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Mylan Reveals First Steps For Viatris As Key Date Approaches

Q3 Results Published, Mylan’s Final Earnings Update

Executive Summary

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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Viatris Hikes Guidance With The Wind On Its Back At Halfway Stage

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 Ups and Downs, Industry Attempts To Normalize In Q3

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.

Up To 9,000 Jobs At Risk As Viatris Kicks Off $1bn Restructuring Scheme

With a goal of reducing its cost base by at least $1bn by 2024, Viatris has delivered plans to significantly restructure its global manufacturing network. Up to 20% of Viatris’ 45,000-strong workforce could be impacted by the initiative which will see the firm close, divest or downsize 15 of its manufacturing plants around the globe.

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