Q2 2024 Viatris Inc Earnings Call Transcript
Key Points
- Viatris Inc (VTRS) reported its fifth consecutive quarter of operational revenue growth, with total revenues of $3.8 billion and operational revenue growth of approximately 2%.
- The company has successfully completed its divestitures, which has streamlined operations and strengthened its balance sheet through significant debt paydown.
- Viatris Inc (VTRS) has a strong global footprint, reaching over 1 billion patients annually, and a diversified portfolio across generics and off-patent brands.
- The company is expanding its innovative portfolio with investments in assets like selatogrel and cenerimod, which have received fast track designation from the FDA.
- Viatris Inc (VTRS) has increased its expected 2024 new product revenue range to $500 million to $600 million, driven by strong new product performance across multiple regions.
- The company faces ongoing challenges from government price regulations in markets like Japan and Australia, impacting its base business.
- There is uncertainty regarding the long-term EBITDA margins, with comparisons being drawn to peers like Organon, which have lower margins.
- Viatris Inc (VTRS) is still in the early stages of its innovative brand strategy, and there is a need for disciplined business development to ensure growth.
- The company is experiencing increased Medicaid utilization in certain non-promoted brands and lower EpiPen volumes due to formulary changes.
- Despite the strong performance, there is still uncertainty about the specific timelines for the development and commercialization of new innovative assets like selatogrel and cenerimod.
Good morning, everyone, and welcome to the Viatris Q2 2024 earnings call. (Operator Instructions) Please also note, today's event is being recorded.
At this time, I'd like to turn the floor over to Bill Szablewski, Head of Investor Relations and Capital Markets. Please go ahead.
Good morning, everyone. Welcome to our Q2 2024 earnings call. With us today is our CEO, Scott Smith; CFO, Doretta Mistras; Chief R&D Officer, Philippe Martin; and Chief Commercial Officer, Corinne Le Goff.
During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties.
We'll also be referring to certain actual and projected non-GAAP financial measures. Please refer to today's slide presentation and our SEC filings for more information, including reconciliations of those non-GAAP measures to the most directly comparable
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