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Viatris: 2021 Is Trough Year For Earnings But Revenues A Trickier Prospect

Company ‘Very, Very Pleased’ With Q1 Financials

Executive Summary

Committed to greater transparency following its formation in November, Viatris published first-quarter financial results that met top- and bottom-line expectations. However, the US-based company promised to update the market for meeting revenue projections in 2021.

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Generics Industry Fails To Match Last Year’s Growth In First Quarter

The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies. 

Viatris And Biocon’s US Bevacizumab Hit By Indefinite Delay

Viatris and partner Biocon have seen FDA action on their application for a bevacizumab biosimilar rival to Avastin delayed by the need for a facility inspection, the timing of which is uncertain due to coronavirus-related restrictions.

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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