Viatris has reported net earnings of $94.8m, $0.08 per diluted share, for the third quarter ended 30 September 2024, a 71% decline compared to $331.6m, $0.27 per diluted share, for the respective period in 2023.
The US drugmaker’s net income for the third quarter (Q3) of 2024 increased compared to a net loss of $326.4m for the second quarter of 2024 (Q2 2024).
Viatris reported total revenues of $3.75bn for Q3 2024, a 5% decrease compared to $3.94bn for the same quarter in 2023, and a 1% decline compared to $3.79bn for Q2 2024.
The pharmaceutical company reported total operating expenses of $1.68bn for Q3 2024, a 36% rise compared to $1.23bn for the same quarter in 2023.
Viatris reported an income before tax of $90.5m for Q3 2024, a 77% decline compared to $402.2m for the respective quarter in the previous year.
Viatris CEO Scott Smith said: “We are in a period of strong global execution which has led to consistent base business growth and we expect this momentum to continue into next year.
“Our company is operating from a position of financial strength with a clear and focused outlook that centres on capital allocation.
“Returning value to shareholders through dividends and share repurchases will remain a central element of optimizing and maximizing shareholder value.
“We will balance this with making disciplined investments in commercialised or late-stage assets through regional and global business development to drive our future growth.”
Viatris has reported a net loss of $117.7m, or $0.1 per diluted share, for the first nine months (9M) ended 30 September 2024, compared to a net profit of $820.3m, or $0.68 per diluted share, for the respective period in 2023.
The pharmaceutical company reported total revenues of $11.21bn for 9M 2024, a 3% decline compared to $11.58bn for the same period in 2023.
Viatris reported total operating expenses of $2.98bn for 9M 2024, a 25% increase compared to $2.38bn for the same period in the previous year.
The US drugmaker reported a loss before tax of $96.7m for 9M 2024, compared to an income before tax of $1.05bn for the respective period in the previous year.
Viatris chief financial officer Doretta Mistras said: “We continue to make excellent progress executing on our debt paydown commitment and are on pace to achieve our long-term gross leverage target of ~3.0x by year-end.
“With sector-leading cash flow and a strong balance sheet as our foundation, I believe we are well-positioned to deliver consistent base business growth, while simultaneously investing in our business and returning significant capital to our shareholders.”
Last month, Viatris signed an exclusive licencing agreement with Lexicon Pharmaceuticals, gaining rights of sotagliflozin in all markets outside of the US and Europe.
