Viatris (VTRS) Jefferies 2024 Global Healthcare Conference summary

Strategic transformation and leadership changes

• Significant organizational transformation over the past 16 months, including multiple divestitures and acquisitions aligned with a 2022 strategic plan.

• New management team and board member with expertise in innovative pharma and clinical development.

• Strengthened and streamlined operations position the company for growth in 2025 and beyond.

Financial performance and capital allocation

• Over $10 billion in cash generated from divestitures and free cash flow since the Biocon sale, with $6.6 billion in debt repaid.

• Leverage ratio targeted at 2.8–3.2x, with strong free cash flow expected to continue at $2.3 billion or more annually.

• Capital allocation priorities include dividends, share buybacks, and disciplined business development.

Business development and pipeline

• Recent acquisitions include Oyster Point, Famy, and Idorsia assets (selatogrel and cenerimod), expanding the pipeline in eye care, cardiovascular, and immunology.

• Two Idorsia assets in phase III trials, with global development capabilities expected to accelerate enrollment and data anticipated in the second half of 2026.

• Eye care pipeline includes two approved products and several late-stage assets, with ongoing investment in gene therapies.