Q3 2024 Viatris Inc Earnings Call Transcript
Key Points
- Viatris Inc (VTRS) reported a 3% year-over-year growth in its diversified base business, marking the sixth consecutive quarter of operational revenue growth.
- The company generated significant free cash flow of $866 million, excluding transaction costs and taxes, which enabled debt reduction.
- Viatris Inc (VTRS) achieved growth in all segments, with brands up 2% and generics up 4%, driven by strong performance in Europe, Greater China, and Latin America.
- The company is on track to meet the higher end of its new product revenue range of $500 to $600 million for the year.
- Viatris Inc (VTRS) is making progress in its innovative pipeline, with key developments in cardiovascular and ophthalmology programs, and plans to expand indications for existing assets.
- Net sales in the brand business declined due to the continued impact of Medicaid utilization in certain non-promoted brands.
- The company anticipates lower total revenue in the fourth quarter due to normal product seasonality and generic entrants in Japan.
- Free cash flow in the fourth quarter is expected to be lower due to divestiture costs, taxes, higher CapEx, and semi-annual interest payments.
- The ARV generics business faced supply chain impacts, affecting performance in emerging markets.
- Viatris Inc (VTRS) is not providing forward-looking revenue and EBITDA guidance for 2025, creating uncertainty about future financial performance.
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(Technical difficulty)
Products are focused. Execution on the services pipeline gives us confidence in our ability to continue to grow our base business and address unmet medical need. Fixer is a great example. Last month, we announced positive top-line results that demonstrated the efficacy and safety of a fixer for the treatment of generalized anxiety disorder or GAD Japanese patients with moderate to severe disease. We believe the significant lifecycle opportunity and the potential to be a meaningful treatment option for patients with GAD. The condition, which currently does not have any approved treatment available in Japan, we are targeting to submit an application to the Japanese health authorities in 2025. The growth. Our base business is critical for us to be able to reinvest in our innovative pipeline as we look for opportunities which can make a meaningful difference in patients' lives. We also have a unique opportunity to leverage our global development expertise and broad commercial infrastructure Tech Flex. The
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