At a glance
Viatris Inc is worth $21.44B. Revenue fell 3.0% to $14.30B in fiscal 2025, at a loss; over 5 years it has grown 3.7% a year. It pays a 2.57% dividend yield, and returned $3.75B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +86.5% over the past year with dividends reinvested and +10.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low.
The business in plain English
Viatris is a global drug company that sells medicines in more than 165 countries and territories. It says it supplies about 1 billion patients a year, with more than 30,000 employees and 27 manufacturing, packaging and distribution sites. Its products fall into three groups. The first is generics, which are lower-cost copies of drugs whose patents have expired, including harder-to-make complex versions. The second is well-known brands such as Lipitor, Viagra, Lyrica and EpiPen. The third is a growing set of newer, innovative medicines.
Viatris earns money by selling these medicines to pharmacies, wholesalers, governments, institutions and doctors. Revenue was $14.30 billion in 2025, down 3% from 2024. Brands brought in $9.18 billion, or 64.2%. Lipitor was the biggest single product at $1.55 billion, or 10.8%. The next largest, Lyrica, added 3.4%.
Sales are reported in four segments. Developed Markets supplied 59.8% of 2025 revenue, Greater China 16.3%, Emerging Markets 15.5% and JANZ 8.4%. Viatris has also slimmed down to simplify the business and pay down debt faster. In late 2022 it transferred its biosimilars business (near-copies of biologic drugs) to Biocon Biologics for cash and a stake of about 12.9%. It later sold its women's healthcare, Indian active-ingredient and over-the-counter businesses. In February 2026 it announced a restructuring expected to cut up to about 10% of its workforce.
Price history
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VTRS +86.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Brands | $9.18B | 64.2% |
| Lipitor ® | $1.55B | 10.8% |
| Lyrica ® | $487.0M | 3.4% |
| EpiPen® Auto-Injectors | $469.7M | 3.3% |
| Viagra ® | $408.2M | 2.9% |
| Creon ® | $365.8M | 2.6% |
| Celebrex ® | $272.9M | 1.9% |
| Yupelri ® | $266.9M | 1.9% |
| Effexor ® | $257.7M | 1.8% |
| Zoloft ® | $254.9M | 1.8% |
| Influvac ® | $194.4M | 1.4% |
| Dymista ® | $163.6M | 1.1% |
| Xalabrands | $158.4M | 1.1% |
| Amitiza ® | $158.1M | 1.1% |
By business segment
| Developed Markets | $8.55B | 59.8% |
| Greater China | $2.33B | 16.3% |
| Emerging Markets | $2.22B | 15.5% |
| JANZ | $1.20B | 8.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.76B, up 4.9% from a year earlier, and net income was $-118.8M.
- For fiscal 2025, revenue was $14.30B (-3.0% year over year; +3.7% a year from FY2020 to FY2025) with a -24.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.7% watch |
|---|---|
| Operating margin | -18.6% weak |
| Free cash flow margin | 13.5% good |
| Return on equity (FY2025) | -23.9% weak |
| Return on assets (FY2025) | -9.5% weak |
| Net cash (cash minus debt) | $-12.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.95B | $-669.9M | $988.8M |
| FY2021 | $17.89B | $-1.27B | $2.56B |
| FY2022 | $16.26B | $2.08B | $2.59B |
| FY2023 | $15.43B | $54.7M | $2.52B |
| FY2024 | $14.74B | $-634.2M | $1.98B |
| FY2025 | $14.30B | $-3.51B | $1.94B |
Valuation snapshot
| Market value | $21.44B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.57% |
Rank among 1514 US companies
Market value at each year end
Viatris’s market value went from $16.36B at the end of 2021 to $21.44B on Nov 2, 2026, up 31%; since the end of 2025 it is up 50%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $21.44B | +49.5% |
| 2025 | $14.34B | -3.5% |
| 2024 | $14.86B | +14.4% |
| 2023 | $12.99B | -3.7% |
| 2022 | $13.50B | -17.5% |
| 2021 | $16.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VTRS price data to Nov 2, 2026 | +53.4% | +86.5% | +33.3% | +10.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +53.4% |
| 2025 | +5.1% |
| 2024 | +19.7% |
| 2023 | +2.1% |
| 2022 | -14.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.9% over that stretch · deepest drop along the way 43.2%, back to its old high 39.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($5K) and 2 sales ($1.1M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 25, 2026 | Paul Campbell See Remarks | sell (plan) | $810K |
| Mar 23, 2026 | Paul Campbell See Remarks | sell | $284K |
| Aug 27, 2025 | David S Simmons Director | buy | $3K |
| Nov 3, 2025 | David S Simmons Director | buy | $2K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 11% | Aug 31, 2026 |
| Vanguard Capital Management | 7.36% | Mar 31, 2026 |
| BlackRock, Inc. | 6.6% | Sep 30, 2025 |
| DAVIS SELECTED ADVISERS | 6.5% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 6.3% | Mar 31, 2025 |
| STATE STREET CORPORATION | 4.7% | Jun 30, 2025 |
ETFs with the most weight in VTRS
| IHE iShares U.S. Pharmaceuticals ETF | 4.23% |
| XPH SPDR S&P Pharmaceuticals ETF | 3.55% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 3.44% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 2.94% |
| DUSA Davis Select U.S. Equity ETF | 2.69% |
| STNC Hennessy Stance ESG ETF | 2.3% |
| PPH VanEck Pharmaceutical ETF | 2.2% |
| CALF Pacer US Small Cap Cash Cows ETF | 1.89% |
What could go wrong
- Restructuring may not deliver promised savings. Viatris plans to cut up to about 10% of its workforce. It expects $700 million to $850 million in pre-tax charges and hopes for $600 million to $700 million in savings, which may fall short.
