Revenue growth remains highly unstable, with gross margins compressing significantly from 41.6% in 2023Q4 to 32.9% in 2026Q1 due to intensifying competitive pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Mar'06 | Mar'05 | Mar'04 |
|---|
| Sales/Revenue | 14.56B | 14.3B | 14.74B | 15.43B | 16.26B | 17.89B | 11.95B | 11.5B | 11.43B | 11.91B | 11.08B | 9.43B | 7.72B | 6.91B | 6.8B | 6.13B | 5.45B | 5.09B | 5.14B | 2.91B | 1.26B | 1.25B | 1.37B |
| Revenue Growth % | 1.62% | -2.98% | -4.46% | -5.14% | -9.08% | 49.73% | 3.87% | 0.58% | -3.98% | 7.5% | 17.47% | 22.15% | 11.73% | 1.66% | 10.87% | 12.46% | 7.02% | -0.87% | 76.85% | 131.08% | 0.3% | -8.82% | - |
| Cost of Goods Sold | 9.55B | 9.29B | 9.12B | 8.99B | 9.77B | 12.31B | 8.15B | 7.6B | 7.43B | 7.12B | 6.38B | 5.21B | 4.19B | 3.87B | 3.89B | 3.57B | 3.23B | 3.02B | 3.07B | 1.74B | 629.55M | 629.83M | 612.15M |
| COGS % of Revenue | - | 64.94% | 61.85% | 58.26% | 60.05% | 68.83% | 68.22% | 66.11% | 65% | 59.83% | 57.6% | 55.29% | 54.3% | 56% | 57.21% | 58.18% | 59.32% | 59.27% | 59.7% | 59.86% | 50.08% | 50.25% | 44.53% |
| Gross Profit | 5.01B | 5.01B | 5.62B | 6.44B | 6.5B | 5.58B | 3.8B | 3.9B | 4B | 4.78B | 4.7B | 4.22B | 3.53B | 3.04B | 2.91B | 2.56B | 2.22B | 2.07B | 2.07B | 1.17B | 627.62M | 623.54M | 762.47M |
| Gross Margin % | 34.4% | 35.06% | 38.15% | 41.74% | 39.95% | 31.17% | 31.78% | 33.89% | 35% | 40.17% | 42.4% | 44.71% | 45.7% | 44% | 42.79% | 41.82% | 40.68% | 40.73% | 40.3% | 40.14% | 49.92% | 49.75% | 55.47% |
| Gross Profit Growth % | - | -10.85% | -12.66% | -0.9% | 16.53% | 46.85% | -2.59% | -2.6% | -16.34% | 1.83% | 11.41% | 19.5% | 16.04% | 4.54% | 13.46% | 15.6% | 6.89% | 0.21% | 77.56% | 85.77% | 0.65% | -18.22% | - |
| Operating Expenses | 4.87B | 7.68B | 5.61B | 5.67B | 4.88B | 5.61B | 4.01B | 3.18B | 3.1B | 3.35B | 4B | 2.76B | 2.18B | 1.9B | 1.8B | 1.56B | 1.5B | 1.55B | 1.77B | 794.21M | 340.23M | 321.37M | 267.67M |
| OpEx % of Revenue | - | 53.68% | 38.09% | 36.77% | 30.02% | 31.36% | 33.55% | 27.67% | 27.08% | 28.1% | 36.09% | 29.22% | 28.18% | 27.57% | 26.47% | 25.42% | 27.44% | 30.46% | 34.5% | 27.34% | 27.06% | 25.64% | 19.47% |
| Selling, General & Admin | 3.77B | 3.79B | 4.43B | 4.65B | 4.18B | 4.53B | 3.34B | 2.56B | 2.44B | 2.58B | 2.5B | 2.18B | 1.63B | 1.41B | 1.39B | 1.21B | 1.09B | 1.05B | 1.05B | 599.46M | 225.38M | 259.11M | 201.61M |
| SG&A % of Revenue | - | 26.53% | 30.03% | 30.14% | 25.7% | 25.32% | 28% | 22.29% | 21.35% | 21.63% | 22.56% | 23.13% | 21.06% | 20.39% | 20.49% | 19.82% | 19.94% | 20.62% | 20.51% | 20.64% | 17.93% | 20.67% | 14.67% |
| Research & Development | 992.5M | 965.9M | 808.7M | 805.2M | 662.2M | 681M | 512.6M | 639.9M | 704.5M | 783.3M | 826.8M | 671.9M | 581.8M | 507.8M | 401.3M | 294.73M | 282.15M | 275.26M | 317.22M | 194.75M | 102.43M | 88.25M | 100.81M |
| R&D % of Revenue | - | 6.75% | 5.49% | 5.22% | 4.07% | 3.81% | 4.29% | 5.56% | 6.16% | 6.58% | 7.46% | 7.13% | 7.54% | 7.35% | 5.9% | 4.81% | 5.18% | 5.4% | 6.17% | 6.7% | 8.15% | 7.04% | 7.33% |
