Cover Page
Cover Page - € / shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Cover [Abstract] | ||
Entity Address, Address Line One | 1000 Mylan Boulevard | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-4364296 | |
Entity File Number | 001-39695 | |
Entity Registrant Name | VIATRIS INC. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
Entity Filler Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ordinary Shares, Shares Outstanding | 1,199,532,495 | |
Common Stock, Par or Stated Value Per Share | € 0.01 | |
Trading Symbol | VTRS | |
Security Exchange Name | NASDAQ | |
Entity Address, City or Town | Canonsburg | |
Entity Address, Postal Zip Code | 15317 | |
City Area Code | 724 | |
Local Phone Number | 514-1800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Central Index Key | 0001792044 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, State or Province | PA |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 3,909.5 | $ 4,105.4 | $ 7,628.6 | $ 8,283.6 |
Total revenues | 3,918.6 | 4,116.8 | 7,647.7 | 8,308.5 |
Cost of sales | 2,310 | 2,413.5 | 4,496.9 | 4,834 |
Gross profit | 1,608.6 | 1,703.3 | 3,150.8 | 3,474.5 |
Operating expenses: | ||||
Research and development | 208.3 | 162.6 | 391.2 | 304.9 |
Payments to Acquire in Process Research and Development | 10.2 | 0 | 10.2 | 0 |
Selling, general and administrative | 1,031.9 | 981.1 | 1,990.8 | 1,896.4 |
Litigation settlements and other contingencies, net | (11) | 10.9 | (10.4) | 17.1 |
Total operating expenses | 1,239.4 | 1,154.6 | 2,381.8 | 2,218.4 |
Earnings from operations | 369.2 | 548.7 | 769 | 1,256.1 |
Interest expense | 143.7 | 145.9 | 290.7 | 292.1 |
Other (income) expense, net | (107.5) | 13.5 | (177.4) | 47.2 |
Earnings before income taxes | 333 | 389.3 | 655.7 | 916.8 |
Income tax (benefit) provision | 69 | 75.4 | 167 | 203.7 |
Net earnings (loss) | $ 264 | $ 313.9 | $ 488.7 | $ 713.1 |
Earnings per share attributable to Viatris Inc. shareholders | ||||
Basic (in USD per share) | $ 0.22 | $ 0.26 | $ 0.41 | $ 0.59 |
Diluted (in USD per share) | $ 0.22 | $ 0.26 | $ 0.41 | $ 0.59 |
Weighted average shares outstanding: | ||||
Basic | 1,212.3 | 1,211.4 | ||
Diluted | 1,217.1 | 1,215.1 | ||
Other Revenues | ||||
Other revenues | $ 9.1 | $ 11.4 | $ 19.1 | $ 24.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net earnings attributable to Viatris Inc. common shareholders | $ 264 | $ 313.9 | $ 488.7 | $ 713.1 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Foreign currency translation adjustment | (254.1) | (1,149.9) | (208.8) | (1,619.1) |
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans | (6.8) | 0.5 | (5.5) | (2.1) |
Net unrealized gain (loss) on marketable securities | 0.2 | (1) | 1.1 | (2.7) |
Other Comprehensive Income (Loss), before Tax, Total | (236.7) | (748.4) | (252.6) | (1,020.4) |
Income tax provision (benefit) | 4.3 | 89.8 | (8.2) | 134.5 |
Other Comprehensive Income (Loss), Net of Tax, Total | (241) | (838.2) | (244.4) | (1,154.9) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | 23 | (524.3) | 244.3 | (441.8) |
Cash Flow Hedging | ||||
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Net unrecognized gain (loss) on derivatives | 36.8 | 17.6 | 39.6 | 17.8 |
Net Investment Hedging | ||||
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Net unrecognized gain (loss) on derivatives | $ (12.8) | $ 384.4 | $ (79) | $ 585.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 629.2 | $ 1,259.9 |
Accounts receivable, net | 3,607.3 | 3,814.5 |
Inventories | 3,641.5 | 3,519.5 |
Prepaid expenses and other current assets | 1,725.1 | 1,811.2 |
Assets held for sale | 174.9 | 230.3 |
Total current assets | 9,778 | 10,635.4 |
Property, plant and equipment, net | 2,983.2 | 3,024.5 |
Intangible assets, net | 22,084.4 | 22,607.1 |
Goodwill | 10,532.5 | 10,425.8 |
Deferred income tax benefit | 966 | 925.9 |
Other assets | 2,351.1 | 2,403.5 |
Total assets | 48,695.2 | 50,022.2 |
Current liabilities: | ||
Accounts payable | 1,962 | 1,766.6 |
Short-term borrowings | 23.2 | 0 |
Income taxes payable | 158.1 | 279.6 |
Current portion of long-term debt and other long-term obligations | 1,334.4 | 1,259.1 |
Other current liabilities | 3,046.1 | 3,440.9 |
Total current liabilities | 6,523.8 | 6,746.2 |
Long-term debt | 17,246 | 18,015.2 |
Deferred income tax liability | 2,407.8 | 2,432 |
Other long-term obligations | 1,674.3 | 1,756.5 |
Total liabilities | 27,851.9 | 28,949.9 |
Viatris Inc. shareholders’ equity | ||
Common Stock, Value, Issued | 12.2 | 12.1 |
Additional paid-in capital | 18,719.4 | 18,645.8 |
Retained earnings | 5,369.1 | 5,175.6 |
Accumulated other comprehensive loss | (3,005.6) | (2,761.2) |
Total Mylan N.V. equity, before treasury stock | 21,095.1 | 21,072.3 |
Total equity | 20,843.3 | 21,072.3 |
Total liabilities and equity | $ 48,695.2 | $ 50,022.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2022 shares |
Ordinary shares, shares authorized | 3,000,000,000 |
Treasury stock, shares | 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Value | $ 0 | |||||
Treasury Stock, Common, Shares | 0 | |||||
Balance at Dec. 31, 2021 | $ 20,492,700 | $ 12,100 | $ 18,536,100 | $ 3,688,800 | $ (1,744,300) | |
Balance (in shares) at Dec. 31, 2021 | 1,209,507,463 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 713,100 | |||||
Other comprehensive loss, net of tax | (1,154,900) | (1,154,900) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 2,880,312 | |||||
Issuance of restricted stock and stock options exercised, net | 0 | 0 | ||||
Taxes related to the net share settlement of equity awards | (8,800) | (8,800) | ||||
Share-based compensation expense | 57,700 | 57,700 | ||||
Payments for Repurchase of Common Stock | 0 | |||||
Stock Issued During Period, Shares, New Issues | 59,682 | |||||
Stock Issued During Period, Value, New Issues | 700 | 700 | ||||
Cash dividends declared, $0.24 per common share | (295,100) | (295,100) | ||||
Balance at Jun. 30, 2022 | $ 19,805,400 | $ 12,100 | 18,585,700 | 4,106,800 | (2,899,200) | |
Balance (in shares) at Jun. 30, 2022 | 1,212,447,457 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends paid (in dollars per share) | $ 0.24 | |||||
