Viatris

Last updated

Viatris Inc.
Company type Public
ISIN US92556V1061
Industry
Predecessors
FoundedNovember 16, 2020;3 years ago (2020-11-16)
Headquarters
Canonsburg, Pennsylvania
,
U.S.
Area served
Worldwide
Key people
  • Scott A. Smith (CEO)


Products
RevenueDecrease2.svg US$15.39 billion (2023)
Decrease2.svg US$766 million (2023)
Decrease2.svg US$54.7 million (2023)
Total assets Decrease2.svg US$47.69 billion (2023)
Total equity Decrease2.svg US$20.47 billion (2022)
Number of employees
c. 38,000 (2023)
Subsidiaries
Website viatris.com
Footnotes /references
[1]

Viatris Inc. is an American global pharmaceutical and healthcare corporation headquartered in Canonsburg, Pennsylvania. The corporation was formed through the merger of Mylan and Upjohn, a legacy division of Pfizer, on November 16, 2020. [2]

Contents

The name of the corporation comes from the Latin words via, meaning path, and tris, which means three, referring to the path to three main objectives the corporation set: expanding access to medicines, meeting patient needs through innovation, and earning the trust of the healthcare community. [3] [4]

Viatris ranked 254th on the 2021 Fortune 500 rankings of the largest United States corporations based on its 2020 total revenue. [5]

History

On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris. [1] [2] At that time, Michael Goettler became chief executive officer. [6] [3]

Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS. [2]

In December 2020, the company announced a cost-reducing restructuring plan that would impact up to 20% of its global workforce, or 9,000 jobs at its facilities around the world. [7] [8] [9]

In 2021, Viatris was ranked 5th by Fortune on its annual "Change the World" list for having "transformed the treatment of HIV around the world in the [previous] five years through the first low-cost antiretroviral drug for first-line treatment of HIV and a children's version in the form of fruit-flavored tablets that dissolve in liquid. [10]

In February 2022, Viatris announced an agreement where it will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities in exchange for up to $3.335 billion, including a stake of at least 12.9% in Biocon Biologics. [11] The transaction was completed in November 2022. [12] In November 2022, the business agreed to acquire Oyster Point Pharma and Famy Life Sciences for an aggregate of $700–750 million to create an ophthalmology division. [13] [14] The acquisitions closed in January 2023. [15] [16]

In 2022 and 2024, Viatris was recognized by Forbes as one of the world's best employers [17] and by Newsweek as one of America's most responsible companies. [18] [19]

On April 1, 2023, Scott A. Smith became Viatris' CEO, succeeding Michael Goettler. Smith previously served on the company's board since 2022. [20]

In April 2023, Viatris was recognized by LinkedIn as one of the 25 best companies to work for in India, [21] and one of the 25 best companies offering career development in Ireland. [22]

In May 2023, USA Today included Viatris in its list of 400 US companies that have reduced their greenhouse gas emissions intensity from 2019 to 2021. [23]

In June 2023, Viatris was named to the Forbes Global 2000 list of the world's largest companies. [24]

In October 2023, Viatris reached agreements to divest from almost all of its OTC business, its women’s healthcare business, and its India-based active pharmaceutical ingredients business for a total of about $3.6 billion. [25]

Predecessors

The following is an illustration of the company's major mergers and acquisitions and historical predecessors:

Viatris Acquisitions
  • Viatris
    • Merger of Mylan and Upjohn
    • Famy Life Sciences (Acq 2023)
    • Oyster Point Pharma (Acq 2023)

Products

Viatris Pharmaceutical Plant in Istanbul. 27 may 2023. Viatris Pharmaceutical Plant in Istanbul, Ortakoy.jpg
Viatris Pharmaceutical Plant in Istanbul. 27 may 2023.

