Viatris Inc "Potential beat/ raise with multiple tailwinds & pipeline..."

研报英文原文证据摘录

Viatris Inc "Potential beat/ raise with multiple tailwinds & pipeline..."

To % ch Cons.

mgmt expects FX tailwinds to persist in 2Q but moderate in 2H). Recall 1Q Greater Q1 0.59 0.59 0 0.59

China delivered 18% operational y/y growth (ex. 5% FX tailwind). Co also raised Q2E 0.59 0.60 2 0.60

China guidance to mid- to high-SD y/y growth for FY26 (vs prior mid-SD). Growth Q3E 0.63 0.63 0 0.64

is driven by strong China market fundamentals and broad based strength across Q4E 0.65 0.65 -0 0.61

channels, particularly e-commerce, where sales doubled in 1Q. The policy 12/26E 2.45 2.46 0 2.45

environment continues to be favorable in China as well. 12/27E 2.99 2.69 -10 2.64

12/28E 3.52 2.85 -19 2.92

g-Symbicort (+ve): Breyna was a key growth contributor to North America (NA)

Ashwani Verma generic in 1Q26. While Teva's g-Symbicort has shown strong early launch uptake

Analyst

in 2Q26, we believe it is still too early to assess the market share impact given ash.verma@ubs.com

Teva's significantly smaller TRx base. VTRS mgmt acknowledged that Teva's entry +1-212-713 4059

may temper Breyna's growth, but noted that pricing should hold. This is consistent

Di Zhao with what we hear from Teva, which views g-Symbicort as a durable market with

limited pricing pressure. We expect Breyna to remain a key growth driver through di.zhao@ubs.com

2H26 and beyond. See g-Symbicort IQVIA data pull in Figure 3G-Symbicort-VTRS'sBreynamayfacepresurefromTeva'searlylaunchmomentumdespiteasmalTRxbase and competitive +1-212-713 5953

landscape in Figure 4G-Symbicortmarket-competitivelandscapeandcurentstatus.

So Youn Shim

Hormonal patches (+ve): Estradiol patch was another key growth driver for NA Analyst

generics in 1Q26. Similar to what we heard from AMRX (see our AMRX preview so-youn.shim@ubs.com