Treasury Stock, Value | $ 0 | |||||
Treasury Stock, Common, Shares | 0 | |||||
Balance at Mar. 31, 2022 | $ 20,447,700 | $ 12,100 | 18,555,100 | 3,941,500 | (2,061,000) | |
Balance (in shares) at Mar. 31, 2022 | 1,212,323,483 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 313,900 | |||||
Other comprehensive loss, net of tax | (838,200) | (838,200) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 64,292 | |||||
Issuance of restricted stock and stock options exercised, net | 0 | 0 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 500 | 500 | ||||
Share-based compensation expense | 29,400 | 29,400 | ||||
Stock Issued During Period, Shares, New Issues | 59,682 | |||||
Stock Issued During Period, Value, New Issues | 700 | 700 | ||||
Cash dividends declared, $0.24 per common share | (148,600) | (148,600) | ||||
Balance at Jun. 30, 2022 | $ 19,805,400 | $ 12,100 | 18,585,700 | 4,106,800 | (2,899,200) | |
Balance (in shares) at Jun. 30, 2022 | 1,212,447,457 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends paid (in dollars per share) | $ 0.12 | |||||
Treasury Stock, Value | $ 0 | |||||
Treasury Stock, Common, Shares | 0 | |||||
Treasury Stock, Value | $ 0 | |||||
Treasury Stock, Common, Shares | 0 | |||||
Balance at Dec. 31, 2022 | $ 21,072,300 | $ 12,100 | 18,645,800 | 5,175,600 | (2,761,200) | |
Balance (in shares) at Dec. 31, 2022 | 1,213,793,231 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 488,700 | |||||
Other comprehensive loss, net of tax | (244,400) | (244,400) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 6,422,573 | |||||
Issuance of restricted stock and stock options exercised, net | 3,800 | $ 100 | 3,700 | |||
Taxes related to the net share settlement of equity awards | (19,700) | (19,700) | ||||
Share-based compensation expense | 81,800 | 81,800 | ||||
Common stock repurchase | (251,800) | $ (251,800) | ||||
Payments for Repurchase of Common Stock | $ 250,000 | |||||
Stock Issued During Period, Shares, New Issues | 169,762 | |||||
Treasury Stock, Shares, Acquired | 21,200,000 | 21,239,521 | ||||
Stock Issued During Period, Value, New Issues | $ 1,700 | 1,700 | ||||
Cash dividends declared, $0.24 per common share | (295,200) | (295,200) | ||||
Other Additional Capital | 6,100 | |||||
Balance at Jun. 30, 2023 | $ 20,843,300 | $ 12,200 | 18,719,400 | 5,369,100 | (3,005,600) | |
Balance (in shares) at Jun. 30, 2023 | 1,220,385,566 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends paid (in dollars per share) | $ 0.24 | |||||
Treasury Stock, Value | $ (251,800) | |||||
Treasury Stock, Common, Shares | 21,239,521 | |||||
Balance at Mar. 31, 2023 | $ 20,927,900 | $ 12,200 | 18,679,600 | 5,252,500 | (2,764,600) | |
Balance (in shares) at Mar. 31, 2023 | 1,220,224,204 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 264,000 | |||||
Other comprehensive loss, net of tax | (241,000) | (241,000) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 71,988 | |||||
Issuance of restricted stock and stock options exercised, net | 100 | $ 0 | 100 | |||
Taxes related to the net share settlement of equity awards | (300) | (300) | ||||
Share-based compensation expense | 39,200 | 39,200 | ||||
Stock Issued During Period, Shares, New Issues | 89,374 | |||||
Stock Issued During Period, Value, New Issues | 800 | 800 | ||||
Cash dividends declared, $0.24 per common share | (147,400) | (147,400) | ||||
Balance at Jun. 30, 2023 | $ 20,843,300 | $ 12,200 | $ 18,719,400 | $ 5,369,100 | $ (3,005,600) | |
Balance (in shares) at Jun. 30, 2023 | 1,220,385,566 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends paid (in dollars per share) | $ 0.12 | |||||
Treasury Stock, Value | $ (251,800) | |||||
Treasury Stock, Common, Shares | 21,239,521 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings attributable to Viatris Inc. common shareholders | $ 488.7 | $ 713.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,416.7 | 1,458.3 |
Share-based Compensation | 81.8 | 57.7 |
Deferred income tax benefit | (94.9) | (157.6) |
Other non-cash items | 42.9 | 3.8 |
Litigation settlements and other contingencies, net | (6.3) | 10 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 69.2 | (142.3) |
Inventories | (266.5) | (270.1) |
Accounts payable | 192.7 | 254.5 |
Income taxes | (22.1) | 17.8 |
Other operating assets and liabilities, net | (416.1) | (4.2) |
Net cash provided by operating activities | 1,486.1 | 1,941 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (667.7) | 0 |
Capital expenditures | (115.6) | (148.4) |
Purchase of marketable securities | (16.6) | (13.2) |
Proceeds from the sale of marketable securities | 16.6 | 12.8 |
Payments for product rights and other, net | (55.9) | (13) |
Proceeds from sale of property, plant and equipment | 13.1 | 12.8 |
Net cash used in investing activities | (826.1) | (149) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 0 | 795.4 |
Payments of long-term debt | (750.1) | (1,787) |
Purchase of common stock | (250) | 0 |
Change in short-term borrowings, net | 23.1 | (473.5) |
Taxes paid related to net share settlement of equity awards | (30) | (13.2) |
Contingent consideration payments | (8.4) | (18.9) |
Payments of financing fees | 0 | (1.3) |
Cash dividends paid | (287.7) | (290.6) |
Non-contingent payments for product rights | (9.7) | 0 |
Issuance of common stock | 1.7 | 0.7 |
Other items, net | 32.9 | (0.2) |
Net cash used in financing activities | (1,278.2) | (1,788.6) |
Effect on cash of changes in exchange rates | (12.9) | (40.2) |
Net decrease in cash, cash equivalents and restricted cash | (631.1) | (36.8) |
Cash, cash equivalents and restricted cash — beginning of period | 1,262.5 | 706.2 |
Cash, cash equivalents and restricted cash — end of period | $ 631.4 | $ 669.4 |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 6 Months Ended |
Jun. 30, 2023 | |
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 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 11 Financial Instruments and Risk Management for further discussion of contingent consideration. Our potential maximum development milestones not accrued for at June 30, 2023 totaled approximately $416 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 2022 Form 10-K. |
