.40 per share

- 2023-03: $9.62 per share

- 2023-04: $9.33 per share

- 2023-05: $9.15 per share

- 2023-06: $9.98 per share

- 2023-07: $10.53 per share

- 2023-08: $10.75 per share

- 2023-09: $9.86 per share

- 2023-10: $8.90 per share

- 2023-11: $9.18 per share

- 2023-12: $10.83 per share

- 2024-01: $11.77 per share

- 2024-02: $12.37 per share

- 2024-03: $11.94 per share

- 2024-04: $11.57 per share

- 2024-05: $10.60 per share

- 2024-06: $10.63 per share

- 2024-07: $12.06 per share

- 2024-08: $12.08 per share

- 2024-09: $11.61 per share

- 2024-10: $11.60 per share

- 2024-11: $13.09 per share

- 2024-12: $12.45 per share

- 2025-01: $11.28 per share

- 2025-02: $9.23 per share

- 2025-03: $8.71 per share

- 2025-04: $8.42 per share

- 2025-05: $8.79 per share

- 2025-06: $8.93 per share

- 2025-07: $8.74 per share

- 2025-08: $10.55 per share

- 2025-09: $9.90 per share

- 2025-10: $10.36 per share

- 2025-11: $10.69 per share

- 2025-12: $12.45 per share

- 2026-01: $13.09 per share

- 2026-02: $14.93 per share

- 2026-03: $13.51 per share

- 2026-04: $14.94 per share

- 2026-05: $16.26 per share

- 2026-06: $15.88 per share

- 2026-07: $17.56 per share

- 2026-08: $16.51 per share

- 2026-09: $17.72 per share

## Annual estimated value (USD per share)

- FY2022: low $20.64 per share, central $23.38 per share, high $27.03 per share

- FY2023: low $20.83 per share, central $23.62 per share, high $27.34 per share

- FY2024: low $16.74 per share, central $18.99 per share, high $22.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1792044/000179204426000013/vtrs-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.