Viatris Announces First-Quarter 2022 Results
May 9, 2022 By MarketDepth
Viatris Inc. (NASDAQ: VTRS) reported Monday financial results for the first quarter of 2022. It has reported that total revenues Were $4.19 billion.
Viatris also announced that its Board of Directors declared a quarterly dividend of twelve cents ($0.12) for each issued and outstanding share of the company’s common stock. The dividend is payable on June 16, 2022, to shareholders of record at the close of business on May 24, 2022.
“We are off to a good start for 2022 with strong first quarter results in line with our expectations across all key financial metrics. We are making good progress on our reshaping initiatives to unlock value, free up capital, and generate substantial cash flows to position the company as a high-value global business for the long term.”Viatris CEO Michael Goettler
Viatris President Rajiv Malik said: “Our strong results this quarter reflect our focused business execution on all fronts. We delivered on key launches across our segments, positioning the company to be on track to achieve approximately $600 million in new product revenue for the year. Our transaction with Biocon Biologics is progressing, and we are well positioned to close in the second half of 2022.”
“We demonstrated excellent progress this quarter and reported solid operational results, which included generating more than $1 billion in free cash flow, a record for Viatris. We also retired approximately $840 million of short-term debt and increased our quarterly dividend by 9 percent. This puts us firmly on track with our 2022 debt paydown target of approximately $2 billion which supports the investment grade rating we are committed to maintaining. We believe the momentum we see in the business positions us well for the remainder of 2022.”Viatris CFO Sanjeev Narula