General
General | 6 Months Ended |
Jun. 30, 2023 | |
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’ 2022 Form 10-K. The December 31, 2022 condensed consolidated balance sheet was derived from audited financial statements. The interim results of operations and comprehensive earnings for the three and six months ended June 30, 2023, and cash flows for the six months ended June 30, 2023, 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022, respectively: (In millions) Three Months Ended June 30, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,300.2 $ 530.5 $ 207.4 $ 406.6 $ 2,444.7 Complex Gx 132.7 — 6.5 — 139.2 Generics 920.9 1.6 161.6 241.5 1,325.6 Total $ 2,353.8 $ 532.1 $ 375.5 $ 648.1 $ 3,909.5 (In millions) Six Months Ended June 30, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 2,532.2 $ 1,092.9 $ 397.7 $ 842.2 $ 4,865.0 Complex Gx 262.6 — 12.6 0.1 275.3 Generics 1,729.4 3.8 307.4 447.7 2,488.3 Total $ 4,524.2 $ 1,096.7 $ 717.7 $ 1,290.0 $ 7,628.6 (In millions) Three Months Ended June 30, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,305.4 $ 546.3 $ 243.1 $ 388.3 $ 2,483.1 Complex Gx and Biosimilars 327.0 0.3 12.1 15.4 354.8 Generics 846.7 1.7 171.9 247.2 1,267.5 Total $ 2,479.1 $ 548.3 $ 427.1 $ 650.9 $ 4,105.4 (In millions) Six Months Ended June 30, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 2,604.1 $ 1,116.0 $ 492.1 $ 825.0 $ 5,037.2 Complex Gx and Biosimilars 691.1 0.3 22.4 31.8 745.6 Generics 1,660.0 5.1 336.4 499.3 2,500.8 Total $ 4,955.2 $ 1,121.4 $ 850.9 $ 1,356.1 $ 8,283.6 ____________ (a) Amounts for the three and six months ended June 30, 2023 include the unfavorable impact of foreign currency translations compared to the prior year period. (b) Amounts for the three and six months ended June 30, 2022 include $161.8 million and $326.6 million, respectively, related to the biosimilars business which was subsequently contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022. The following table presents net sales on a consolidated basis for select key products for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (In millions) 2023 2022 2023 2022 Select Key Global Products Lipitor ® $ 380.0 $ 405.6 $ 797.9 $ 845.7 Norvasc ® 182.4 203.0 385.1 410.8 Lyrica ® 137.1 155.8 281.4 327.4 EpiPen® Auto-Injectors 127.5 106.5 223.3 195.3 Viagra ® 111.0 115.1 226.0 244.9 Celebrex ® 82.0 85.9 170.8 171.2 Creon ® 74.1 75.4 146.8 150.1 Effexor ® 64.8 73.7 129.4 151.2 Zoloft ® 54.5 62.5 111.0 135.6 Xalabrands 50.4 42.7 97.1 95.7 Select Key Segment Products Dymista ® $ 57.7 $ 55.5 $ 110.9 $ 99.4 Yupelri ® 55.0 49.1 102.0 92.7 Xanax ® 51.8 37.2 91.5 77.2 Amitiza ® 41.5 44.1 78.1 85.9 ____________ (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 and six months ended June 30, 2023 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 and six months ended June 30, 2023 and 2022, respectively: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Gross sales $ 6,519.0 $ 7,008.7 $ 12,792.0 $ 14,207.0 Gross to net adjustments: Chargebacks (1,374.2) (1,594.2) (2,724.9) (3,178.4) Rebates, promotional programs and other sales allowances (961.0) (1,075.3) (1,953.2) (2,281.2) Returns (68.3) (82.7) (118.7) (165.3) Governmental rebate programs (206.0) (151.1) (366.6) (298.5) Total gross to net adjustments $ (2,609.5) $ (2,903.3) $ (5,163.4) $ (5,923.4) Net sales $ 3,909.5 $ 4,105.4 $ 7,628.6 $ 8,283.6 ____________ (a) Amounts for the three and six months ended June 30, 2022 include the biosimilars business which was subsequently contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022. No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three and six months ended June 30, 2023. Such allowances were comprised of the following at June 30, 2023 and December 31, 2022, respectively: (In millions) June 30, December 31, Accounts receivable, net $ 1,575.5 $ 1,798.7 Other current liabilities 880.2 888.8 Total $ 2,455.7 $ 2,687.5 Accounts receivable, net was comprised of the following at June 30, 2023 and December 31, 2022, respectively: (In millions) June 30, December 31, Trade receivables, net $ 3,123.7 $ 3,243.8 Other receivables 483.6 570.7 Accounts receivable, net $ 3,607.3 $ 3,814.5 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 $188.2 million and $34.7 million of accounts receivable as of June 30, 2023 and December 31, 2022, respectively, under these factoring arrangements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standards In September 2022, the FASB issued Accounting Standards Update 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50), which requires entities to provide qualitative and quantitative disclosures about their supplier finance programs, including a rollforward of related obligations. The adoption of ASU 2022-04 did not affect the Company’s financial condition, results of operations or cash flows as the guidance only requires additional disclosures. We adopted this ASU effective January 1, 2023. The Company has certain voluntary supply chain finance programs with financial intermediaries which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. The range of payment terms the Company negotiates with suppliers are consistent, regardless of whether a supplier participates in a supply chain finance program. The total amounts due to financial intermediaries to settle supplier invoices under supply chain finance programs as of June 30, 2023 and December 31, 2022 were $55.6 million and $33.4 million, respectively. These amounts are included within Accounts payable in the condensed consolidated balance sheets. There were no other significant changes in new accounting standards from those disclosed in Viatris’ 2022 Form 10-K. Refer to Viatris’ 2022 Form 10-K for additional information. |
Acquisitions and Other Transact
