Cover Page
Cover Page - € / shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Entity Address, Address Line One | 1000 Mylan Boulevard | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-4364296 | |
Entity File Number | 001-39695 | |
Entity Registrant Name | VIATRIS INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filler Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ordinary Shares, Shares Outstanding | 1,212,326,908 | |
Common Stock, Par or Stated Value Per Share | € 0.01 | |
Trading Symbol | VTRS | |
Security Exchange Name | NASDAQ | |
Entity Address, City or Town | Canonsburg | |
Entity Address, Postal Zip Code | 15317 | |
City Area Code | (724) | |
Local Phone Number | 514-1800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0001792044 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, State or Province | PA |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 4,178.2 | $ 4,400.1 |
Total revenues | 4,191.7 | 4,430.3 |
Cost of sales | 2,420.5 | 3,303 |
Gross profit | 1,771.2 | 1,127.3 |
Operating expenses: | ||
Research and development | 142.3 | 184.1 |
Selling, general and administrative | 915.3 | 1,186.5 |
Litigation settlements and other contingencies, net | 6.2 | 22.9 |
Total operating expenses | 1,063.8 | 1,393.5 |
Earnings (loss) from operations | 707.4 | (266.2) |
Interest expense | 146.2 | 169 |
Other expense, net | 33.7 | 6.1 |
Earnings before income taxes | 527.5 | (441.3) |
Income tax (benefit) provision | 128.3 | 596.3 |
Net earnings (loss) | $ 399.2 | $ (1,037.6) |
Earnings (loss) per share attributable to Viatris Inc. shareholders | ||
Basic (in USD per share) | $ 0.33 | $ (0.86) |
Diluted (in USD per share) | $ 0.33 | $ (0.86) |
Weighted average shares outstanding: | ||
Basic | 1,210.5 | 1,207.5 |
Diluted | 1,213.1 | 1,207.5 |
Other Revenues | ||
Weighted average shares outstanding: | ||
Revenue Not from Contract with Customer | $ 13.5 | $ 30.2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings (loss) attributable to Viatris Inc. common shareholders | $ 399.2 | $ (1,037.6) |
Other comprehensive loss, before tax: | ||
Foreign currency translation adjustment | (469.2) | (721.2) |
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans | (2.6) | 0.8 |
Net unrealized loss on marketable securities | (1.7) | (0.9) |
Other comprehensive loss, before tax | (272) | (490.6) |
Income tax provision | 44.7 | 37 |
Other comprehensive loss, net of tax | (316.7) | (527.6) |
Comprehensive earnings (loss) | 82.5 | (1,565.2) |
Cash Flow Hedging | ||
Other comprehensive loss, before tax: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0.2 | 3.3 |
Net Investment Hedging | ||
Other comprehensive loss, before tax: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 201.3 | $ 227.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 752,400,000 | $ 701,200,000 |
Accounts receivable, net | 4,093,900,000 | 4,266,400,000 |
Inventories | 3,797,300,000 | 3,977,700,000 |
Prepaid expenses and other current assets | 1,763,600,000 | 1,957,600,000 |
Assets held for sale | 1,337,100,000 | 0 |
Total current assets | 11,744,300,000 | 10,902,900,000 |
Property, plant and equipment, net | 3,150,200,000 | 3,188,600,000 |
Intangible assets, net | 25,251,800,000 | 26,134,200,000 |
Goodwill | 10,978,800,000 | 12,113,700,000 |
Deferred income tax benefit | 1,285,800,000 | 1,332,700,000 |
Other assets | 1,056,000,000 | 1,170,700,000 |
Total assets | 53,466,900,000 | 54,842,800,000 |
Current liabilities: | ||
Accounts payable | 1,499,600,000 | 1,657,400,000 |
Short-term borrowings | 655,400,000 | 1,493,000,000 |
Income taxes payable | 177,800,000 | 236,900,000 |
Current portion of long-term debt and other long-term obligations | 2,606,100,000 | 1,877,500,000 |
Liabilities held for sale | 277,700,000 | 0 |
Other current liabilities | 4,426,300,000 | 4,619,600,000 |
Total current liabilities | 9,642,900,000 | 9,884,400,000 |
Long-term debt | 18,762,500,000 | 19,717,100,000 |
Deferred income tax liability | 2,729,500,000 | 2,815,000,000 |
Other long-term obligations | 1,884,300,000 | 1,933,600,000 |
Total liabilities | 33,019,200,000 | 34,350,100,000 |
Viatris Inc. shareholders’ equity | ||
Common Stock, Value, Issued | 12,100,000 | 12,100,000 |
Additional paid-in capital | 18,555,100,000 | 18,536,100,000 |
Retained earnings | 3,941,500,000 | 3,688,800,000 |
Accumulated other comprehensive loss | (2,061,000,000) | (1,744,300,000) |
Total equity | 20,447,700,000 | 20,492,700,000 |
Total liabilities and equity | $ 53,466,900,000 | $ 54,842,800,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2021shares |
Ordinary shares, shares authorized | 3,000,000,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2020 | $ 22,954.1 | $ 12.1 | $ 18,438.8 | $ 5,361.2 | $ 0 | $ (858) |
Balance (in shares) at Dec. 31, 2020 | 1,206,895,644 | |||||
Balance (in shares) at Dec. 31, 2020 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | (1,037.6) | |||||
Other comprehensive loss, net of tax | (527.6) | (527.6) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 1,635,326 | |||||
Issuance of restricted stock, net of shares withheld | 0 | 0 | ||||
Taxes related to the net share settlement of equity awards | (6.9) | (6.9) | ||||
Stock compensation expense | 32.7 | 32.7 | ||||
Balance at Mar. 31, 2021 | 21,414.7 | $ 12.1 | 18,464.6 | 4,323.6 | $ 0 | (1,385.6) |
Balance (in shares) at Mar. 31, 2021 | 1,208,530,970 | |||||
Balance (in shares) at Mar. 31, 2021 | 0 | |||||
Balance at Dec. 31, 2021 | 20,492.7 | $ 12.1 | 18,536.1 | 3,688.8 | $ 0 | (1,744.3) |
Balance (in shares) at Dec. 31, 2021 | 1,209,507,463 | |||||
Balance (in shares) at Dec. 31, 2021 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 399.2 | |||||
Other comprehensive loss, net of tax | (316.7) | (316.7) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 2,816,020 | |||||
Issuance of restricted stock, net of shares withheld | 0 | $ 0 | 0 | |||
Taxes related to the net share settlement of equity awards | (9.3) | (9.3) | ||||
Stock compensation expense | 28.3 | 28.3 | ||||
Balance at Mar. 31, 2022 | $ 20,447.7 | $ 12.1 | $ 18,555.1 | 3,941.5 | $ 0 | $ (2,061) |
Balance (in shares) at Mar. 31, 2022 | 1,212,323,483 | |||||
Balance (in shares) at Mar. 31, 2022 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends, Common Stock, Cash | $ (146.5) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net earnings (loss) attributable to Viatris Inc. common shareholders | $ 399.2 | $ (1,037.6) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 736 | 1,422.5 |
Share-based Compensation | 28.3 | 32.7 |
Deferred income tax (benefit) expense | (52.8) | 288.4 |
Loss from equity method investments | (0.1) | 17.9 |
Other non-cash items | 37.8 | 33.3 |
Litigation settlements and other contingencies, net | 5.2 | 22.9 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (115.5) | (59.8) |
Inventories | (69.1) | (203.4) |
Accounts payable | (30.2) | 191.9 |
Income taxes | 67 | 494.6 |
Other operating assets and liabilities, net | 132.7 | (354.6) |
Net cash provided by operating activities | 1,138.5 | 848.8 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net | 0 | 277 |
Capital expenditures | (64.5) | (49.5) |
Purchase of marketable securities | (8.6) | (12.3) |
Proceeds from the sale of marketable securities | 8.5 | 12.3 |
Payments for product rights and other, net | (7.4) | (3.7) |
Proceeds from the sale of assets | 5.1 | 12.5 |
Net cash used in investing activities | (66.9) | 236.3 |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 0.1 | 0 |
Payments of long-term debt | (0.1) | 0 |
Change in short-term borrowings, net | (837.9) | (1,063.9) |
Taxes paid related to net share settlement of equity awards | (9.9) | (7.8) |
Contingent consideration payments | (15.5) | (26) |
Payments of financing fees | (0.4) | 0 |
Other items, net | (0.2) | (2.1) |
Net cash used in financing activities | (1,009) | (1,099.8) |
Effect on cash of changes in exchange rates | (11.4) | (22.2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 51.2 | (36.9) |
Cash, cash equivalents and restricted cash — beginning of period | 706.2 | 850 |
Cash, cash equivalents and restricted cash — end of period | 757.4 | 813.1 |
Payments to Noncontrolling Interests | $ (145.1) | $ 0 |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and Licensing Agreements | Licensing and Other Partner Agreements We periodically enter into licensing and other partner agreements with other pharmaceutical companies for the development, manufacture, marketing and/or sale of pharmaceutical products. Our significant licensing and other partner agreements are primarily focused on the development, manufacturing, supply and commercialization of multiple, high-value generic biologic compounds, insulin analog products and respiratory products, among other complex products. Under these agreements, we have future potential milestone payments and co-development expenses payable to third parties as part of our licensing, development and co-development programs. Payments under these agreements generally become due and are payable upon the satisfaction or achievement of certain developmental, regulatory or commercial milestones or as development expenses are incurred on defined projects. Milestone payment obligations are uncertain, including the prediction of timing and the occurrence of events triggering a future obligation and are not reflected as liabilities in the condensed consolidated balance sheets, except for obligations reflected as acquisition related contingent consideration. Refer to Note 10 Financial Instruments and Risk Management for further discussion of contingent consideration. Our potential maximum development milestones not accrued for at March 31, 2022 totaled approximately $338 million . We estimate that the amounts that may be paid through the end of 2022 to be approximately $10 million. These agreements may also include potential sales-based milestones and call for us to pay a percentage of amounts earned from the sale of the product as a royalty or a profit share. The amounts disclosed do not include sales-based milestones or royalty or profit share obligations on future sales of product as the timing and amount of future sales levels and costs to produce products subject to these obligations is not reasonably estimable. These sales-based milestones or royalty or profit share obligations may be significant depending upon the level of commercial sales for each product. There have been no significant changes to our licensing and other partner agreements as disclosed in our 2021 Form 10-K. |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited condensed consolidated financial statements (“interim financial statements”) of Viatris Inc. and subsidiaries were prepared in accordance with U.S. GAAP and the rules and regulations of the SEC for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Viatris’ 2021 Form 10-K. The December 31, 2021 condensed consolidated balance sheet was derived from audited financial statements. Turkey Highly Inflationary - Under ASC 830, Foreign Currency Matters (“ASC 830”), a highly inflationary economy is one that has cumulative inflation of approximately 100% or more over a three-year period. Effective April 1, 2022, we classified Turkey as highly inflationary. In accordance with ASC 830, starting with the second quarter of 2022, we will begin to use the U.S. dollar as our functional currency in Turkey, which historically utilized the Turkish lira as the functional currency. The impacted net sales for the three months ended March 31, 2022 and total assets at March 31, 2022 represented less than 1% of our consolidated net sales and total assets, respectively. The interim results of operations, comprehensive earnings and cash flows for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. |
Revenue Recognition and Account
