Viatris Inc: 2Q First Take: 2Q Beat & Guidance Bump

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Viatris Inc

Neutral

VTRS, VTRS US

Price (05 Aug 26):$17.65

2Q First Take: 2Q Beat & Guidance Bump

This morning, VTRS reported 2Q results modestly ahead of expectations and

bumped 2026 guidance. On the quarter, VTRS reported sales of $3.8bn (+$77mm

vs cons) with China (+$60mm) and Developed Markets (+$44mm) driving the

beat. Looking down the P&L, GMs were ahead of expectations (+200bps) with

Opex in line with our expectations, leading to EBITDA of $1.2bn (+$108mm vs

cons). Additionally, EPS of $0.69 (+$0.09) was ahead as a result.

Looking to guidance, VTRS now anticipates revenues of $14.55bn - $14.95bn

(+$50mm at midpt from $14.45bn-$14.95bn), which includes a ~1% anticipated

Fx tailwind (vs 0.5% prior). Below the top line, margin expectations were

unchanged, leading to EBITDA of $4.3bn - $4.5bn (+$100mm at midpt from

$4.15-$4.45bn) and EPS of $2.45 - $2.59 (+$0.12 at midpt from $2.33 - $2.47).

Elsewhere, it was also noted that the Nashik facility was issued a 483 in May which

is anticipated to lead to a $100 - $150mm impact to 2H26 sales.

More broadly on the story, interest in VTRS has increased given the company’s

now more stable base business, an interesting upcoming launch with fast-acting

Meloxicam, and with pipeline call options in selatogrel and cenerimod (early 2027

readouts). At the same time, capital allocation remains more controversial and

investors may prefer to wait for biz dev / pipeline de-risking to step in. Remain

Neutral.

Figure 1: 2Q26 Earnings Variance

VTRS

Total Revenue

Developed Markets

EM

JANZ

China

Cost of goods, other

Gross Profit

Gross Margin

SG&A

R&D

Operating Income

Operating Margin

EBITDA

Interest and Other Income

Tax Rate

Net Income

EPS

Shares Outstanding

Reported

2Q26

$3,757

$2,194

$542

$296

$714

$1,598

$2,159

57.5%

$821

$242

$1,102

29.3%

$1,188

($116)

18.0%

$809

$0.69

1,172

JPMe

2Q26

$3,669

$2,168

$555

$282

$651

$1,614

$2,054

56.0%

$818

$228

$1,009

27.5%

$1,109

($130)

18.0%

$720

$0.61

1,180

Variance

vs JPMe

$88

$26

($13)

$14

$63

($16)

$104

147 bps

$3

$14

$94

185 bps

$80

$14

0 bps

$88

$0.08

(8)

$3,680

$2,150

$575

$290

$654

Diff Vs.

Cons

$77

$44

($33)

$7

$60

55.4%

…