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
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.