Acquisitions and Other Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Other Transactions | Acquisitions and Other Transactions Oyster Point Acquisition During the first quarter of 2023, the Company completed the acquisition of Oyster Point for approximately $427.4 million in cash, which included $11 per share paid to Oyster Point stockholders through a tender offer, payment for vested share-based awards, and the repayment of debt of Oyster Point. In addition to the upfront cash consideration, each Oyster Point stockholder received one non-tradeable contingent value right representing up to an additional $2 per share, or approximately $60 million in the aggregate, contingent upon Oyster Point achieving certain metrics based upon full year 2022 performance. Oyster Point did not achieve the metrics that would have triggered a contingent payment and the contingent value rights have expired. Oyster Point is focused on the discovery, development, and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases. Vested share-based awards to acquire Oyster Point common stock that were outstanding immediately prior to the closing of the acquisition were cancelled in exchange for the right to receive an amount in cash based upon a formula contained within the merger agreement. The unvested share-based awards were converted into Viatris share-based awards based upon a formula contained within the merger agreement. In accordance with U.S. GAAP, the Company used the acquisition method of accounting to account for this transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at their respective estimated fair values at the acquisition date. During the six months ended June 30, 2023, the Company incurred acquisition related costs of approximately $19.8 million, which were recorded primarily in SG&A in the condensed consolidated statement of operations. The U.S. GAAP purchase price was $392.7 million, net of cash acquired. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed for Oyster Point is as follows: (In millions) Current assets (excluding inventories and net of cash acquired) $ 26.9 Inventories 37.8 Property, plant and equipment 1.4 Identified intangible assets 334.0 Goodwill 5.9 Deferred income tax benefit 17.7 Other assets 7.7 Total assets acquired $ 431.4 Current liabilities 37.0 Other noncurrent liabilities 1.7 Net assets acquired (net of $34.7 of cash acquired) $ 392.7 The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas subject to change relate to the finalization of the valuation of intangible assets and income taxes. There were no changes to the fair value estimates in the second quarter of 2023. The Company recorded a step-up in the fair value of inventory of approximately $29.3 million. During the three and six months ended June 30, 2023, the Company recorded amortization of the inventory step-up of approximately $7.3 million and $14.7 million, respectively, which is included in Cost of sales in the condensed consolidated statement of operations. The identified intangible assets of $334.0 million are comprised of product rights and licenses related to a commercial asset, Tyrvaya®, for the treatment of dry eye disease, that have an estimated useful life of 10 years. Significant assumptions utilized in the valuation of identified intangible assets were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by U.S. GAAP. The goodwill of $5.9 million arising from the acquisition consisted largely of the value of the employee workforce and the expected value of products to be developed in the future. All of the goodwill was assigned to the Developed Markets segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. The operating results of Oyster Point have been included in the Company’s condensed consolidated statements of operations since the acquisition date. The total revenues of Oyster Point for the period from the acquisition date to June 30, 2023, were $16.5 million and net loss, net of tax, was approximately $85.8 million. The net loss for the period includes the effect of the purchase accounting adjustments and acquisition related costs. The following table presents supplemental unaudited pro forma information for the acquisition, as if it had occurred on January 1, 2022. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense based on the fair value of assets acquired, the impact of transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable, or have been achieved, subsequent to the closing of the acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated date above, nor are they indicative of the future operating results of Viatris and its subsidiaries. Three Months Ended Six Months Ended (Unaudited, in millions, except per share amounts) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Total revenues $ 3,918.6 $ 4,121.5 $ 7,647.7 $ 8,315.9 Net earnings $ 270.6 $ 264.4 $ 514.5 $ 601.4 Earnings per share: Basic $ 0.23 $ 0.22 $ 0.43 $ 0.50 Diluted $ 0.22 $ 0.22 $ 0.43 $ 0.49 Weighted average shares outstanding: Basic 1,199.0 1,212.3 1,200.8 1,211.4 Diluted 1,203.5 1,217.1 1,204.6 1,215.1 Famy Life Sciences Acquisition On November 7, 2022, the Company entered into a definitive agreement to acquire the remaining equity shares of Famy Life Sciences, a privately-owned research company with a complementary portfolio of ophthalmology therapies under development, for consideration of $281 million. The Company had previously entered into a Master Development Agreement with Famy Life Sciences on December 20, 2019 under which the Company obtained rights with respect to acquiring certain pharmaceutical products and had also acquired shares representing approximately 13.5% equity interest in Famy Life Sciences for $25.0 million at December 31, 2020. The investment was accounted for in accordance with ASC 321, Investments - Equity Securities . The transaction to acquire the remaining equity shares of Famy Life Sciences closed during the first quarter of 2023. The Company recognized a gain of $18.9 million during the first quarter of 2023 as a result of remeasuring its pre-existing 13.5% equity interest in Famy Life Sciences to fair value, which was recorded as a component of Other (income) expense, net in the condensed consolidated statement of operations. In accordance with U.S. GAAP, the Company used the acquisition method of accounting to account for this transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at their respective estimated fair values at the acquisition date. The U.S. GAAP purchase price allocated to the transaction was $325.0 million, which consisted of $281 million of cash consideration paid for the remaining equity shares and $43.9 million for the fair value of the pre-existing 13.5% equity interest. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed for Famy Life Sciences is as follows: (In millions) IPR&D $ 290.0 Goodwill 89.3 Total assets acquired $ 379.3 Current liabilities 2.2 Deferred tax liabilities 52.1 Net assets acquired (net of $0.2 of cash acquired) $ 325.0 The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas subject to change relate to the finalization of the valuation of IPR&D and income taxes. There were no changes to the fair value estimates in the second quarter of 2023. The amount allocated to IPR&D represents an estimate of the fair value of purchased in-process technology for research projects that, as of the closing date of the acquisition, had not reached technological feasibility and had no alternative future use. The fair value of IPR&D of $290.0 million was based on the excess earnings method, which utilizes forecasts of expected cash inflows (including estimates for ongoing costs) and other contributory charges. A discount rate of 23.9% was utilized to discount net cash inflows to present values. IPR&D is accounted for as an indefinite-lived intangible asset and will be subject to impairment testing until completion or abandonment of the projects. Upon successful completion and launch of each product, the Company will make a determination of the estimated useful life of the individual asset. The acquired IPR&D projects are in various stages of completion and the estimated costs to complete these projects total approximately $120 million, which are expected to be incurred through 2024. There are risks and uncertainties associated with the timely and successful completion of the projects included in IPR&D, and no assurances can be given that the underlying assumptions used to estimate the fair value of IPR&D will not change or the timely completion of each project to commercial success will occur. The goodwill of $89.3 million arising from the acquisition consisted largely of the value of the employee workforce and the expected value of products to be developed in the future. All of the goodwill was assigned to the Developed Markets segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. The acquisition did not have a material impact on the Company’s results of operations since the acquisition date or on a pro forma basis for the three and six months ended June 30, 2023 and 2022. Ophthalmology is one of the key therapeutic areas of focus that the Company announced in February 2022 when it announced plans for certain strategic actions. With the combination of Viatris' global commercial footprint, R&D and regulatory capabilities and supply chain, along with Oyster Point's deep knowledge of the ophthalmology space from a clinical, medical, regulatory and commercial perspective—including Tyrvaya®—and Famy Life Sciences' Phase III-ready pipeline, the Company believes it has the foundation to create a leading global ophthalmology franchise, accelerating efforts to address the unmet needs of patients with ophthalmic disease and the eye care professionals who treat them. Mapi Pharma Ltd. (“Mapi”) Equity Investment In April 2018, the Company entered into an exclusive license and commercialization agreement with Mapi for the development and commercialization on a world-wide basis of a long-acting glatiramer acetate depot product (“GA Depot”). Under the terms of the license and commercialization agreement, as of June 30, 2023, Mapi is eligible to receive regulatory approval and commercial launch milestone payments of up to $90.0 million. Additionally, upon commercial launch of GA Depot, Mapi is eligible to receive royalties and sales-based milestones. The Company holds investments in preferred shares of Mapi that are accounted for at cost, less impairment, if any, adjusted for observable price changes, in accordance with ASC 321, Investments – Equity Securities . During the second quarter of 2023, the Company made an additional investment of $30.0 million in preferred shares of Mapi. The preferred shares are convertible on a one-to-one basis into Mapi ordinary shares at Viatris’ option. The Company recognized a gain of $45.6 million during the second quarter of 2023 as a result of remeasuring our pre-existing equity interest in Mapi, which was recorded as a component of Other (Income) Expense, Net in the condensed consolidated statements of operations. The Company has determined that Mapi represents a variable interest entity (“VIE”), but has concluded that Viatris is not the primary beneficiary of Mapi as we do not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, we have not consolidated Mapi’s results of operations and financial position into our condensed consolidated financial statements. As of June 30, 2023 and December 31, 2022, our condensed consolidated balance sheets included, within Other Assets , $132.1 million and $56.4 million, respectively, related to our equity investments in Mapi, which included cumulative unrealized gains of $62.1 million and $16.5 million, respectively, and within Prepaid Expenses and Other Current Assets , $52.5 million and $42.5 million, respectively, related to advances, including for initial orders of commercial launch supply of GA Depot under our supply agreement with Mapi. Our maximum exposure to loss as a result of our involvement with Mapi is limited to the carrying value of the investments and advances. |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Divestitures Biocon Biologics Transaction On November 29, 2022, Viatris completed a transaction to contribute its biosimilars portfolio to Biocon Biologics. Under the terms of the Biocon Agreement, Viatris received $3 billion in consideration in the form of a $2 billion cash payment, adjusted as set forth