The company produces and sells a variety of medicines, with 1,400 approved therapeutic molecules in its portfolio. [26] It owns brands (like Viagra, Xanax, Lipitor), [6] [27] generics, including branded and complex generics, biosimilars, [28] [29] and over-the-counter (OTC) drugs and active pharmaceutical ingredients. Viatris products cover therapeutic areas including cardiovascular, infectious disease, oncology, immunology, CNS and anesthesia, women's healthcare, diabetes and metabolism, gastroenterology, respiratory and allergy, and dermatology. [29] [30]

The following products have been newly launched or received regulatory approvals since Viatris was established include:

Partnerships

Following the formation of Viatris, the company became a member of the Biosimilars Forum, a trade organization that advocates for greater biosimilar usage. [28]

Viatris partnered with the American College of Cardiology, the NCD Alliance, and the World Heart Federation to create the NCD Academy, a platform to help fight non-communicable diseases around the world. [40] [41]

In December 2020, the company worked with Sesame Workshop to create resources to help children and their caregivers manage their social and emotional needs impacted by the COVID-19 pandemic. [42] [43]

In April 2021, the company partnered with Atomo Diagnostics and Unitaid to expand access to HIV self-testing to 135 countries and lower the price of the tests by around 50%. [44] [45]

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References

  1. 1 2 "Viatris Inc. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 28, 2024.
  2. 1 2 3 Gough, Paul J. (November 16, 2020). "After nearly 60 years, Mylan makes way for Viatris". American City Business Journals .
  3. 1 2 "Viatris picked as new name for a merged Mylan/Upjohn". Pittsburgh Post-Gazette . November 12, 2019.
  4. ↑ Blankenship, Kyle (November 12, 2019). "Pfizer's Upjohn and Mylan will become Viatris. Wait, haven't we heard that name before?". FiercePharma.
  5. ↑ "Fortune: Viatris Company Profile, News, Rankings". Fortune.com. Fortune . Retrieved June 2, 2021.
  6. 1 2 Mamula, Kris B. (July 29, 2019). "Mylan merger with Pfizer's Upjohn unit to form new company with $20 billion in revenues". Pittsburgh Post-Gazette .
  7. ↑ "Viatris Inc. Announces Additional Details of Previously Disclosed Global Restructuring Initiative" (Press release). PR Newswire. December 11, 2020.
  8. ↑ Gough, Paul J. (December 11, 2020). "Viatris to lay off up to 20% of global workforce, with local impacts expected to occur". American City Business Journals .
  9. ↑ Kansteiner, Fraiser (December 11, 2020). "Pfizer-Mylan combo Viatris to slash up to 9,000 jobs, shutter manufacturing plants in global cost-cutting drive". FiercePharma.
  10. ↑ "Viatris: 2021 Change the World". Fortune . Retrieved October 17, 2021.
  11. ↑ Linnane, Clara (February 28, 2022). "Viatris to contribute its biosimilars portfolio to Biocon Biologics for up to $3.335 billion, shares jump 4% premarket". MarketWatch . Retrieved March 24, 2022.
  12. ↑ Priyan, Vishnu (November 30, 2022). "Biocon Biologics acquires biosimilars business of Viatris for $3bn". Pharmaceutical Technology.
  13. ↑ "Pittsburgh pharmaceutical company making its move into ophthalmology field". Pittsburgh Post-Gazette . November 7, 2022.
  14. ↑ Becker, Zoey (November 7, 2022). "Viatris jumps into ophthalmology arena with pair of buyouts worth up to $750M". Fierce Pharma.
  15. ↑ Sharma, Ruchika (January 4, 2023). "Viatris Closes Acquisitions Of Famy Life Sciences, Oyster Point Pharma To Establish Eye Care Division". Medical Dialogues.
  16. ↑ Gough, Paul J. (January 3, 2023). "Viatris completes 2 key acquisitions in vision care". Pittsburgh Business Times.
  17. ↑ Brier, Elisabeth (October 11, 2022). "World's Best Employers 2022". Forbes.
