The following discussion and analysis addresses material changes in the financial condition and results of operations of Viatris Inc. and subsidiaries for the periods presented. Unless context requires otherwise, the “Company,” “Viatris,” “our” or “we” refer to Viatris Inc. and its subsidiaries. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements, the related Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Viatris’ 2025 Form 10-K, the unaudited interim financial statements and related Notes included in Part I — Item 1 of this Form 10-Q and our other SEC filings and public disclosures. The interim results of operations and comprehensive (loss) earnings for the three and six months ended June 30, 2026, and cash flows for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. This Form 10-Q 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 about the goals or outlooks with respect to the Company’s strategic initiatives and priorities, including but not limited to divestitures, acquisitions, strategic alliances, collaborations, or other potential transactions; the anticipated benefits of such strategic initiatives or priorities or restructuring activities; future opportunities for the Company and its products; the outcomes of clinical trials and research studies; R&D and new product development; and any other statements regarding the Company’s future operations, financial or operating results, capital allocation, dividend policy and payments, share repurchases, debt ratio and covenants, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, imperatives, competitions, commitments, confidence in future results, efforts to create, enhance or otherwise unlock value, 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 possibility that the Company may not realize the intended benefits of, or achieve the intended goals or outlooks with respect to, its strategic initiatives and priorities; •the possibility that the Company may be unable to achieve the intended or expected benefits of its enterprise-wide strategic review and related cost-saving and restructuring activities within the expected timeframe or at all; •the possibility that the Company may be unable to achieve intended or expected benefits in connection with divestitures, acquisitions, strategic alliances, collaborations, or other transactions, or restructuring programs, within the expected timeframes or at all; •goodwill or impairment charges or other losses; •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 short- or long-term shutdowns, inspections, remediation and restructuring activities, supply chain continuity, inventory management, or the ability to meet anticipated demand; •the Company’s failure to achieve expected or targeted future financial and operating performance and results; •the potential impact of natural or man-made disasters, public health outbreaks, fires, accidents, weather, unrest or other emergencies in regions where we or our partners or suppliers operate; •actions and decisions of healthcare and pharmaceutical regulators; •changes in relevant laws, regulations and policies and/or the application or implementation thereof, including but not limited to tax, healthcare and pharmaceutical laws, regulations and policies globally; •the ability to attract, motivate 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; •products in development that receive regulatory approval may not achieve expected levels of market acceptance, efficacy or safety; •longer review, response and approval times as a result of evolving regulatory priorities and reductions in personnel at health agencies; •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 IT systems; •risks associated with having significant operations globally; •the ability to protect intellectual property and preserve intellectual property rights; •changes in third-party relationships; 51 Table of Contents •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 an adverse regulatory action, acquisition or divestiture; •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, wars or other conflicts, potential for adverse impacts from future tariffs and trade restrictions, inflation rates 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 with 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 Part I, Item 1A in the 2025 Form 10-K, and our other filings with the SEC. You can access Viatris’ 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 by reference in this Form 10-Q and shall not be deemed “filed” under the Securities Exchange Act of 1934, as amended. Viatris undertakes no obligation to update any statements herein for revisions or changes after the filing date of this Form 10-Q other than as required by law. Company Overview Viatris is a global healthcare company whose breadth and scale we believe make it uniquely positioned to address healthcare needs globally. With a mission to empower people worldwide to live healthier at every stage of life, Viatris supplies high-quality medicines to approximately 1 billion patients around the world each year. The Company has a global footprint, an extensive portfolio of medicines that is well-diversified across therapeutic areas, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world's most enduring health challenges. Viatris’ executive management team is focused on ensuring that the Company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other key stakeholders. The Company operates in more than 165 countries and territories with approximately 30,000 employees. The Company has 27 manufacturing, packaging, and distribution sites worldwide, approximately 1,300 approved molecules, and what we believe is industry leading commercial, R&D, regulatory, manufacturing, legal and medical expertise. Viatris’ portfolio consists of generics (including complex products), globally recognized iconic brands, and an expanding portfolio of innovative medicines. Viatris is headquartered in the U.S., with global centers in Pittsburgh, Pennsylvania, Shanghai, China and Hyderabad, India. Viatris has four reportable segments: Developed Markets, Greater China, JANZ, and Emerging Markets. The Company reports segment information on the basis of markets and geography, which reflects its focus on bringing its large and diversified portfolio of branded and generic products, including complex products, to people in markets everywhere. Our Developed Markets segment comprises our operations primarily in North America and Europe. Our Greater China segment includes our operations in mainland China, Taiwan and Hong Kong. Our JANZ segment consists of our operations in Japan, Australia and New Zealand. Our Emerging Markets segment encompasses our presence in more than 125 countries with developing markets and emerging economies including in Asia, Africa, Eastern Europe, Latin America and the Middle East as well as the Company’s ARV franchise. Certain Market and Industry Factors The global pharmaceutical industry is a highly competitive and highly regulated industry. As a result, we face a number of industry-specific factors and challenges, which can significantly impact our results. The following discussion highlights some of these key factors and market conditions. The process of obtaining regulatory approval to manufacture and market new branded and generic pharmaceutical products is rigorous, time consuming, costly, and inherently unpredictable. Complex generic products are often more difficult, costly and time-consuming to receive regulatory approval and bring to market compared with commodity generic pharmaceutical products. Any delay in regulatory approval could impact the commercial or financial success of a product. 52 Table of Contents Regulatory approval, if and when obtained, may be limited in scope. Even if regulatory approvals for new products are obtained, the success of those products is dependent upon market acceptance. Generic products, particularly in the U.S., generally contribute most significantly to revenues and gross margins at the time of their launch, and even more so in periods of market exclusivity, or in periods of limited generic competition. As such, the timing of new product introductions can have a significant impact on the Company’s financial results. The entrance into the market of additional competition generally has a negative impact on the volume and pricing of the affected products. Additionally, pricing is often affected by factors outside of the Company’s control. Conversely, generic products generally experience less volatility over a longer period of time in Europe as compared to the U.S., primarily due to the role of government oversight of healthcare systems in the region. In addition, U.S. governmental agencies provide funding for certain products in our Emerging Markets region. We expect that any reduction in that funding will have a negative impact on our financial condition, results of operations or cash flows. For branded products, the majority of the product’s commercial value is usually realized during the period in which the product has market exclusivity. In the U.S. and some other countries, when market exclusivity expires and generic versions of a product are approved and marketed, there can often be very substantial and rapid declines in the branded product’s sales. For example, generic entry for Amitiza® 24 μg may occur in Japan in December 2026 depending on the outcome of patent litigation. Certain markets in which we do business outside of the U.S. have undergone government-imposed price reductions, and further government-imposed price reductions are expected in the future. Such measures, along with the tender systems discussed