| Other Operating Expenses | 1000K | 2.92B | 379.2M | 217.1M | 40.8M | 399.3M | 150.3M | -21.4M | -49.5M | -13.1M | 672.5M | -97.4M | -32.1M | -11.5M | 5.2M | 48.56M | 127.06M | 225.72M | 401.63M | 0 | 12.42M | -25.99M | -34.76M |
| Operating Income | 139.4M | -2.66B | 10.1M | 766.2M | 1.61B | -34M | -210.8M | 715.5M | 905.6M | 1.44B | 699.2M | 1.46B | 1.35B | 1.14B | 1.11B | 1.01B | 721.58M | 523.35M | 297.88M | 371.72M | 287.39M | 302.17M | 494.8M |
| Operating Margin % | 0.96% | -18.62% | 0.07% | 4.97% | 9.93% | -0.19% | -1.76% | 6.22% | 7.92% | 12.07% | 6.31% | 15.49% | 17.52% | 16.43% | 16.32% | 16.4% | 13.24% | 10.28% | 5.8% | 12.8% | 22.86% | 24.11% | 36% |
| Operating Income Growth % | - | -26467.33% | -98.68% | -52.55% | 4849.71% | 83.87% | -129.46% | -20.99% | -36.99% | 105.55% | -52.14% | 8.01% | 19.12% | 2.35% | 10.34% | 39.34% | 37.88% | 75.69% | -19.86% | 29.34% | -4.89% | -38.93% | - |
| EBITDA | 2.32B | 135.2M | 2.9B | 3.51B | 4.64B | 4.47B | 2.01B | 2.73B | 3.02B | 3.24B | 2.22B | 2.49B | 1.92B | 1.65B | 1.66B | 1.52B | 1.14B | 924.51M | 723.16M | 582.11M | 334.21M | 347.27M | 539.12M |
| EBITDA Margin % | 15.93% | 0.95% | 19.7% | 22.73% | 28.55% | 25.01% | 16.79% | 23.78% | 26.37% | 27.23% | 20.06% | 26.44% | 24.86% | 23.9% | 24.37% | 24.73% | 21% | 18.15% | 14.08% | 20.04% | 26.58% | 27.71% | 39.22% |
| EBITDA Growth % | 1209.76% | -95.34% | -17.21% | -24.47% | 3.8% | 123.03% | -26.67% | -9.31% | -7.02% | 45.94% | -10.86% | 29.9% | 16.21% | -0.27% | 9.22% | 32.49% | 23.78% | 27.84% | 24.23% | 74.17% | -3.76% | -35.59% | - |
| D&A (Non-Cash Add-back) | 2.13B | 2.8B | 2.89B | 2.74B | 3.03B | 4.51B | 2.22B | 2.02B | 2.11B | 1.81B | 1.52B | 1.03B | 566.6M | 516M | 546.6M | 510.69M | 422.79M | 401.16M | 425.28M | 210.4M | 46.83M | 45.1M | 44.32M |
| EBIT | -244.4M | -3.19B | -73.2M | 776M | 3.41B | -28.2M | -223.4M | 671.7M | 840.7M | 1.44B | 576.5M | 1.25B | 1.31B | 1.06B | 1.11B | 990.58M | 687.41M | 545.47M | 309.22M | -1.2B | 287.39M | 302.17M | 494.8M |
| Net Interest Income | -475.9M | -471.3M | -550M | -573.1M | -592.4M | -636.2M | -497.8M | -517.3M | -542.3M | -534.6M | -442.5M | -336.4M | -333.2M | -313.3M | -308.7M | -335.94M | -331.46M | -318.5M | -357.05M | 0 | -31.29M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.3M | 0 | 0 | 0 | 0 | 0 | 0 | 6.7M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 475.9M | 471.3M | 550M | 573.1M | 592.4M | 636.2M | 497.8M | 517.3M | 542.3M | 534.6M | 454.8M | 336.4M | 333.2M | 313.3M | 319M | 333.1M | 277.96M | 266.75M | 380.78M | 239.21M | 31.29M | 0 | 0 |
| Other Income/Expense | -954.7M | -1B | -633.3M | -563.3M | 1.2B | -630.4M | -510.4M | -561.1M | -607.2M | -534.2M | -577.5M | -545.5M | -378.1M | -388.2M | -305.2M | -350.81M | -365.64M | -296.38M | -345.71M | -1.81B | -12.78M | 10.08M | 17.81M |
| Pretax Income | -815.3M | -3.67B | -623.2M | 202.9M | 2.81B | -664.4M | -721.2M | 154.4M | 298.4M | 903M | 121.7M | 915.4M | 974.5M | 747.3M | 804.08M | 654.64M | 355.94M | 226.97M | -71.56M | -1.44B | 274.61M | 312.25M | 512.61M |
