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Viatris Inc [VTRS] reports annual net loss of $54.7 million
Company Reports Revenue of $15.4 billion
Viatris Inc [VTRS] has reported a net loss of $54.7 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $15.4 billion
Based in CANONSBURG, Pennsylvania, Viatris Inc operates in the MANUFACTURING sector.
For the 12 months ended December 31, 2023, Viatris Inc. reported a decrease in net sales to $15.4 billion from $16.2 billion in the previous year, reflecting a downward trend. Total revenues also decreased from $16.3 billion to $15.4 billion over the same period.
The cost of sales for the current period was $9.0 billion, down from $9.8 billion in the previous year, indicating a reduction in operational costs. This led to a gross profit of $6.4 billion, slightly lower than the $6.5 billion reported in the previous year.
Operating expenses showed an increase in research and development expenditures, going from $662.2 million to $805.2 million. Acquired IPR&D costs also rose to $105.5 million from $36.4 million. Selling, general, and administrative expenses increased to $4.7 billion from $4.2 billion. Litigation settlements and other contingencies, net, jumped to $111.6 million compared to $4.4 million in the prior year. Despite these increases, the total operating expenses for the current period stood at $5.7 billion, higher than the $4.9 billion reported in the previous year.
Earnings from operations declined to $766.2 million from $1.6 billion in the prior year. Interest expenses decreased slightly to $573.1 million from $592.4 million, while other income, net, improved to -$9.8 million from -$1.8 billion in the previous period. Earnings before income taxes dropped to $202.9 million from $2.8 billion.
The income tax provision was $148.2 million for the current period, compared to $734.6 million in the previous year. Net earnings for the current period were $54.7 million, significantly lower than the $2.1 billion reported in the previous year.
Earnings per share for basic and diluted amounts were $0.05 in the current period, a substantial decrease from $1.71 in the prior year. The weighted average shares outstanding for both basic and diluted calculations remained consistent at 1,208.8 million shares.
In conclusion, Viatris Inc. faced challenges in the current reporting period compared to the same period in the previous year, with decreases in net sales, gross profit, and net earnings, signaling a period of financial difficulty for the company.
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