Viatris Inc VTRS is trading lower Monday after the company reported worse-than-expected top-line results for the fourth quarter and issued guidance below estimates.
Viatris reported quarterly revenue of $4.33 billion, which came in below the $4.35 billion estimate. The company said it expects full-year 2022 revenue to be between $17 billion and $17.5 billion versus the $17.6 billion estimate.
Viatris' board authorized a share repurchase program of up to $1 billion.
"The board of directors has worked closely and strategically with the management team to develop a future direction for Viatris that will not only unlock immediate value but will also create a simpler, stronger and more focused company," said Robert Coury, executive chairman of Viatris.
Following a strategic review, the company also announced that it reached a definitive agreement with Biocon Biologics to contribute its biosimilars portfolio to the company.
Upon closing, which is expected in the second half of 2022, the transaction should provide Viatris with immediate, enhanced financial flexibility and accelerate its financial commitments.
See Also: India-Based Biocon To Buy Viatris' Biosimilars Assets In $3.3B Deal
Formed by the combination of Mylan and Pfizer Inc's PFE Upjohn business in 2020, Viatris is one of the world's largest generic drug manufacturers with a substantial off-patent branded drug portfolio and nascent biosimilar portfolio.
VTRS Price Action: Viatris has traded as high as $16.29 over a 52-week period. It's making new lows Monday.
The stock was down 24.5% at $10.97 at time of publication.
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