below, are likely to have a negative impact on sales and gross profit in these markets. However, government initiatives in certain markets that appear to favor generic products could help to mitigate this unfavorable effect by increasing rates of generic substitution and penetration. Additionally, a number of markets in which we operate outside of the U.S. have implemented, or may implement, tender systems for generic pharmaceuticals in an effort to lower prices. Generally speaking, tender systems can have an unfavorable impact on sales and profitability. Under such tender systems, manufacturers submit bids that establish prices for generic pharmaceutical products. Upon winning the tender, the winning company will receive priority placement for a period of time. The tender system often results in companies underbidding one another by proposing lower pricing in order to win the tender. Sales continue to be negatively affected by the impact of tender systems in certain countries. In addition to the impact of competition, government pricing actions and other measures designed to reduce healthcare costs, our results of operations, cash flows and financial condition could also be affected by other risks of doing business internationally, including the impact of inflation, elections, geopolitical events, including the ongoing conflicts in the Middle East and between Russia and Ukraine and related trade controls, sanctions, supply chain disruptions and staffing challenges and other economic considerations, longer review, response and approval times as a result of evolving regulatory priorities and reductions in personnel at health agencies, the potential for adverse impacts from future tariffs and trade restrictions, foreign currency exchange fluctuations, public health epidemics, changes in intellectual property legal protections and other regulatory changes. Recent Developments 2026 Restructuring Program In 2025, the Company initiated an EWSR to enable the Company to build a more focused, efficient and future-ready organization and position the Company for sustained growth beginning in 2026. On February 26, 2026, the Company announced the results of its EWSR, and as a part of the review, committed to and began implementation of certain restructuring activities. These restructuring activities are expected to optimize the Company’s commercial capabilities, enabling functions, R&D, medical affairs and regulatory activities, and sourcing, manufacturing and supply chain activities, including inventory optimization. As a result, the Company expects a global workforce reduction of up to approximately 10%. The Company anticipates that these restructuring activities, as well as associated costs and savings, will be completed primarily over the next three years. 53 Table of Contents The Company expects to record charges for costs associated with the restructuring activities of the EWSR. For the committed restructuring activities, the Company expects to incur total pre-tax charges ranging between $700 million and $850 million. Such charges are expected to include between $50 million and $100 million of non-cash charges mainly related to accelerated depreciation and asset impairment charges, including inventory write-offs. The remaining estimated cash costs of between $650 million and $750 million are expected to be primarily related to severance and employee benefits expense, as well as other costs, including those related to contract terminations, vendor consolidations, product transfer costs and network related simplification and modernization costs. In addition, management believes the potential savings related to these committed restructuring activities will be between $600 million and $700 million once fully implemented, with most of these savings expected to improve operating cash flow. During the three and six months ended June 30, 2026, the Company recognized total charges of $27.3 million and $105.2 million, respectively, in the condensed consolidated statements of operations related to this restructuring program. CCPS in Biocon Biologics In December 2025, the Company entered into definitive agreements with Biocon for the sale of the Company’s equity stake in Biocon Biologics. Under the terms of the definitive agreements, Biocon acquired all of Viatris’ CCPS in Biocon Biologics for total consideration of $815.0 million, consisting of $400.0 million in cash and $415.0 million in newly issued equity shares of Biocon, which are listed and traded on the National Stock Exchange of India. The transaction closed during the first quarter of 2026 and the equity shares of Biocon were subject to a six-month lock up period. The Company completed the sale of its equity position in Biocon on July 14, 2026 for pre-tax total consideration of approximately $380 million, and recorded a pre-tax loss of $27.4 million in the third quarter of 2026. The pre-tax sale proceeds include the impacts of an approximate 2.7% block sale discount to market, transaction fees, and the strengthening of the U.S. dollar since the Company obtained the equity in January 2026. In addition, the terms of the definitive agreements accelerate the expiration of biosimilars non-compete restrictions previously placed on Viatris in 2022 in connection with Viatris’ sale of its biosimilars portfolio and related commercial and other capabilities to Biocon Biologics. These restrictions expired immediately at the time of close for all ex-U.S. markets and will expire in November 2026 for the U.S. market. During the three and six months ended June 30, 2026, the Company recognized a (gain)/loss of approximately $(56.3) million and $8.6 million, respectively, as a result of changes in the fair value of the Biocon equity shares. Manufacturing Facilities Following an inspection by the FDA at our oral finished dose manufacturing facility in Indore, India in 2024, the FDA issued a warning letter and an import alert related to this facility. The import alert affects 11 products that will no longer be accepted into the U.S. until the warning letter is lifted. Following the substance of FDA’s original inspection observations, the Company immediately implemented a comprehensive remediation plan at the site. During 2025, we made substantial progress on our remediation activities at the facility, including but not limited to related personnel actions. Additionally, we have engaged independent third-party subject matter experts to support the remediation plan. While product continues to be shipped from the Indore facility to markets outside the U.S., as expected, we have also experienced a negative impact in other markets, including the ARV business in Emerging Markets and select generic products in Europe. We have been in regular communication with the FDA during this process and will continue working to satisfy the FDA that the steps we have taken have resolved all the points raised. Our responses were submitted within the required time periods. The facility will be subject to a reinspection by the FDA. The timing of the reinspection will be determined by the FDA; however, we anticipate that the facility will be ready for reinspection in 2026. As previously disclosed, in February 2026, a fire occurred in a service area at the Company’s oral solid dose manufacturing facility in Nashik, India. Manufacturing at the facility was temporarily suspended. In May 2026, the FDA inspected the facility and issued Form 483 observations. The Company responded to the Form 483 observations and promptly initiated a comprehensive remediation plan. The Company has also engaged independent third-party subject matter experts to support its remediation plan. Activities under the remediation plan are ongoing and have led to intermittent disruptions at the facility. 54 Table of Contents While production at the facility has resumed, the temporary manufacturing suspension due to the fire at the facility in February along with these intermittent disruptions are expected to impact product supply in the second half of the year. The Company currently anticipates the impact of product supply disruptions to be between $100 million and $150 million to total revenues in the second half of 2026. During the three and six months ended June 30, 2026, the Company recognized total charges of $14.9 million and $86.8 million, respectively, within Cost of Sales in the condensed consolidated statements of operations primarily related to the write off of inventory and fixed assets damaged in the fire and incremental manufacturing variances. The Company believes it has certain insurance coverages for these losses, including for assets and business interruption. In the event the plant cannot be returned to sustained normal operations or the Company’s insurance coverage is unavailable or inadequate, this event could have a negative impact on our financial position, results of operations and cash flows. The Company has been impacted by and continues to face potential risks associated with the manufacture and supply of its products (including at its Indore and Nashik manufacturing facilities as discussed above), including temporary facility shutdowns, regulatory inspections, the issuance of observations by government authorities, enforcement actions, including warning letters and import alerts, quality control or compliance issues, and operational disruptions affecting the Company or its third-party contract manufacturers and suppliers. These events have resulted in and may in the future result in delays in production, product launches, interruptions in product supply, increased operating costs, or reduced product availability, which