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Viatris

Sector unknown·VTRS · USA (SEC 10-K)·Fiscal year to 31/12/2025

Biotech and drug developmentCybersecurity (products and services)Labour and wagesConsumer spendingContract manufacturers as a business (EMS, CMO, CRO)

Viatris’ portfolio consists of generics (including complex products), globally recognized iconic brands, and an expanding portfolio of innovative medicines.

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Labour and wages
Macro Consumer spending, Tariffs and trade policy, M&A and consolidation, USD vs DKK/EUR
Technology Biotech and drug development, Cybersecurity (products and services), Artificial intelligence, Automation and robotics
Regulation Patent expiry and generic competition, US drug pricing policy, Drug approvals, Packaging regulation and deposit schemes
End markets Contract manufacturers as a business (EMS, CMO, CRO), Industrial manufacturing
Geography China, Ageing population, United States, Europe

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Patent expiry and generic competition

Regulation

DriverPositive impact: strengthens

“Table of Contents Approach to Growth and Innovation Viatris’ confidence in the delivery of its pipeline is rooted in its strong historic development programs and list of firsts, including the first FDA approvals of the generic versions of Advair Diskus® (Wixela Inhub®), Restasis®, Symbicort® (Breyna™), and Venofer®. The Company is working on many other programs, including patent-protected, innovative assets such as selatogrel and cenerimod, 505(b)(2) products such as fast-absorbing meloxicam for acute pain and low dose estrogen weekly patch for contraception, and on the potential to be first to market for its generics of Abilify Maintena®, Injectafer®, Ozempic®, and Wegovy™.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Many of our products are not protected by patent rights or have limited patent life and will soon lose patent protection. Loss of patent protection for a product typically is followed promptly with the launch of generic products.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“For example, we may lose market exclusivity for Amitiza® 24 μg in Japan in June 2026.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“With respect to government enforcement of state and federal laws, including antitrust laws, as well as private plaintiff litigation of antitrust claims, including so-called “pay for delay” patent settlements, large verdicts, settlements or government fines are possible, especially in the U.S. and EU. Additionally, some state legislatures have enacted, and the U.S. federal government or additional state legislatures could enact, legislation to limit patent settlements between pharmaceutical companies and deem such patent agreements as anticompetitive. These changes could impact our ability to launch generic products prior to the originator’s patent expiry.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Our ability to commercialize any branded product successfully will largely depend upon our or any partner’s or supplier’s ability to obtain, maintain and enforce intellectual property rights of sufficient scope to lawfully prevent third parties from developing and/or marketing infringing products. This will be of particular importance as we will look to accelerate our growth by building on the strength of our base business with an expanding portfolio of innovative, best-in-class, intellectual property-protected assets.”

Annual report 2025A · The company itself

Chains out: this weakens Biotech and drug development

M&A and consolidation

Macro

DriverNegative impact: weakens

“Even if integration activities are successful, we may not achieve anticipated synergies, growth opportunities and other financial and operating benefits within the timeline we anticipate, or at all. If integration activities are unsuccessful, if the estimated costs are higher than anticipated, or if we are unable to realize the anticipated synergies and other benefits, there could be a material adverse effect on Viatris’ business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Additionally, the emergence of large buying groups representing retail and wholesale pharmacies and the prevalence and influence of managed care organizations and similar institutions increases the negotiating power of these groups, enabling them to attempt to extract price discounts, rebates, and other restrictive pricing terms on our products.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Viatris has executed various strategic initiatives, transactions and business arrangements over the last few years to return its base business to growth, deliver on its pipeline, reduce debt, and return capital to shareholders. The Company has also completed certain divestiture-related transactions to simplify and streamline its business, accelerate paydown of debt and unlock value as discussed below. •In November 2022, Viatris completed a transaction to contribute its biosimilars portfolio to Biocon Biologics to create a vertically integrated global biosimilars leader, for a combination of cash and stock in the form of CCPS representing a stake of approximately 12.9% (on a fully diluted basis) in Biocon Biologics. •In March 2024, the Company completed the divestiture of its women's healthcare business, primarily related to its oral and injectable contraceptives, to Insud Pharma, S.L., a leading Spanish multinational pharmaceutical company.”

