MORGANTOWN – Viatris announced Monday that it is raising its estimated 2021 revenue figure based on continued “strong operational performance” in the third quarter of the year.
Viatris reported revenue of $4.52 billion for the third quarter – July-September – and $13.48 billion year to date.
Based on revenue for the first three quarters, the company raised its 2021 revenue projection by $100 million: originally projected at the range of $17.5 billion to $17.9 billion with a midpoint of $17.7 billion, the revised range is $17.7 billion to $17.9 billion with a midpoint of $17.8 billion.
Viatris CEO Michael Goettler said, “Nearly one year after launching our new company, I could not be prouder of all that we have accomplished together. Our continued strong operational performance for three consecutive quarters has allowed us to continue to deliver on our financial commitments and, based on the strength of our results, we are again raising our full-year financial guidance for 2021.
He continued, “We are near completion of a rigorous bottoms-up strategic planning effort and look forward to sharing these plans with the investment community at a virtual Investor Event.”
That event is set for Jan. 7, 2022, when they will provide additional detail on their two-phased strategic roadmap. A separate annual shareholder meeting, which will include a Say-on-Pay vote for executive compensation, is set for Dec. 10.
The announcement, filed with the SCC, notes that global restructuring continues and Viatris remains on track to achieve $500 million in synergies, following the merger of Mylan and Upjohn, this year, and $1 billion in synergies by the end of 2023.
For the first nine months of the year, the now-deactivated Morgantown plant generated manufacturing variance costs and site remediation costs of $107.3 million, compared to 2020 costs of $179.6 million. Those costs for the third quarters of 2021 and 2020 were $18.2 million and $57.8 million, respectively.
Here are revenues broken down by markets:
- Developed Markets: $2.655 billion, Q3; $7.868 billion year-to-date.
- Emerging Markets: $792.5 million Q3; $2.417 billion YTD.
- Japan/Australia/New Zealand: $505.3 million Q3; $1.488 billion YTD.
- Greater China: $566.8 million Q3; $1.709 billon YTD.
And by product:
- Brands: $2.803 billion Q3; $8.229 billion YTD.
- Complex generics and Biosimilars: $332 million Q3; $993.7 million YTD.
- Generics: $1.385 billion Q3; $4.259 billion YTD.
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