Viatris (VTRS) reported a net loss of $325.3 million in the third quarter of 2026 (3Q26), compared with a net loss of $128.2 million in 3Q25. GAAP loss per share was $0.28, versus $0.11 a year earlier. According to the company, the result was mainly impacted by an increase in the income tax provision, due to losses in jurisdictions where the realizable benefit is minimal.
Total revenue was $3.75 billion ($3,749.5 million), practically flat compared with $3,759.9 million in 3Q25. The company says new products, performance in North America and sales in Greater China offset supply constraints in Europe and emerging markets and increased competition on some products. GAAP gross margin was 38.4%, versus 36.5%.
Adjusted EBITDA (non-GAAP, earnings before interest, taxes, depreciation and amortization, with company adjustments) was $1.20 billion, up 4%. Adjusted earnings per share (non-GAAP, excludes items the company considers non-recurring) were $0.71, up 6%. Cash generated from operations was $899.4 million, and free cash flow (non-GAAP) totaled $813.7 million, up 24%.
Viatris raised the midpoints of its 2026 guidance: revenue of $14.7 billion to $14.9 billion, adjusted EBITDA of $4.45 billion to $4.55 billion and adjusted earnings per share of $2.56 to $2.63. The guidance excludes the planned acquisition of Pacira BioSciences, at $36.50 per share in cash ($1.65 billion in total), expected to close by the end of November 2026.
Through September 30, the company returned about $717 million to shareholders, including about $300 million in share repurchases. About $700 million remains in the authorized buyback program. Production at the Nashik plant (India) was suspended in October, with a restart expected in the first quarter of 2027, and the company estimates an impact of about $100 million on fourth-quarter revenue.