Annual report 2025A · The company itself

ESG and sustainability reporting

Regulation

DriverMixed impact: mixed

“Companies are facing increasing expectations and scrutiny from customers, regulators, governments, investors, lenders, employees and other stakeholders related to their environmental, social and governance practices and disclosures. Investor advocacy groups, investment funds and influential investors are also focused on these practices, including those related to the environment, climate change, health and safety, supply chain management, diversity, labor conditions and human rights, both in our own operations and in our supply chain.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“In addition, a growing number of our customers, including certain government purchasers, have adopted, or may adopt, procurement policies that include social and environmental requirements, including, for example, requirements to monitor and conduct third party audits, or these customers may seek to include such provisions in their procurement contract terms and conditions. These social and environmental responsibility provisions and initiatives are subject to change, vary from jurisdiction to jurisdiction, and certain elements may be difficult and/or cost prohibitive for us to comply with given the inherent complexity of our external supply chain and the global scope of our operations.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Regulators and policymakers globally are also increasingly focused on addressing drug shortages and expanding transparency across supply chains. In the U.S., Congress has considered measures to enhance supply chain resiliency and ensure the quality of pharmaceutical products, including expansion of reporting requirements to include API and finished dose manufacturing locations and expanded communication with regulators regarding demand spikes for pharmaceutical products. Compliance with any such requirements may be burdensome or costly.”

Annual report 2025A · The company itself

Automation and robotics

Technology

StrategyPositive impact: strengthens

“Viatris has designed its global operations and supply chain to be a reliable and flexible partner for access across the world, constantly adapting to an ever-evolving landscape. Viatris owns 27 manufacturing, packaging, and distribution sites worldwide that produce oral solid doses, injectables, and products with complex dosage forms on five different continents.”

Annual report 2025A · The company itself

Healthcare and hospitals

End markets

Market

“The Company produces medicines for patients across a broad range of major therapeutic areas. From cardiovascular health to oncology, Viatris offers quality treatment options across more than 10 major therapeutic areas covering a wide variety of noncommunicable and infectious diseases.”

Annual report 2025A · The company itself

Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect

Industrial manufacturing

End markets

StrategyPositive impact: strengthens

“Viatris has designed its global operations and supply chain to be a reliable and flexible partner for access across the world, constantly adapting to an ever-evolving landscape. Viatris owns 27 manufacturing, packaging, and distribution sites worldwide that produce oral solid doses, injectables, and products with complex dosage forms on five different continents.”

Annual report 2025A · The company itself

Premium consumers

End markets

Market

“With a mission to empower people worldwide to live healthier at every stage of life, Viatris supplies high-quality medicines to approximately 1 billion patients around the world each year.”