  18. ↑ Cooper, Nancy (2022). "America's Most Responsible Companies 2022". Newsweek.
  19. ↑ Rabkin Peachman, Rachel (October 10, 2023). "World's Best Employers". Forbes.
  20. ↑ Doughty, Nate (December 30, 2022). "Viatris appoints 2 new directors to its board". Pittsburgh Business Times.
  21. ↑ Tong, Goh Chiew (April 26, 2023). "Here are the top 25 companies to work for in India, according to LinkedIn — and most of them are not in tech". CNBC.com.
  22. ↑ O'Brien, Robert (April 20, 2023). "LinkedIn ranks Ireland's best employers for career development". Business Plus.
  23. ↑ Weise, Elizabeth (May 24, 2023). "Climate change calls for cuts in carbon emissions. These US companies are leading the way". USA Today.
  24. ↑ Murphy, Andrea; Tucker, Hank (June 8, 2023). "The Global 2000". Forbes.
  25. ↑ "Drugmaker Viatris to divest some businesses for $3.6 bln". Reuters. October 2, 2023.
  26. ↑ Levy, Sandra (November 16, 2020). "Viatris launches following combination of Mylan, Upjohn". Drug Store News. Retrieved May 6, 2021.
  27. ↑ Liu, Angus (April 23, 2021). "Merger of Mylan and Pfizer's Upjohn wins EU nod with product sell-off agreement". FiercePharma. Retrieved May 6, 2021.
  28. 1 2 Hagen, Tony (November 30, 2020). "Newly Created Viatris Joins the Biosimilars Forum". Centerforbiosimilars.com. Retrieved May 6, 2021.
  29. 1 2 "Viatris Inc. Joins Biosimilars Forum". Biosimilardevelopment.com. November 30, 2020. Retrieved May 6, 2021.
  30. ↑ Burton, Patrick (January 27, 2021). "Viatris: Cost-Cutting Needed at New Generics Behemoth". Pharmaboardroom.com. Retrieved May 6, 2021.
  31. ↑ Giuliani-Hoffman, Francesca (December 4, 2020). "HIV medications for children can be bitter to swallow. A strawberry-flavored drug might help". CNN . Retrieved June 13, 2021.
  32. ↑ "HIV generic drug for babies to be rolled out in Africa in 2021 - aid agencies". Reuters . December 1, 2020. Retrieved June 13, 2021.
  33. ↑ Genovese, Meghan (March 15, 2022). "FDA Grants Viatris Approval for Generic of Astra's Symbicort". Bloomberg Law.
  34. ↑ Hronec, Jordyn (March 16, 2022). "Viatris receives FDA approval for generic asthma drug". Pittsburgh Business Times.
  35. ↑ Shapiro, Lindsey (August 8, 2023). "FDA decision on GA Depot for relapsing MS expected March 2024". Multiple Sclerosis News Today.
  36. ↑ "FDA Accepts New Drug Application for GA Depot to Treat Relapsing Multiple Sclerosis". Practical Neurology. August 9, 2023.
  37. ↑ "FDA Provides Tentative Approval for HIV Therapy for Children". Contagion Live. September 5, 2023.
  38. ↑ Myshko, Denise (September 12, 2023). "Generic Triumeq PD, a First-line HIV Medication For Children, Gets Tentative OK". Managed Healthcare.
  39. ↑ Jackson Filkins, Kassi; Kaiser Maharjan, Emily (September 27, 2023). "FDA approves Ryzumvi (phentolamine ophthalmic solution 0.75%) for the treatment of pharmacologically-induced mydriasis". Optometry Times.
  40. ↑ "Fighting the Quiet Crisis of Noncommunicable Diseases". Scientific American Custom Media. January 27, 2021. Retrieved May 24, 2021.
  41. ↑ "NCD Academy". NCDalliance.org. Retrieved May 24, 2021.
  42. ↑ Kiner, Deb (December 7, 2020). "Sesame Workshop helps kids manage 'big feelings like stress and fear' with new resources". The Patriot-News . Retrieved May 24, 2021.
  43. ↑ "Sesame Workshop launches children's animations about COVID-19 education, resources for families". KGO-TV . December 7, 2020. Retrieved May 24, 2021.
  44. ↑ "Access to HIV self-tests significantly expanded and costs halved thanks to Unitaid agreement". Unitaid.org. April 28, 2021. Retrieved May 24, 2021.
  45. ↑ "HIV self-test prices to be slashed in half in 135 countries". PANCAP.org. April 29, 2021. Retrieved May 24, 2021.
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