| Pretax Margin % | -5.6% | -25.63% | -4.23% | 1.32% | 17.3% | -3.71% | -6.04% | 1.34% | 2.61% | 7.58% | 1.1% | 9.71% | 12.62% | 10.82% | 11.83% | 10.68% | 6.53% | 4.46% | -1.39% | -49.62% | 21.84% | 24.91% | 37.29% |
| Income Tax | -518.8M | -150.1M | 11M | 148.2M | 734.6M | 604.7M | -51.3M | 137.6M | -54.1M | 207M | -358.3M | 67.7M | 41.4M | 120.8M | 161.15M | 115.83M | 10.4M | -20.77M | 128.55M | 80.1M | 90.06M | 108.66M | 178M |
| Effective Tax Rate % | 63.63% | 4.1% | -1.77% | 73.04% | 26.11% | -91.01% | 7.11% | 89.12% | -18.13% | 22.92% | -294.41% | 7.4% | 4.25% | 16.16% | 20.04% | 17.69% | 2.92% | -9.15% | -179.65% | -5.56% | 32.8% | 34.8% | 34.72% |
| Net Income | -296.5M | -3.51B | -634.2M | 54.7M | 2.08B | -1.27B | -669.9M | 16.8M | 352.5M | 696M | 480M | 847.6M | 929.4M | 623.7M | 640.85M | 536.81M | 345.12M | 232.57M | -196.08M | -1.52B | 184.54M | 203.59M | 334.61M |
| Net Margin % | -2.04% | -24.58% | -4.3% | 0.35% | 12.78% | -7.1% | -5.61% | 0.15% | 3.08% | 5.85% | 4.33% | 8.99% | 12.04% | 9.03% | 9.43% | 8.76% | 6.33% | 4.57% | -3.82% | -52.23% | 14.68% | 16.24% | 24.34% |
| Net Income Growth % | 92.18% | -454.23% | -1259.42% | -97.37% | 263.79% | -89.45% | -4087.5% | -95.23% | -49.35% | 45% | -43.37% | -8.8% | 49.01% | -2.68% | 19.38% | 55.55% | 48.39% | 218.61% | 87.08% | -922.23% | -9.36% | -39.16% | - |
| Net Income (Continuing) | -296.5M | -3.51B | -634.2M | 54.7M | 2.08B | -1.27B | -669.9M | 16.8M | 352.5M | 696M | 480M | 847.7M | 933.1M | 626.5M | 642.93M | 538.8M | 345.54M | 247.75M | -200.11M | -1.52B | 184.54M | 203.59M | 334.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 1.4M | 20.1M | 18.1M | 15.11M | 13.01M | 13.52M | 14.05M | 29.11M | 34.33M | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -3.00 | -0.53 | 0.05 | 1.71 | -1.05 | -1.11 | 0.03 | 0.68 | 1.30 | 0.92 | 1.70 | 2.34 | 1.58 | 1.52 | 1.22 | 0.68 | 0.30 | -0.64 | -5.90 | 0.79 | 0.74 | 1.21 |
| EPS Growth % | 91.68% | -466.04% | -1269.98% | -97.35% | 262.86% | 5.41% | -3800% | -95.59% | -47.69% | 41.3% | -45.88% | -27.35% | 48.1% | 3.95% | 24.59% | 79.41% | 126.67% | 146.88% | 89.15% | -846.84% | 6.76% | -38.84% | - |
| EPS (Basic) | - | -3.00 | -0.53 | 0.05 | 1.71 | -1.05 | -1.11 | 0.03 | 0.69 | 1.30 | 0.94 | 1.80 | 2.49 | 1.63 | 1.54 | 1.25 | 0.69 | 0.31 | -0.64 | -5.90 | 0.80 | 0.76 | 1.24 |
| Diluted Shares Outstanding | 1.18B | 1.17B | 1.19B | 1.21B | 1.22B | 1.21B | 601.2M | 516.5M | 516.5M | 536.7M | 520.5M | 497.4M | 398M | 394.5M | 420.24M | 438.79M | 328.98M | 306.91M | 304.36M | 257.15M | 234.21M | 273.62M | 276.32M |
| Basic Shares Outstanding | 1.16B | 1.17B | 1.19B | 1.2B | 1.21B | 1.21B | 601.2M | 560M | 516.5M | 535.38M | 520.5M | 497.4M | 397.18M | 394.5M | 415.21M | 430.84M | 324.45M | 305.16M | 304.36M | 257.15M | 229.39M | 268.99M | 268.93M |
| Dividend Payout Ratio | - | - | - | 1052.29% | 27.98% | - | - | - | - | - | - | - | - | - | - | - | 40.29% | - | - | - | 26.97% | 15.85% | 7.78% |
Regulatory Pricing Erosion