Annual report 2025A · The company itself

Chains in: Consumer spending strengthens

Drug approvals

Regulation

DriverNegative impact: weakens

“For example, in December 2024 the FDA issued a warning letter and import alert related to our oral finished dose manufacturing facility in Indore, India. The warning letter and import alert restrict our ability to distribute certain products into the U.S. and have also negatively impacted our ability to sell products made at this facility to customers in other regions. The warning letter and import alert at our Indore facility negatively impacted our financial condition, results of operations and cash flows in fiscal year 2025, and we may not be able to fully recover these lost revenues in current or future periods.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Reductions in personnel at the FDA or other health agencies as a result of changing legislative or regulatory priorities could result in slower response times or reduced resources and, as a result, review of regulatory submissions, inspections, resolution of warning letters or import alerts, approval of new products and other timelines important to our business may be materially impacted, which could have a material adverse effect on our business.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The process of obtaining regulatory approval to manufacture and market new branded and generic pharmaceutical products is rigorous, time consuming, costly, and inherently unpredictable. In addition, these regulatory agencies may be delayed in reviewing and approving products as a result of lapsed or insufficient funding, insufficient staffing, travel or work restrictions, or other factors beyond our control.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Such studies, which increasingly employ sophisticated methods and techniques, can call into question the utilization, safety, and efficacy of previously marketed as well as future products. In some cases, such studies have resulted, and may in the future result, in the discontinuation or variation of product marketing authorizations or requirements for risk management programs, such as a patient registry.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“If we, our partners and suppliers, or our products or brands suffer from negative publicity, are subject to market withdrawal or recall or are proven to be, or are claimed to be, ineffective or harmful to consumers, then this could have a material adverse effect on our reputation and business. Negative publicity related to the receipt of a warning letter, import alert, or similar restrictions from the FDA or other regulatory authorities, such as the restrictions at our Indore facility, have damaged and could continue to damage our reputation among customers, lead customers to seek other suppliers of our products, or lead to additional inquiries from other regulatory authorities.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In addition, actual or alleged quality deficiencies in the products which we or our suppliers provide, or at our or their manufacturing facilities, including with respect to warning letters and import alerts, for example at our Indore facility, have in the past and could in the future adversely impact our manufacturing and supply capabilities, cause supply interruptions, or lead to voluntary market withdrawals or product recalls.”

Annual report 2025A · The company itself

Chains out: this strengthens Biotech and drug development

Cyber attacks and IT security risk

Macro

DriverNegative impact: weakens

“A significant disruption at any facilities within our internal or third-party supply chain, even on a short-term basis, whether due to the failure of a third-party supplier to fulfill the terms of their agreement with us, labor disruption, legal proceedings, adverse quality or compliance observation, other regulatory action, infringement of brand or other third-party intellectual property rights, natural disaster, civil or political unrest, export or import restrictions, or other events could impair our ability to produce and ship products to the market on a timely basis and could, among other consequences, subject us to exposure to claims from customers. Any of these events could also result in a loss of confidence from our customers, loss of 39 Table of Contents existing or potential business, and have a material adverse effect on our reputation, business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In the ordinary course of business, we and our vendors collect, store and transmit large amounts of confidential information (including trade secrets or other intellectual property, proprietary business information and personal information), and it is critical that we do so in a secure manner to maintain the confidentiality and integrity of such confidential information. The size and complexity of our and our vendors’ systems and the large amounts of confidential information that is present on them also makes them vulnerable to security breaches from inadvertent or intentional actions by our employees, partners or vendors, or from attacks by malicious third parties.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“A breach of our or our vendors’ security measures or the accidental loss, inadvertent disclosure, unapproved dissemination, misappropriation or misuse of trade secrets, proprietary information, or other confidential information, whether as a result of a cybersecurity threat or incident, theft, hacking, fraud, trickery, phishing or other forms of deception, or for any other cause, could enable others to produce competing products, use our proprietary technology or information, and/or adversely affect our business position.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Some of these third parties are outside the U.S., including significant elements of our IT and information systems infrastructure, and as a result we are managing many independent vendor relationships with third parties who may or could have access to our confidential information. The overall increase in supply chain attacks on companies generally, and our interdependency on third party suppliers increases the potential for supply disruptions and service IT and information system outages.”

Annual report 2025A · The company itself

Chains out: this strengthens Cybersecurity (products and services)

Biotech and drug development

Technology

DriverNegative impact: weakens

“Innovative and patent protected assets are difficult, costly and time-consuming to develop, receive regulatory approval for and bring to market. There can be no assurance that we will be able to achieve all of our intended goals or outlooks with respect to such strategies and priorities within the anticipated timeframes or at all, fully realize the expected benefits of any such transactions or arrangements, or successfully manage base business erosion or grow in future periods.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Clinical testing, particularly with respect to new and/or complex or innovative drugs, is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during the clinical trial process, including after significant investments have been made.”

