PITTSBURGH, March 1, 2021 /PRNewswire/ -- At a virtual
meeting with the investment community today, Viatris Inc.
(NASDAQ: VTRS) will outline how the company expects to lead as a
new kind of healthcare company with a unique and differentiated
business model, high-quality operational platform and clear focus
on ensuring its sustainability priorities and financial commitments
are met.
Viatris CEO Michael Goettler said, "Building on a
strong, combined foundation, we are embarking on a multi-year
journey to transform our company. We believe that we are well
positioned to achieve our goals by leveraging our strengths and
unique capabilities. We are relentless in our commitment to
continuous improvement and high quality. Our obsession to create
value in everything we do will serve as our north star. With
talented and committed colleagues, an engaged culture and clear
strategy, we are confident we can deliver enhanced shareholder
value as we execute.
"Together we are confident we will be able to pursue our mission
to empower people worldwide to live healthier at every stage of
life while maintaining a strong balance sheet, rebalancing our
business, generating strong and growing free cash flows, rapidly
de-leveraging and building the foundation for future growth fueled
by our Global Healthcare Gateway®," Goettler said.
During the event, members of Viatris' management team will
provide insight into the company's powerful new platform and will
also outline how Viatris intends to generate value for its
patients, employees, customers and shareholders. This includes how
Viatris expects to:
- Leverage its unique and differentiated business model.
Viatris has built a unique and differentiated business model that
has enhanced global scale and geographic reach, a sustainable,
diverse and differentiated portfolio and pipeline, a powerful
operating platform and commercial capabilities, a
performance-driven culture focused on transparency and
accountability and sustainable cash flows that it expects will
enable disciplined capital allocation.
- Deliver on its financial commitments. In the near term
Viatris is focused on de-levering and rebalancing its business and
meeting its financial commitments, including that 2021 is expected
to be a trough year in terms of revenue, adjusted EBITDA and free
cash flows, that the company will realize $1
billion in synergies within 3 years and that its strong and
growing free cash flow will enable the company to initiate a
dividend in the second quarter of this year and repay approximately
$6.5 billion in debt by the end of
2023.
- Ensure its sustainability priorities are embedded and
aligned with business objectives. Viatris is starting its
journey from a position of strength in the area of Corporate Social
Responsibility with a powerful global platform to create
sustainable access to medicines for patients and partnerships with
more than 60 organizations around the world to advance and amplify
its impact. The company intends to leverage this strong foundation
to deliver on its mission for patients, employees, customers and
shareholders.
- Drive future growth through its Global Healthcare
Gateway®. Viatris believes the Global
Healthcare Gateway® will become the heart of the
company providing opportunity not only for Viatris to leverage its
unique global platform to connect more patients to more products
and services, but also allowing partners to do the same.
2021 Investor Day Presenters
Investor Day will feature presentations from the following
Viatris executives:
- Michael Goettler, Chief
Executive Officer
- Rajiv Malik,
President
- Sanjeev Narula, Chief
Financial Officer
- Tony Mauro, President,
Developed Markets
- Drew Cuneo, President,
Japan, Australia & New
Zealand
- Menassie Taddese, President, Emerging Markets
- Sean Ni, President,
Greater China Region
- Sanjeev Sethi, Chief
Operating Officer
- Walt Owens, Global Head
of Research & Development
- Lara Ramsburg, Head of
Corporate Affairs
Full biographies of the speakers can be found at the end of the
Viatris Investor Day presentation at investor.viatris.com.
Following the presentations there will be an open Q&A
session, facilitated by Goettler, Malik and Narula.
Webcast Details
Viatris will host a webcast today from 8:30 a.m. to noon ET. Interested parties will be
able to access a live webcast of the Investor Day event via the
investor relations section of Viatris' website
at investor.viatris.com, with materials available at the start
of the webcast. A replay and archived edition of the presentation
will be available following the event.
