2024 Q1 Form 10-K Financial Statement

#000179204424000008 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $3.663B $3.837B $3.729B
YoY Change -1.76% -1.0% -11.04%
Cost Of Revenue $2.159B $2.187B $2.187B
YoY Change -1.26% -4.34% -9.65%
Gross Profit $1.504B $1.651B $1.542B
YoY Change -2.48% 3.81% -12.93%
Gross Profit Margin 41.05% 43.02% 41.36%
Selling, General & Admin $1.018B $1.562B $958.9M
YoY Change 6.11% 47.88% 4.76%
% of Gross Profit 67.65% 94.64% 62.18%
Research & Development $199.7M $202.4M $182.9M
YoY Change 9.19% 11.89% 28.53%
% of Gross Profit 13.28% 12.26% 11.86%
Depreciation & Amortization $691.0M $644.4M $730.0M
YoY Change -5.34% -25.91% -0.82%
% of Gross Profit 45.94% 39.04% 47.33%
Operating Expenses $1.300B $1.765B $1.142B
YoY Change 13.8% 42.62% 7.39%
Operating Profit $203.9M -$113.9M $399.8M
YoY Change -49.0% -132.28% -43.48%
Interest Expense $138.4M -$140.9M $147.0M
YoY Change -5.85% -4.21% 0.55%
% of Operating Profit 67.88% 36.77%
Other Income/Expense, Net $139.1M -$349.2M $69.90M
YoY Change 99.0% -119.26% -307.42%
Pretax Income $204.6M -$855.0M $322.7M
YoY Change -36.6% -158.21% -38.82%
Income Tax $90.70M -$89.40M $98.00M
% Of Pretax Income 44.33% 30.37%
Net Earnings $113.9M -$765.6M $224.7M
YoY Change -49.31% -175.71% -43.71%
Net Earnings / Revenue 3.11% -19.95% 6.03%
Basic Earnings Per Share $0.10 $0.19
Diluted Earnings Per Share $0.09 -$0.64 $0.19
COMMON SHARES
Basic Shares Outstanding 1.188B shares 1.200B shares 1.197B shares
Diluted Shares Outstanding 1.210B shares 1.206B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.105B $1.029B $587.6M
YoY Change 88.12% -20.56% -29.8%
Cash & Equivalents $1.015B $991.9M $506.6M
Short-Term Investments $90.80M $37.00M $81.00M
Other Short-Term Assets $249.5M $271.0M $1.350B
YoY Change -81.52% -80.7% 11.78%
Inventory $3.823B $3.470B $3.664B
Prepaid Expenses $178.9M $155.9M $239.7M
Receivables $3.632B $3.700B $3.498B
Other Receivables $842.0M $876.6M $475.6M
Total Short-Term Assets $12.92B $12.98B $9.630B
YoY Change 34.2% 22.01% -18.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.708B $2.760B $3.008B
YoY Change -9.96% -8.76% -4.52%
Goodwill $9.694B $9.867B $10.57B
YoY Change -8.32% -5.36% -3.69%
Intangibles $19.13B $19.18B $22.70B
YoY Change -15.72% -15.15% -10.1%
Long-Term Investments $165.7M $165.7M
YoY Change 76.28%
Other Assets $2.232B $2.209B $2.418B
YoY Change -7.72% -8.1% 129.0%
Total Long-Term Assets $34.42B $34.71B $39.66B
YoY Change -13.21% -11.88% -4.94%
TOTAL ASSETS
Total Short-Term Assets $12.92B $12.98B $9.630B
Total Long-Term Assets $34.42B $34.71B $39.66B
Total Assets $47.34B $47.69B $49.29B
YoY Change -3.95% -4.67% -7.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.584B $1.381B $1.415B
YoY Change 11.91% 19.29% 52.46%
Accrued Expenses $2.255B $2.271B $2.130B
YoY Change 5.86% 3.75% -25.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $204.6M
YoY Change -100.0% -68.78%
Long-Term Debt Due $1.898B $1.943B $508.7M
YoY Change 273.13% 54.35% -80.48%
Total Short-Term Liabilities $7.760B $7.777B $6.108B
YoY Change 27.04% 15.29% -36.66%
LONG-TERM LIABILITIES
Long-Term Debt $16.07B $16.19B $18.07B
YoY Change -11.05% -10.14% -3.69%
Other Long-Term Liabilities $1.825B $1.517B $1.720B
YoY Change 6.12% -13.64% -8.73%
Total Long-Term Liabilities $17.90B $17.71B $19.79B
YoY Change -9.56% -10.45% -4.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.760B $7.777B $6.108B
Total Long-Term Liabilities $17.90B $17.71B $19.79B
Total Liabilities $27.33B $27.22B $28.36B
YoY Change -3.64% -5.98% -14.1%
SHAREHOLDERS EQUITY
Retained Earnings $4.608B $4.640B $5.253B
YoY Change -12.28% -10.35% 33.26%
Common Stock $12.30M $12.20M $12.20M
YoY Change 0.82% 0.83% 0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $504.3M $251.8M $251.8M
YoY Change 100.28%
Treasury Stock Shares
Shareholders Equity $20.01B $20.47B $20.93B
YoY Change
Total Liabilities & Shareholders Equity $47.34B $47.69B $49.29B
YoY Change -3.95% -4.67% -7.81%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income $113.9M -$765.6M $224.7M
YoY Change -49.31% -175.71% -43.71%
Depreciation, Depletion And Amortization $691.0M $644.4M $730.0M
YoY Change -5.34% -25.91% -0.82%
Cash From Operating Activities $614.6M $479.4M $971.2M
YoY Change -36.72% 236.19% -14.69%
INVESTING ACTIVITIES
Capital Expenditures $49.80M $200.9M $47.80M
YoY Change 4.18% 21.1% -25.89%
Acquisitions $350.0M $667.7M
YoY Change -47.58%
Other Investing Activities $1.000M $316.7M $34.70M
YoY Change -97.12% -83.76% 368.92%
Cash From Investing Activities -$154.3M $115.8M -$749.5M
YoY Change -79.41% -93.51% 1020.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $750.1M
YoY Change -100.0% 750000.0%
Cash From Financing Activities -$425.6M -926.1M -$974.7M
YoY Change -56.34% -30.4% -3.4%
NET CHANGE
Cash From Operating Activities $614.6M 479.4M $971.2M
