Viatris Inc VTRS reported Q1 FY23 sales of $3.73 billion, down 2% on a divestiture-adjusted operational basis, below the consensus of $3.81 billion.
Brands performed in line with expectations, driven by products such as Dymista, Celebrex, and Norvasc.
Complex generics performed lower than expectations on a divestiture-adjusted operational basis compared to Q1 2022 results primarily due to the phasing of certain products.
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Generics performed ahead of expectations, including strong performance across broader Developed and Emerging Markets portfolios.
It reported an adjusted EPS of $0.77, better than the consensus of $0.69. The company reported an adjusted profit of $932.9 million, down 17% Y/Y.
Adjusted EBITDA declined 15% to $1.34 billion.
On May 5, 2023, its Board of Directors declared a quarterly dividend of $0.12 per share. The dividend is payable on June 16, 2023, to shareholders of record on May 24, 2023.
Guidance: Viatris currently expects to be at the midpoint of the financial guidance ranges for FY23, with prior sales guidance range at $15.5-$16 billion (consensus $15.64 billion), Adjusted EBITDA at $5-$5.4 billion and free cash flow at $2.3-$2.7 billion.
Price Action: VTRS shares are up 4.69% at $9.72 on the last check Monday.