could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares and/or stock price. We take oversight of our manufacturing network very seriously. Patient safety is our primary and unwavering focus. We will continue to work closely with our customers to mitigate the effects of potential supply disruptions to meet the needs of the patients we serve. Share Repurchase Program On February 28, 2022, the Company announced that its Board of Directors had authorized a share repurchase program for the repurchase of up to $1.0 billion of the Company’s shares of common stock. The Company subsequently announced that on February 26, 2024, its Board of Directors authorized a $1.0 billion increase to the Company’s previously announced $1.0 billion share repurchase program. As a result, the Company’s share repurchase program now authorizes the repurchase of up to $2.0 billion of the Company’s shares of common stock. Such repurchases may be made from time-to-time at the Company’s discretion and effected by any means, including but not limited to, open market repurchases, pursuant to plans in accordance with Rules 10b5-1 or 10b-18 under the Exchange Act, privately negotiated transactions (including accelerated stock repurchase programs) or any combination of such methods as the Company deems appropriate. The program does not have an expiration date. The share repurchase program does not obligate the Company to acquire any particular amount of common stock. During the three and six months ended June 30, 2026, the Company repurchased approximately 9.4 million shares of common stock at a cost of approximately $150.0 million under the program. During the three and six months ended June 30, 2025, the Company repurchased approximately 20.2 million shares of common stock at a cost of approximately $175.0 million, and 38.9 million shares of common stock at a cost of approximately $350.4 million, respectively, under the program. As of June 30, 2026, the Company had repurchased a total of approximately 103.5 million shares of common stock at a cost of approximately $1.15 billion under the program. Additionally, subsequent to June 30, 2026, the Company repurchased approximately 7.1 million shares of common stock at a cost of approximately $120.2 million under the program, bringing the total to approximately 110.6 million shares of common stock at a cost of approximately $1.27 billion under the program, in each case through and including August 4, 2026. 55 Table of Contents Financial Summary The table below is a summary of the Company’s financial results for the three and six months ended June 30, 2026 compared to the prior year period: Three Months Ended June 30, (In millions, except per share amounts) 2026 2025 Change Total revenues $ 3,756.8 $ 3,582.1 $ 174.7 Gross profit 1,456.5 1,332.9 123.6 Earnings from operations 6.3 233.0 (226.7) Net loss (118.8) (4.6) (114.2) Diluted loss per share $ (0.10) $ — $ (0.10) Six Months Ended June 30, (In millions, except per share amounts) 2026 2025 Change Total revenues $ 7,273.8 $ 6,836.4 $ 437.4 Gross profit 2,613.7 2,494.1 119.6 Loss from operations (73.4) (2,649.2) 2,575.8 Net earnings (loss) 57.6 (3,046.6) 3,104.2 Diluted earnings (loss) per share $ 0.05 $ (2.58) $ 2.63 A detailed discussion of the Company’s financial results can be found below in the section titled “Results of Operations.” As part of this discussion, we also report sales performance using the non-GAAP financial measures of “constant currency” net sales and total revenues. These measures provide information on the change in net sales and total revenues assuming that foreign currency exchange rates had not changed between the prior and current period. The comparisons presented at constant currency rates reflect comparative local currency sales at the prior year’s foreign exchange rates. We routinely evaluate our net sales and total revenues performance at constant currency so that these results can be viewed without the impact of foreign currency exchange rates, thereby facilitating a period-to-period comparison of our operational activities, and believe that this presentation also provides useful information to investors for the same reason. More information about non-GAAP measures used by the Company as part of this discussion, including adjusted cost of sales, adjusted gross margins, adjusted EBITDA, adjusted net earnings, and adjusted EPS (all of which are defined below) can be found in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Use of Non-GAAP Financial Measures.” 56 Table of Contents Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Three Months Ended June 30, (In millions, except %s) 2026 2025 % Change 2026 Currency Impact (1) 2026 Constant Currency Revenues Constant Currency % Change (2) Net sales Developed Markets $ 2,193.7 $ 2,119.3 4 % $ (30.8) $ 2,162.9 2 % Greater China 713.8 588.9 21 % (28.6) 685.2 16 % JANZ 296.1 305.7 (3) % 8.1 304.2 — % Emerging Markets 542.3 555.1 (2) % 2.1 544.4 (2) % Total net sales $ 3,745.9 $ 3,569.0 5 % $ (49.2) $ 3,696.7 4 % Other revenues (3) 10.9 13.1 NM (0.1) 10.8 NM Consolidated total revenues (4) $ 3,756.8 $ 3,582.1 5 % $ (49.3) $ 3,707.5 4 % ____________ (1)Currency impact is shown as unfavorable (favorable). (2)The constant currency percentage change is derived by translating net sales or revenues for the current period at prior year comparative period exchange rates, and in doing so shows the percentage change from 2026 constant currency net sales or revenues to the corresponding amount in the prior year. (3)For the three months ended June 30, 2026, other revenues in Developed Markets, JANZ, and Emerging Markets were approximately $9.3 million, $0.1 million, and $1.5 million, respectively. (4)Amounts exclude intersegment revenue which eliminates on a consolidated basis. Total Revenues For the three months ended June 30, 2026, Viatris reported total revenues of $3.76 billion, compared to $3.58 billion for the comparable prior year period, representing an increase of $174.7 million, or 5%. Total revenues include both net sales and other revenues from third parties. Net sales for the current quarter were $3.75 billion, compared to $3.57 billion for the comparable prior year period, representing an increase of $176.9 million, or 5%. Other revenues for the current quarter were $10.9 million, compared to $13.1 million for the comparable prior year period. The favorable impact of foreign currency translation was approximately $49.2 million, or 1%, primarily reflecting changes in the U.S. Dollar as compared to the currencies of subsidiaries in the EU and China. On a constant currency basis, net sales increased by approximately $127.7 million, or 4%, for the three months ended June 30, 2026 compared to the prior year period. The increase was the result of new product sales, primarily in Developed Markets, of approximately $101.0 million, and net base business growth of approximately $26.7 million, driven by strong net sales in Greater China. New product sales include new products launched in 2026 and the carryover impact of new products, including business development, launched within the last twelve months. From time to time, a limited number of our products may represent a significant portion of our net sales, gross profit and net earnings. Generally, this is due to the timing of new product introductions, seasonality, and the amount, if any, of additional competition in the market. Our top ten products in terms of net sales, in the aggregate, represented approximately 38% and 37% for the three months ended June 30, 2026 and 2025, respectively. Net sales are derived from our four reporting segments: Developed Markets, Greater China, JANZ, and Emerging Markets. Developed Markets Segment Net sales from Developed Markets increased by $74.4 million, or 4%, for the three months ended June 30, 2026 when compared to the prior year period. The favorable impact of foreign currency translation was approximately $30.8 million, or 57 Table of Contents 1%. Constant currency net sales increased by approximately $43.6 million, or 2%, when compared to the prior year period, driven primarily by new product sales, primarily octreotide acetate in North America, and strong sales of estradiol transdermal systems. This was partially offset by lower net sales of certain existing products, primarily as a result of certain supply constraints in Europe. Net sales within North America totaled approximately $882.7 million and net sales within Europe totaled approximately $1.31 billion. Greater China Segment Net sales from Greater China increased by $124.9 million, or 21%, for the three months ended June 30, 2026 when compared to the prior year period. The favorable impact of foreign currency translation was approximately $28.6 million, or 5%. Constant currency net sales increased by approximately $96.3 million, or 16%, when compared to the prior year period, primarily driven by strong growth across multiple channels, including e-commerce and retail, driven primarily by increased marketing and selling efforts. JANZ Segment Net sales from JANZ decreased by $9.6 million, or 3%, for the three months ended June 30, 2026 when compared to the prior year period. The decrease was primarily driven by the unfavorable impact of foreign currency translation of approximately $8.1 million, or 3%. Constant currency net sales decreased by approximately $1.5 million, or essentially flat, when compared to the prior year period. Emerging Markets Segment Net sales from Emerging Markets decreased by $12.8 million, or 2%, for the three months ended June 30, 2026 when compared to the prior year period. The unfavorable impact of foreign currency translation was approximately $2.1 million, or less than 1%. Constant currency net sales decreased by $10.7 million, or 2%, when compared to the prior year period, primarily driven by lower ARV volumes related to continued supply constraints. This decrease was partially offset by higher pricing and volumes of existing products in certain Middle Eastern and Asian countries. Cost of Sales and Gross Profit Cost of sales increased from $2.25 billion for the three months ended June 30, 2025 to $2.30 billion for the three months ended June 30, 2026. The increase in cost of sales was largely driven by the increase in net sales. Refer to Note 4 Divestitures in Part I, Item 1 of this Form 10-Q for more information. Gross profit for the three months ended June 30, 2026 was $1.46 billion and gross margins were 39%. For the three months ended June 30, 2025, gross profit was $1.33 billion and gross margins were 37%. The changes in gross profit and gross margins are primarily driven by product mix. Adjusted gross margins were approximately 57% for the three months ended June 30, 2026, compared to approximately 57% for the three months ended June 30, 2025. 