Company file · VTRS

Viatris

Greater China was Viatris' fastest-growing segment in FY2025, up 7.7%

Revenue fell 3.0% to $14.3B in FY2025, from $14.7B in FY2024. It posted a net loss of $3.5B. Developed Markets was the largest segment, at 60% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 26, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026) · Data pulled Nov 11, 2026

Key facts

Viatris (Nasdaq: VTRS) closed fiscal 2025 on Dec 31, 2025 with revenue of $14.3B, down 3.0% from a year before; net income came to −$3.5B, compared with −$634M. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $3.7B, down 0.3% on the same stretch of the prior year, and net income of −$325M. Broken down by segment, Developed Markets led with 60% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).

Revenue$14.3BFY2025 · −3.0% vs FY2024

Net income−$3.5BFY2025 · vs −$634M in FY2024

Operating cash flow$2.3BFY2025 · +0.6% vs FY2024

Cash & equivalents$1.8Bat Sep 30, 2026 · +35.3% vs FY2025 end

Total debt$13.3Bat Sep 30, 2026 · −7.6% vs FY2025 end

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 26, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Developed Markets$8.5B60%−4.7%
Greater China$2.3B16%+7.7%
Emerging Markets$2.2B15%−1.8%
Japan, Australia and New Zealand$1.2B8%−11.3%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Developed Markets (60%), Greater China (16%), Emerging Markets (15%) and Japan, Australia and New Zealand (8%), as shares of total revenue. Total revenue was $14.3B.

By segment: three-year mixShare of the total each fiscal year

FY2023

60%14%17%9%

FY2024

61%15%15%9%

FY2025

60%16%16%8%

Developed MarketsGreater ChinaEmerging MarketsJapan, Australia and New Zealand

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.7B Q3 2026

$3.8B Q3 2025

0.3% decrease

Net income

−$325M Q3 2026

−$128M Q3 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Viatris 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

By segment

Developed Markets

$2.2B Q3 2026

$2.3B Q3 2025

1.8% decrease

Greater China

$703M Q3 2026

$615M Q3 2025

14.2% increase

Emerging Markets

$529M Q3 2026

$570M Q3 2025

7.2% decrease

Japan, Australia and New Zealand

$287M Q3 2026

$306M Q3 2025

6.3% decrease

Source: Viatris 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

Cash & equivalents $1.8B at Sep 30, 2026, vs $1.3B at FY2025 end.
Total debt $13.3B at Sep 30, 2026, vs $14.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.7B vs $1.5B a year earlier.

The bull case and the bear case

The bull case

Operating cash flow rose 0.6% in FY2025 to $2.3B. 10-K, FY2025
Greater China revenue grew 7.7% in FY2025 to $2.3B. 10-K, FY2025

The bear case

Revenue fell 3.0% in FY2025 to $14.3B, from $14.7B a year earlier. 10-K, FY2025
It reported a net loss of $3.5B in FY2025. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $3.7B, down 0.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Japan, Australia and New Zealand revenue fell 11.3% in FY2025 to $1.2B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Viatris is in the pharmaceuticals industry, part of the health care sector. The SEC files it under Pharmaceutical Preparations.

Viatris reports 4 segments: Developed Markets, Greater China, Emerging Markets and Japan, Australia and New Zealand.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the pharmaceuticals industry. They are not a summary of Viatris’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$15.4B	$14.7B	$14.3B
Net income	$55M	−$634M	−$3.5B
Operating cash flow	$2.9B	$2.3B	$2.3B
Cash & equivalents (year end)	$992M	$735M	$1.3B
Total debt (year end)	$18.1B	$14.0B	$14.4B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net (loss) earnings, as the company reports it on its income statement.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

What we left out

Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.

Recent filings

Form	Filed	Period
10-Q	Nov 5, 2026	Sep 30, 2026
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 7, 2026	Mar 31, 2026
DEF 14A	Apr 2, 2026	May 15, 2026
10-K	Feb 26, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Viatris

How does Viatris make money?

Fiscal 2025 revenue: $14.3B. By segment in FY2025: Developed Markets (60%), Greater China (16%), Emerging Markets (15%) and Japan, Australia and New Zealand (8%), as shares of total revenue. Total revenue was $14.3B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What was Viatris's revenue in fiscal 2025?

$14.3B, down 3.0% from fiscal 2024 ($14.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $15.4B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

Is Viatris profitable?

Net income was −$3.5B in fiscal 2025 (compared with −$634M; fiscal 2024 was −$634M). That counts as a GAAP loss. The latest quarter, ended Sep 30, 2026: net income was −$325M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.

What did Viatris report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $3.7B (down 0.3% from $3.8B) and net income −$325M (compared with −$128M from −$128M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.

How much cash and debt does Viatris have?

As of Sep 30, 2026: $1.8B of cash and cash equivalents, $13.3B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.

What are the main risks Viatris faces?

Viatris's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the pharmaceuticals industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Viatris numbers come from?

The 10-K filed Feb 26, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Viatris

Bridgewater Associates: 1,698,341 shares, reported value $27.0M at Jun 30, 2026 (+134.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 563,129 shares, reported value $8.9M at Jun 30, 2026 (−68.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 502,259 shares, reported value $8.0M at Jun 30, 2026 (−87.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 314,043 shares, reported value $5.0M at Jun 30, 2026 (−88.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 238,000 shares, reported value $3.8M at Jun 30, 2026 (+18.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in VTRS: The editor holds no position in Viatris (VTRS). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell VTRS from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VTRS, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
ViatrisVTRS	FY2025	$14.3B	−3.0%	−$3.5B
Eli LillyLLY	FY2025	$65.2B	+44.7%	$20.6B
Johnson & JohnsonJNJ	FY2025	$94.2B	+6.0%	$26.8B
MerckMRK	FY2025	$65.0B	+1.3%	$18.3B
PfizerPFE	FY2025	$62.6B	−1.6%	$7.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.