Viatris Q3 FY2026: flat revenue, $0.71 adjusted EPS beat, guidance up
Viatris delivered a margin-and-cash quarter rather than a growth quarter: revenue was flat at $3.75 billion, but adjusted EPS of $0.71 beat the $0.65 consensus and management raised 2026 midpoints across all four metrics. The GAAP loss of $325.3 million came from a $453.2 million tax charge, not from operations. Read the scorecard on adjusted numbers first, then check what the tax line and the Nashik shutdown are costing.
1 · Expected vs. Actual
Free preview belowAdjusted EPS was $0.71 against a $0.65 consensus, a beat of about $0.06, and adjusted net earnings rose 5% to $821.4 million. The GAAP loss of $0.28 per share is a tax story: the income tax provision of $453.2 million exceeded pre-tax earnings of $127.9 million because of losses in jurisdictions for which minimal benefit can be realized. The $1.15 billion gap between GAAP and adjusted earnings is mostly $613.7 million of purchase accounting amortization.
Total revenue of $3.75 billion was essentially flat year over year, down $10.4 million from $3.76 billion. Brands grew 1% to $2.46 billion while Generics fell 3% to $1.27 billion, and Greater China's 14% jump to $702.6 million was offset by declines in Developed Markets, Emerging Markets and JANZ. Supply constraints cost roughly $100 million of revenue in the quarter.
Management lifted the 2026 revenue midpoint to $14.80 billion from $14.75 billion, adjusted EPS to $2.60 from $2.52, adjusted EBITDA to $4.50 billion and free cash flow to $2.30 billion. Nine-month revenue of $11.02 billion leaves about $3.78 billion needed in Q4, close to the $3.79 billion consensus for next quarter. The revenue raise is small at roughly 0.3%, while the EPS midpoint moved up about 3.2%.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.