About Viatris
Viatris Inc. (NASDAQ: VTRS) is a new kind of healthcare
company, empowering people worldwide to live healthier at every
stage of life. We provide access to medicines, advance
sustainable operations, develop
innovative solutions and leverage our
collective expertise to connect more people to more
products and services through our one-of-a-kind Global
Healthcare Gateway®. Formed in November 2020 through the combination of Mylan
and Pfizer's Upjohn business, Viatris brings together
scientific, manufacturing and distribution expertise with
proven regulatory, medical and commercial capabilities to
deliver high-quality medicines to patients in more than 165
countries and territories. Viatris' portfolio comprises more
than 1,400 approved molecules across a wide range of therapeutic
areas, spanning both non-communicable and infectious diseases,
including globally recognized brands, complex generic and branded
medicines, a growing portfolio of biosimilars and a variety of
over-the-counter consumer products. With a global workforce
of approximately 45,000, Viatris is headquartered in
the U.S., with global centers in Pittsburgh, Shanghai and Hyderabad, India. Learn more at
viatris.com and investor.viatris.com, and connect with us on
Twitter
at @ViatrisInc, LinkedIn and YouTube.
Non-GAAP Financial Measures
Management uses free cash flow and adjusted EBITDA internally
for forecasting, budgeting, measuring its operating performance,
and/or incentive-based awards. Primarily due to acquisitions and
other significant events which may impact comparability of our
periodic operating results, Viatris believes that an evaluation of
its ongoing operations (and comparisons of its current operations
with historical and future operations) would be difficult if the
disclosure of its financial results was limited to financial
measures prepared only in accordance with United States generally accepted accounting
principles ("U.S. GAAP"). We believe that non-GAAP financial
measures are useful supplemental information for our investors and
when considered together with our U.S. GAAP financial measures and
the reconciliation to the most directly comparable U.S. GAAP
financial measure, provide a more complete understanding of the
factors and trends affecting our operations. The financial
performance of the Company is measured by senior management, in
part, using adjusted metrics included herein, along with other
performance metrics. In addition, the Company believes that
including adjusted EBITDA is appropriate to provide additional
information to investors to demonstrate the Company's ability to
comply with financial debt covenants and assess the Company's
ability to incur additional indebtedness. The Company also believes
that adjusted EBITDA better focuses management on the Company's
underlying operational results and true business performance and is
used, in part, for management's incentive compensation. Investors
and other readers should consider non-GAAP measures only as
supplements to, not as substitutes for or as superior measures to,
the measures of financial performance prepared in accordance with
U.S. GAAP. See Viatris' website at investor.viatris.com for more
information about non-GAAP financial measures.
Forward-Looking Statements
This release contains "forward-looking statements." These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may include, without limitation,
statements with respect to leveraging our strengths and unique
capabilities, continuous improvement and high quality, creation of
value, delivery of enhanced shareholder value, our mission to
empower people worldwide to live healthier at every stage of life,
maintaining a strong balance sheet, rebalancing the business,
generating strong and growing free cash flows, rapid de-leveraging,
our Global Healthcare Gateway® fueling our future growth,
generating value for our patients, employees, customers and
shareholders, leveraging our unique and differentiated business
model, delivering on our financial commitments, including that 2021
is expected to be a trough year in terms of revenue, adjusted
EBITDA and free cash flows, that the company will realize
$1 billion in synergies within 3
years and that our strong and growing free cash flow will enable
the company to initiate a dividend in the second quarter of this
year and repay approximately $6.5
billion in debt by the end of 2023, sustainability
priorities, statements about the transaction pursuant to which
Mylan N.V. ("Mylan") combined with Pfizer Inc.'s Upjohn business
(the "Upjohn Business") in a Reverse Morris Trust transaction (the
"Combination") and Upjohn Inc. ("Upjohn") became the parent entity
of the combined Upjohn Business and Mylan business and was renamed
Viatris Inc. ("Viatris" or the "Company") effective as of the
closing date, the benefits and synergies of the Combination or our
global restructuring program, future opportunities for the Company
and its products and any other statements regarding the Company's
future operations, financial or operating results, capital
allocation, anticipated business levels, planned activities,
anticipated growth, market opportunities, strategies, competitions,
and other expectations and targets for future periods.
