Viatris (VTRS) Q1 earnings beat, revenue misses estimate


Wytris Inc, VTR’s It reported adjusted earnings of 78 cents per share for the first quarter of 2023, down from 93 cents in the year-ago quarter but beating the Zacks consensus estimate of 69 cents per share.

Total revenue was $3.7 billion, down 11% year over year. The top line missed the Zacks Consensus Estimate of $3.8 billion.

Compared to Viatris’ stock is down 16.7% year to date Industrya decline of 6.5%.

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quarter in detail

Revenue includes sales and other revenue. Sales of $3.7 billion were down 11% from the year-ago quarter (6% on an operational basis).

The company reports in four segments – Developed Markets, Emerging Markets, Japan, Australia and New Zealand (JANZ) and Greater China.

Developed market sales came in at $2.2 billion (adjusted for the impact of biosimilar divestitures in November 2022), down 4% from the year-ago quarter.

In November 2022, Vytris closed its transaction with Biocon Biologics Limited. Vytris previously announced an agreement with Biocon Biologics Limited under which Vytris will sell its biosimilar portfolio to Biocon Biologics Limited.

Sales from emerging markets totaled $641.9 million, up 1% year-over-year.

JANZ posted sales of $342.2 million, down 10%.

Sales from Greater China were $564.6 million, up 5% year over year.

Revenue from Brands decreased 5% year over year to $2.4 billion. Of these, Lipitor sales were $417.9 million, up from $440.1 million in the year-ago quarter. Norvasc sales were $202.7 million, up from $207.8 million in the year-ago quarter.

Complex generics performed below management’s expectations primarily due to the phasing out of certain products. Revenue from this business has declined by 65% ​​year-on-year.

Generics, which includes diverse product forms such as extended-release oral solids, injectables, transdermal and topical, performed ahead of management’s expectations, including solid performance across a broad portfolio in developed and emerging markets. Revenue from this business decreased 6% to $1.2 billion.

Vytris generated $85 million in new product revenue, primarily driven by the launch of generic lenalidomide in the United States. It aims to achieve approximately $500 million in new revenue in 2023.

Adjusted gross margin came in at 60.4%, up from 59.5% in the year-ago quarter.

2023 guidance reiterated

Revenue is projected between $15.5 billion and $16 billion.

Vytris Inc. Price, Consensus and EPS Surprises

Vytris Inc.  Price, Consensus and EPS Surprises

Vytris Inc. price-consensus-eps-surprise-charts , Wytris Inc Quote

take our

Wytris reported mixed results for the first quarter. The company is now looking to reshape its business after selling off its biosimilar portfolio.

Zacks Rank and Stocks to Consider

Viatris currently carries a Zacks Rank #4 (Sales).

Some of the top ranked stocks in the healthcare sector include spero therapeutics SPRO, Ligand Pharmaceuticals lgnd And Pachira Biosciences PCRx, While Spero and Ligand have a Zacks Rank #1 (Strong Buy), PCRX has a Zacks Rank #2. you can see Full list of today’s Zacks #1 ranked stocks here,

Over the past 60 days, loss estimates for SPRO have narrowed from $1.45 to $1.02 for 2023. SPRO topped earnings estimates in three of the past four quarters and missed the remaining one, with the average surprise being 56.37%.

Over the last 90 days, the 2023 earnings estimate for LGND has increased by 86 cents to $4.16. LGND topped earnings estimates in two of the past four quarters and missed the other two.

Over the past seven days, the earnings estimate for PCRX has increased from $3.51 to $3.56 for 2023. PCRX beat estimates in three of the last four quarters and missed the remaining one, with an average negative surprise of 15.26%.

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