Cash From Investing Activities -$154.3M 115.8M -$749.5M
Cash From Financing Activities -$425.6M -926.1M -$974.7M
Net Change In Cash $22.30M -330.9M -$751.8M
YoY Change -102.97% -155.47% -1568.36%
FREE CASH FLOW
Cash From Operating Activities $614.6M $479.4M $971.2M
Capital Expenditures $49.80M $200.9M $47.80M
Free Cash Flow $564.8M $278.5M $923.4M
YoY Change -38.83% -1295.28% -14.02%

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CY2023 us-gaap Nature Of Operations
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Nature of Operations</span><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 is a global healthcare company which we believe is </span><span style="color:#3f3f3f;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uniquely positioned to bridge the traditional divide between generics and brands, combining the best of both to more holistically address healthcare needs globally. With a mission to empower people worldwide to live healthier at every stage of life, Viatris provides access at scale, supplying high-quality medicines to patients around the world and touching all of life’s moments, from birth to the end of life, acute conditions to chronic diseases. With our exceptionally extensive and diverse portfolio of medicines, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world's most enduring health challenges, access takes on deep meaning at Viatris. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2023, Viatris’ portfolio comprised more than 1,400 approved molecules across a wide range of key therapeutic areas, including globally recognized iconic and key brands and generics, including complex products, and the Company operated approximately 40 manufacturing sites worldwide that produce oral solid doses, injectables, complex dosage forms and APIs. We conduct our business through four segments: Developed Markets, Greater China, JANZ, and Emerging Markets. Viatris is headquartered in the U.S., with global centers in Pittsburgh, Pennsylvania, Shanghai, China and Hyderabad, India.</span></div>
CY2023Q4 vtrs Number Of Molecules
NumberOfMolecules
1400 molecule
CY2023Q4 vtrs Number Of Manufacturing Sites
NumberOfManufacturingSites
40 site
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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%">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></div>
CY2023 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>
CY2023 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
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1200300000 shares
CY2022 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
1212100000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1208800000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.71
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
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CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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EarningsPerShareDiluted
0.05
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.71
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
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0.12
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.12
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023Q1 us-gaap Dividends Payable Amount Per Share
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0.12
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2021 vtrs Revenuefrom Contractwith Customer Gross
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CY2023 vtrs Accrued Sales Allowances
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CY2022 vtrs Accrued Sales Allowances
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CY2023 vtrs Revenuefrom Contractwith Customer Returns
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CY2023 vtrs Medicaidandothergovernmentalrebates
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CY2023 us-gaap Revenues
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CY2022Q4 vtrs In Process Research And Development Fair Value Measurement Input Discount Rate
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CY2023Q4 vtrs Number Of Insulin Analog Products
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2023 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Acquisition
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
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CY2023 vtrs Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023Q4 vtrs Accumulatednetactuariallossesexceedhigherofmarketvalueofplanassetsor Pbo
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CY2021 us-gaap Defined Benefit Plan Service Cost
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CY2022Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
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