Revenue Recognition and Accounts Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable The Company recognizes revenues in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash). Our net sales may be impacted by wholesaler and distributor inventory levels of our products, which can fluctuate throughout the year due to the seasonality of certain products, pricing, the timing of product demand, purchasing decisions and other factors. Such fluctuations may impact the comparability of our net sales between periods. Consideration received from licenses of intellectual property is recorded as other revenues. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenues in the condensed consolidated statements of operations. The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2022 and 2021, respectively: (In millions) Three Months Ended March 31, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,298.7 $ 569.7 $ 249.0 $ 436.7 $ 2,554.1 Complex Gx and Biosimilars 364.1 — 10.3 16.4 390.8 Generics 813.3 3.4 164.5 252.1 1,233.3 Total $ 2,476.1 $ 573.1 $ 423.8 $ 705.2 $ 4,178.2 (In millions) Three Months Ended March 31, 2021 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,403.7 $ 590.9 $ 284.0 $ 446.0 $ 2,724.6 Complex Gx and Biosimilars 312.0 — 8.9 8.0 328.9 Generics 855.9 1.0 189.0 300.7 1,346.6 Total $ 2,571.6 $ 591.9 $ 481.9 $ 754.7 $ 4,400.1 The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2022 and 2021: Three months ended March 31, (In millions) 2022 2021 Select Key Global Products Lipitor ® $ 440.1 $ 464.6 Norvasc ® 207.8 227.7 Lyrica ® 171.7 187.8 Viagra ® 129.8 139.6 EpiPen® Auto-Injectors 88.8 103.7 Celebrex ® 85.2 89.0 Effexor ® 77.5 76.6 Creon ® 74.7 69.9 Zoloft ® 73.1 76.6 Xalabrands 53.0 57.9 Select Key Segment Products Dymista ® $ 44.0 $ 40.3 Yupelri ® 43.7 36.9 Amitiza ® 41.8 45.9 Xanax ® 40.0 45.1 ____________ (a) The Company does not disclose net sales for any products considered competitively sensitive. (b) Products disclosed may change in future periods, including as a result of seasonality, competition or new product launches. (c) Amounts for the three months ended March 31, 2022 include the unfavorable impact of foreign currency translations compared to the prior year period. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, (In millions) 2022 2021 Gross sales $ 7,198.3 $ 7,567.0 Gross to net adjustments: Chargebacks (1,584.2) (1,318.0) Rebates, promotional programs and other sales allowances (1,205.9) (1,568.5) Returns (82.6) (113.0) Governmental rebate programs (147.4) (167.4) Total gross to net adjustments $ (3,020.1) $ (3,166.9) Net sales $ 4,178.2 $ 4,400.1 No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2022. Such allowances were comprised of the following at March 31, 2022 and December 31, 2021, respectively: (In millions) March 31, December 31, Accounts receivable, net $ 1,707.1 $ 1,688.6 Other current liabilities 1,095.8 1,362.1 Total $ 2,802.9 $ 3,050.7 Accounts receivable, net was comprised of the following at March 31, 2022 and December 31, 2021, respectively: (In millions) March 31, December 31, Trade receivables, net $ 3,556.9 $ 3,774.4 Other receivables 537.0 492.0 Accounts receivable, net $ 4,093.9 $ 4,266.4 Accounts Receivable Factoring Arrangements 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 $55.1 million and $29.6 million of accounts receivable as of March 31, 2022 and December 31, 2021, respectively, under these factoring arrangements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standard In November 2021, the FASB issued Accounting Standards Update 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. We adopted the ASU prospectively on January 1, 2022. The additional annual disclosures required are not expected to have a material impact on our consolidated financial statements. |
Share-Based Incentive Plan
Share-Based Incentive Plan | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Incentive Plan | Share-Based Incentive Plan Prior to the Distribution, Viatris adopted and Pfizer, in the capacity as Viatris’ sole stockholder at such time, approved the Plan which became effective as of the Distribution. In connection with the Combination, as of November 16, 2020, the Company assumed the 2003 LTIP, which had previously been approved by Mylan shareholders. The Plan and 2003 LTIP include (i) 72,500,000 shares of common stock authorized for grant pursuant to the Plan, which may include dividend payments payable in common stock on unvested shares granted under awards, (ii) 6,757,640 shares of common stock to be issued pursuant to the exercise of outstanding stock options granted to participants under the 2003 LTIP and assumed by Viatris in connection with the Combination and (iii) 13,535,627 shares of common stock subject to outstanding equity-based awards, other than stock options, assumed by Viatris in connection with the Combination, or that otherwise remain available for issuance under the 2003 LTIP. Under the Plan and 2003 LTIP, shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, SARs, restricted stock and units, PSUs, other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the shares underlying the stock options at the date of the grant, generally become exercisable over periods ranging from three The following table summarizes stock awards (stock options and SARs) activity under the Plan and 2003 LTIP: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2021 5,576,490 $ 37.19 Forfeited (450,161) $ 27.54 Outstanding at March 31, 2022 5,126,329 $ 38.04 Vested and expected to vest at March 31, 2022 5,077,897 $ 38.21 Exercisable at March 31, 2022 4,831,333 $ 39.19 As of March 31, 2022, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 4.7 years, 4.6 years and 4.5 years, respectively. Also, at March 31, 2022, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had no aggregate intrinsic value. A summary of the status of the Company’s nonvested restricted stock awards (restricted stock and restricted stock unit awards, including PSUs) as of March 31, 2022 and the changes during the three months ended March 31, 2022 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2021 16,858,128 $ 15.12 Granted 16,635,392 10.20 Released (3,517,219) 17.95 Forfeited (229,241) 13.99 Nonvested at March 31, 2022 29,747,060 $ 12.04 As of March 31, 2022, the Company had $272.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which we expect to recognize over the remaining weighted average vesting period of 2.0 years. The total intrinsic value of restricted stock units released during the three months ended March 31, 2022 and 2021 was $63.1 million and $30.8 million, respectively. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Pensions and Other Postretirement Benefits Defined Benefit Plans The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. Employees in the U.S., Puerto Rico and certain international locations are also provided retirement benefits through defined contribution plans. The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees. Net Periodic Benefit Cost Components of net periodic benefit cost for the three months ended March 31, 2022 and 2021 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2022 2021 Service cost $ 9.5 $ 10.8 Interest cost 10.4 8.5 Expected return on plan assets (16.6) (16.5) Amortization of prior service costs 0.1 (0.1) Recognized net actuarial losses — 0.3 Net periodic benefit cost $ 3.4 $ 3.0 The Company is making the minimum mandatory contributions to its defined benefit pension plans in the U.S. and Puerto Rico for the 2022 plan year. The Company expects to make total benefit payments of approximately $118.0 million from pension and other postretirement benefit plans in 2022. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $52.0 million in 2022. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash (In millions) March 31, December 31, March 31, 2021 Cash and cash equivalents $ 752.4 $ 701.2 $ 806.9 Restricted cash, included in prepaid expenses and other current assets 5.0 5.0 6.2 Cash, cash equivalents and restricted cash $ 757.4 $ 706.2 $ 813.1 Inventories (In millions) March 31, December 31, Raw materials $ 868.1 $ 922.4 Work in process 767.5 993.3 Finished goods 2,161.7 2,062.0 Inventories $ 3,797.3 $ 3,977.7 Prepaid expenses and other current assets (In millions) March 31, December 31, 2021 Prepaid expenses $ 268.1 $ 256.7 Available-for-sale fixed income securities 36.6 38.2 Fair value of financial instruments 202.8 144.6 Equity securities 48.0 51.0 Other current assets 1,208.1 1,467.1 Prepaid expenses and other current assets $ 1,763.6 $ 1,957.6 Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net (In millions) March 31, December 31, 2021 Machinery and equipment $ 2,845.8 $ 3,054.0 Buildings and improvements 1,578.4 1,808.5 Construction in progress 541.8 588.7 Land and improvements 126.5 137.9 Gross property, plant and equipment 5,092.5 5,589.1 Accumulated depreciation 1,942.3 2,400.5 Property, plant and equipment, net $ 3,150.2 $ 3,188.6 Other assets (In millions) March 31, December 31, 2021 Operating lease right-of-use assets $ 281.7 $ 290.8 Other long-term assets 774.3 879.9 Other assets $ 1,056.0 $ 1,170.7 Accounts payable (In millions) March 31, December 31, 2021 Trade accounts payable $ 928.4 $ 1,056.1 Other payables 571.2 601.3 Accounts payable $ 1,499.6 $ 1,657.4 Other current liabilities (In millions) March 31, December 31, 2021 Accrued sales allowances $ 1,095.8 $ 1,362.1 Legal and professional accruals, including litigation accruals 694.9 715.6 Payroll and employee benefit liabilities 567.1 741.9 Contingent consideration 86.2 66.7 Accrued restructuring 171.8 233.5 Accrued interest 228.8 86.6 Equity method investments, clean energy investments 4.3 10.9 Fair value of financial instruments 98.9 61.0 Operating lease liability 89.9 86.7 Other 1,388.6 1,254.6 Other current liabilities $ 4,426.3 $ 4,619.6 Other long-term obligations (In millions) March 31, December 31, 2021 Employee benefit liabilities $ 861.3 $ 876.4 Contingent consideration 112.2 133.0 Tax related items, including contingencies 429.5 426.1 Operating lease liability 191.7 200.9 Accrued restructuring 51.4 64.3 Other 238.2 232.9 Other long-term obligations $ 1,884.3 $ 1,933.6 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments The law that provides for IRC Section 45 tax credits expired during the year ended December 31, 2021 for all three clean energy investments and all of the clean energy investments have wound down operations. Summarized financial information, in the aggregate, for the Company’s three equity method, clean energy investments on a 100% basis for the three months ended March 31, 2021 are as follows: Three Months Ended (In millions) March 31, 2021 Total revenues $ 109.5 Gross loss (1.4) Operating and non-operating expense 4.9 Net loss $ (6.3) |
Earnings (Loss) per Ordinary Sh
Earnings (Loss) per Ordinary Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Ordinary Share | Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. Basic and diluted earnings (loss) per share attributable to Viatris Inc. are calculated as follows: Three Months Ended March 31, (In millions, except per share amounts) 2022 2021 Basic earnings (loss) attributable to Viatris Inc. common shareholders Net earnings (loss) attributable to Viatris Inc. common shareholders $ 399.2 $ (1,037.6) Shares (denominator): Weighted average shares outstanding 1,210.5 1,207.5 Basic earnings (loss) per share attributable to Viatris Inc. shareholders $ 0.33 $ (0.86) Diluted earnings (loss) attributable to Viatris Inc. common shareholders Net earnings (loss) attributable to Viatris Inc. common shareholders $ 399.2 $ (1,037.6) Shares (denominator): Weighted average shares outstanding 1,210.5 1,207.5 Share-based awards 2.6 — Total dilutive shares outstanding 1,213.1 1,207.5 Diluted earnings (loss) per share attributable to Viatris Inc. shareholders $ 0.33 $ (0.86) Additional stock awards and restricted stock awards were outstanding during the three months ended March 31, 2022 and 2021, but were not included in the computation of diluted earnings per share for each respective period because the effect would be anti-dilutive. Excluded shares at March 31, 2022 include certain share-based compensation awards whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 15.5 million shares and 10.9 million shares for the three months ended March 31, 2022 and 2021, respectively. The Company paid a quarterly dividend of $0.12 per share on the Company’s issued and outstanding common stock on March 16, 2022. On May 5, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s issued and outstanding common stock, which will be payable on June 16, 2022 to shareholders of record as of the close of business on May 24, 2022. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Board of Directors, and will depend upon factors, including but not limited to, the Company’s financial condition, earnings, capital requirements of its businesses, legal requirements, regulatory constraints, industry practice, and other factors that the Board of Directors deems relevant. On May 6, 2022, the Company announced that its Board of Directors had authorized a DRIP. The DRIP will allow shareholders to automatically reinvest all or a portion of the cash dividends paid on their shares of the Company’s common stock and to make certain additional optional cash investments in the Company’s common stock. |
Comprehensive Earnings
