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Viatris eyes $3.5b of debt repayments this year

HEALTHCARE

Pharma Viatris {VTRS US Equity -2.8%} (Baa3 S, BBB- Neg, BBB) giving exact repayments on earning call; "we expect to continue to strengthen our balance sheet with debt pay-down of approximately $3.5 billion this year". That should bring (gross) leverage well into target (2.8*-2.9* on EBITDA guidance range). It sees no skew in earnings (EBITDA/FCF) to any particular half/part of the year.

€VTRS lines have moved tad tighter this afternoon, still +3-5bps today, Bayer still +4-9 wider.

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