Viagra-maker Viatris beats Q2 estimates on branded and generic drug demand
Aug 8 (Reuters) -Drugmaker Viatris VTRS.O beat second-quarter profit and revenue estimates on Thursday, driven by strong demand for the Viagra-maker's off-patent branded and generic drugs.
Shares of the company were up 3.6% in premarket trade.
The Canonsburg, Pennsylvania-based company also raised the 2024 sales outlook for its new product range, including Breyna - a biosimilar to Astrazeneca's AZN.L asthma drug Symbicort - to between $500 million and $600 million, up from its previousrange of $450 million to $550 million.
Viatris, formed by the merger of Mylan and Pfizer's PFE.N Upjohn business, boasts a portfolio of well-known generic branded drugs, such as erectile dysfunction drug Viagra, anti-anxiety medication Xanax, epilepsy treatment Lyrica, and arthritis treatment Celebrex.
Last year, Viatris said it will divest from its over-the-counter (OTC) drugs, active pharmaceutical ingredients and women's health businesses as it wanted streamline focus on three core therapeutic areas - ophthalmology, gastroenterology and dermatology.
However, the company has retained the rights to Viagra, nasal spray Dymista, and select OTC products in certain markets.
Due to the OTC divestiture, it now expects 2024 revenue of $14.6 billion to $15.1 billion versus its previous forecast of $14.98 billion to $15.48 billion.
The company also lowered its annual profit forecast to the range of $2.58 to $2.73 per share, down 7 cents at mid-point.
Viatris' second-quarter revenue of $3.80 billionbeat Wall Street estimates of $3.78 billion. Revenue from both its branded and generic drug units, excluding sales from divested businesses, increased by 2%.
On an adjusted basis, the company posted a profit of 69 cents per share, narrowly beating estimates of 68 cents per share.
Reporting by Puyaan Singh in Bengaluru; Editing by Tasim Zahid
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