Comprehensive Earnings | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Comprehensive Earnings | Comprehensive Loss Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following: (In millions) March 31, December 31, Accumulated other comprehensive loss: Net unrealized gain on marketable securities, net of tax $ (1.3) $ — Net unrecognized loss and prior service cost related to defined benefit plans, net of tax 29.4 32.2 Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax 9.4 9.2 Net unrecognized loss on derivatives in net investment hedging relationships, net of tax 173.1 16.7 Foreign currency translation adjustment (2,271.6) (1,802.4) $ (2,061.0) $ (1,744.3) Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2021, net of tax $ 9.2 $ 16.7 $ — $ 32.2 $ (1,802.4) $ (1,744.3) Other comprehensive earnings (loss) before reclassifications, before tax 13.3 201.3 (1.7) (2.7) (469.2) (259.0) Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (14.2) (14.2) (14.2) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of prior service costs included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 0.2 201.3 (1.7) (2.6) (469.2) (272.0) Income tax provision (benefit) — 44.9 (0.4) 0.2 — 44.7 Balance at March 31, 2022, net of tax $ 9.4 $ 173.1 $ (1.3) $ 29.4 $ (2,271.6) $ (2,061.0) Three Months Ended March 31, 2021 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2020, net of tax $ (18.0) $ (353.6) $ 1.2 $ (26.1) $ (461.5) $ (858.0) Other comprehensive earnings (loss) before reclassifications, before tax 8.3 227.4 (0.9) 0.6 (721.2) (485.8) Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (6.1) (6.1) (6.1) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of prior service costs included in SG&A (0.1) (0.1) Amortization of actuarial gain included in SG&A 0.3 0.3 Net other comprehensive earnings (loss), before tax 3.3 227.4 (0.9) 0.8 (721.2) (490.6) Income tax provision 0.8 35.1 0.1 1.0 — 37.0 Balance at March 31, 2021, net of tax $ (15.5) $ (161.3) $ 0.2 $ (26.3) $ (1,182.7) $ (1,385.6) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information 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 broad and diversified portfolio of branded, complex generics and biosimilars, and generic 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 China, Taiwan and Hong Kong. Our JANZ segment reflects 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. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Certain costs are not included in the measurement of segment profitability, such as costs, if any, associated with the following: ◦ Intangible asset amortization expense and impairments of intangible assets; ◦ R&D expense; ◦ Net charges or net gains for litigation settlements and other contingencies; ◦ Certain costs related to transactions and events such as (i) purchase accounting adjustments, where we incur expenses associated with the amortization of fair value adjustments to inventory and property, plant and equipment; (ii) acquisition-related costs, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company; and (iii) other significant items, which are substantive and/or unusual, and in some cases recurring, items (such as restructuring) that are evaluated on an individual basis by management and that either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such special items can include, but are not limited to, non-acquisition-related restructuring costs, as well as costs incurred for asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities. ◦ Corporate and other unallocated costs associated with platform functions (such as digital, facilities, legal, finance, human resources, insurance, public affairs and procurement), patient advocacy activities and certain compensation and other corporate costs (such as interest income and expense, and gains and losses on investments, as well as overhead expenses associated with our manufacturing, which include manufacturing variances associated with production) and operations that are not directly assessed to an operating segment as business unit (segment) management does not manage these costs. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in Note 2 Summary of Significant Accounting Policies included in the 2021 Form 10-K, and Note 3 Recent Accounting Pronouncements included in this Form 10-Q. Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. Net Sales Segment Profitability Three Months Ended March 31, Three Months Ended March 31, (In millions) 2022 2021 2022 2021 Reportable Segments: Developed Markets $ 2,476.1 $ 2,571.6 $ 1,211.5 $ 1,285.4 Greater China 573.1 591.9 417.7 404.9 JANZ 423.8 481.9 174.3 184.2 Emerging Markets 705.2 754.7 345.3 337.3 Total reportable segments $ 4,178.2 $ 4,400.1 $ 2,148.8 $ 2,211.8 Reconciling items: Intangible asset amortization expense (648.1) (684.4) Intangible asset impairment charges — (83.4) Globally managed research and development costs (142.3) (184.1) Litigation settlements & other contingencies (6.2) (22.9) Transaction related and other special items (185.6) (993.4) Corporate and other unallocated (459.2) (509.8) Earnings (loss) from operations $ 707.4 $ (266.2) |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring 2020 Restructuring Program During the fourth quarter of 2020, Viatris announced a significant global restructuring program in order to achieve synergies and ensure that the organization is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers, and other stakeholders. As part of the restructuring, the Company is optimizing its commercial capabilities and enabling functions, and closing, downsizing or divesting certain manufacturing facilities globally that are deemed to be no longer viable either due to surplus capacity, challenging market dynamics or a shift in its product portfolio toward more complex products. For the committed restructuring actions, the Company expects to incur total pre-tax charges of up to approximately $1.4 billion. Such charges are expected to include up to approximately $450 million of non-cash charges mainly related to accelerated depreciation and asset impairment charges, including inventory write-offs. The remaining estimated cash costs of up to approximately $950 million are expected to be primarily related to severance and employee benefits expense, as well as other costs, including those related to contract terminations and other plant disposal costs. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. The following table summarizes the restructuring charges and the reserve activity for the 2020 restructuring program from December 31, 2021 to March 31, 2022: (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2021: $ 292.6 $ 4.1 $ 296.7 Charges (1) 7.3 9.5 16.8 Cash payment (77.6) (6.2) (83.8) Utilization — (4.2) (4.2) Foreign currency translation (2.1) (0.1) (2.2) Balance at March 31, 2022: $ 220.2 $ 3.1 $ 223.3 ____________ (1) For the three months ended March 31, 2022, total restructuring charges in Developed Markets, Emerging Markets, Greater China, JANZ, Emerging Markets and Corporate/Other were approximately $12.7 million, $2.6 million, $1.3 million, $0.1 million, and $0.1 million, respectively. At March 31, 2022 and December 31, 2021, accrued liabilities for restructuring and other cost reduction programs were primarily included in other current liabilities and other long-term obligations in the condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Examinations The Company is subject to income taxes and tax audits in many jurisdictions. A certain degree of estimation is thus required in recording the assets and liabilities related to income taxes. Tax audits and examinations can involve complex issues, interpretations, and judgments and the resolution of matters that may span multiple years, particularly if subject to litigation or negotiation. Although the Company believes that adequate provisions have been made for these uncertain tax positions, the Company’s assessment of uncertain tax positions, including those arising from legal entity restructuring transactions in connection with the Combination, is based on estimates and assumptions that the Company believes are reasonable but the estimates for unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and variations from such estimates could materially affect the Company’s financial condition, results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire. The Company is subject to ongoing IRS examinations. The years 2015 through 2019 are open years under examination. The years 2012, 2013 and 2014 have one matter open, and a Tax Court petition was filed regarding the matter and a trial was held in December 2018 and is discussed further below. Several international audits are currently in progress. In some cases, the tax auditors have proposed adjustments or issued assessments to our tax positions, including with respect to intercompany transactions, and we are in ongoing discussions with some of the auditors regarding the validity of their positions. In instances where assessments have been issued, we disagree with these assessments and believe they are without merit and incorrect as a matter of law. As a result, we anticipate that certain of these matters may become the subject of litigation before tax courts where we intend to vigorously defend our position. In Australia, the tax authorities have issued notices of assessments to the Company for the years ended December 2009 to December 2020, subject to additional interest and penalties, concerning our tax position with respect to certain intercompany transactions. The tax authorities denied our objections to the assessments for the years ended December 2009 to December 2019 and we have commenced litigation in the Australian Federal Court challenging that decision. A decision on our objection to the assessment for the year ended December 2020 is pending. The Company made a partial payment of $56.0 million in 2021 and $5.2 million in 2022 in order to stay potential interest and penalties resulting from this litigation. In France, the tax authorities have issued notices of assessments to the Company for the years ended December 2013 to December 2015 concerning our tax position with respect to whether income earned by a Company entity not domiciled in France should be subject to French tax. We have commenced litigation before the French tax courts where the tax authorities will seek unpaid taxes, penalties, and interest. In India, the tax authorities have issued notices of assessments to the Company seeking unpaid taxes and interest for the financial years covering 2013 to 2018 concerning our tax position with respect to certain corporate tax deductions and certain intercompany transactions. Some of these assessments remain in the audit phase where we are challenging them before the tax authorities while we are challenging some of the other assessments in the Indian tax courts. The Company has recorded a net reserve for uncertain tax positions of $317.0 million and $315.6 million, including interest and penalties, in connection with its international audits at March 31, 2022 and December 31, 2021, respectively. In connection with our international tax audits, it is possible that we will incur material losses above the amounts reserved. The Company’s major U.S. state taxing jurisdictions remain open from fiscal year 2013 through 2020, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2012 through 2020. Tax Court Proceedings The Company's U.S. federal income tax returns for 2012 through 2014 had been subject to proceedings in U.S. Tax Court involving a dispute with the IRS regarding whether certain costs related to ANDAs were eligible to be expensed and deducted immediately or required to be amortized over longer periods. A trial was held in U.S. Tax Court in December 2018 and on April 27, 2021, the Court affirmed Mylan’s position and held that patent litigation expenses related to ANDAs are immediately deductible. The IRS has appealed this decision. Accounting for Uncertainty in Income Taxes The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | The accompanying unaudited condensed consolidated financial statements (“interim financial statements”) of Viatris Inc. and subsidiaries were prepared in accordance with U.S. GAAP and the rules and regulations of the SEC for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented. |
Earnings per Share Policy | Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive |
Fair Value of Financial Instruments Policy | Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment Information (Policies)
Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Policy | 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 broad and diversified portfolio of branded, complex generics and biosimilars, and generic 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 China, Taiwan and Hong Kong. Our JANZ segment reflects 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. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Certain costs are not included in the measurement of segment profitability, such as costs, if any, associated with the following: ◦ Intangible asset amortization expense and impairments of intangible assets; ◦ R&D expense; ◦ Net charges or net gains for litigation settlements and other contingencies; ◦ Certain costs related to transactions and events such as (i) purchase accounting adjustments, where we incur expenses associated with the amortization of fair value adjustments to inventory and property, plant and equipment; (ii) acquisition-related costs, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company; and (iii) other significant items, which are substantive and/or unusual, and in some cases recurring, items (such as restructuring) that are evaluated on an individual basis by management and that either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such special items can include, but are not limited to, non-acquisition-related restructuring costs, as well as costs incurred for asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities. ◦ Corporate and other unallocated costs associated with platform functions (such as digital, facilities, legal, finance, human resources, insurance, public affairs and procurement), patient advocacy activities and certain compensation and other corporate costs (such as interest income and expense, and gains and losses on investments, as well as overhead expenses associated with our manufacturing, which include manufacturing variances associated with production) and operations that are not directly assessed to an operating segment as business unit (segment) management does not manage these costs. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in Note 2 Summary of Significant Accounting Policies included in the 2021 Form 10-K, and Note 3 Recent Accounting Pronouncements included in this Form 10-Q. |