58 Table of Contents A reconciliation between cost of sales, as reported under U.S. GAAP, and adjusted cost of sales and adjusted gross margin for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is as follows: Three Months Ended June 30, (In millions, except %s) 2026 2025 U.S. GAAP cost of sales $ 2,300.3 $ 2,249.2 Deduct: Purchase accounting amortization and other related items (586.4) (597.8) Acquisition and divestiture-related costs (32.0) (26.4) Restructuring costs (26.9) (11.3) Share-based compensation expense (0.8) (0.9) Other special items, including restructuring related costs (56.3) (59.1) Adjusted cost of sales $ 1,597.9 $ 1,553.7 Adjusted gross profit (a) $ 2,158.9 $ 2,028.4 Adjusted gross margin (a) 57 % 57 % ____________ (a)Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues. Operating Expenses Research and Development Expense R&D expense for the three months ended June 30, 2026 was $248.3 million, compared to $218.8 million for the comparable prior year period, an increase of $29.5 million. This increase was primarily the result of higher expenses for the selatogrel and cenerimod development programs. Selling, General and Administrative Expense SG&A expense for the current quarter was $1.13 billion, compared to $928.7 million for the comparable prior year period, an increase of $205.8 million. The increase was primarily driven by a charge of $177.8 million related to the planned sale of the product rights for Tyrvaya® (refer to Note 4 Divestitures in Part I, Item 1 of this Form 10-Q for more information), and higher non-income related taxes and certain other items. Litigation Settlements and Other Contingencies, Net The following table includes the losses/(gains) recognized in litigation settlements and other contingencies, net during the three months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, (In millions) 2026 2025 Contingent consideration adjustment $ 21.3 $ (37.7) Litigation settlements, net 51.9 (9.9) Total litigation settlements and other contingencies, net $ 73.2 $ (47.6) Refer to Note 10 Financial Instruments and Risk Management and Note 17 Litigation included in Part I, Item 1 of this Form 10-Q for more information with respect to the contingent consideration adjustment and litigation settlements, net, respectively. 59 Table of Contents Interest Expense Interest expense for the three months ended June 30, 2026 totaled $120.7 million, compared to $116.6 million for the three months ended June 30, 2025. Other (Income) Expense, Net Other (income) expense, net includes gains and losses from divestitures of businesses, changes in the fair value of equity securities, foreign exchange, expense (income) related to post-employment benefit plans, TSA income, and interest and dividend income. Other (income) expense, net for the three months ended June 30, 2026 totaled $50.4 million of income, compared to $333.5 million of expense for the three months ended June 30, 2025, a change of $383.9 million. The change was primarily driven by a loss in the prior year period of $284.0 million as a result of changes in the fair value of the CCPS in Biocon Biologics while the Company recorded a gain of $56.3 million in the current year period as a result of changes in the fair value of equity shares of Biocon, and a decrease in the loss on divestitures of $43.8 million. Refer to Note 10 Financial Instruments and Risk Management included in Part I, Item 1 of this Form 10-Q for more information with respect to the Biocon equity shares. Income Tax Provision (Benefit) For the three months ended June 30, 2026, the Company recognized an income tax provision of $54.8 million, compared to an income tax benefit of $(212.5) million for the comparable prior year period, a change of $267.3 million. The current quarter was negatively impacted by losses in jurisdictions for which minimal benefit can be recognized and accruals for certain international tax matters, partially offset by the release of reserves for uncertain tax positions due to statute of limitations expirations. The benefit in the prior year period was primarily driven by the loss before income taxes. The current quarter and prior quarter provisions were impacted by the levels of income and the changing mix at which it is earned in jurisdictions with differing tax rates. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Six Months Ended June 30, (In millions, except %s) 2026 2025 % Change 2026 Currency Impact (1) 2026 Constant Currency Revenues Constant Currency % Change (2) Net sales Developed Markets $ 4,214.5 $ 4,011.0 5 % $ (148.5) $ 4,066.0 1 % Greater China 1,393.9 1,144.4 22 % (54.2) 1,339.7 17 % JANZ 569.5 581.8 (2) % 4.3 573.8 (1) % Emerging Markets 1,077.7 1,075.0 — % (12.5) 1,065.2 (1) % Total net sales $ 7,255.6 $ 6,812.2 7 % $ (210.9) $ 7,044.7 3 % Other revenues (3) 18.2 24.2 NM (0.2) 18.0 NM Consolidated total revenues (4) $ 7,273.8 $ 6,836.4 6 % $ (211.1) $ 7,062.7 3 % ____________ (1)Currency impact is shown as unfavorable (favorable). (2)The constant currency percentage change is derived by translating net sales or revenues for the current period at prior year comparative period exchange rates, and in doing so shows the percentage change from 2026 constant currency net sales or revenues to the corresponding amount in the prior year. (3)For the six months ended June 30, 2026, other revenues in Developed Markets, JANZ, and Emerging Markets were approximately $14.5 million, $0.2 million, and $3.5 million, respectively. (4)Amounts exclude intersegment revenue which eliminates on a consolidated basis. 60 Table of Contents Total Revenues For the six months ended June 30, 2026, Viatris reported total revenues of $7.27 billion, compared to $6.84 billion for the comparable prior year period, representing an increase of $437.4 million, or 6%. Total revenues include both net sales and other revenues from third parties. Net sales for the six months ended June 30, 2026 were $7.26 billion, compared to $6.81 billion for the comparable prior year period, representing an increase of $443.4 million, or 7%. Other revenues for the six months ended June 30, 2026 were $18.2 million, compared to $24.2 million for the comparable prior year period. The favorable impact of foreign currency translation was approximately $210.9 million, or 3%, primarily reflecting changes in the U.S. Dollar as compared to the currencies of subsidiaries in the EU and China. On a constant currency basis, net sales increased by approximately $232.5 million, or 3%, for the six months ended June 30, 2026 compared to the prior year period. The increase was the result of new product sales, primarily in Developed Markets, of approximately $171.8 million, and net base business growth of approximately $60.7 million, driven by strong net sales in Greater China. New product sales include new products launched in 2026 and the carryover impact of new products, including business development, launched within the last twelve months. From time to time, a limited number of our products may represent a significant portion of our net sales, gross profit and net earnings. Generally, this is due to the timing of new product introductions, seasonality, and the amount, if any, of additional competition in the market. Our top ten products in terms of net sales, in the aggregate, represented approximately 39% and 37% for the six months ended June 30, 2026 and 2025, respectively. Net sales are derived from our four reporting segments: Developed Markets, Greater China, JANZ, and Emerging Markets. Developed Markets Segment Net sales from Developed Markets increased by $203.5 million, or 5%, for the six months ended June 30, 2026 when compared to the prior year period. The favorable impact of foreign currency translation was approximately $148.5 million, or 4%. Constant currency net sales increased by approximately $55.0 million, or 1%, when compared to the prior year period, driven by new product sales, primarily octreotide acetate in North America, and strong sales of estradiol transdermal systems. This was partially offset by lower net sales of certain existing products, primarily as a result of certain supply constraints in Europe. Net sales within North America totaled approximately $1.71 billion and net sales within Europe totaled approximately $2.50 billion. Greater China Segment Net sales from Greater China increased by $249.5 million, or 22%, for the six months ended June 30, 2026 when compared to the prior year period. The favorable impact of foreign currency translation was approximately $54.2 million, or 5%. Constant currency net sales increased by approximately $195.3 million, or 17%, when compared to the prior year period, primarily the result of strong growth across multiple channels, including e-commerce and retail, driven primarily by increased marketing and selling efforts. JANZ Segment Net sales from JANZ decreased by $12.3 million, or 2%, for the six months ended June 30, 2026 when compared to the prior year period. The unfavorable impact of foreign currency translation was approximately $4.3 million, or 1%. Constant currency net sales decreased by approximately $8.0 million, or 1%, when compared to the prior year period, driven primarily by lower net sales of existing products in Australia due to additional competition, partially offset by new product sales. Emerging Markets Segment Net sales from Emerging Markets increased by $2.7 million, or essentially flat, for the six months ended June 30, 2026 when compared to the prior year period. The favorable impact of foreign currency translation was approximately $12.5 million, or 1%. Constant currency net sales decreased by approximately $9.8 million, or 1%, when compared to the prior year period, primarily driven by lower ARV volumes related to continued supply constraints. This decrease was partially offset by higher pricing and volumes of existing products in certain Middle Eastern and Asian countries. 