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HEALTHCARE: Viatris (VTRS Baa3/BBB-[N]/BBB): 2Q24 Results

HEALTHCARE

Credit neutral. On track to protect IG ratings, with spreads already close to low triple B averages.

  • Viatris reported revenue marginally ahead of consensus with 2% LfL growth.
  • Adj. EBITDA beat by 2%. We note litigation contingencies adjusted back in are around 11% of EBITDA.
  • FCF is close to consensus (2 estimates). Divestiture costs were a drag of $ 106mn, excluding that, at $426mn is around 9% lower YoY.
  • Divestiture program is now substantially completed. Gross leverage is steady from FY23 at 3.4x, on track for 3x target by FY24.
  • FY24 guidance lowered with revenues and EBITDA -2.5%, FCF -4% with higher expected SG&A costs.
  • Webcast replay https://event.choruscall.com/mediaframe/webcast.html?webcastid=GQI37vMH.
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