Revenue Recognition and Accou_2
Revenue Recognition and Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2022 and 2021, respectively: (In millions) Three Months Ended March 31, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,298.7 $ 569.7 $ 249.0 $ 436.7 $ 2,554.1 Complex Gx and Biosimilars 364.1 — 10.3 16.4 390.8 Generics 813.3 3.4 164.5 252.1 1,233.3 Total $ 2,476.1 $ 573.1 $ 423.8 $ 705.2 $ 4,178.2 (In millions) Three Months Ended March 31, 2021 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,403.7 $ 590.9 $ 284.0 $ 446.0 $ 2,724.6 Complex Gx and Biosimilars 312.0 — 8.9 8.0 328.9 Generics 855.9 1.0 189.0 300.7 1,346.6 Total $ 2,571.6 $ 591.9 $ 481.9 $ 754.7 $ 4,400.1 The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2022 and 2021: Three months ended March 31, (In millions) 2022 2021 Select Key Global Products Lipitor ® $ 440.1 $ 464.6 Norvasc ® 207.8 227.7 Lyrica ® 171.7 187.8 Viagra ® 129.8 139.6 EpiPen® Auto-Injectors 88.8 103.7 Celebrex ® 85.2 89.0 Effexor ® 77.5 76.6 Creon ® 74.7 69.9 Zoloft ® 73.1 76.6 Xalabrands 53.0 57.9 Select Key Segment Products Dymista ® $ 44.0 $ 40.3 Yupelri ® 43.7 36.9 Amitiza ® 41.8 45.9 Xanax ® 40.0 45.1 ____________ (a) The Company does not disclose net sales for any products considered competitively sensitive. (b) Products disclosed may change in future periods, including as a result of seasonality, competition or new product launches. (c) Amounts for the three months ended March 31, 2022 include the unfavorable impact of foreign currency translations compared to the prior year period. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, (In millions) 2022 2021 Gross sales $ 7,198.3 $ 7,567.0 Gross to net adjustments: Chargebacks (1,584.2) (1,318.0) Rebates, promotional programs and other sales allowances (1,205.9) (1,568.5) Returns (82.6) (113.0) Governmental rebate programs (147.4) (167.4) Total gross to net adjustments $ (3,020.1) $ (3,166.9) Net sales $ 4,178.2 $ 4,400.1 |
Schedule of Accounts Receivable, Net | Such allowances were comprised of the following at March 31, 2022 and December 31, 2021, respectively: (In millions) March 31, December 31, Accounts receivable, net $ 1,707.1 $ 1,688.6 Other current liabilities 1,095.8 1,362.1 Total $ 2,802.9 $ 3,050.7 Accounts receivable, net was comprised of the following at March 31, 2022 and December 31, 2021, respectively: (In millions) March 31, December 31, Trade receivables, net $ 3,556.9 $ 3,774.4 Other receivables 537.0 492.0 Accounts receivable, net $ 4,093.9 $ 4,266.4 |
Share-Based Incentive Plan (Tab
Share-Based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Awards Activity | The following table summarizes stock awards (stock options and SARs) activity under the Plan and 2003 LTIP: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2021 5,576,490 $ 37.19 Forfeited (450,161) $ 27.54 Outstanding at March 31, 2022 5,126,329 $ 38.04 Vested and expected to vest at March 31, 2022 5,077,897 $ 38.21 Exercisable at March 31, 2022 4,831,333 $ 39.19 |
Nonvested Restricted Stock and Restricted Stock Unit Awards Activity | A summary of the status of the Company’s nonvested restricted stock awards (restricted stock and restricted stock unit awards, including PSUs) as of March 31, 2022 and the changes during the three months ended March 31, 2022 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2021 16,858,128 $ 15.12 Granted 16,635,392 10.20 Released (3,517,219) 17.95 Forfeited (229,241) 13.99 Nonvested at March 31, 2022 29,747,060 $ 12.04 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three months ended March 31, 2022 and 2021 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2022 2021 Service cost $ 9.5 $ 10.8 Interest cost 10.4 8.5 Expected return on plan assets (16.6) (16.5) Amortization of prior service costs 0.1 (0.1) Recognized net actuarial losses — 0.3 Net periodic benefit cost $ 3.4 $ 3.0 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Components [Abstract] | |
Schedule of Cash, cash equivalents, and restricted cash | Cash and restricted cash (In millions) March 31, December 31, March 31, 2021 Cash and cash equivalents $ 752.4 $ 701.2 $ 806.9 Restricted cash, included in prepaid expenses and other current assets 5.0 5.0 6.2 Cash, cash equivalents and restricted cash $ 757.4 $ 706.2 $ 813.1 |
Inventories | Inventories (In millions) March 31, December 31, Raw materials $ 868.1 $ 922.4 Work in process 767.5 993.3 Finished goods 2,161.7 2,062.0 Inventories $ 3,797.3 $ 3,977.7 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (In millions) March 31, December 31, 2021 Prepaid expenses $ 268.1 $ 256.7 Available-for-sale fixed income securities 36.6 38.2 Fair value of financial instruments 202.8 144.6 Equity securities 48.0 51.0 Other current assets 1,208.1 1,467.1 Prepaid expenses and other current assets $ 1,763.6 $ 1,957.6 |
Property, Plant and Equipment | Property, plant and equipment, net (In millions) March 31, December 31, 2021 Machinery and equipment $ 2,845.8 $ 3,054.0 Buildings and improvements 1,578.4 1,808.5 Construction in progress 541.8 588.7 Land and improvements 126.5 137.9 Gross property, plant and equipment 5,092.5 5,589.1 Accumulated depreciation 1,942.3 2,400.5 Property, plant and equipment, net $ 3,150.2 $ 3,188.6 |
Other Assets | Other assets (In millions) March 31, December 31, 2021 Operating lease right-of-use assets $ 281.7 $ 290.8 Other long-term assets 774.3 879.9 Other assets $ 1,056.0 $ 1,170.7 |
Accounts payable | Accounts payable (In millions) March 31, December 31, 2021 Trade accounts payable $ 928.4 $ 1,056.1 Other payables 571.2 601.3 Accounts payable $ 1,499.6 $ 1,657.4 |
Other Current Liabilities | Other current liabilities (In millions) March 31, December 31, 2021 Accrued sales allowances $ 1,095.8 $ 1,362.1 Legal and professional accruals, including litigation accruals 694.9 715.6 Payroll and employee benefit liabilities 567.1 741.9 Contingent consideration 86.2 66.7 Accrued restructuring 171.8 233.5 Accrued interest 228.8 86.6 Equity method investments, clean energy investments 4.3 10.9 Fair value of financial instruments 98.9 61.0 Operating lease liability 89.9 86.7 Other 1,388.6 1,254.6 Other current liabilities $ 4,426.3 $ 4,619.6 |
Other Noncurrent Liabilities | Other long-term obligations (In millions) March 31, December 31, 2021 Employee benefit liabilities $ 861.3 $ 876.4 Contingent consideration 112.2 133.0 Tax related items, including contingencies 429.5 426.1 Operating lease liability 191.7 200.9 Accrued restructuring 51.4 64.3 Other 238.2 232.9 Other long-term obligations $ 1,884.3 $ 1,933.6 |
Disposal Groups, Including Discontinued Operations | The amounts associated with the biosimilars portfolio classified as held for sale consisted of the following: As of (In millions) March 31, 2022 Assets held for sale Accounts receivable, net $ 136.1 Inventories 122.4 Prepaid expenses and other current assets 12.5 Intangible assets, net 7.5 Goodwill 953.0 Other assets 105.6 Total assets held for sale $ 1,337.1 Liabilities held for sale Accounts payable $ 95.4 Other current liabilities 182.3 Total liabilities held for sale $ 277.7 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Summarized financial information, in the aggregate, for the Company’s three equity method, clean energy investments on a 100% basis for the three months ended March 31, 2021 are as follows: Three Months Ended (In millions) March 31, 2021 Total revenues $ 109.5 Gross loss (1.4) Operating and non-operating expense 4.9 Net loss $ (6.3) |
Earnings (Loss) per Ordinary _2
Earnings (Loss) per Ordinary Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V. | Basic and diluted earnings (loss) per share attributable to Viatris Inc. are calculated as follows: Three Months Ended March 31, (In millions, except per share amounts) 2022 2021 Basic earnings (loss) attributable to Viatris Inc. common shareholders Net earnings (loss) attributable to Viatris Inc. common shareholders $ 399.2 $ (1,037.6) Shares (denominator): Weighted average shares outstanding 1,210.5 1,207.5 Basic earnings (loss) per share attributable to Viatris Inc. shareholders $ 0.33 $ (0.86) Diluted earnings (loss) attributable to Viatris Inc. common shareholders Net earnings (loss) attributable to Viatris Inc. common shareholders $ 399.2 $ (1,037.6) Shares (denominator): Weighted average shares outstanding 1,210.5 1,207.5 Share-based awards 2.6 — Total dilutive shares outstanding 1,213.1 1,207.5 Diluted earnings (loss) per share attributable to Viatris Inc. shareholders $ 0.33 $ (0.86) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2022 are as follows: (In millions) Developed Markets Greater China JANZ Emerging Markets Total Balance at December 31, 2021: Goodwill $ 9,108.4 $ 969.5 $ 776.3 $ 1,644.5 $ 12,498.7 Accumulated impairment losses (385.0) — — — (385.0) 8,723.4 969.5 776.3 1,644.5 12,113.7 Reclassification to assets held for sale (762.0) (3.0) (37.0) (151.0) (953.0) Foreign currency translation (172.2) 0.7 (0.4) (10.0) (181.9) $ 7,789.2 $ 967.2 $ 738.9 $ 1,483.5 $ 10,978.8 Balance at March 31, 2022: Goodwill $ 8,174.2 $ 967.2 $ 738.9 $ 1,483.5 $ 11,363.8 Accumulated impairment losses (385.0) — — — (385.0) $ 7,789.2 $ 967.2 $ 738.9 $ 1,483.5 $ 10,978.8 |
Components of Intangible Assets | Intangible assets consist of the following components at March 31, 2022 and December 31, 2021: (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value March 31, 2022 Product rights, licenses and other (1) 15 $ 38,550.7 $ 13,344.6 $ 25,206.1 In-process research and development 45.7 — 45.7 $ 38,596.4 $ 13,344.6 $ 25,251.8 December 31, 2021 Product rights, licenses and other (1) 15 $ 39,006.2 $ 12,918.5 $ 26,087.7 In-process research and development 46.5 — 46.5 $ 39,052.7 $ 12,918.5 $ 26,134.2 ____________ |
Finite-lived Intangible Assets Amortization Expense | Three Months Ended March 31, (In millions) 2022 2021 Intangible asset amortization expense $ 648.1 $ 684.4 Intangible asset impairment charges — 83.4 Total intangible asset amortization expense (including impairment charges) $ 648.1 $ 767.8 |
Expected Amortization Expense | Intangible asset amortization expense over the remainder of 2022 and for the years ending December 31, 2023 through 2026 is estimated to be as follows: (In millions) 2022 $ 1,916 2023 2,392 2024 2,295 2025 2,198 2026 2,141 |
Financial Instruments and Risk
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2021 to March 31, 2022 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2021 $ 66.7 $ 133.0 $ 199.7 Payments (15.5) — (15.5) Reclassifications 35.0 (35.0) — Accretion — 1.9 1.9 Fair value loss (3) — 12.3 12.3 Balance at March 31, 2022 $ 86.2 $ 112.2 $ 198.4 ____________ (1) Included in other current liabilities in the condensed consolidated balance sheets. (2) Included in other long-term obligations in the condensed consolidated balance sheets. (3) Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations. |
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: March 31, 2022 December 31, 2021 (In millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 0.4 $ — $ — $ 50.9 $ — $ — Total cash equivalents 0.4 — — 50.9 — — Equity securities: Exchange traded funds 47.3 — — 50.3 — — Marketable securities 0.7 — — 0.7 — — Total equity securities 48.0 — — 51.0 — — Available-for-sale fixed income investments: Corporate bonds — 15.9 — — 16.6 — U.S. Treasuries — 13.6 — — 14.6 — Agency mortgage-backed securities — 2.5 — — 2.0 — Asset backed securities — 4.1 — — 4.6 — Other — 0.5 — — 0.4 — Total available-for-sale fixed income investments — 36.6 — — 38.2 — Foreign exchange derivative assets — 202.8 — — 144.6 — Total assets at recurring fair value measurement $ 48.4 $ 239.4 $ — $ 101.9 $ 182.8 $ — Financial Liabilities Foreign exchange derivative liabilities — 98.9 — — 61.0 — Contingent consideration — — 198.4 — — 199.7 Total liabilities at recurring fair value measurement $ — $ 98.9 $ 198.4 $ — $ 61.0 $ 199.7 |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets: Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location March 31, 2022 Fair Value December 31, 2021 Fair Value Balance Sheet Location March 31, 2022 Fair Value December 31, 2021 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 63.9 $ 62.0 Other current liabilities $ 7.6 $ 4.3 Total derivatives designated as hedges 63.9 62.0 7.6 4.3 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 138.9 82.6 Other current liabilities 91.3 56.7 Total derivatives not designated as hedges 138.9 82.6 91.3 56.7 Total derivatives $ 202.8 $ 144.6 $ 98.9 $ 61.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt is as follows: ($ in millions) Interest Rate as of March 31, 2022 March 31, December 31, Current portion of long-term debt: 2022 Euro Senior Notes **** 0.816 % $ 831.8 $ 856.6 2022 Senior Notes *** 1.125 % 1,001.4 1,002.9 2023 Senior Notes (a) * 3.125 % 762.2 — Other 0.9 0.9 Deferred financing fees (0.9) (0.1) Current portion of long-term debt $ 2,595.4 $ 1,860.3 Non-current portion of long-term debt: 2023 Senior Notes (a) * 3.125 % — 766.1 2023 Senior Notes * 4.200 % 499.6 499.6 2024 Euro Senior Notes ** 2.250 % 1,105.7 1,135.8 2024 Euro Senior Notes **** 1.023 % 846.5 871.6 2025 Euro Senior Notes * 2.125 % 552.7 567.8 2025 Senior Notes *** 1.650 % 762.4 763.4 2026 Senior Notes ** 3.950 % 2,241.9 2,241.4 2027 Euro Senior Notes **** 1.362 % 984.0 1,013.0 2027 Senior Notes *** 2.300 % 779.4 780.8 2028 Euro Senior Notes ** 3.125 % 825.0 847.4 2028 Senior Notes * 4.550 % 748.8 748.7 2030 Senior Notes *** 2.700 % 1,518.6 1,520.5 2032 Euro Senior Notes **** 1.908 % 1,502.8 1,546.6 2040 Senior Notes *** 3.850 % 1,655.4 1,657.1 2043 Senior Notes * 5.400 % 497.3 497.3 2046 Senior Notes ** 5.250 % 999.9 999.9 2048 Senior Notes * 5.200 % 747.8 747.8 2050 Senior Notes *** 4.000 % 2,204.0 2,205.1 YEN Term Loan Facility 328.7 347.6 Other 1.9 1.9 Deferred financing fees (39.9) (42.3) Long-term debt $ 18,762.5 $ 19,717.1 ____________ (a) In the first quarter of 2020, the Company terminated interest rate swaps designated as a fair value hedge resulting in net proceeds of approximately $45 million. The fair value adjustment is being amortized to interest expense over the remaining term of the notes. * Instrument was issued by Mylan Inc. ** Instrument was originally issued by Mylan N.V.; now held by Utah Acquisition Sub Inc. *** Instrument was issued by Viatris Inc. **** Instrument was issued by Upjohn Finance B.V. |
