A global healthcare company that makes and sells generic medicines, complex drugs, and iconic brand-name products like Lipitor® and Lyrica®, reaching hundreds of millions of patients across more than a hundred countries. Viatris was created in 2020 when the drugmaker Mylan merged with Upjohn, the off-patent medicines arm of Pfizer, uniting two long pharmaceutical histories. It has since streamlined by selling off its women's health, over-the-counter, and active-ingredient businesses.
Viatris Q2 2026 revenue rose 5% to $3.76B on new products and Greater China growth, while a $177.8M charge for the planned Tyrvaya sale widened the net loss.
grew for a second straight quarter, the first back-to-back increase in over a year. Total revenue rose 5% to $3.76 billion and improved to 38.8%, driven by $101 million in new product sales and a 21% increase in Greater China, but a $177.8 million charge tied to the planned sale of Tyrvaya product rights pushed the to a $118.8 million net loss. The top line is turning, but one-off costs from portfolio reshaping are masking the underlying improvement.
Key takeaways
Total revenues rose 5% to $3.76 billion, with constant-currency up 4%, led by $101 million in new product sales and base business growth in Greater China.
Greater China rose 21% (16% ), driven by e-commerce, retail, and private hospital channel strength.
improved 1.6 points to 38.8%, but was flat at 57% as cost of sales included $14.9 million in fire-related charges at the Nashik facility.
Section summaries
Management's Discussion and Analysis
Viatris Q2 2026 total revenues rose 5% to $3.76B, driven by new products and Greater China growth, while GAAP net loss widened on higher operating costs.
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Total revenues grew 5% to $3.76B, with up 5% to $3.75B; net sales increased 4%, led by $101M in new product sales and base business growth in Greater China.
SG&A expense increased $205.8 million to $1.13 billion, primarily from a $177.8 million charge for the planned sale of Tyrvaya product rights.
for the first half of 2026 was $770.1 million, and the company repaid $1.675 billion in senior notes while issuing €752.8 million in new notes.
The company expects $100 million to $150 million in headwinds in the second half of 2026 from supply disruptions at the Nashik facility.
What changed
The Q1 2026 watch item for Developed Markets constant-currency growth was confirmed: the 1% growth held, improving to 2% in Q2, showing a steadying trend in that .
The trajectory flagged in Q1 showed mixed results: margin improved to 38.8% from 33%, but the $14.9 million Nashik fire charge and flat adjusted margin at 57% indicate underlying profitability has not yet inflected.
The enterprise-wide strategic review progressed, with a new $177.8 million charge for the planned Tyrvaya sale signaling active portfolio reshaping, against the $700 million to $850 million total restructuring cost target.
The Indore facility reinspection remains pending, and the company flagged a new supply disruption at its Nashik facility, adding a fresh operational to the existing Indore impact.
What to watch
Second-half 2026 against the $100 million to $150 million Nashik facility supply disruption , and any update on the facility's operational status.
Constant-currency Developed Markets sales in Q3 to see if the 2% growth pace holds or accelerates beyond the Indore and Nashik impacts.
Progress on the Tyrvaya product rights sale closure and any further portfolio reshaping charges against the $700 million to $850 million restructuring cost target.
Indore facility reinspection status and timeline for recovering the 11 idled U.S. product revenues.
Developed Markets rose 4% (2% ) on new products like octreotide acetate, while Greater China surged 21% (16% constant currency) on e-commerce and retail strength.
improved to 39% from 37%, but remained flat at 57%; cost of sales increased, partly due to $14.9M in fire-related charges at the Nashik facility.
SG&A expense jumped $205.8M to $1.13B, primarily from a $177.8M charge for the planned sale of Tyrvaya® product rights; R&D rose $29.5M on selatogrel and cenerimod programs.
was $770.1M for the first half; the company repaid $1.675B in senior notes, issued €752.8M in new notes, and repurchased $150M in shares, with $850M remaining under its $2B authorization.
The company expects $100M-$150M in headwinds in H2 2026 from supply disruptions at the Nashik facility and anticipates $600M-$700M in total savings from its 2026 restructuring program.