Forward-looking statements may often be identified by the use of
words such as "will", "may", "could", "should", "would", "project",
"believe", "anticipate", "expect", "plan", "estimate", "forecast",
"potential", "pipeline", "intend", "continue", "target",
"seek" and variations of these words or comparable words. Because
forward-looking statements inherently involve risks and
uncertainties, actual future results may differ materially from
those expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to: the integration of Mylan and the Upjohn
Business or the implementation of the Company's global
restructuring program being more difficult, time consuming or
costly than expected; the possibility that the Company may be
unable to achieve expected benefits, synergies and operating
efficiencies in connection with the Combination or its global
restructuring program within the expected timeframe or at all or to
successfully integrate Mylan and the Upjohn Business or implement
its global restructuring program; operational or financial
difficulties or losses associated with the Company's reliance on
agreements with Pfizer in connection with the Combination,
including with respect to transition services; the possibility that
the Company may be unable to achieve all intended benefits of its
strategic initiatives; the potential impact of public health
outbreaks, epidemics and pandemics, including the ongoing
challenges and uncertainties posed by the COVID-19 pandemic; the
Company's failure to achieve expected or targeted future financial
and operating performance and results; actions and decisions of
healthcare and pharmaceutical regulators; changes in relevant laws
and regulations, including but not limited to changes in tax,
healthcare and pharmaceutical laws and regulations globally; the
ability to attract and retain key personnel; the Company's
liquidity, capital resources and ability to obtain financing; any
regulatory, legal or other impediments to the Company's ability to
bring new products to market, including but not limited to "at-risk
launches"; success of clinical trials and the Company's or its
partners' ability to execute on new product opportunities and
develop, manufacture and commercialize products; any changes in or
difficulties with the Company's manufacturing facilities, including
with respect to inspections, remediation and restructuring
activities, supply chain or inventory or the ability to meet
anticipated demand; the scope, timing and outcome of any ongoing
legal proceedings, including government inquiries or
investigations, and the impact of any such proceedings on the
Company; any significant breach of data security or data privacy or
disruptions to our information technology systems; risks associated
with having significant operations globally; the ability to protect
intellectual property and preserve intellectual property rights;
changes in third-party relationships; the effect of any changes in
the Company's or its partners' customer and supplier relationships
and customer purchasing patterns, including customer loss and
business disruption being greater than expected following the
Combination; the impacts of competition, including decreases in
sales or revenues as a result of the loss of market exclusivity for
certain products; changes in the economic and financial conditions
of the Company or its partners; uncertainties regarding future
demand, pricing and reimbursement for the Company's products;
uncertainties and matters beyond the control of management,
including but not limited to general political and economic
conditions and global exchange rates; and inherent uncertainties
involved in the estimates and judgments used in the preparation of
financial statements, and the providing of estimates of financial
measures, in accordance U.S. GAAP and related standards or
on an adjusted basis. For more detailed information on the risks
and uncertainties associated with Viatris, see the risks described
in the final information statement, dated August 6, 2020, which is attached as Exhibit 99.1
to Upjohn's Current Report on Form 8-K filed on August 6, 2020, and those described in Viatris'
Form 10-K for the year ended December 31,
2020 expected to be filed on March 1,
2020. You can access those filings with the SEC through the
SEC website at www.sec.gov or through our website and Viatris
strongly encourages you to do so. Viatris routinely posts
information that may be important to investors on our website at
investor.viatris.com, and we use this website address as a means of
disclosing material information to the public in a broad,
non-exclusionary manner for purposes of the SEC's Regulation Fair
Disclosure (Reg FD). The contents of our website are not
incorporated into this release. Viatris undertakes no obligation to
update any statements herein for revisions or changes after the
date of this release other than as required by law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/viatris-inc-hosts-inaugural-investor-day-outlining-unique-and-differentiated-business-model-high-quality-operational-platform-and-focus-on-csr-and-financial-commitments-301237001.html
SOURCE Viatris Inc.