Minimum Repayments on Outstanding Borrowings | Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2022 were as follows for each of the periods ending December 31: (In millions) Total 2022 $ 1,830 2023 1,250 2024 1,937 2025 1,303 2026 2,579 Thereafter 11,854 Total $ 20,753 |
Schedule of Short-term Debt | Short-Term Borrowings The Company had $655.4 million and $1.49 billion of short-term borrowings as of March 31, 2022 and December 31, 2021, respectively. (In millions) March 31, December 31, Commercial paper notes $ 328.5 $ 1,173.4 Receivables Facility 325.5 318.5 Other 1.4 1.1 Short-term borrowings $ 655.4 $ 1,493.0 |
Comprehensive Earnings (Tables)
Comprehensive Earnings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following: (In millions) March 31, December 31, Accumulated other comprehensive loss: Net unrealized gain on marketable securities, net of tax $ (1.3) $ — Net unrecognized loss and prior service cost related to defined benefit plans, net of tax 29.4 32.2 Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax 9.4 9.2 Net unrecognized loss on derivatives in net investment hedging relationships, net of tax 173.1 16.7 Foreign currency translation adjustment (2,271.6) (1,802.4) $ (2,061.0) $ (1,744.3) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2021, net of tax $ 9.2 $ 16.7 $ — $ 32.2 $ (1,802.4) $ (1,744.3) Other comprehensive earnings (loss) before reclassifications, before tax 13.3 201.3 (1.7) (2.7) (469.2) (259.0) Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (14.2) (14.2) (14.2) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of prior service costs included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 0.2 201.3 (1.7) (2.6) (469.2) (272.0) Income tax provision (benefit) — 44.9 (0.4) 0.2 — 44.7 Balance at March 31, 2022, net of tax $ 9.4 $ 173.1 $ (1.3) $ 29.4 $ (2,271.6) $ (2,061.0) Three Months Ended March 31, 2021 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2020, net of tax $ (18.0) $ (353.6) $ 1.2 $ (26.1) $ (461.5) $ (858.0) Other comprehensive earnings (loss) before reclassifications, before tax 8.3 227.4 (0.9) 0.6 (721.2) (485.8) Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (6.1) (6.1) (6.1) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of prior service costs included in SG&A (0.1) (0.1) Amortization of actuarial gain included in SG&A 0.3 0.3 Net other comprehensive earnings (loss), before tax 3.3 227.4 (0.9) 0.8 (721.2) (490.6) Income tax provision 0.8 35.1 0.1 1.0 — 37.0 Balance at March 31, 2021, net of tax $ (15.5) $ (161.3) $ 0.2 $ (26.3) $ (1,182.7) $ (1,385.6) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation of Segment Information to Total Consolidated Information | Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. Net Sales Segment Profitability Three Months Ended March 31, Three Months Ended March 31, (In millions) 2022 2021 2022 2021 Reportable Segments: Developed Markets $ 2,476.1 $ 2,571.6 $ 1,211.5 $ 1,285.4 Greater China 573.1 591.9 417.7 404.9 JANZ 423.8 481.9 174.3 184.2 Emerging Markets 705.2 754.7 345.3 337.3 Total reportable segments $ 4,178.2 $ 4,400.1 $ 2,148.8 $ 2,211.8 Reconciling items: Intangible asset amortization expense (648.1) (684.4) Intangible asset impairment charges — (83.4) Globally managed research and development costs (142.3) (184.1) Litigation settlements & other contingencies (6.2) (22.9) Transaction related and other special items (185.6) (993.4) Corporate and other unallocated (459.2) (509.8) Earnings (loss) from operations $ 707.4 $ (266.2) |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring - employee related | The following table summarizes the restructuring charges and the reserve activity for the 2020 restructuring program from December 31, 2021 to March 31, 2022: (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2021: $ 292.6 $ 4.1 $ 296.7 Charges (1) 7.3 9.5 16.8 Cash payment (77.6) (6.2) (83.8) Utilization — (4.2) (4.2) Foreign currency translation (2.1) (0.1) (2.2) Balance at March 31, 2022: $ 220.2 $ 3.1 $ 223.3 ____________ (1) For the three months ended March 31, 2022, total restructuring charges in Developed Markets, Emerging Markets, Greater China, JANZ, Emerging Markets and Corporate/Other were approximately $12.7 million, $2.6 million, $1.3 million, $0.1 million, and $0.1 million, respectively. |
General (Details)
General (Details) - TURKEY - Unusual or Infrequent Item, or Both | 3 Months Ended |
Mar. 31, 2022 | |
Unusual Risk or Uncertainty [Line Items] | |
Percent Of Net Sales Impacted, High Inflationary Economy | 1.00% |
Percent Of Total Assets Impacted, High Inflationary Economy | 1.00% |
Revenue Recognition and Accou_3
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Proceeds from sale and collection of receivables | $ 55.1 | $ 29.6 |
Revenue Recognition and Accou_4
Revenue Recognition and Accounts Receivable Revenue Disaggregation (Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 4,178.2 | $ 4,400.1 |
Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,554.1 | 2,724.6 |
Complex GX and Biosimilars | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 390.8 | 328.9 |
Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,233.3 | 1,346.6 |
Lipitor | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 440.1 | 464.6 |
Norvasc | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 207.8 | 227.7 |
Lyrica ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 171.7 | 187.8 |
Viagra ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 129.8 | 139.6 |
EpiPen® Auto-Injectors | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 88.8 | 103.7 |
Celebrex ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 85.2 | 89 |
Effexor ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 77.5 | 76.6 |
Zoloft ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 73.1 | 76.6 |
Creon ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 74.7 | 69.9 |
Xalabrands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 53 | 57.9 |
Amitiza ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 41.8 | 45.9 |
Xanax ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 40 | 45.1 |
Dymista ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 44 | 40.3 |
Yupelri ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 43.7 | 36.9 |
Developed Markets | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,298.7 | 1,403.7 |
Developed Markets | Complex GX and Biosimilars | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 364.1 | 312 |
Developed Markets | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 813.3 | 855.9 |
Greater China | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 569.7 | 590.9 |
Greater China | Complex GX and Biosimilars | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
Greater China | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3.4 | 1 |
JANZ | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 249 | 284 |
JANZ | Complex GX and Biosimilars | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 10.3 | 8.9 |
JANZ | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 164.5 | 189 |
Emerging Markets | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 436.7 | 446 |
Emerging Markets | Complex GX and Biosimilars | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 16.4 | 8 |
Emerging Markets | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 252.1 | 300.7 |
Operating Segment | Developed Markets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,476.1 | 2,571.6 |
Operating Segment | Greater China | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 573.1 | 591.9 |
Operating Segment | JANZ | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 423.8 | 481.9 |
Operating Segment | Emerging Markets | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 705.2 | $ 754.7 |
Revenue Recognition and Accou_5
Revenue Recognition and Accounts Receivable Variable Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Gross sales | $ 7,198.3 | $ 7,567 |
Chargebacks | (1,584.2) | (1,318) |
Rebates, promotional programs and other sales allowances | (1,205.9) | (1,568.5) |
Returns | (82.6) | (113) |
Medicaid and other governmental rebates | (147.4) | (167.4) |
Sales Revenue, Gross to net adjustments | (3,020.1) | (3,166.9) |
Net sales | $ 4,178.2 | $ 4,400.1 |
Revenue Recognition and Accou_6
Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | $ 3,556.9 | $ 3,774.4 |
Other receivables | 537 | 492 |
Accounts receivable, net | 4,093.9 | 4,266.4 |
Variable Consideration | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | 1,707.1 | 1,688.6 |
Other receivables | 1,095.8 | 1,362.1 |
Accounts receivable, net | $ 2,802.9 | $ 3,050.7 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Impact of Adoption - ASU 2014-09) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ 2,420.5 | $ 3,303 | |
Income tax (benefit) provision | 128.3 | 596.3 | |
Net earnings (loss) attributable to Viatris Inc. common shareholders | 399.2 | (1,037.6) | |
Revenues | 4,191.7 | $ 4,430.3 | |
Prepaid expenses and other current assets | 1,763.6 | $ 1,957.6 | |
Income taxes payable | 177.8 | 236.9 | |
Retained earnings | 3,941.5 | 3,688.8 | |
Accumulated other comprehensive loss | $ (2,061) | $ (1,744.3) |
Acquisitions and Other Transact
Acquisitions and Other Transactions (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 10,978.8 | $ 12,113.7 |
Acquisitions and Other Transa_2
Acquisitions and Other Transactions (Purchase Price Allocations) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 10,978.8 | $ 12,113.7 |
Share-Based Incentive Plan (Nar
Share-Based Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Nov. 16, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option award expiration period, in years | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,126,329 | 5,576,490 | ||
Long-Term Incentive Plan 2003 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,757,640 | |||
Total unrecognized compensation expense, net of estimated forfeitures | $ 272.7 | |||
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 2 years | |||
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 63.1 | $ 30.8 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 13,535,627 | |||
Long-Term Incentive Plan 2003 | Stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average remaining contractual term for stock awards outstanding, in years | 4 years 8 months 12 days | |||
Average remaining contractual term for stock awards vested and expected to vest, in years | 4 years 7 months 6 days | |||
Average remaining contractual term for stock awards exercisable, in years | 4 years 6 months | |||
Long-Term Incentive Plan 2003 | Stock awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option award vesting period, in years | 3 years | |||
Long-Term Incentive Plan 2003 | Stock awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option award vesting period, in years | 4 years | |||
2020 Stock Incentive Plan and 2003 Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ordinary shares reserved for issuance | 72,500,000 |
Share-Based Incentive Plan (Sto
Share-Based Incentive Plan (Stock Awards) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 38.04 | $ 37.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (450,161) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 27.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,077,897 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 38.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,831,333 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 39.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,126,329 | 5,576,490 |
Share-Based Incentive Plan (Non
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of restricted stock awards, nonvested beginning of period | shares | 16,858,128 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 15.12 |
Number of restricted stock awards, granted | shares | 16,635,392 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 10.20 |
Number of restricted stock awards, released | shares | (3,517,219) |
