Viatris Posts Q1 Profit Despite 5% Dip In Sales, Reiterates FY22 Guidance Above Consensus - Viatris (NASDAQ:VTRS)

Viatris Inc VTRS reported Q1 FY22 sales of $4.18 billion, down 5% Y/Y (-1% on an operational basis), below the consensus of $4.23 billion.
Brands performed better than expectations, such as Lipitor, Effexor, and Perforomist.
Complex generics and biosimilars grew by 21% Y/Y on an operational basis, driven mainly by the generic Restasis launch in February, partially offset by competition in select complex generics products.
Viatris generated approximately $120 million in new product revenues, primarily driven by the launch of generic Restasis and interchangeable Semglee in the U.S., and is on track to achieve approximately $600 million in new product revenues in 2022.
It reported EPS of $0.33, a turnaround from an EPS loss of $(0.86) a year ago.
Adjusted earnings increased 1% to $1.13 billion, while adjusted EBITDA declined 3% to $1.59 billion.
The adjusted gross margin remained unchanged at 59.5%.
The company generated $1.07 billion of free cash flow.
Viatris's quarterly dividend of $0.12 per common share is payable on June 16, 2022, to shareholders of record on May 24, 2022.
Guidance: Viatris reaffirms FY22 sales of $17 billion - $17.5 billion, compared to the consensus of $17.24 billion.
It forecasts adjusted EBITDA of $5.8 billion - $6.2 billion and free cash flow of $2.5 billion - $2.9 billion.
Price Action: VTRS shares are up 6.83% at $10.63 during the market session on Monday's last check.