According to the provided quarterly income statements, Viatris experienced a revenue growth fluctuation ranging from a 11.2% contraction in 2025Q1 to an 8.1% expansion in 2026Q1, highlighting the inherent instability of a portfolio heavily reliant on legacy assets and complex divestiture-driven revenue adjustments.
The recent return to positive growth in 2026Q1 appears to be an outlier rather than a structural shift, given the preceding multi-quarter trend of contraction. Investors should monitor whether this growth is sustainable or merely a temporary result of product mix shifts following the divestiture of the biosimilars business.
As reported in financial statements, Viatris's gross margin has trended downward from a peak of 41.6% in 2023Q4 to 32.9% in 2026Q1, suggesting that the company is struggling to maintain pricing power amidst intensifying competition and the loss of high-margin legacy brand exclusivity.
The consistent erosion of gross margins indicates that the company's 'Global Healthcare Gateway' may be losing its ability to command premiums for off-patent molecules. This compression warrants further investigation into whether the current cost structure is optimized for a lower-margin, high-volume generic reality.
Based on Viatris's reported figures, net income has exhibited extreme volatility, swinging from a $3.0 billion loss in 2025Q1 to a $176.4 million profit in 2026Q1, largely driven by non-operating charges and restructuring costs that frequently decouple reported earnings from actual operational performance.
The frequent appearance of negative net margins suggests that the company is still absorbing the financial consequences of its merger and subsequent portfolio right-sizing. Analysts should treat GAAP net income with skepticism, as it appears heavily influenced by non-cash impairments rather than core pharmaceutical demand.
Data from recent filings suggests that the market's skepticism regarding Viatris's terminal value may be justified, as the company's operating income has frequently dipped into negative territory, raising concerns about the long-term viability of its business model in the face of global regulatory pricing pressures.
Short-sellers likely focus on the persistent gap between the company's stated strategy and its inability to generate consistent operating profit. The reliance on divestitures to manage debt levels may indicate that the underlying business is not generating sufficient organic cash flow to support its current capital structure.
Quick answers to the most common questions about buying VTRS stock.
For fiscal year 2025, Viatris Inc. (VTRS) reported total revenue of $14.30B. This represents a 940.3% increase compared to $1.37B in 2003.
Viatris Inc. (VTRS) reported a net loss of $3.51B for the fiscal year ending 2025.
Viatris Inc. (VTRS) reported an operating income of $-2663.1M, resulting in an operating profit margin of -18.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Viatris Inc. (VTRS) generated $5.01B in gross profit for the year, representing a gross profit margin of 35.1%. This demonstrates the company's core pricing power and production efficiency.