Weighted average grant-date fair value per share, released | $ / shares | $ 17.95 |
Number of restricted stock awards, forfeited | shares | (229,241) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 13.99 |
Number of restricted stock awards, nonvested end of period | shares | 29,747,060 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 12.04 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 118 |
Estimated employer contributions in current year | $ 52 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension and other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 9.5 | $ 10.8 |
Interest cost | 10.4 | 8.5 |
Expected return on plan assets | (16.6) | (16.5) |
Amortization of prior service costs | 0.1 | (0.1) |
Recognized net actuarial losses | 0 | 0.3 |
Net periodic benefit cost | 3.4 | 3 |
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service costs | $ 0.1 | |
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service costs | $ 0.1 |
Balance Sheet Components (Cash,
Balance Sheet Components (Cash, cash equivalents, and restricted cash) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 752.4 | $ 701.2 | $ 806.9 | |
Restricted cash | 5 | 5 | 6.2 | |
Cash, cash equivalents and restricted cash | $ 757.4 | $ 706.2 | $ 813.1 | $ 850 |
Balance Sheet Components (Inven
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Components [Abstract] | ||
Raw materials | $ 868.1 | $ 922.4 |
Work in process | 767.5 | 993.3 |
Finished goods | 2,161.7 | 2,062 |
Inventories | $ 3,797.3 | $ 3,977.7 |
Balance Sheet Components (Prepa
Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Prepaid expenses | $ 268.1 | $ 256.7 |
Fair value of financial instruments | 202.8 | 144.6 |
Equity securities | 48 | 51 |
Other current assets | 1,208.1 | 1,467.1 |
Prepaid expenses and other current assets | 1,763.6 | 1,957.6 |
Available-for-sale fixed income investments | ||
Property, Plant and Equipment [Line Items] | ||
Available-for-sale securities | $ 36.6 | $ 38.2 |
Balance Sheet Components (Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,092.5 | $ 5,589.1 |
Accumulated depreciation | 1,942.3 | 2,400.5 |
Property, plant and equipment, net | 3,150.2 | 3,188.6 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,845.8 | 3,054 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,578.4 | 1,808.5 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 541.8 | 588.7 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 126.5 | $ 137.9 |
Balance Sheet Components (Other
Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets, Noncurrent [Abstract] | ||
Operating lease right-of-use assets | $ 281.7 | $ 290.8 |
Other long-term assets | 774.3 | 879.9 |
Other assets | $ 1,056 | $ 1,170.7 |
Balance Sheet Components (Trade
Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Payable, Current [Abstract] | ||
Trade accounts payable | $ 928.4 | $ 1,056.1 |
Other payables | 571.2 | 601.3 |
Accounts payable | $ 1,499.6 | $ 1,657.4 |
Balance Sheet Components (Oth_2
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 537 | $ 492 |
Legal and professional accruals, including litigation accruals | 694.9 | 715.6 |
Payroll and employee benefit liabilities | 567.1 | 741.9 |
Contingent consideration | 198.4 | 199.7 |
Restructuring | 171.8 | 233.5 |
Accrued interest | 228.8 | 86.6 |
Equity method investments, clean energy investments | 4,426.3 | 4,619.6 |
Fair value of financial instruments | 98.9 | 61 |
Operating lease liability | 89.9 | 86.7 |
Other | 1,388.6 | 1,254.6 |
Clean energy investments | ||
Schedule of other current liabilities [Line Items] | ||
Equity method investments, clean energy investments | 4.3 | 10.9 |
Other Current Liabilities [Member] | ||
Schedule of other current liabilities [Line Items] | ||
Contingent consideration | 86.2 | 66.7 |
Variable Consideration | ||
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 1,095.8 | $ 1,362.1 |
Balance Sheet Components (Oth_3
Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Employee benefit liabilities | $ 861.3 | $ 876.4 |
Contingent consideration | 198.4 | 199.7 |
Tax related items, including contingencies | 429.5 | 426.1 |
Operating Lease, Liability, Noncurrent | 191.7 | 200.9 |
Restructuring Reserve, Noncurrent | 51.4 | 64.3 |
Other | 238.2 | 232.9 |
Other long-term obligations | 1,884.3 | 1,933.6 |
Other long-term obligations | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration | $ 112.2 | $ 133 |
Balance Sheet Components - Asse
Balance Sheet Components - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue of biosimilars portfolio | $ 169.1 | ||
Liabilities held for sale | 277.7 | $ 0 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Biocon Biologics | Biosimilars Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Accounts receivable, net | 136.1 | ||
Inventories | 122.4 | ||
Prepaid expenses and other current assets | 12.5 | ||
Intangible assets, net | 7.5 | ||
Goodwill | 953 | ||
Other assets | 105.6 | ||
Accounts payable | 95.4 | ||
Accounts payable | $ 182.3 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | Biocon Biologics | Biosimilars Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Upfront payment subject to certain adjustments | $ 2,000 | ||
Percent ownership after transaction | 12.90% | ||
Additional cash payments to be received | $ 335 | ||
Term of transition services agreement | 2 years |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments summarized financial data basis | 100.00% | |
Loss from equity method investments | $ (0.1) | $ 17.9 |
Clean energy investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of equity method investments | 3 |
Equity Method Investments (Inco
Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenues | $ 4,191.7 | $ 4,430.3 |
Gross loss | 1,771.2 | 1,127.3 |
Operating and non-operating expense | $ 527.5 | (441.3) |
Consolidated Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenues | 109.5 | |
Gross loss | (1.4) | |
Operating and non-operating expense | 4.9 | |
Net loss | $ (6.3) |
Earnings (Loss) per Ordinary _3
Earnings (Loss) per Ordinary Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May 05, 2022 | Mar. 16, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 28, 2022 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Diluted (in USD per share) | $ 0.33 | $ (0.86) | |||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 15.5 | 10.9 | |||
Dividends paid (in dollars per share) | $ 0.12 | ||||
Share repurchase program, authorized amount | $ 1,000 | ||||
Subsequent Event | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Dividends declared (in dollars per share) | $ 0.12 | ||||
Dividends payable (in dollars per share) | $ 0.12 |
Earnings (Loss) per Ordinary _4
Earnings (Loss) per Ordinary Share (Basic and Diluted Earnings Per Ordinary Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net earnings (loss) attributable to Viatris Inc. common shareholders | $ 399.2 | $ (1,037.6) |
Weighted average shares outstanding | 1,210.5 | 1,207.5 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 2.6 | 0 |
Total dilutive shares outstanding | 1,213.1 | 1,207.5 |
Basic earnings (loss) per share attributable to Viatris Inc. shareholders | $ 0.33 | $ (0.86) |
Diluted earnings (loss) per ordinary share | $ 0.33 | $ (0.86) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||||
In-process research and development | $ 45.7 | $ 45.7 | $ 46.5 | |
Contingent consideration | 198.4 | 198.4 | 199.7 | |
Business Combination Contingent Consideration Liability Payments | (15.5) | |||
Intangible asset impairment charges | 0 | $ 83.4 | ||
Goodwill | 10,978.8 | 10,978.8 | 12,113.7 | |
Greater China | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 797 | $ 797 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 5.30% | 5.30% | ||
Good will, After Amortization Expense, Before Reclassification | $ 4,950 | $ 4,950 | ||
Greater China | Measurement Input, Long-term Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.005) | (0.005) | ||
Greater China | Valuation Technique, Discounted Cash Flow | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Long-term Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.095) | (0.095) | ||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.010) | (0.010) | ||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.153) | (0.153) | ||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Control Premium | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.150) | (0.150) | ||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | 0.030 | 0.030 | ||
Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.015) | (0.015) | ||
North America Segment | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Good will, After Amortization Expense, Before Reclassification | $ 3,610 | $ 3,610 | ||
Emerging Markets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 1,483.5 | 1,483.5 | 1,644.5 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 816 | $ 816 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 10.30% | 10.30% | ||
Good will, After Amortization Expense, Before Reclassification | $ 1,640 | $ 1,640 | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Long-term Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.016) | (0.016) | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.008) | (0.008) | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.184) | (0.184) | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, EBITDA Multiple | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (7.5) | (7.5) | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | 0.085 | 0.085 | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.030) | (0.030) | ||
Emerging Markets | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.105) | (0.105) | ||
JANZ | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 738.9 | $ 738.9 | 776.3 | |
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 231 | $ 231 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.40% | 7.40% | ||
Good will, After Amortization Expense, Before Reclassification | $ 780 | $ 780 | ||
JANZ | Valuation Technique, Discounted Cash Flow | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Long-term Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.048) | (0.048) | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | 0 | 0 | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.304) | (0.304) | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, EBITDA Multiple | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (6) | (6) | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Control Premium | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.150) | (0.150) | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | 0.035 | 0.035 | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.020) | (0.020) | ||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (0.060) | (0.060) | ||
Greater China | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 967.2 | $ 967.2 | 969.5 | |
Good will, After Amortization Expense, Before Reclassification | $ 970 | $ 970 | ||
Minimum | Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, EBITDA Multiple | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (7.5) | (7.5) | ||
Maximum | Greater China | Valuation Technique, Discounted Cash Flow | Measurement Input, EBITDA Multiple | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment, Measurement Input | (8) | (8) | ||
Other Current Liabilities [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Contingent consideration | $ 86.2 | $ 86.2 | $ 66.7 | |
Business Combination Contingent Consideration Liability Payments | (15.5) | |||
Reconciling items: | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset impairment charges | $ 0 | $ 83.4 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | $ 12,498.7 |
Accumulated impairment losses, beginning balance | (385) |
Foreign currency translation | (181.9) |
Goodwill, net, beginning balance | 12,113.7 |
Accumulated impairment losses, ending balance | (385) |
Goodwill, gross, ending balance | 11,363.8 |
Goodwill, net, ending balance | 10,978.8 |
Goodwill, Transfers | (953) |
Developed Markets | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 9,108.4 |
Accumulated impairment losses, beginning balance | (385) |
Foreign currency translation | (172.2) |
Goodwill, net, beginning balance | 8,723.4 |
Accumulated impairment losses, ending balance | (385) |
Goodwill, gross, ending balance | 8,174.2 |
Goodwill, net, ending balance | 7,789.2 |
Goodwill, Transfers | (762) |
Greater China | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 969.5 |
Accumulated impairment losses, beginning balance | 0 |
Foreign currency translation | 0.7 |
Goodwill, net, beginning balance | 969.5 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, gross, ending balance | 967.2 |
Goodwill, net, ending balance | 967.2 |
Goodwill, Transfers | (3) |
JANZ | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 776.3 |
Accumulated impairment losses, beginning balance | 0 |
Foreign currency translation | (0.4) |
Goodwill, net, beginning balance | 776.3 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, gross, ending balance | 738.9 |
Goodwill, net, ending balance | 738.9 |
Goodwill, Transfers | (37) |
Emerging Markets | |
Goodwill [Roll Forward] | |
Goodwill, gross, beginning balance | 1,644.5 |
Accumulated impairment losses, beginning balance | 0 |
