Mylan Reveals First Steps For Viatris As Key Date Approaches
Q3 Results Published, Mylan’s Final Earnings Update
Presenting its last ever financial earnings as a standalone company, Mylan revealed plans to host an Investor Day in the first quarter of next year to discuss the strategic direction of Viatris, Mylan’s proposed combination with Pfizer’s Upjohn which is due to close later this month.
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The company will buy Oyster Point Pharma and Famy Life Sciences for $700m to $750m in total as management tries to move the business towards more innovation.
Viatris enjoyed another strong quarter, its second full quarter as a combined entity, allowing for a raise in guidance across the board. Management discussed the firm’s strengths, and weaknesses, during the Q2 earnings call.
After seeing a spike in demand due to the coronavirus pandemic in Q1, with a corresponding dip in Q2, the generics industry has largely seen single-digit drops in net revenues in the third quarter of 2020. Meanwhile, the Indian pharma market has seen recovery after facing a challenging coronavirus-induced slump in the first two quarters of 2020.