61 Table of Contents Cost of Sales and Gross Profit Cost of sales increased from $4.34 billion for the six months ended June 30, 2025 to $4.66 billion for the six months ended June 30, 2026. The increase in cost of sales was largely driven by the increase in net sales, higher restructuring costs, and higher costs associated with other special items, which include certain costs for plants slated for sale or closure or undergoing remediation activities, including $86.8 million related to the write off of inventory and fixed assets damaged in the fire at the Nashik manufacturing facility and incremental manufacturing variances. Gross profit for the six months ended June 30, 2026 was $2.61 billion and gross margins were 36%. For the six months ended June 30, 2025, gross profit was $2.49 billion and gross margins were 36%. The changes in gross profit and gross margins are primarily related to the increase in net sales and cost of sales discussed above. Adjusted gross margins were approximately 57% for the six months ended June 30, 2026, compared to approximately 56% for the six months ended June 30, 2025. A reconciliation between cost of sales, as reported under U.S. GAAP, and adjusted cost of sales and adjusted gross margin for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is as follows: Six Months Ended June 30, (In millions, except %s) 2026 2025 U.S. GAAP cost of sales $ 4,660.1 $ 4,342.3 Deduct: Purchase accounting amortization and other related items (1,177.9) (1,181.3) Acquisition and divestiture-related costs (60.4) (38.6) Restructuring costs (76.7) (31.1) Share-based compensation expense (1.8) (2.2) Other special items, including restructuring related costs (198.7) (100.7) Adjusted cost of sales $ 3,144.6 $ 2,988.4 Adjusted gross profit (a) $ 4,129.2 $ 3,848.0 Adjusted gross margin (a) 57 % 56 % ____________ (a)Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues. Operating Expenses Research and Development Expense R&D expense for the six months ended June 30, 2026 was $496.9 million, compared to $440.8 million for the comparable prior year period, an increase of $56.1 million. This increase was primarily the result of higher expenses for the selatogrel and cenerimod development programs. Acquired IPR&D Acquired IPR&D expense for the six months ended June 30, 2026 was $0.2 million, compared to $10.0 million for the comparable prior year period, a decrease of $9.8 million. The current period expense was related to an upfront payment for a licensing deal, and the prior period expense was related to an upfront licensing payment for rights to cenerimod in Japan, South Korea and certain countries in the Asia-Pacific region. 62 Table of Contents Selling, General and Administrative Expense SG&A expense for the six months ended June 30, 2026 was $2.06 billion, compared to $1.88 billion for the comparable prior year period, an increase of $186.5 million. The increase was primarily driven by a charge of $177.8 million related to the planned sale of the product rights for Tyrvaya®. Refer to Note 4 Divestitures in Part I, Item 1 of this Form 10-Q for more information. Impairment of Goodwill During the prior year period, the Company recorded a goodwill impairment charge of $2.94 billion in conjunction with its interim goodwill impairment test performed as of March 31, 2025. Litigation Settlements and Other Contingencies, Net The following table includes the losses/(gains) recognized in litigation settlements and other contingencies, net during the six months ended June 30, 2026 and 2025, respectively: Six Months Ended June 30, (In millions) 2026 2025 Contingent consideration adjustment $ 105.7 $ (171.4) Litigation settlements, net 21.0 50.3 Total litigation settlements and other contingencies, net $ 126.7 $ (121.1) Refer to Note 10 Financial Instruments and Risk Management and Note 17 Litigation included in Part I, Item 1 of this Form 10-Q for more information with respect to the contingent consideration adjustment and litigation settlements, net, respectively. Interest Expense Interest expense for the six months ended June 30, 2026 totaled $240.8 million, compared to $232.1 million for the six months ended June 30, 2025. Other (Income) Expense, Net Other (income) expense, net includes gains and losses from divestitures of businesses, changes in the fair value of equity securities, foreign exchange, expense (income) related to post-employment benefit plans, TSA income, and interest and dividend income. Other (income) expense, net for the six months ended June 30, 2026 totaled $2.9 million of income, compared to $432.8 million of expense for the six months ended June 30, 2025, a change of $435.7 million. The change was primarily driven by a loss in the prior year period of $399.8 million as a result of changes in the fair value of the CCPS in Biocon Biologics, and a decrease in the loss on divestitures of $66.8 million. This was partially offset by a loss of $8.6 million recorded in the current year period as a result of changes in the fair value of equity shares of Biocon. Refer to Note 10 Financial Instruments and Risk Management included in Part I, Item 1 of this Form 10-Q for more information with respect to the Biocon equity shares. 63 Table of Contents Income Tax Benefit For the six months ended June 30, 2026, the Company recognized an income tax benefit of $368.9 million, compared to an income tax benefit of $267.5 million for the comparable prior year period, a change of $101.4 million. The benefit in the current year period is primarily driven by the loss before income taxes, the tax benefit of certain internal restructurings undertaken, and the release of reserves for uncertain tax positions due to statute of limitations expirations. This benefit was partially offset by losses in jurisdictions for which minimal benefit can be recognized and accruals for certain international tax matters. The benefit in the prior year period is primarily driven by the loss before income taxes, partially offset by the negative impact of the goodwill impairment charge, for which minimal tax benefit was realized, and a $17.7 million accrual related to the resolution of the previously disclosed Swedish tax matter. The current year and prior year provisions were impacted by the levels of income and the changing mix at which it is earned in jurisdictions with differing tax rates. Use of Non-GAAP Financial Measures Whenever the Company uses non-GAAP financial measures, we provide a reconciliation of the non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measure and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with U.S. GAAP. Additionally, since these are not measures determined in accordance with U.S. GAAP, non-GAAP financial measures have no standardized meaning across companies, or as prescribed by U.S. GAAP and, therefore, may not be comparable to the calculation of similar measures or measures with the same title used by other companies. Management uses these measures internally for forecasting, budgeting, measuring its operating performance, and incentive-based awards. Primarily due to acquisitions, divestitures and other significant events which may impact comparability of our periodic operating results, we believe that an evaluation of our ongoing operations (and comparisons of our current operations with historical and future operations) would be difficult if the disclosure of our financial results was limited to financial measures prepared only in accordance with 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 as described below, along with other performance metrics. The Company’s use of such non-GAAP measures is governed by an adjusted reporting policy maintained by the Company and such non-GAAP measures are reviewed in detail with the Audit Committee of the Board of Directors. Adjusted Cost of Sales and Adjusted Gross Margin We use the non-GAAP financial measure “adjusted cost of sales” and the corresponding non-GAAP financial measure “adjusted gross margin.” The principal items excluded from adjusted cost of sales include restructuring, acquisition and divestiture-related costs, and other special items, purchase accounting amortization and other related items, and share-based compensation expense, which are described in greater detail below. Adjusted Net Earnings and