Viatris Inc. (NASDAQ: VTRS) reported its second-quarter results on Monday and lowered the revenue outlook for the 2022 fiscal year.
Michael Goettler, CEO of Viatris, said that because of strong operational performance, he believes that Viatris can absorb the foreign exchange rate impact within announced ranges.
Q2 results failed to meet revenue expectations
Viatris is an American global healthcare company that produces and sells a variety of medicines, with 1,400 approved therapeutic molecules in its portfolio.
Viatris’s business remains stable, but the company reported weaker than expected second-quarter results this Monday. Total revenue has decreased by 10% Y/Y to $4.12 billion, while the GAAP earnings per share were $0.26.
Net sales from developed and emerging markets fell 6% Y/Y and 25% Y/Y to $2.5 billion and $650.9 million, while sales in China remained steady at $548.3 million compared to the second quarter of 2021.
Total revenue has decreased above expectations ( -$60 million), and the company lowered revenue guidance for the 2022 fiscal year. For the full year, Viatris expects total revenue to be in a range between $16.2 billion – $17.7 billion, while the prior outlook was revenue between $17 billion – $17.5 billion. Sanjeev Narula, Chief Financial Officer of Viatris, said:
Our revised revenue guidance takes into account foreign exchange impact through the first half of the year and approximately $600 million, split evenly between the third and fourth quarter of 2022. Operationally, we expect revenue will be driven by the continued ramp-up of new products, including the US launch of lenalidomide in the second half and the seasonality of Influvac in developed markets.
Despite this, the company’s management is proud of its financial performance in the second quarter and