Foreign currency translation | (10) |
Goodwill, net, beginning balance | 1,644.5 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, gross, ending balance | 1,483.5 |
Goodwill, net, ending balance | 1,483.5 |
Goodwill, Transfers | $ (151) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Intangible Assets by Major Class [Line Items] | |||
Intangible asset impairment charges | $ 0 | $ 83.4 | |
Finite-lived intangible assets, original cost | 38,550.7 | $ 39,006.2 | |
Finite-lived intangible assets, accumulated amortization | 13,344.6 | 12,918.5 | |
Finite-lived intangible assets, net book value | 25,206.1 | 26,087.7 | |
In-process research and development | 45.7 | 46.5 | |
Intangible assets, gross, excluding goodwill | 38,596.4 | 39,052.7 | |
Intangible assets, net book value, excluding goodwill | $ 25,251.8 | $ 26,134.2 | |
Patents and technologies | |||
Intangible Assets by Major Class [Line Items] | |||
Finite-lived intangible assets, estimated useful life, in years | 15 years | 15 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible asset amortization expense | $ 648.1 | $ 684.4 |
Intangible asset impairment charges | 0 | 83.4 |
Total intangible asset amortization expense (including impairment charges) | $ 648.1 | $ 767.8 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 1,916 |
2023 | 2,392 |
2024 | 2,295 |
2025 | 2,198 |
2026 | $ 2,141 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, ¥ in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Mar. 31, 2022JPY (¥) | Mar. 31, 2022USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2021JPY (¥) | Dec. 31, 2021USD ($) | |
Derivative [Line Items] | |||||||
Proceeds from sale of terminated interest rate swaps | $ | $ 45 | ||||||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | $ | $ 22 | ||||||
2020 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Long-term debt | $ | $ 328.7 | $ 347.6 | |||||
YEN Term Loan | |||||||
Derivative [Line Items] | |||||||
Long-term debt | $ | $ 328.7 | ||||||
Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | € 5,850 | ¥ 40,000 | € 5,850 | ¥ 40,000 | |||
Long-term debt | 5,850 | 40,000 | |||||
Net Investment Hedging | 2024 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 1,000 | 1,000 | |||||
Long-term debt | 1,000 | ||||||
Net Investment Hedging | 2028 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 750 | 750 | |||||
Long-term debt | 750 | ||||||
Net Investment Hedging | 2.125% Euro Senior Notes due 2025 | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 500 | 500 | |||||
Long-term debt | 500 | ||||||
Net Investment Hedging | 2022 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 750 | 750 | |||||
Long-term debt | 750 | ||||||
Net Investment Hedging | 2024 Euro Senior Notes, 1.023% | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 750 | 750 | |||||
Long-term debt | 750 | ||||||
Net Investment Hedging | 2027 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 850 | 850 | |||||
Long-term debt | 850 | ||||||
Net Investment Hedging | 2032 Euro Senior Notes | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 1,250 | € 1,250 | |||||
Long-term debt | € 1,250 | ||||||
Net Investment Hedging | YEN Term Loan | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | ¥ | 40,000 | ¥ 40,000 | |||||
Long-term debt | ¥ | ¥ 40,000 | ||||||
Measurement Input, Discount Rate | Contingent consideration | |||||||
Derivative [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.080 | 0.080 | 0.080 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Value of Derivative Instruments Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 202.8 | $ 144.6 |
Fair value of financial instruments | $ 98.9 | 61 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets: Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location March 31, 2022 Fair Value December 31, 2021 Fair Value Balance Sheet Location March 31, 2022 Fair Value December 31, 2021 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 63.9 $ 62.0 Other current liabilities $ 7.6 $ 4.3 Total derivatives designated as hedges 63.9 62.0 7.6 4.3 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 138.9 82.6 Other current liabilities 91.3 56.7 Total derivatives not designated as hedges 138.9 82.6 91.3 56.7 Total derivatives $ 202.8 $ 144.6 $ 98.9 $ 61.0 | |
Fair value of financial instruments | $ 63.9 | 62 |
Fair value of financial instruments | 7.6 | 4.3 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 63.9 | 62 |
Designated as Hedging Instrument | Other Current Liabilities [Member] | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 7.6 | 4.3 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 138.9 | 82.6 |
Fair value of financial instruments | 91.3 | 56.7 |
Not Designated as Hedging Instruments | Prepaid expenses and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 138.9 | 82.6 |
Not Designated as Hedging Instruments | Other Current Liabilities [Member] | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 91.3 | $ 56.7 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated As Hedging Instrument) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 202.8 | $ 144.6 |
Fair value of financial instruments | 98.9 | 61 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 138.9 | 82.6 |
Fair value of financial instruments | 91.3 | 56.7 |
Not Designated as Hedging Instruments | Prepaid expenses and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 138.9 | 82.6 |
Not Designated as Hedging Instruments | Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 91.3 | $ 56.7 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 21.7 | $ 35.6 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 13.1 | $ 5 |
Gain (Loss) on Fair Value Hedges Recognized in Earnings | 21.7 | 35.6 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 165.1 | 263.4 |
Foreign currency forward contracts | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 21.7 | 35.6 |
Cash Flow Hedging | Foreign currency forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 9.7 | 5.6 |
Cash Flow Hedging | Foreign currency forward contracts | Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 14.2 | 6.1 |
Cash Flow Hedging | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (0.9) | (0.8) |
Cash Flow Hedging | Interest rate swaps | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.1) | (1.1) |
Net Investment Hedging | Foreign currency forward contracts | Gains and Losses on Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 156.3 | $ 258.6 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations, Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign currency forward contracts | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 21.7 | $ 35.6 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 48 | $ 51 |
Fair value of financial instruments | 202.8 | 144.6 |
Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 36.6 | 38.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.4 | 50.9 |
Equity securities | 48 | 51 |
Total assets at recurring fair value measurement | 48.4 | 101.9 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.4 | 50.9 |
Level 1 | Exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 47.3 | 50.3 |
Level 1 | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0.7 | 0.7 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at recurring fair value measurement | 239.4 | 182.8 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 98.9 | 61 |
Level 2 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 202.8 | 144.6 |
Foreign exchange derivative liabilities | 98.9 | 61 |
Level 2 | Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 36.6 | 38.2 |
Level 2 | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15.9 | 16.6 |
Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13.6 | 14.6 |
Level 2 | Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2.5 | 2 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4.1 | 4.6 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.5 | 0.4 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 198.4 | 199.7 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 198.4 | |
Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments | $ 63.9 | $ 62 |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Rollforward of Contingent Consideration) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | $ 199.7 |
Payments | 15.5 |
Reclassifications | 0 |
Accretion expense | 1.9 |
Fair value loss | 12.3 |
Balance at end of period | 198.4 |
Other Current Liabilities [Member] | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 66.7 |
Payments | 15.5 |
Reclassifications | 35 |
Accretion expense | 0 |
Fair value loss | 0 |
Balance at end of period | 86.2 |
Other long-term obligations | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 133 |
Payments | 0 |
Reclassifications | (35) |
Accretion expense | 1.9 |
Fair value loss | 12.3 |
Balance at end of period | $ 112.2 |
Debt (Receivables, Securitizati
Debt (Receivables, Securitization Facility and Commercial Paper) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 655,400,000 | $ 1,493,000,000 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 328,500,000 | 1,173,400,000 |
Receivables Facility | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 325,500,000 | 318,500,000 |
Other Current Portion of Long-term Debt | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 1,400,000 | $ 1,100,000 |
Receivables Facility | Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 |
Debt (Summary of Long-Term Debt
Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 2,595.4 | $ 1,860.3 |
Unamortized debt issuance expense | (39.9) | (42.3) |
Long-term debt | 18,762.5 | 19,717.1 |
Proceeds from sale of terminated interest rate swaps | 45 | |
Other Current Portion of Long-term Debt | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 0.9 | 0.9 |
2020 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 0.816% | |
Current portion of long-term debt | $ 831.8 | 856.6 |
Long-term debt | $ 328.7 | 347.6 |
2020 Senior Notes (3.750% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.125% | |
Current portion of long-term debt | $ 1,001.4 | 1,002.9 |
2023 Senior Notes (3.125% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Current portion of long-term debt | $ 762.2 | 0 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1.9 | 1.9 |
2024 Euro Senior Notes, 1.023% | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.023% | |
2027 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.362% | |
2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.30% | |
Senior Notes | 2023 Senior Notes (3.125% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 0 | 766.1 |
Senior Notes | 2023 Senior Notes (4.200% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.20% | |
Long-term debt | $ 499.6 | 499.6 |
Senior Notes | 2024 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.25% | |
Long-term debt | $ 1,105.7 | 1,135.8 |
Senior Notes | 2.125% Euro Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.125% | |
Long-term debt | $ 552.7 | 567.8 |
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Long-term debt | $ 2,241.9 | 2,241.4 |
Senior Notes | 2028 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 825 | 847.4 |
Senior Notes | SeniorNotesTwoThousandTwentyEight [Member] | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.55% | |
Senior Notes | 2028 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 748.8 | 748.7 |
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.40% | |
Long-term debt | $ 497.3 | 497.3 |
Senior Notes | 2046 Senior Notes (5.250% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.25% | |
Long-term debt | $ 999.9 | 999.9 |
Senior Notes | 2048 Senior Notes (5.200%) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.20% | |
Senior Notes | 2048 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 747.8 | 747.8 |
Senior Notes | 2024 Euro Senior Notes, 1.023% | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 846.5 | 871.6 |
Senior Notes | 2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.65% | |
Long-term debt | $ 762.4 | 763.4 |
Senior Notes | 2027 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 984 | 1,013 |
Senior Notes | 2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 779.4 | 780.8 |
Senior Notes | 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.70% | |
Long-term debt | $ 1,518.6 | 1,520.5 |
Senior Notes | 2032 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.908% | |
Long-term debt | $ 1,502.8 | 1,546.6 |
Senior Notes | 2040 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.85% | |
Long-term debt | $ 1,655.4 | 1,657.1 |
Senior Notes | 2050 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.00% | |
Long-term debt | $ 2,204 | 2,205.1 |
Current Portion of Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ (0.9) | $ (0.1) |
Debt (2016 and 2018 Revolving F
Debt (2016 and 2018 Revolving Facility and 2016 Term Facility) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 2,595.4 | $ 1,860.3 |
Debt (Fair Value) (Narrative) (
Debt (Fair Value) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 19,490 | $ 22,010 |
Debt (Minimum Repayments on Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 1,830 |
2023 | 1,250 |
2024 | 1,937 |
2025 | 1,303 |
2026 | 2,579 |
Thereafter | 11,854 |
Total | $ 20,753 |