Adjusted EPS Adjusted net earnings and adjusted net earnings per diluted share (“adjusted EPS”) are non-GAAP financial measures and provide an alternative view of performance used by management. Management believes that, primarily due to acquisitions, divestitures and other significant events, an evaluation of the Company’s ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with U.S. GAAP. Management believes that adjusted net earnings and adjusted EPS are important internal financial metrics related to the ongoing operating performance of the Company, and are therefore useful to investors and that their understanding of our performance is enhanced by these measures. Actual internal and forecasted operating results and annual budgets used by management include adjusted net earnings and adjusted EPS. 64 Table of Contents EBITDA and Adjusted EBITDA EBITDA and adjusted EBITDA are non-GAAP financial measures that the Company believes are 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. We calculate EBITDA as U.S. GAAP net earnings (loss) adjusted for income tax provision (benefit), interest expense and depreciation and amortization. EBITDA is further adjusted for share-based compensation expense, litigation settlements and other contingencies, net, gain (loss) on divestitures of businesses, impairment of long-lived assets and goodwill, restructuring, acquisition and divestiture-related and other special items to determine adjusted EBITDA. These adjustments are generally permitted under our credit agreement in calculating adjusted EBITDA for determining compliance with our debt covenants. The significant items excluded from adjusted cost of sales, adjusted EBITDA, adjusted net earnings, and adjusted EPS include: Purchase Accounting Amortization and Other Related Items The ongoing impact of certain amounts recorded in connection with acquisitions of both businesses and assets is excluded from adjusted cost of sales, adjusted EBITDA, adjusted net earnings, and adjusted EPS. These amounts include the amortization of intangible assets, inventory step-up, property, plant and equipment step-up, intangible asset impairment charges, including for IPR&D, and impairment of goodwill. For the acquisition of businesses accounted for under the provisions of ASC 805, Business Combinations, these purchase accounting impacts are excluded regardless of the financing method used for the acquisitions, including the use of cash, long-term debt, the issuance of common stock, contingent consideration or any combination thereof. Fair Value Adjustments, Including Contingent Consideration The impact of changes to the fair value of assets and liabilities, including contingent and deferred consideration and non-marketable equity investments, and the related accretion income or expense are excluded from adjusted EBITDA, adjusted net earnings, and adjusted EPS because they are not indicative of the Company’s ongoing operations due to the variability of the amounts and the lack of predictability as to the occurrence and/or timing and management believes their exclusion is helpful to understanding the underlying, ongoing operational performance of the business. Share-based Compensation Expense Share-based compensation expense is excluded from adjusted cost of sales, adjusted EBITDA, adjusted net earnings, and adjusted EPS. Our share-based compensation programs have become increasingly weighted toward performance-based compensation, which leads to variability and to a lack of predictability as to the occurrence and/or timing of amounts incurred. As such, management believes the exclusion of such amounts on an ongoing basis is helpful to understanding the underlying operational performance of the business. Restructuring, Acquisition and Divestiture-Related Costs and Other Special Items Costs related to restructuring, acquisition and divestiture-related activities and other actions are excluded from adjusted cost of sales, adjusted EBITDA, adjusted net earnings, and adjusted EPS, as applicable. These amounts include items such as: •Costs related to formal restructuring programs and actions, including costs associated with facilities to be closed or divested, employee separation costs, impairment charges, accelerated depreciation, incremental manufacturing variances, equipment relocation costs, decommissioning and other restructuring related costs; •Certain acquisition and divestiture costs, including costs relating to integration and planning, contractual obligations, including under supply agreements, advisory and legal fees, certain financing related costs, certain reimbursements related to the Company’s obligation to reimburse Pfizer for certain financing and transaction related costs under the Business Combination Agreement and Separation and Distribution Agreement, certain other TSA related set-up and exit costs, and other business transformation and/or optimization initiatives, which are not part of a formal restructuring program, including employee separation and post-employment costs; 65 Table of Contents •Other costs, incurred from time to time, related to certain special events or activities that lead to gains or losses, including, but not limited to, incremental manufacturing variances, contractual termination costs, certain remediation activities, asset write-downs, including other-than-temporary impairments of investments in equity or debt instruments, or liability adjustments; •Certain costs to further develop and optimize our global enterprise resource planning systems, operations and supply chain; •Gains or losses from divestitures, including impairments of held for sale assets; and •The impact of changes related to uncertain tax positions are excluded from adjusted net earnings and adjusted EPS. In addition, tax adjustments to adjusted earnings are recorded to present items on an after-tax basis consistent with the presentation of adjusted net earnings and adjusted EPS. The Company has undertaken restructurings and other optimization initiatives of differing types, scope and amount during the covered periods and, therefore, these charges should not be considered non-recurring; however, management excludes these amounts from adjusted cost of sales, adjusted EBITDA, adjusted net earnings, and adjusted EPS because it believes it is helpful to understanding the underlying, ongoing operational performance of the business. Litigation Settlements, Net Charges and gains related to legal matters, such as those discussed in Note 17 Litigation included in Part I, Item 1 of this Form 10-Q are generally excluded from adjusted EBITDA, adjusted net earnings, and adjusted EPS. Normal, ongoing defense costs of the Company made in the normal course of our business are not excluded. 66 Table of Contents Reconciliation of U.S. GAAP Net (Loss) Earnings to Adjusted Net Earnings and U.S. GAAP (Loss) Earnings Per Share to Adjusted EPS A reconciliation between net (loss) earnings and diluted (loss) earnings per share as reported under U.S. GAAP, and adjusted net earnings and adjusted EPS for the periods shown follows: Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2026 2025 2026 2025 U.S. GAAP net (loss) earnings and U.S. GAAP diluted (loss) earnings per share $ (118.8) $ (0.10) $ (4.6) $ — $ 57.6 $ 0.05 $ (3,046.6) $ (2.58) Purchase accounting amortization (primarily included in cost of sales) 586.4 597.8 1,177.9 1,181.3 Impairment of goodwill — — — 2,936.8 Litigation settlements and other contingencies, net 73.2 (47.6) 126.7 (121.1) Interest expense (primarily amortization of premiums and discounts on long term debt) (10.2) (9.5) (20.3) (18.7) Loss on divestitures of businesses (included in other (income) expense, net) — 43.8 13.9 80.7 Acquisition and divestiture-related costs (primarily included in cost of sales and SG&A) (a) 51.4 53.7 113.7 94.4 Restructuring costs (b) 47.8 26.6 140.3 119.5 Share-based compensation expense 38.7 37.1 86.9 92.3 Other special items included in: Cost of sales (c) 56.3 59.1 198.7 100.7 Research and development expense 1.1 1.4 3.9 2.1 Selling, general and administrative expense (d) 241.1 30.1 276.5 47.7 Other (income) expense, net (e) (35.8) 304.6 25.5 406.0 Tax effect of the above items and other income tax related items (f) (122.7) (366.5) (698.7) (548.8) Adjusted net earnings and adjusted EPS $ 808.5 $ 0.69 $ 726.0 $ 0.62 $ 1,502.6 $ 1.28 $ 1,326.3 $ 1.11 Weighted average diluted shares outstanding 1,172.4 1,176.8 1,173.8 1,189.9 Significant items include the following: (a)Acquisition and divestiture-related costs consist primarily of contractual obligations related to divestitures, transaction costs including legal and consulting fees, and integration activities. (b)For the three and six months ended June 30, 2026, charges include approximately $26.9 million and $76.7 million in cost of sales, approximately $2.0 million and $2.6 million in R&D, and approximately $19.0 million and $61.0 million in SG&A, primarily relating to the 2026 restructuring program. (c)For the three and six months ended June 30, 2026, includes certain asset impairments, contractual termination costs, and incremental manufacturing variances and certain remediation costs at plants slated for sale or closure or undergoing remediation activities of approximately $44.2 million and $174.9 million, respectively, including charges of $14.9 million and $86.8 million, respectively, primarily related to the write off of inventory and fixed assets damaged in the fire at the Nashik manufacturing facility and incremental manufacturing variances. (d)For the three and six months ended June 30, 2026, includes a charge of $177.8 million related to the planned sale of the product rights for Tyrvaya®. (e)For the three and six months ended June 30, 2026, charges include a (gain)/loss of approximately $(56.3) million and $8.6 million, respectively, as a result of changes in the fair value of the Biocon equity shares. (f)Adjusted for changes for uncertain tax positions. 