Viatris core profit beats on generic drugs strength
(Reuters) - Viatris beat Wall Street estimates for third-quarter core profit on Tuesday, helped by strength in its generic drug portfolio, sending its shares up about 2% in extended trading.
Viatris was formed through the merger of Mylan and Pfizer Inc's off-patent branded drugs business and deals with generic and key branded drugs in its portfolio, including arthritis treatment Celebrex, erectile dysfunction drug Viagra, epilepsy treatment Lyrica and antidepressant Zoloft.
On an adjusted basis, Viatris' earnings before interest, tax, depreciation and amortization (EBITDA) were $1.36 billion, compared with LSEG estimates of $1.30 billion.
The company in October reached agreements to divest some of its businesses for a total of up to $3.6 billion.
It expects full-year revenue to be between $15.4 billion and $15.6 billion, reflecting a hit from foreign exchange rates, compared with its prior forecast range of $15.5 billion to $16 billion. Analysts on average estimated $15.64 billion.
The company's revenue fell about 3% to $3.94 billion for the quarter ended Sept. 30, missing analysts' estimate of $4.01 billion.
(Reporting by Pratik Jain in Bengaluru)