Annual report 2025A · The company itself

Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)

China

Geography

DriverNegative impact: weakens

“In addition, since 2018, China's National Healthcare Security Administration, in conjunction with relevant departments, has been promoting a centralized VBP policy for drugs, which has become standard practice and subjects many drugs to a competitive bidding process. Molecules subject to the VBP bidding process have seen significant price cuts, with some bidders reducing the price of their products by as much as 96% as they attempt to secure volumes on the Chinese pharmaceutical market. We expect pricing pressures on our products included in the VBP bidding process to continue to increase as a result of this policy.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In China, the laws and regulations relating to cybersecurity, data privacy and personal information continue to evolve. In 2021 and 2022, China amended and, in some cases, adopted new laws and regulations governing the collection, transmission, processing and use of individual personal data, including the Data Security Law, the Cybersecurity Review Measures, the Personal Information Protection Law and the Data Export Security Review Measures. These laws and regulations restrict our ability to collect, transfer and use certain personal data, absent an application to and, in some cases, approval from relevant governmental authorities in China.”

Annual report 2025A · The company itself

Climate change and extreme weather

Macro

DriverNegative impact: weakens

“For example, manufacturing at our facility in Nashik, India has been temporarily suspended due to a fire in February 2026.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The effects of global climate change present risks to our business. Extreme weather, natural disasters, power outages, or other conditions caused by climate change could adversely impact our supply chain and the availability and cost of raw materials, water supply, and other components required for the operation of our business, or result in the delay and/or disruption of our ability to deliver products.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Tariffs and trade policy

Macro

DriverNegative impact: weakens

“◦The integration of acquired businesses has presented and may in the future present significant challenges, which could have a material adverse effect on our business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price. ◦The imposition of tariffs on, or other trade restrictions or domestic sourcing requirements in, the territories and countries where we, our partners, suppliers, or customers do business, as well as any retaliatory actions 23 Table of Contents with respect to such actions, could have a material adverse effect on our business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price. ◦We have and may continue to experience pressure on the pricing of and reimbursements for certain of our products due to pricing controls, social or government pressure to lower the cost of drugs, and consolidation across the supply chain.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The U.S. has imposed or is considering imposing tariffs on certain imports from other countries, including pharmaceutical products, ingredients and inputs, which could significantly impact our cost of doing business. The imposition of adopted, new, announced or proposed tariffs, trade restrictions or domestic sourcing requirements on pharmaceutical imports, including but not limited to products, ingredients, and inputs (such as API), could result in increased costs of goods and prices, disruptions to our supply chain, manufacturing delays, supply shortages, and adverse impacts to clinical trials.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes

US drug pricing policy

Regulation

DriverNegative impact: weakens

“We have and may continue to experience pressure on the pricing of and reimbursements for certain of our products due to pricing controls, social or government pressure to lower the cost of drugs, and consolidation across the supply chain. We operate in a challenging environment, with significant pressures on the pricing of our products and on our ability to obtain and maintain satisfactory rates of reimbursement for our products by governments, insurers and other payors. We face numerous cost-containment measures by governments and other payors, including certain government-imposed industry-wide price reductions, caps on price increases, mandatory rebates or pricing, international reference pricing (i.e., the practice of a country linking its regulated medicine prices to those of other countries), VBP, tender systems, shifting of the payment burden to patients through higher co-payments, and requirements for increased transparency on pricing, all of which may have an adverse impact on the pricing of our products.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In 2022, the Inflation Reduction Act was enacted, which includes numerous Medicare reforms that will affect reimbursement for certain pharmaceuticals covered by Medicare and modify the Part D and Part B program structure, including shifting the liability for certain prescription drug costs shared between Medicare, pharmaceutical manufacturers, and Part D plans. These reforms include government price negotiation for certain high-spend, single-source Medicare drugs, out-of-pocket caps for Medicare beneficiaries using insulin products, and the application of inflation-based rebates for certain Medicare drugs. The implementation of the Inflation Reduction Act, including the drug price negotiation provision, inflation penalties, and Part D redesign is currently underway and could negatively affect certain Viatris portfolio products based on future pricing decisions, changes in the Consumer Price Index for All Urban Consumers (CPI-U), and the potential for shifting payor preferences based on the Part D redesign and requirements to cover drugs selected for negotiation.”