67 Table of Contents Reconciliation of U.S. GAAP Net (Loss) Earnings to EBITDA and Adjusted EBITDA Below is a reconciliation of U.S. GAAP net (loss) earnings to EBITDA and adjusted EBITDA for the three and six months ended June 30, 2026 compared to the prior year period: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 U.S. GAAP net (loss) earnings $ (118.8) $ (4.6) $ 57.6 $ (3,046.6) Add / (deduct) adjustments: Income tax provision (benefit) 54.8 (212.5) (368.9) (267.5) Interest expense (a) 120.7 116.6 240.8 232.1 Depreciation and amortization (b) 672.3 678.3 1,348.4 1,343.0 EBITDA $ 729.0 $ 577.8 $ 1,277.9 $ (1,739.0) Add / (deduct) adjustments: Share-based compensation expense 38.7 37.1 86.9 92.3 Litigation settlements and other contingencies, net 73.2 (47.6) 126.7 (121.1) Loss on divestitures of businesses — 43.8 13.9 80.7 Impairment of goodwill — — — 2,936.8 Restructuring, acquisition and divestiture-related and other special items (c) 347.4 467.7 732.4 752.6 Adjusted EBITDA $ 1,188.3 $ 1,078.8 $ 2,237.8 $ 2,002.3 ____________ (a) Includes amortization of premiums and discounts on long-term debt. (b) Includes purchase accounting related amortization. (c) See items detailed in the Reconciliation of U.S. GAAP Net (Loss) Earnings to Adjusted Net Earnings. Liquidity and Capital Resources Our primary source of liquidity is net cash provided by operating activities, which was $770.1 million for the six months ended June 30, 2026. We believe that net cash provided by operating activities and available liquidity will continue to allow us to meet our needs for working capital, capital expenditures, interest and principal payments on debt obligations, dividend payments, and share repurchases. Nevertheless, our ability to satisfy our working capital requirements and debt service obligations, and fund planned capital expenditures, share repurchases, or dividend payments, will substantially depend upon our future operating performance (which will be affected by prevailing economic conditions), and financial, business and other factors, some of which are beyond our control. Operating Activities Net cash provided by operating activities increased by $14.9 million to $770.1 million for the six months ended June 30, 2026, as compared to net cash provided by operating activities of $755.2 million for the six months ended June 30, 2025. Net cash provided by operating activities is derived from net (loss) earnings adjusted for non-cash operating items, including changes in the fair value of the Biocon equity shares, gains and losses attributed to investing and financing activities and changes in operating assets and liabilities resulting from timing differences between the receipts and payments of cash, including changes in cash primarily reflecting the timing of cash collections from customers, payments to vendors and employees and tax payments in the ordinary course of business. The increase in net cash provided by operating activities was principally due to higher operating earnings. Investing Activities Net cash from investing activities was $225.8 million for the six months ended June 30, 2026, as compared to net cash used in investing activities of $117.6 million for the six months ended June 30, 2025, an increase of $343.4 million. 68 Table of Contents In 2026, significant items in investing activities included the following: •cash proceeds from the CCPS settlement of $400.0 million; and •capital expenditures, primarily for equipment and facilities, totaling approximately $92.7 million. While there can be no assurance that current expectations will be realized, capital expenditures for the 2026 calendar year are expected to be approximately $350 million to $450 million. In 2025, significant items in investing activities included the following: •capital expenditures, primarily for equipment and facilities, totaling approximately $95.5 million. Financing Activities Net cash used in financing activities was $1.45 billion for the six months ended June 30, 2026, as compared to $829.4 million for the six months ended June 30, 2025, an increase of $617.0 million. In 2026, significant items in financing activities included the following: •repayment of the 3.950% Senior Notes due 2026 at maturity of approximately $1.675 billion; •borrowings and repayments under the 2024 Revolving Facility of $550 million; •proceeds from issuance of 4.250% Euro Senior Notes due 2033 of approximately $752.8 million; •share repurchases of $150.0 million; and •cash dividends paid of $279.4 million. In 2025, significant items in financing activities included the following: •share repurchases of $350.4 million; •cash dividends paid of $283.1 million; and •net cash of $153.7 million paid on behalf of other partners, which is included in Other items, net. Capital Resources Our cash and cash equivalents totaled $886.5 million at June 30, 2026. The majority of our cash is invested in U.S. government money market funds and in bank deposits. In order to support our global operations, we maintain significant cash and cash equivalents within the global banking system with the majority of this at Global Systemically Important Banks. We monitor the third-party depository institutions that hold our cash and cash equivalents on a regular basis. Our primary emphasis is on the safety of the principal. Where possible, we diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty. The Company anticipates having sufficient liquidity, including existing borrowing capacity under the 2024 Revolving Facility, Commercial Paper Program, and Receivables Facility combined with cash to be generated from operations, to fund foreseeable cash needs without requiring the repatriation of non-U.S. cash. Should we determine the need to repatriate or convert cash held in countries that have significant restrictions or controls in place, including in China, we may be unable to repatriate or convert such cash, or be unable to do so without incurring substantial costs. The Company has access to $3.5 billion under the 2024 Revolving Facility which matures in September 2029. Up to $1.65 billion of the 2024 Revolving Facility may be used to support borrowings under our Commercial Paper Program. As of June 30, 2026, the Company did not have any borrowings outstanding under the Commercial Paper Program or the 2024 Revolving Facility. The Company has a Receivables Facility for up to an aggregate amount of $600 million which expires in April 2028. As of June 30, 2026, the Company did not have any borrowings outstanding under the Receivables Facility. Under the terms of the Receivables Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Borrowings outstanding under the Receivables Facility bear interest at the applicable base rates plus applicable margins and are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in 69 Table of Contents our condensed consolidated balance sheets. In addition, the agreement governing the Receivables Facility contains various customary affirmative and negative covenants, and customary default and termination provisions. We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $250.6 million and $301.9 million of accounts receivable as of June 30, 2026 and December 31, 2025, respectively, under these factoring arrangements. Additionally, we have a similar arrangement for certain European countries. As of June 30, 2026, we assigned and derecognized approximately $84.0 million of Trade Receivables, Net, which were included in Other Receivables. As of December 31, 2025, no amounts were assigned and derecognized. We are continuously evaluating the potential acquisition of products, as well as companies, as a strategic part of our future growth. Consequently, we may utilize current cash reserves or incur additional indebtedness to finance any such acquisitions, which could impact future liquidity. Also, on an ongoing basis, we review our operations, including the evaluation of potential divestitures of products and businesses, as part of our future strategy. Any divestitures could impact future liquidity. In addition, we plan to continue to explore various other ways to unlock the value of the Company’s unique global platform in order to create shareholder value. For information regarding our dividends paid and declared and share repurchase program, refer to Note 8 (Loss) Earnings per Share included in Part I, Item 1 of this Form 10-Q. Long-term Debt Maturity For information regarding our debt agreements and mandatory minimum repayments remaining on the outstanding notional amount of long-term debt at June 30, 2026, refer to Note 11 Debt included in Part I, Item 1 of this Form 10-Q. The YEN Term Loan Facility and the 2024 Revolving Facility contain customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of corporate existence and rights, property, and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including a financial covenant, which set the Maximum Leverage Ratio as of the end of any quarter at 3.75 to 1.00, except in circumstances as defined in the related credit agreement, and other limitations on the incurrence of subsidiary indebtedness, liens, mergers and certain other fundamental changes, investments and loans, acquisitions, transactions with affiliates, payments of dividends and other restricted payments and changes in our lines of business. The Company is in compliance with its covenants at