May 9 – MORGANTOWN – Viatris reported “strong results” for the first three months of 2022 in a press release and reports filed with the SEC on Monday.
Total revenue was $4.192 billion, down 5% from the first quarter of 2021, when the total was $4.43 billion. Gross profit was $1.771 billion, compared to $1.127 billion in the same quarter in 2021.
Viatris made no direct mention of the sale of the Morgantown Mylan plant to WVU for $1, which was announced on March 31, referring only to its overall restructuring following the Mylan-Upjohn merger with Viatris.
CEO Michael Goettler said, “We are off to a strong start for 2022 with strong first quarter results in line with our expectations across all key financial metrics. We are making good progress on our redesign initiatives to unlock value, free up capital and generate cash flow revenue to position the business as a global, high value company for the long term.”
Total net sales for the quarter were $4.178 billion, compared to $4.4 billion in 2021. Other income was $14 million.
Sales of brand name drugs were $2.554 billion; complex generics and biosimilars were $391 million; generics were $1.233 billion.
Viatris also detailed the results by global market segments.
Sales in developed markets (North America and Europe) were $2.476 billion, down 4% from $2.572 billion in 2021. Viatris said branded sales and generics sales complexes and biosimilars were better than expected. Its main brands include EpiPen, Lyrica, Lipitor and Viagra.
Emerging Markets (Central and South America, Eastern Europe, Africa and most of Asia) sales were $705 million, down 7% from $755 million in the first quarter of 2021. Both branded and generic sales exceeded expectations. The main products in this market included Norvasc, Celebrex and Zoloft.
JANZ (Japan, Australia, New Zealand) sales were $424 million, down 12% from $482 million in 2021. Generics beat expectations, but the other two segments been below.
Greater China sales were $573 million, down 3% from $592 million in 2021. Sales were almost entirely in branded products, at $570 million. Generics were $3 million with complex generics and zero biosimilars. The results met expectations.
Shareholders will see a dividend of 12 cents per share, payable June 16.
Viatris keeps an eye on the war in Ukraine.
“The ongoing conflict between Russia and Ukraine did not have a material impact on our business during the first quarter of 2022 and the combined total revenues for both countries represented less than 1% of the total consolidated revenues as of during the three months ended March 31, 2022,” It said.
“However, trade controls, sanctions, supply chain and staffing issues and other conflict-related economic considerations have impacted our operations in these markets and could adversely impact our results. financial results in future periods. In addition, a significant escalation or expansion of the current scope may adversely impact our operations and financial results in future periods.”
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