Viatris Inc (VTRS) said ahead of Monday’s opening that it earned $0.88 per share in the second quarter of 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable analysts’ estimates or prior periods.
On the revenue line, the company reported $4.1 billion, missing estimates of $73 million.
In the same quarter a year ago, the company earned $0.98 per share on revenue of $4.6 billion.
The stock is up 6.67% at $10.46 after the report.
Viatris Inc’s profit margins were hit as profits fell at a faster rate than revenues.
The average recommendation from Wall Street analysts was a hold that could be revised based on this new data.
InvestorsObserver gives the stock a bullish sentiment score at the moment based on recent trades.
Before the report InvestorsObserver gave the stock an overall rating of 41. Meanwhile, the average Wall Street analyst rated the stock as Hold.
Formed by the combination of Mylan and Pfizer’s Upjohn business in 2020, Viatris is one of the world’s largest generic drug makers, with a significant portfolio of off-patent branded drugs. Its portfolio consists of more than 1,400 molecules with penetration in most developed countries and in some emerging markets. The Company’s branded drug portfolio consists of off-patent blockbuster drugs that continue to generate strong sales, including Lipitor, Norvasc, Lyrica, Viagra and EpiPen. While global competition has facilitated the commodification of generic small molecule drugs, the company has demonstrated an advantage over its peers in its ability to manufacture complex generics (eg, generics Advair and Copaxone).