- FDA and manufacturing problems can hurt sales. Viatris relies on a limited number of plants and on outside suppliers for many ingredients. Problems the FDA flagged at its plant in Indore, India, weighed on 2025 revenue.
- A heavy debt load. As of June 30, 2026, Viatris had $13.4 billion in total debt and $887 million in cash and investments. That debt limits flexibility, and refinancing it could cost significantly more in interest.
- Price pressure and dependence on key products. Governments, price controls and buyers that keep merging push drug prices down, and rivals compete hard. A small group of products matters a lot: Lipitor alone brought in 10.8% of 2025 revenue.
- Pipeline bets may not pay off. Viatris is spending to develop new treatments such as selatogrel, cenerimod and a fast-absorbing meloxicam for acute pain. Trials can fail, regulators can say no, and approved drugs may sell less than hoped.
- Foreign sales bring currency and trade risks. Viatris sells in more than 165 countries and territories, and Greater China alone brought in 16.3% of 2025 revenue. Currency swings, tariffs, trade limits and foreign laws can all hurt results.
Recent events
- Major agreement signed; Other company announcement
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Restructuring or exit costs; Other company announcement
- Executive or board change
For income and retirement investors
Viatris pays a dividend but has no streak of increases. Its dividend rose from $0.33 per share in 2021 to $0.48 in 2022, then stayed at $0.48 through 2025. The yield was 2.56% as of October 28, 2026. Viatris lost $3.51 billion in 2025, so a payout ratio based on earnings isn't meaningful. Dividends used about 30% of its $1.94 billion in free cash flow (cash left after running the business and investing in equipment). Buybacks were about $500 million in 2025, after $250 million in each of 2023 and 2024. The share count fell about 5% between August 2021 and August 2026. The 10-K warns that neither dividends nor buybacks are guaranteed.
In the 2022 bear market, the shares fell 43.2% from peak to trough and took about 40 months, until January 2026, to recover. Its trading history is too short to cover 2008 or 2020. As a single stock, Viatris carries more risk than a diversified fund.
Questions investors ask
How does Viatris make money?
Viatris makes money by selling medicines to pharmacies, wholesalers, governments, institutions and doctors in more than 165 countries and territories. It sells generics, well-known brands and newer innovative drugs. Revenue was $14.30 billion in 2025, and brands brought in 64.2% of it. Lipitor was the largest product at 10.8% of revenue. By segment, Developed Markets supplied 59.8%, Greater China 16.3%, Emerging Markets 15.5% and JANZ 8.4%.
Does Viatris raise its dividend every year?
No. Viatris held its dividend at $0.48 per share a year from 2022 through 2025, after paying $0.33 in 2021. The yield was 2.56% as of October 28, 2026. Dividends used about 30% of 2025 free cash flow, even though the company reported a net loss that year. The 10-K states there is no guarantee Viatris will keep paying dividends or buying back shares.
Is Viatris profitable?
Not in 2025. Viatris posted a net loss of $3.51 billion, or $3.00 per share, on revenue of $14.30 billion, and it also lost money at the operating level. Its last full-year profit was $54.7 million in 2023. Cash generation held up better, with free cash flow of $1.94 billion in 2025. In the second quarter of 2026, which ended June 30, it lost $118.8 million on revenue of $3.76 billion, up 4.9% from a year earlier.
How much debt does Viatris have?
Viatris had $13.35 billion of total debt as of June 30, 2026, against $886.5 million in cash and investments. That left net debt (debt minus cash) of about $12.46 billion. For scale, its stock market value was about $21.56 billion as of October 28, 2026. The company lists its debt as a risk factor and warns that refinancing could come at significantly higher interest rates. Paying down debt faster was one stated reason for selling several businesses since 2022.
How has Viatris stock performed?
Strongly over the latest year, with big swings along the way. As of October 28, 2026, the share price was up 88.8% over one year and 54.3% year to date. Over five years it gained about 11.7% a year, or 74% in total. By calendar year, it fell 14.3% in 2022, then rose 2.1% in 2023, 19.7% in 2024 and 5.1% in 2025. In the three years to that date, the shares also fell as much as 45% from a high.