Annual report 2025A · The company itself

Chains out: this mixed effect Biotech and drug development, weakens GLP-1 and obesity treatment

USD vs DKK/EUR

Macro

DriverNegative impact: weakens

“These macroeconomic pressures combined with the volatility in foreign exchange rates, including the strengthening of the U.S.”

Annual report 2025A · The company itself

DriverMixed impact: mixed

“Although we report our financial results in U.S. Dollars, a significant portion of our revenues, indebtedness and other liabilities and our costs are denominated in non-U.S. currencies, including among others the Chinese Renminbi, Euro, Swedish Krona, Indian Rupee, Korean Won, Japanese Yen, Australian Dollar, Canadian Dollar, and British Pound Sterling.”

Annual report 2025A · The company itself

Chains out: this mixed effect United States

Consumer spending

Macro

DriverPositive impact: strengthens

“Our Strategic Path Going Forward As a result of our EWSR, the Company also identified three strategic imperatives that will drive our future and position the Company for sustainable growth: •Drive Our Base Business: By executing successful launches, focusing on supply chain continuity, evolving our generics portfolio over time towards more profitable, higher-margin products and strengthening our established brands portfolio. •Fuel Our Innovative Portfolio: By advancing a pipeline of late-stage and in-market growth assets sourced both internally and externally. •Modernize for Sustainable Growth: By strengthening our technology, data and talent capabilities to enable sustained success in a rapidly evolving healthcare environment.”

Annual report 2025A · The company itself

Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label

Contract manufacturers as a business (EMS, CMO, CRO)

End markets

InputNegative impact: weakens

“In connection with our API business divestiture, we entered into a manufacturing and supply agreement pursuant to which we purchase a significant amount of API from the purchaser in that transaction. Our obligations under this manufacturing and supply agreement have made us more dependent on the purchaser of our API business and the success of their business, and made us more vulnerable to API supply shortages and price volatility.”

Annual report 2025A · The company itself

Chains in: Biotech and drug development strengthens

Other currencies

Macro

DriverMixed impact: mixed

“Although we report our financial results in U.S. Dollars, a significant portion of our revenues, indebtedness and other liabilities and our costs are denominated in non-U.S. currencies, including among others the Chinese Renminbi, Euro, Swedish Krona, Indian Rupee, Korean Won, Japanese Yen, Australian Dollar, Canadian Dollar, and British Pound Sterling.”

Annual report 2025A · The company itself

Packaging regulation and deposit schemes

Regulation

DriverNegative impact: weakens

“In the EU, evolving “extended producer responsibility” regulations have been proposed or adopted with respect to public wastewater treatment and use of plastics, among others. For example, as currently proposed, companies that manufacture, market, or supply pharmaceutical products will be required to pay a significant portion of the cost of upgrading public wastewater treatment plants across EU member states to treat urban wastewater to eliminate micropollutants.”

Annual report 2025A · The company itself

Cybersecurity (products and services)

Technology

DriverNegative impact: weakens

“◦We are involved in various legal proceedings and certain government inquiries and may experience unfavorable outcomes of such proceedings or inquiries. ◦We are increasingly dependent on IT and information systems and our systems and infrastructure face certain risks, including cybersecurity and data leakage risks. ◦Incorporating ML, AI and other emerging technologies into our products, services and operations may result in legal and regulatory risks, reputational harm or have other adverse consequences to our business, financial condition or results of operations. •Finance Risks ◦There can be no guarantee that we will continue to pay dividends or repurchase shares under our share repurchase program. ◦We may not be able to maintain competitive financial flexibility and our corporate tax rate which could adversely affect us and our shareholders.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“We are subject to federal, state and international data privacy and security laws and regulations governing the collection, use, disclosure, transmission and protection of personal information, including health-related information. As the legislative and regulatory landscape for data privacy and security continues to evolve around the world, there has been an increasing focus on data privacy and security matters that may affect our business.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Cybersecurity regulations continue to evolve beyond laws focused specifically on personal information. In particular, the EU’s NIS2 Directive and related national implementing laws impose additional cybersecurity risk management, governance, and incident reporting obligations on certain in-scope entities and their critical services and systems. NIS2 also includes significant penalties for non-compliance, including fines up to the higher of €10 million or 2% of total annual worldwide revenue for certain entities, as implemented by applicable national law.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In China, the laws and regulations relating to cybersecurity, data privacy and personal information continue to evolve. In 2021 and 2022, China amended and, in some cases, adopted new laws and regulations governing the collection, transmission, processing and use of individual personal data, including the Data Security Law, the Cybersecurity Review Measures, the Personal Information Protection Law and the Data Export Security Review Measures. These laws and regulations restrict our ability to collect, transfer and use certain personal data, absent an application to and, in some cases, approval from relevant governmental authorities in China.”

