Viatris delivered a positive first quarter, outperforming Wall Street’s expectations on both revenue and non-GAAP earnings per share. Management attributed this performance to strong commercial execution, particularly in Greater China, which saw accelerated growth driven by increased demand for cardiovascular products and successful e-commerce investments. CEO Scott Smith highlighted the company's execution and portfolio diversification, noting, “you’re seeing strong execution and our commercial investments are leading to accelerated growth.” The quarter also benefited from new product contributions in North America and operational improvements stemming from a strategic enterprise-wide review.
Is now the time to buy VTRS? Find out in our full research report (it’s free for active Edge members).
Viatris (VTRS) Q1 CY2026 Highlights:
- Revenue: $3.52 billion vs analyst estimates of $3.34 billion (8.1% year-on-year growth, 5.2% beat)
- Adjusted EPS: $0.59 vs analyst estimates of $0.50 (17.5% beat)
- Adjusted EBITDA: $1.05 billion vs analyst estimates of $928.3 million (29.8% margin, 13.1% beat)
- The company reconfirmed its revenue guidance for the full year of $14.7 billion at the midpoint
- Management reiterated its full-year Adjusted EPS guidance of $2.40 at the midpoint
- EBITDA guidance for the full year is $4.3 billion at the midpoint, in line with analyst expectations
- Operating Margin: -2.3%, up from -88.6% in the same quarter last year
- Market Capitalization: $20.23 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Viatris’s Q1 Earnings Call
- Glen Santangelo (Barclays) asked about the durability of China’s growth and why guidance was not increased given Q1 outperformance. CEO Scott Smith emphasized strong execution and market fundamentals but said it was still early in the year to revise full-year guidance.
- Umer Raffat (Evercore) inquired about the design and endpoint of the selatogrel study. Chief R&D Officer Philippe Martin explained the ranking endpoint approach and clarified how different cardiovascular events are adjudicated in the study’s analysis.
- Matthew Dellatorre (Goldman Sachs) requested details on expected label language and commercial plans for fast-acting meloxicam, as well as updates on cost savings. Management confirmed expectations for opioid-sparing language and outlined a specialty-focused sales force model for the launch.
- Leszek Sulewski (Truist Securities) questioned the sustainability of new product revenue and whether business development priorities had shifted given available cash. CEO Smith and Interim CFO Campbell confirmed ongoing commitment to accretive M&A and continued transparency in product revenue reporting.
- David Amsellem (Piper Sandler) asked about Viatris’ U.S. commercial strategy across diverse therapeutic areas and the balance between late-stage and early-stage R&D investments. Management emphasized a specialty-focused approach and prioritizing in-market accretive assets over higher-risk early-stage deals.
Catalysts in Upcoming Quarters
Looking forward, the StockStory team will be tracking (1) regulatory decisions and launches for XULANE LO and fast-acting meloxicam in the U.S., (2) sustained revenue growth and commercial execution in Greater China amid evolving policy dynamics, and (3) progress on cost optimization and pipeline milestones, including Phase III data for selatogrel and cenerimod. Updates on business development and M&A activity will also be closely watched.
Viatris currently trades at $17.20, up from $15.95 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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