Comprehensive Earnings (Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | $ 128.3 | $ 596.3 | ||
Net unrealized gain on marketable securities, net of tax | (1.3) | $ 0 | ||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (29.4) | 32.2 | ||
Foreign currency translation adjustment | (2,271.6) | (1,802.4) | ||
Accumulated other comprehensive loss | (2,061) | (1,744.3) | ||
Other comprehensive loss, before tax | (272) | (490.6) | ||
Net unrealized loss on marketable securities | (1.7) | (0.9) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 2.6 | (0.8) | ||
Sales Revenue, Goods, Net | 4,178.2 | 4,400.1 | ||
Interest expense | 146.2 | 169 | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gain (loss) on derivatives | 0.2 | |||
Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulate Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Effect Net of Taxx | 173.1 | 16.7 | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 37 | |||
Accumulated other comprehensive loss | (1,385.6) | $ (858) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (259) | (485.8) | ||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0.8 | |||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | (15.5) | (18) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 8.3 | |||
Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0 | |||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | $ 9.2 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 13.3 | |||
Gains and Losses on Derivatives | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 44.9 | 35.1 | ||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | (161.3) | (353.6) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 227.4 | |||
Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0.1 | |||
Net unrealized gain on marketable securities, net of tax | 0.2 | 1.2 | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (0.9) | |||
Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | (1) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (26.3) | (26.1) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.7) | 0.6 | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0 | |||
Foreign currency translation adjustment | (1,182.7) | $ (461.5) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (469.2) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 44.7 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.1) | 0.1 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (0.3) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gain (loss) on derivatives | 3.3 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | (0.4) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0.2 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (0.8) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.1) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0 | |||
Other comprehensive loss, before tax | (721.2) | |||
Mylan N.V. | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gain (loss) on derivatives | 201.3 | 227.4 | ||
Foreign currency forward contracts | Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Sales Revenue, Goods, Net | (14.2) | |||
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Sales Revenue, Goods, Net | (14.2) | (6.1) | ||
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Sales Revenue, Goods, Net | (14.2) | (6.1) | ||
Interest rate swaps | Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | |||
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | 1.1 | ||
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | 1.1 | ||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.1) | 0.1 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | $ (0.3) | ||
Pension and other postretirement benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ (0.1) |
Comprehensive Earnings (Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ 0 | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (29.4) | $ 32.2 | ||
Foreign currency translation adjustment, beginning of period | (1,802.4) | |||
Accumulated other comprehensive loss, net of tax, beginning of period | (1,744.3) | |||
Net sales | 4,178.2 | $ 4,400.1 | ||
Interest expense | 146.2 | 169 | ||
Net unrealized loss on marketable securities | (1.7) | (0.9) | ||
Change in unrecognized gain and prior service cost related to defined benefit plans | (2.6) | 0.8 | ||
Other comprehensive loss, before tax | (272) | (490.6) | ||
Income Tax Expense (Benefit) | 128.3 | 596.3 | ||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (1.3) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (29.4) | |||
Foreign currency translation adjustment, end of period | (2,271.6) | |||
Accumulated other comprehensive loss, net of tax, end of period | (2,061) | |||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (18) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 8.3 | |||
Income Tax Expense (Benefit) | 0.8 | |||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (15.5) | |||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 3.3 | |||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | (14.2) | (6.1) | ||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | 1.1 | ||
Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | 1.2 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (0.9) | |||
Income Tax Expense (Benefit) | 0.1 | |||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 0.2 | |||
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income Tax Expense (Benefit) | (0.4) | |||
Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (26.3) | $ (26.1) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.7) | 0.6 | ||
Income Tax Expense (Benefit) | (1) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (26.3) | |||
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.1 | |||
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.8 | |||
Income Tax Expense (Benefit) | 0.2 | |||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment, beginning of period | (461.5) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (469.2) | |||
Income Tax Expense (Benefit) | 0 | |||
Foreign currency translation adjustment, end of period | (1,182.7) | |||
Foreign Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss, before tax | (721.2) | |||
Income Tax Expense (Benefit) | 0 | |||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning of period | (858) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (259) | (485.8) | ||
Income Tax Expense (Benefit) | 37 | |||
Accumulated other comprehensive loss, net of tax, end of period | (1,385.6) | |||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.1 | (0.1) | ||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | 0.3 | |||
Income Tax Expense (Benefit) | 44.7 | |||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | (14.2) | (6.1) | ||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | 1.1 | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 0.2 | |||
Cash Flow Hedging | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | 9.2 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 13.3 | |||
Income Tax Expense (Benefit) | 0 | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 9.4 | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | (14.2) | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.1 | |||
Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulate Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Effect Net of Taxx | 173.1 | $ 16.7 | ||
Net Investment Hedging | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (353.6) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 227.4 | |||
Income Tax Expense (Benefit) | 44.9 | 35.1 | ||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (161.3) | |||
Mylan N.V. | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 201.3 | 227.4 | ||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.1 | (0.1) | ||
Recognized net actuarial losses | 0 | $ 0.3 | ||
Pension and other postretirement benefits | Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | $ 0.1 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | $ 4,178.2 | $ 4,400.1 |
Revenues | 4,191.7 | 4,430.3 |
Amortization of Intangible Assets | (648.1) | (684.4) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | (83.4) |
Research and development | (142.3) | (184.1) |
Litigation settlements and other contingencies, net | (6.2) | (22.9) |
Earnings (loss) from operations | 707.4 | (266.2) |
Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Earnings (loss) from operations | 2,148.8 | 2,211.8 |
Reconciling items: | ||
Segment Reporting Information [Line Items] | ||
Amortization of Intangible Assets | (648.1) | (684.4) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | (83.4) |
Research and development | (142.3) | (184.1) |
Litigation settlements and other contingencies, net | (6.2) | (22.9) |
Other One-Time Nonoperating Expense | (185.6) | (993.4) |
Corporate / Other | ||
Segment Reporting Information [Line Items] | ||
Corporate costs | 459.2 | 509.8 |
Developed Markets | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 2,476.1 | 2,571.6 |
Earnings (loss) from operations | 1,211.5 | 1,285.4 |
Greater China | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 573.1 | 591.9 |
Earnings (loss) from operations | 417.7 | 404.9 |
JANZ | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 423.8 | 481.9 |
Earnings (loss) from operations | 174.3 | 184.2 |
Emerging Markets | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 705.2 | 754.7 |
Earnings (loss) from operations | $ 345.3 | $ 337.3 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | $ 296.7 | ||
Charges | 16.8 | ||
Cash payment | (83.8) | ||
Utilization | (4.2) | ||
Foreign currency translation | (2.2) | ||
Ending Balance | 223.3 | $ 296.7 | |
Maximum | 2020 Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Settled without Cash | 450 | ||
Restructuring Reserve [Roll Forward] | |||
Charges | 1,400 | ||
Maximum | 2020 Restructuring Plan | Scenario, Forecast | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost Remaining | $ 950 | ||
Developed Markets | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 12.7 | ||
Greater China | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 1.3 | ||
JANZ | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 0.1 | ||
Emerging Markets | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 2.6 | ||
Corporate and Other | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 0.1 | ||
Employee Related Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 292.6 | ||
Charges | 7.3 | ||
Cash payment | (77.6) | ||
Utilization | 0 | ||
Foreign currency translation | (2.1) | ||
Ending Balance | 220.2 | 292.6 | |
Other Exit Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 4.1 | ||
Charges | 9.5 | ||
Cash payment | (6.2) | ||
Utilization | (4.2) | ||
Foreign currency translation | (0.1) | ||
Ending Balance | $ 3.1 | $ 4.1 |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details) - Maximum $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Development and sales milestone payments | $ 338 |
Collaborative Arrangement | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Development and sales milestone payments | $ 10 |
Income Taxes Income Taxes Discl
Income Taxes Income Taxes Disclosure (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||
Reserve for Uncertain Tax Positions, Including Interest And Penalties | $ 317 | $ 315.6 |
Foreign Tax Authority | Australian Taxation Office | ||
Income Tax Contingency [Line Items] | ||
Income Tax Examination, Partial Payment Of Income Tax Expense | $ 5.2 | $ 56 |
Litigation (Pricing and Medicai
Litigation (Pricing and Medicaid Litigation) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 4,426.3 | $ 4,619.6 |
Litigation (MDRP Classification
Litigation (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Current Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated litigation liability | $ 269 | |
EpiPen Auto-Injector Litigation | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 264 |
Litigation (Drug Pricing Matter
Litigation (Drug Pricing Matters) (Details) - Mar. 31, 2022 | Total | state |
Multi District Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 46 | 46 |
Anticompetitive Conduct with Doxycycline Hyclate Delayed Release, Doxycycline Monohydrate, Glipizide-Metformin and Verapamil [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 36 | |
Anticompetitive Conduct with Generic Drugs [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 47 | |
Amended Anticompetitive Conduct with Generic Drugs [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 42 |
Litigation (Product Liability)
Litigation (Product Liability) (Narrative) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Product Liability | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 75.3 |
Litigation (Intellectual Proper
Litigation (Intellectual Property) (Narrative) (Details) - Intellectual Property $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)increase | |
Loss Contingencies [Line Items] | |
Number of times damages may be increased in cases of willful infringement | increase | 3 |
Damages to be paid | $ | $ 211.8 |
Litigation (Other Litigation) (
Litigation (Other Litigation) (Narrative) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Loss Contingencies [Line Items] | |
Number of cases | 1,000 |
Other Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 34.8 |