Annual report 2025A · The company itself

Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation

Labour and wages

Raw materials and inputs

DriverNegative impact: weakens

“◦Our future success is highly dependent on our ability to attract, motivate and retain key personnel. •Compliance Risks ◦We are subject to the U.S.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Implementing these restructuring activities, including anticipated headcount reductions of up to approximately 10% and an anticipated facility closure, could cause an interruption of, or loss of momentum in, the activities of one or more of Viatris’ businesses, difficulty retaining existing employees, or require Viatris’ senior management to devote considerable amounts of time to these processes, which would decrease the time they have to manage and service Viatris’ existing businesses, and develop new products or strategies. In addition, the restructuring activities could result in total costs and expenses that are greater than anticipated, asset impairments, and reductions to the size or scope of our business, our results of operations, including but not limited to total revenues, and cash flows, our market share in particular markets or our opportunities and ability to compete with respect to certain markets, therapeutic areas or products.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“The Company operates in more than 165 countries and territories with more than 30,000 employees. The Company has 27 manufacturing, packaging, and distribution sites worldwide, more than 1,400 approved molecules, and what we believe is industry leading commercial, R&D, regulatory, manufacturing, legal and medical expertise.”

Annual report 2025A · The company itself

Business cycle and GDP growth

Macro

DriverPositive impact: strengthens

“According to the WHO, coronary heart disease is the number one cause of death globally. With its acquisition of selatogrel and licensing agreement for sotagliflozin, Viatris is continuing to build on its strong presence in cardiovascular disease.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Operational Risks Current and changing economic conditions, including inflation, may adversely affect our industry, business, partners and suppliers. The global economy continues to experience significant volatility, and the economic environment may become less favorable.”

Annual report 2025A · The company itself

Chains out: this strengthens Global trade volumes, strengthens Construction

Inflation

Macro

DriverNegative impact: weakens

“◦We have significant operations globally, which exposes us to the risks inherent in conducting our business internationally. ◦Charges to earnings resulting from acquisitions could have a material adverse effect on our business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price. •Operational Risks ◦Current and changing economic conditions, including inflation, may adversely affect our industry, business, partners and suppliers. ◦The pharmaceutical industry is heavily regulated, and we face significant costs and uncertainties associated with our efforts to comply with applicable laws and regulations. ◦The use of legal, regulatory, and legislative strategies by both brand and generic competitors, including but not limited to “authorized generics” and regulatory petitions, may increase costs associated with the introduction or marketing of our generic products, could delay or prevent such introduction, and could significantly reduce our revenue and profit.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“The price of API and other materials and supplies is subject to volatility, including as a result of global supply chain disruptions and rates of inflation.”

Annual report 2025A · The company itself

Chains out: this weakens Consumer spending, strengthens Interest rates

United States

Geography

DriverNegative impact: weakens

“In the U.S., third-party payors increasingly challenge the pricing of pharmaceutical products. These trends and other trends toward managed healthcare, the vertical consolidation among insurers, PBMs and pharmacies, and legislative healthcare reform create significant uncertainties regarding the future levels of payment, price or reimbursement for pharmaceutical products.”

