2020 Q4 Form 10-K Financial Statement

#000179204421000009 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $3.624B $11.95B $3.192B
YoY Change 13.53% 3.87% 3.67%
Cost Of Revenue $2.500B $8.149B $1.865B
YoY Change 34.06% 7.19% 2.52%
Gross Profit $1.123B $3.797B $1.327B
YoY Change -15.35% -2.59% 5.34%
Gross Profit Margin 30.99% 31.78% 41.57%
Selling, General & Admin $848.3M $3.345B $600.6M
YoY Change 41.24% 30.46% -0.36%
% of Gross Profit 75.53% 88.09% 45.27%
Research & Development $153.3M $555.1M $131.2M
YoY Change 16.84% -13.25% 0.69%
% of Gross Profit 13.65% 14.62% 9.89%
Depreciation & Amortization $953.1M $2.216B $547.7M
YoY Change 74.02% 9.75% -10.05%
% of Gross Profit 84.86% 58.37% 41.28%
Operating Expenses $1.002B $4.008B $731.8M
YoY Change 36.87% 25.94% -0.18%
Operating Profit $121.5M -$210.8M $594.9M
YoY Change -79.58% -129.46% 13.01%
Interest Expense -$149.0M $497.8M -$144.8M
YoY Change 2.9% -3.77% 21.68%
% of Operating Profit -122.63% -24.34%
Other Income/Expense, Net $17.00M -$12.60M $18.40M
YoY Change -7.61% -71.23% -149.86%
Pretax Income -$1.014B -$721.2M $135.2M
YoY Change -849.63% -567.1% 75.58%
Income Tax -$97.70M -$51.30M $114.7M
% Of Pretax Income 84.84%
Net Earnings -$915.8M -$669.9M $20.50M
YoY Change -4567.32% -4087.5% -59.96%
Net Earnings / Revenue -25.27% -5.61% 0.64%
Basic Earnings Per Share -$1.11
Diluted Earnings Per Share -$1.072M -$1.11 $39.46K
COMMON SHARES
Basic Shares Outstanding 601.2M shares
Diluted Shares Outstanding 601.2M shares

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $883.5M $929.0M $541.0M
YoY Change 63.31% 71.72% 21.3%
Cash & Equivalents $844.4M $844.0M $475.6M
Short-Term Investments $39.10M $85.00M $66.00M
Other Short-Term Assets $1.236B $1.623B $286.2M
YoY Change 331.9% 233.26% -37.92%
Inventory $5.472B $5.472B $2.671B
Prepaid Expenses $267.8M $156.7M
Receivables $4.844B $3.891B $3.059B
Other Receivables $952.5M $953.0M $418.7M
Total Short-Term Assets $12.87B $12.87B $6.757B
YoY Change 90.42% 90.44% 6.11%
LONG-TERM ASSETS
Property, Plant & Equipment $3.460B $3.784B $2.150B
YoY Change 60.96% 57.4% -0.94%
Goodwill $12.35B $9.591B
YoY Change 28.74% -1.61%
Intangibles $29.68B $11.65B
YoY Change 154.79%
Long-Term Investments $48.00M $48.00M $92.00M
YoY Change -47.83% -47.83% -33.81%
Other Assets $1.048B $2.824B $405.0M
YoY Change 158.64% 271.09% -37.31%
Total Long-Term Assets $48.69B $48.69B $24.50B
YoY Change 98.73% 98.72% -7.09%
TOTAL ASSETS
Total Short-Term Assets $12.87B $12.87B $6.757B
Total Long-Term Assets $48.69B $48.69B $24.50B
Total Assets $61.55B $61.55B $31.26B
YoY Change 96.93% 96.93% -4.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.346B $1.346B $1.528B
YoY Change -11.91% -11.91% -5.5%
Accrued Expenses $2.736B $2.736B $1.564B
YoY Change 74.94% 74.94% 22.28%
Deferred Revenue
YoY Change
Short-Term Debt $1.101B $1.101B $0.00
YoY Change -100.0%
Long-Term Debt Due $2.309B $2.256B $1.508B
YoY Change 53.07% 54.73% 130.24%
Total Short-Term Liabilities $10.56B $10.56B $5.569B
YoY Change 89.67% 89.67% 21.38%
LONG-TERM LIABILITIES
Long-Term Debt $22.43B $22.43B $11.21B
YoY Change 100.01% 100.01% -14.79%
Other Long-Term Liabilities $2.483B $2.483B $960.8M
YoY Change 158.44% 158.38% -12.42%
Total Long-Term Liabilities $24.91B $24.91B $12.18B
YoY Change 104.62% 104.62% -14.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.56B $10.56B $5.569B
Total Long-Term Liabilities $24.91B $24.91B $12.18B
Total Liabilities $38.60B $38.60B $19.37B
YoY Change 99.25% 99.25% -5.82%
SHAREHOLDERS EQUITY
Retained Earnings $5.361B $6.031B
YoY Change -11.11%
Common Stock $12.10M $6.100M
YoY Change 98.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $999.7M
YoY Change -100.0%
Treasury Stock Shares
Shareholders Equity $22.95B $22.95B $11.88B
YoY Change
Total Liabilities & Shareholders Equity $61.55B $61.55B $31.26B
YoY Change 96.93% 96.93% -4.52%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$915.8M -$669.9M $20.50M
YoY Change -4567.32% -4087.5% -59.96%
Depreciation, Depletion And Amortization $953.1M $2.216B $547.7M
YoY Change 74.02% 9.75% -10.05%
Cash From Operating Activities $36.20M $1.232B $686.7M
YoY Change -94.73% -31.71% 7.95%
INVESTING ACTIVITIES
Capital Expenditures -$457.8M $243.0M -$119.9M
YoY Change 281.82% 13.98% -41.23%
Acquisitions -$415.8M
YoY Change -379.62%
Other Investing Activities $435.5M $438.2M $5.400M
YoY Change 7964.81% 127.28% -80.99%
Cash From Investing Activities -$22.30M -$301.1M -$114.5M
YoY Change -80.52% -42.69% -34.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $2.484B
YoY Change 124.1%
Cash From Financing Activities 149.1M -$605.7M -464.4M
YoY Change -132.11% -48.19% -19.4%
NET CHANGE
Cash From Operating Activities 36.20M $1.232B 686.7M
Cash From Investing Activities -22.30M -$301.1M -114.5M
Cash From Financing Activities 149.1M -$605.7M -464.4M
Net Change In Cash 163.0M $358.8M 107.8M
YoY Change 51.21% 252.46% -193.17%
FREE CASH FLOW
Cash From Operating Activities $36.20M $1.232B $686.7M
Capital Expenditures -$457.8M $243.0M -$119.9M
Free Cash Flow $494.0M $988.8M $806.6M
YoY Change -38.76% -37.83% -3.99%