June 30, 2026 and expects to remain in compliance for the next twelve months. We and our subsidiaries and affiliates may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly-issued debt securities) in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness. Supplemental Guarantor Financial Information Viatris Inc. is the issuer of the Registered Upjohn Notes and the 2033 Euro Senior Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc. Following the Combination, Utah Acquisition Sub Inc. is the issuer of the Utah U.S. Dollar Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Viatris Inc. and Mylan II B.V. Mylan Inc. is the issuer of the Mylan Inc. U.S. Dollar Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan II B.V., Viatris Inc. and Utah Acquisition Sub Inc. The respective obligations of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc., and Mylan II B.V. as guarantors of the applicable series of Registered Notes are senior unsecured obligations of the applicable guarantor and rank pari passu in right of payment with all of such guarantor’s existing and future senior unsecured obligations that are not expressly 70 Table of Contents subordinated to such guarantor’s guarantee of the applicable series of Registered Notes, rank senior in right of payment to any future obligations of such guarantor that are expressly subordinated to such guarantor’s guarantee of the applicable series of Registered Notes, and are effectively subordinated to such guarantor’s existing and future secured obligations to the extent of the value of the collateral securing such obligations. Such obligations are structurally subordinated to all of the existing and future liabilities, including trade payables, of the existing and future subsidiaries of such guarantor that do not guarantee the applicable series of Registered Notes. The guarantees by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc. under the applicable series of Registered Notes will terminate under certain customary circumstances, each as described in the applicable indenture, including: (1) a sale or disposition of the applicable guarantor in a transaction that complies with the applicable indenture such that such guarantor ceases to be a subsidiary of the issuer of the applicable series of Registered Notes; (2) legal defeasance or covenant defeasance or if the issuer’s obligations under the applicable indenture are discharged; (3) with respect to the Utah U.S. Dollar Notes, the earlier to occur of (i) with respect to the guarantee provided by Mylan Inc., (x) the release of Utah Acquisition Sub Inc.’s guarantee under all applicable Mylan Inc. Debt (as defined in the applicable indenture) and (y) Mylan Inc. no longer having any obligations in respect of any Mylan Inc. Debt and (ii) with respect to the guarantee provided by Mylan II B.V., (x) the release of Mylan II B.V.’s guarantee under all applicable Triggering Indebtedness (as defined in the applicable indenture) and (y) the issuer and/or borrower of the applicable Triggering Indebtedness no longer having any obligations with respect to such Triggering Indebtedness; (4) with respect to the guarantees provided by Utah Acquisition Sub Inc. and Mylan II B.V. of the Mylan Inc. U.S. Dollar Notes, subject to certain exceptions set forth in the applicable indenture, such guarantor ceasing to be a guarantor or obligor in respect of any Triggering Indebtedness; and (5) with respect to the Registered Upjohn Notes and the 2033 Euro Senior Notes, (a) upon the applicable guarantor no longer being an issuer or guarantor in respect of (i) Mylan Notes (as defined in the applicable indenture) that have an aggregate principal amount in excess of $500.0 million or (ii) any Triggering Indebtedness; in each case, other than in respect of indebtedness or guarantees, as applicable, that are being concurrently released; or (b) upon receipt of the consent of holders of a majority of the aggregate principal amount of the outstanding notes of such series in accordance with the applicable indenture. The guarantee obligations of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc., and Mylan II B.V. under the Registered Notes are subject to certain limitations and terms similar to those applicable to other guarantees of similar instruments, including that (i) the guarantees are subject to fraudulent transfer and conveyance laws and (ii) each guarantee is limited to an amount not to exceed the maximum amount that can be guaranteed by the applicable guarantor without rendering the guarantee, as it relates to such guarantor, voidable under applicable fraudulent transfer and conveyance laws or similar laws affecting the rights of creditors generally. The following table presents unaudited summarized financial information of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc., and Mylan II B.V. on a combined basis as of and for the six months ended June 30, 2026 and as of and for the year ended December 31, 2025. All intercompany balances have been eliminated in consolidation. This unaudited combined summarized financial information is presented utilizing the equity method of accounting. Combined Summarized Balance Sheet Information of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V. (In millions) June 30, 2026 December 31, 2025 ASSETS Current assets $ 1,317.8 $ 1,457.2 Non-current assets 57,235.2 59,413.4 LIABILITIES AND EQUITY Current liabilities 32,994.1 35,024.2 Non-current liabilities 11,298.5 11,135.0 71 Table of Contents Combined Summarized Income Statement Information of Viatris Inc., Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V. (In millions) Six Months Ended June 30, 2026 Year Ended December 31, 2025 Revenues $ — $ — Gross profit — — Loss from operations (591.7) (1,008.2) Net earnings (loss) 57.6 (3,514.9) Other Commitments The Company is involved in various disputes, governmental and/or regulatory inquiries, investigations and proceedings, tax proceedings and litigation matters, both in the U.S. and abroad, that arise from time to time, some of which could result in losses, including damages, fines and/or civil penalties, and/or criminal charges against the Company. These matters are often complex and have outcomes that are difficult to predict. We have approximately $453 million accrued for legal contingencies at June 30, 2026. While the Company believes that it has meritorious defenses with respect to the claims asserted against it and the assumed legal matters referenced above, and intends to vigorously defend its position, the process of resolving these matters is inherently uncertain and may develop over a long period of time, and so it is not possible to predict the ultimate resolution of any such matter. It is possible that an unfavorable resolution of any of the ongoing matters could have a material effect on the Company’s business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price. In connection with the divestitures, Viatris and the respective buyers currently have manufacturing and supply agreements pursuant to which the Company is providing services to the respective purchasers, substantially the same as we previously provided to the related businesses, generally for periods between one to 10 years depending on the geographic market and the products subject to such agreement, subject to potential extensions in certain circumstances. In connection with the API business divestiture, we currently have a manufacturing and supply agreement pursuant to which we are purchasing a significant amount of API from the purchaser in that transaction. Some of these agreements include various ongoing financial obligations. In the normal course of business, Viatris periodically enters into acquisition, divestiture, collaboration, employment, legal settlement and other agreements which include indemnification provisions. The maximum amount to which Viatris may be exposed under such agreements cannot be reasonably estimated due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, we have not paid material amounts under these indemnification provisions. Further, for certain agreements, the Company maintains insurance coverage which management believes will effectively mitigate the Company’s obligations under these indemnification provisions. In connection with the Combination, the Company has generally assumed liability for, and control of, pending and threatened legal matters relating to the Upjohn Business and has agreed to indemnify Pfizer for liabilities arising out of such assumed legal matters. Pfizer, however, has agreed to retain various matters—including certain specified competition law matters—to the extent they arise from conduct during the pre-Distribution period and has agreed to indemnify the Company for liabilities arising out of such matters. If Pfizer were to successfully dispute its retention of these matters, or if there is an adverse outcome in the matters that Pfizer has agreed to retain, this could have an adverse impact on Viatris. In addition, Viatris agreed to pay Pfizer an amount equal to 57% of any losses actually incurred or suffered by Viatris, its predecessors or subsidiaries, since July 29, 2019, arising out of third-party actions relating to the manufacture, distribution, marketing, promotion or sale of opioids by or on behalf of Viatris, its predecessors or subsidiaries. In June 2026, the Company received a letter from Pfizer inquiring about the Company’s plan for payment to Pfizer under the foregoing agreement. The Company disagrees that the payment Pfizer requests is owed. Any loss to the Company as a result of the foregoing disagreement could have an adverse impact on Viatris. 72 Table of Contents