Annual report 2025A · The company itself

Geography

“Expansive Global Reach Viatris’ strong commercial infrastructure enables the Company to serve patients in almost every corner of the globe through retail and pharmacy establishments, wholesalers, governments, institutions, physicians and other customers. Viatris provides unique reach through four segments – Developed Markets, Emerging Markets, JANZ, and Greater China – across more than 165 countries and territories.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

Ageing population

Geography

DriverPositive impact: strengthens

“Viatris continues to seek opportunities in various therapeutic areas that move the Company forward and leverage the strength of its internal capabilities and global platform. •Helps ease the burden of noncommunicable diseases. According to the WHO, NCDs, such as ischemic heart disease, stroke, diabetes, certain cancers and chronic obstructive pulmonary disease, are among the leading causes of death globally.”

Annual report 2025A · The company itself

Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care

Artificial intelligence

Technology

DriverNegative impact: weakens

“These include an elevated risk of intellectual property loss or infringement, whether through inadvertent disclosure, unauthorized training on proprietary data, or improper use of third-party content. AI tools lower the barrier to access and replication, increasing the likelihood of intellectual property leakage, copyright violations, and regulatory non-compliance.”

Annual report 2025A · The company itself

Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry

Carbon tax and ETS prices

Regulation

DriverNegative impact: weakens

“In addition, regulations intended to limit greenhouse gas emissions or water usage, such as greenhouse gas emission reduction obligations, carbon pricing, and taxes on emissions, fuel and energy, or to mitigate the impacts of climate change may become more prevalent, which could increase our operating costs and the costs charged by suppliers.”

Annual report 2025A · The company itself

Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials

Equity and capital markets

Macro

DriverMixed impact: mixed

“With respect to the Biocon Biologics Transaction, in December 2025, Viatris entered into definitive agreements with Biocon for the sale of Viatris’ equity stake in Biocon Biologics for total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon.”

Annual report 2025A · The company itself

EU climate and energy policy

Regulation

DriverNegative impact: weakens

“In addition, regulations intended to limit greenhouse gas emissions or water usage, such as greenhouse gas emission reduction obligations, carbon pricing, and taxes on emissions, fuel and energy, or to mitigate the impacts of climate change may become more prevalent, which could increase our operating costs and the costs charged by suppliers.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

Global trade volumes

Macro

InputNegative impact: weakens

“The price of API and other materials and supplies is subject to volatility, including as a result of global supply chain disruptions and rates of inflation.”

Annual report 2025A · The company itself

Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics

Hybrid work and office use

Macro

DriverNegative impact: weakens

“Current or prospective Viatris employees may have changing expectations around workplace flexibility, and a failure to meet these evolving expectations may result in reduced ability to attract and retain talent.”

Annual report 2025A · The company itself

Chains out: this weakens Office and commercial property

Interest rates

Macro

DriverNegative impact: weakens

“Inflation has also resulted and may continue to result in higher interest rates and increased costs of capital. In particular, high levels of inflation and rising energy costs have in the past, and may in the future, result in significant economic volatility.”

Annual report 2025A · The company itself

Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction

Asia and emerging markets

Geography

Geography

“Expansive Global Reach Viatris’ strong commercial infrastructure enables the Company to serve patients in almost every corner of the globe through retail and pharmacy establishments, wholesalers, governments, institutions, physicians and other customers. Viatris provides unique reach through four segments – Developed Markets, Emerging Markets, JANZ, and Greater China – across more than 165 countries and territories.”

Annual report 2025A · The company itself

Europe

Geography

Geography

“Expansive Global Reach Viatris’ strong commercial infrastructure enables the Company to serve patients in almost every corner of the globe through retail and pharmacy establishments, wholesalers, governments, institutions, physicians and other customers. Viatris provides unique reach through four segments – Developed Markets, Emerging Markets, JANZ, and Greater China – across more than 165 countries and territories.”

Annual report 2025A · The company itself

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
14.25 bn USD
Revenue growth
vs. the year before, same method
-3 %
EBITDA
reported by the company
0.14 bn USD
Net debt
debt incl. leasing minus cash
13.38 bn USD
Diluted EPS
per share
-3 USD

Source: 10-K (SEC) A. See the report

Criteria

Profit✗
Growing✗
Healthy balance sheet✗

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.