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CY2019 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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CY2020 us-gaap Nature Of Operations
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Nature of OperationsViatris is a global healthcare company formed in November 2020 through the combination of Mylan and the Upjohn Business whose mission is to empower people worldwide to live healthier at every stage of life. By integrating the strengths of these two businesses, including our global workforce of approximately 45,000 employees and contractors, Viatris aims to deliver increased access to affordable, quality medicines for patients worldwide regardless of geography or circumstance. Viatris brings together industry leading commercial, R&D, regulatory, manufacturing, legal and medical expertise complemented by a strong commitment to quality and unparalleled geographic footprint to deliver high-quality medicines to patients in more than 165 countries and territories. Viatris’ portfolio comprises more than 1,400 approved molecules across a wide range of key therapeutic areas, including globally recognized iconic and key brands, generic, complex generic, and biosimilar products. Viatris operates approximately 50 manufacturing sites worldwide that produce oral solid doses, injectables, complex dosage forms and APIs. Viatris is headquartered in the U.S., with global centers in Pittsburgh, Pennsylvania Shanghai, China and Hyderabad, India.Viatris reports segment information on the basis of markets and geography. In conjunction with the formation of Viatris, the Company has changed its reportable segments, from North America, Europe, and Rest of World, to Developed Markets, Greater China, JANZ, and Emerging Markets. This approach reflects the Company’s focus on bringing its broad and diversified portfolio of branded, complex generics and biosimilars, and generic products to people in markets everywhere. Our Developed Markets segment comprises our operations primarily in North America and Europe. Our Greater China segment includes our operations in China, Taiwan and Hong Kong. Our JANZ segment reflects our operations in Japan, Australia and New Zealand. Our Emerging Markets segment encompasses our operations in countries with developing markets and emerging economies including countries in Asia, the Middle East, South and Central America, Africa and Eastern Europe, and also includes the Company’s anti-retroviral franchise.
CY2020 us-gaap Use Of Estimates
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the uncertainty inherent in such estimates, actual results could differ from those estimates.</span>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Financial instruments that potentially subject the Company to credit risk consist principally of interest-bearing investments, derivatives and accounts receivable.</span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Viatris invests its excess cash in high-quality, liquid money market instruments, principally overnight deposits and highly rated money market funds. The Company maintains deposit balances at certain financial institutions in excess of federally insured amounts. Periodically, the Company reviews the creditworthiness of its counterparties to derivative transactions, and it does not expect to incur a loss from failure of any counterparties to perform under agreements it has with such counterparties.</span></div>
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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514500000 shares
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432000000.0 USD
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CY2018 us-gaap Earnings Per Share Basic
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0.69
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601200000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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515700000 shares
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CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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800000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2000000.0 shares
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601200000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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516500000 shares
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516500000 shares
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-1.11
CY2019 us-gaap Earnings Per Share Diluted
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0.03
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0.68
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10300000 shares
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9100000 shares
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8900000 shares
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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11268700000 USD
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19899100000 USD
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19012200000 USD
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19588100000 USD
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3656200000 USD
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3309600000 USD
CY2018 vtrs Chargebacks
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3352200000 USD
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4235600000 USD
CY2020 vtrs Revenuefrom Contractwith Customer Returns
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329700000 USD
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237900000 USD
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261600000 USD
CY2020 vtrs Medicaidandothergovernmentalrebates
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327800000 USD
CY2019 vtrs Medicaidandothergovernmentalrebates
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465100000 USD
CY2018 vtrs Medicaidandothergovernmentalrebates
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470000000.0 USD
CY2020 vtrs Sales Revenue Grosstonetadjustments
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7641900000 USD
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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11268700000 USD
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20000000.0 USD
CY2020 us-gaap Payment For Contingent Consideration Liability Financing Activities
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