in the Biocon Agreement, and approximately $1 billion of CCPS representing a stake of approximately 12.9% (on a fully diluted basis) in Biocon Biologics. In the second quarter of 2023, the Company recorded a gain of $28.9 million as a result of remeasuring the CCPS in Biocon Biologics to fair value. The Company’s CCPS in Biocon Biologics are classified as equity securities, refer to Note 11 Financial Instruments and Risk Management for further discussion. Viatris also is entitled to $335 million of additional cash payments in 2024. In addition, Viatris and Biocon Biologics have agreed to a closing working capital target of $250 million. An amount of cash equal to all or a portion of the closing working capital target may become payable to Biocon Biologics in connection with certain events in the future, depending on the valuations attributable to such events. Refer to Note 8 Balance Sheet Components for additional information on assets and liabilities related to Biocon Biologics. Viatris and Biocon Biologics also entered an agreement pursuant to which Viatris is providing commercialization and certain other transition services on behalf of Biocon Biologics, including billings, collections, and the remittance of rebates, to ensure business continuity for patients, customers and colleagues. The original term of the transition services agreement was generally up to two years; however, the parties agreed to reduce the term of the transition services agreement to expire on December 31, 2023, subject to early termination of services at the discretion at Biocon Biologics and/or extensions until April 30, 2024 for certain services. Under the transition services agreement, Viatris is entitled to be reimbursed for its costs (subject to certain caps) plus a markup of $44 million for 2023. In the event services are provided after 2023 through April 30, 2024, Viatris is entitled to be reimbursed for its costs plus service-based markups for such period. During the three and six months ended June 30, 2023, the Company recognized TSA income of approximately $46.9 million and $92.6 million, respectively, as a component of Other (Income) Expense, Net . Other Potential Divestitures In November 2022, the Company provided an update on the strategic priorities announced in February 2022, including identifying the following businesses no longer considered core to its future strategy that the Company intends to divest: • OTC; • API (while retaining some selective development API capabilities); • Women’s health care, primarily related to our oral and injectable contraceptives. This does not include all of our women’s health care related products; as an example, our Xulane® product in the U.S. is excluded; and • Upjohn Distributor Markets. In the fourth quarter of 2022, we determined that our Upjohn Distributor Markets should be classified as held for sale. Upon classification as held for sale, we recognized a total charge of $374.2 million in that quarter, which was comprised of a goodwill impairment charge of $117.0 million, other charges, principally inventory write-offs, of $84.3 million and a charge of approximately $172.9 million to write down the disposal group to fair value, less cost to sell. During the three and six months ended June 30, 2023, the Company recorded additional charges of $10.0 million and $19.2 million, respectively. During the six months ended June 30, 2023, the Company additionally recorded an intangible asset charge of $32.0 million to write down the disposal group to fair value, less cost to sell. As of June 30, 2023 and December 31, 2022, assets held for sale associated with the Upjohn Distributor Markets consisted of intangible assets of $174.9 million and $230.3 million, respectively. If these transactions are not completed, the distribution arrangements will expire in accordance with our agreement with Pfizer and the Company will wind down operations in these markets, which may result in additional asset write-offs and other costs being incurred. These additional charges could be in excess of $250 million. |
Share-Based Incentive Plan
Share-Based Incentive Plan | 6 Months Ended |
Jun. 30, 2023 | |
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 2020 Incentive Plan (the Viatris Inc. 2020 Stock Incentive Plan ) which became effective as of the Distribution. In connection with the Combination, as of November 16, 2020, the Company assumed the 2003 LTIP ( Mylan N.V. Amended and Restated 2003 Long-Term Incentive Plan ), which had previously been approved by Mylan shareholders. The 2020 Incentive Plan and 2003 LTIP include (i) 72,500,000 shares of Viatris’ common stock authorized for grant pursuant to the 2020 Incentive 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 2020 Incentive 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 2020 Incentive Plan and 2003 LTIP: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2022 4,449,642 $ 38.53 Granted 283,361 $ 7.68 Exercised (9,125) $ 5.67 Forfeited (335,798) $ 31.42 Outstanding at June 30, 2023 4,388,080 $ 37.15 Vested and expected to vest at June 30, 2023 4,361,367 $ 37.31 Exercisable at June 30, 2023 4,151,296 $ 38.72 As of June 30, 2023, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 4.2 years, 4.1 years and 3.9 years, respectively. Also, at June 30, 2023, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had aggregate intrinsic values of $0.6 million, $0.6 million, and $0.2 million, respectively. A rollforward of the changes in the Company’s nonvested Restricted Stock Awards (restricted stock and restricted stock unit awards, including PSUs) from December 31, 2022 to June 30, 2023 is presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2022 27,271,926 $ 11.81 Granted 20,286,212 11.16 Released (7,797,097) 13.03 Forfeited (2,101,991) 11.65 Nonvested at June 30, 2023 37,659,050 $ 11.21 As of June 30, 2023, the Company had $285.5 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 1.6 years. The total intrinsic value of Restricted Stock Awards released during the six months ended June 30, 2023 and 2022 was $101.6 million and $64.1 million, respectively. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022 were as follows: Pension and Other Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Service cost $ 7.1 $ 9.5 $ 14.2 $ 19.0 Interest cost 18.2 10.4 36.5 20.8 Expected return on plan assets (16.4) (16.6) (32.8) (33.2) Amortization of prior service costs — — — 0.1 Recognized net actuarial (gains)/losses (5.0) 0.1 (10.0) 0.1 Other 4.4 — 4.4 — Net periodic benefit cost $ 8.3 $ 3.4 $ 12.3 $ 6.8 The Company is making the minimum mandatory contributions to its defined benefit pension plans in the U.S. and Puerto Rico for the 2023 plan year. The Company expects to make total benefit payments of approximately $108.5 million from pension and other postretirement benefit plans in 2023. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $51.3 million in 2023. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash (In millions) June 30, December 31, June 30, 2022 Cash and cash equivalents $ 629.2 $ 1,259.9 $ 664.7 Restricted cash, included in prepaid expenses and other current assets 2.2 2.6 4.7 Cash, cash equivalents and restricted cash $ 631.4 $ 1,262.5 $ 669.4 Inventories (In millions) June 30, December 31, Raw materials $ 417.5 $ 571.5 Work in process 1,132.2 755.4 Finished goods 2,091.8 2,192.6 Inventories $ 3,641.5 $ 3,519.5 Prepaid expenses and other current assets (In millions) June 30, December 31, 2022 Prepaid expenses $ 205.8 $ 194.6 Deferred consideration due from Biocon Biologics 164.8 — Available-for-sale fixed income securities 35.5 35.3 Fair value of financial instruments 94.6 134.7 Equity securities 46.7 42.6 Other current assets 1,177.7 1,404.0 Prepaid expenses and other current assets $ 1,725.1 $ 1,811.2 Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net (In millions) June 30, December 31, 2022 Machinery and equipment $ 3,011.0 $ 2,936.7 Buildings and improvements 1,502.8 1,539.7 Construction in progress 407.3 474.0 Land and improvements 125.1 133.4 Gross property, plant and equipment 5,046.2 5,083.8 Accumulated depreciation 2,063.0 2,059.3 Property, plant and equipment, net $ 2,983.2 $ 3,024.5 Other assets (In millions) June 30, December 31, 2022 Non-marketable equity investments $ 154.2 $ 94.0 Deferred consideration due from Biocon Biologics 146.1 299.5 CCPS in Biocon Biologics 1,028.9 997.4 Operating lease right-of-use assets 250.4 259.3 Other long-term assets 771.5 753.3 Other assets $ 2,351.1 $ 2,403.5 Accounts payable (In millions) June 30, December 31, 2022 Trade accounts payable $ 1,309.6 $ 1,158.0 Other payables 652.4 608.6 Accounts payable $ 1,962.0 $ 1,766.6 Other current liabilities (In millions) June 30, December 31, 2022 Accrued sales allowances $ 880.2 $ 888.8 Legal and professional accruals, including litigation accruals 252.1 297.2 Payroll and employee benefit liabilities 672.0 746.8 Contingent consideration 63.7 64.4 Accrued restructuring 47.2 95.3 Accrued interest 64.2 80.2 Fair value of financial instruments 98.7 187.0 Due to Biocon Biologics 11.6 22.5 Operating lease liability 85.3 80.6 Other 871.1 978.1 Other current liabilities $ 3,046.1 $ 3,440.9 Other long-term obligations (In millions) June 30, December 31, 2022 Employee benefit liabilities $ 530.5 $ 544.6 Contingent consideration (1) 315.4 310.6 Tax related items, including contingencies 393.1 414.6 Operating lease liability 166.9 181.4 Accrued restructuring 60.4 60.4 Other 208.0 244.9 Other long-term obligations $ 1,674.3 $ 1,756.5 (1) Balances as of June 30, 2023 and December 31, 2022 include $228.4 million and $221.2 million, respectively, due to Biocon Biologics. Refer to Note 11 Financial Instruments and Risk Management for additional information. |
Comprehensive Earnings
Comprehensive Earnings | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Earnings | Comprehensive Loss Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following: (In millions) June 30, December 31, Accumulated other comprehensive loss: Net unrealized loss on marketable securities, net of tax $ (1.3) $ (2.3) Net unrecognized gain and prior service cost related to defined benefit plans, net of tax 264.5 268.5 Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax 10.9 (18.5) Net unrecognized gain on derivatives in net investment hedging relationships, net of tax 315.0 377.0 Foreign currency translation adjustment (3,594.7) (3,385.9) $ (3,005.6) $ (2,761.2) Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 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 March 31, 2023, net of tax $ (16.8) $ 325.1 $ (1.6) $ 269.3 $ (3,340.6) $ (2,764.6) Other comprehensive earnings (loss) before reclassifications, before tax 43.5 (12.8) 0.2 3.8 (254.1) (219.4) 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 (7.8) (7.8) (7.8) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Gain on divestiture of defined pension plan included in SG&A (5.6) (5.6) Amortization of actuarial gain included in SG&A (5.0) (5.0) Net other comprehensive earnings (loss), before tax 36.8 (12.8) 0.2 (6.8) (254.1) (236.7) Income tax provision (benefit) 9.1 (2.7) (0.1) (2.0) — 4.3 Balance at June 30, 2023, net of tax $ 10.9 $ 315.0 $ (1.3) $ 264.5 $ (3,594.7) $ (3,005.6) Six Months Ended June 30, 2023 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, 2022, net of tax $ (18.5) $ 377.0 $ (2.3) $ 268.5 $ (3,385.9) $ (2,761.2) Other comprehensive earnings (loss) before reclassifications, before tax 54.0 (79.0) 1.1 10.1 (208.8) (222.6) 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 (16.7) (16.7) (16.7) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.3 2.3 2.3 Gain on divestiture of defined pension plan included in SG&A (5.6) (5.6) Amortization of actuarial gain included in SG&A (10.0) (10.0) Net other comprehensive earnings (loss), before tax 39.6 (79.0) 1.1 (5.5) (208.8) (252.6) Income tax provision (benefit) 10.2 (17.0) 0.1 (1.5) — (8.2) Balance at June 30, 2023, net of tax $ 10.9 $ 315.0 $ (1.3) $ 264.5 $ (3,594.7) $ (3,005.6) Three months ended June 30, 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 March 31, 2022, net of tax $ 9.4 $ 173.1 $ (1.3) $ 29.4 $ (2,271.6) $ (2,061.0) Other comprehensive earnings (loss) before reclassifications, before tax 44.6 384.4 (1.0) 0.4 (1,149.9) (721.5) 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 (28.1) (28.1) (28.1) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of actuarial loss included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 17.6 384.4 (1.0) 0.5 (1,149.9) (748.4) Income tax provision (benefit) 4.3 85.9 (0.2) (0.2) — 89.8 Balance at June 30, 2022, net of tax $ 22.7 $ 471.6 $ (2.1) $ 30.1 $ (3,421.5) $ (2,899.2) Six Months Ended June 30, 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 57.9 585.7 (2.7) (2.3) (1,619.1) (980.5) Amounts reclassified from accumulated other comprehensive earnings (loss), before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (42.3) (42.3) (42.3) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.2 2.2 2.2 Amortization of prior service costs included in SG&A 0.1 0.1 Amortization of actuarial loss included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 17.8 585.7 (2.7) (2.1) (1,619.1) (1,020.4) Income tax provision (benefit) 4.3 130.8 (0.6) — — 134.5 Balance at June 30, 2022, net of tax $ 22.7 $ 471.6 $ (2.1) $ 30.1 $ (3,421.5) $ (2,899.2) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
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 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 goodwill and long-lived assets; ◦ R&D and acquired IPR&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 costs related to our planned divestitures and the Biocon Biologics Transaction, and, 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 2022 Form 10-K. 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 June 30, Three Months Ended June 30, (In millions) 2023 2022 2023 2022 Reportable Segments: Developed Markets $ 2,353.8 $ 2,479.1 $ 1,059.7 $ 1,255.3 Greater China 532.1 548.3 349.7 392.8 JANZ 375.5 427.1 131.6 158.1 Emerging Markets 648.1 650.9 276.9 301.0 Total reportable segments $ 3,909.5 $ 4,105.4 $ 1,817.9 $ 2,107.2 Reconciling items: Intangible asset amortization expense (591.2) (634.1) Globally managed research and development costs (208.3) (162.6) Acquired IPR&D (10.2) — Litigation settlements & other contingencies 11.0 (10.9) Transaction related and other special items (234.6) (227.1) Corporate and other unallocated (415.4) (523.8) Earnings from operations $ 369.2 $ 548.7 Net Sales Segment Profitability Six months ended June 30, Six months ended June 30, (In millions) 2023 2022 2023 2022 Reportable Segments: Developed Markets $ 4,524.2 $ 4,955.2 $ 1,998.4 $ 2,466.8 Greater China 1,096.7 1,121.4 744.0 810.5 JANZ 717.7 850.9 262.1 332.4 Emerging Markets 1,290.0 1,356.1 589.9 646.3 Total reportable segments $ 7,628.6 $ 8,283.6 $ 3,594.4 $ 4,256.0 Reconciling items: Intangible asset amortization expense (1,194.5) (1,282.2) Intangible asset disposal & impairment charges (32.0) — Globally managed research and development costs (391.2) (304.9) Acquired IPR&D (10.2) — Litigation settlements & other contingencies 10.4 (17.1) Transaction related and other special items (413.1) (412.7) Corporate and other unallocated (794.8) (983.0) Earnings from operations $ 769.0 $ 1,256.1 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
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. The remaining actions under the 2020 restructuring program are expected to be substantially completed in 2023. 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, 2022 to June 30, 2023: (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2022: $ 155.6 $ 1.9 $ 157.5 Charges (1) 2.8 6.9 9.7 Cash payment (24.5) (3.1) (27.6) Utilization — (3.8) (3.8) Foreign currency translation 0.3 — 0.3 Balance at March 31, 2023: $ 134.2 $ 1.9 $ 136.1 Charges (1) 1.4 72.6 74.0 Cash payment (22.5) (1.6) (24.1) Utilization (2) (4.4) (72.9) (77.3) Foreign currency translation — — — Balance at June 30, 2023: $ 108.7 $ — $ 108.7 ____________ (1) For the three months ended June 30, 2023, total restructuring charges in Developed Markets, Emerging Markets, JANZ, and Corporate/Other were approximately $41.7 million, $2.0 million, $30.0 million, and $0.3 million, respectively. For the six months ended June 30, 2023, total restructuring charges in Developed Markets, Emerging Markets, Greater China, JANZ, and Corporate/Other were approximately $49.4 million, $3.3 million, $(0.6) million, $31.3 million, and $0.3 million, respectively. (2) For the three and six months ended June 30, 2023, other exit costs includes expense of $71.6 million relating to plant divestitures. At June 30, 2023 and December 31, 2022, 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 | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Legislative Updates On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) into law, which includes a new corporate alternative minimum tax (“CAMT”) and an excise tax of 1% on the fair market value of net stock repurchases. Both provisions are effective for years after December 31, 2022. The Company reflected the applicable estimated excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability in Other current liabilities on our condensed consolidated balance sheet as of June 30, 2023. The share repurchase and authorization amounts disclosed in this Form 10-Q exclude the excise tax. The Company does not anticipate being subject to the 15% CAMT tax in 2023 based on enacted law and regulatory guidance; however, our CAMT status for 2023 could change in the future, depending on new regulations or regulatory guidance issued by the U.S. Department of the Treasury. 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 tax 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 2020 and we have commenced litigation in the Australian Federal Court challenging those decisions. A trial is scheduled for October 2023. 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 issues were resolved through the Company entering into an agreement with the tax authorities in March 2023 in respect of the pricing of its international transactions. The Company recorded tax expense of approximately $0.7 million and $22.3 million during the three months and six months ended June 30, 2023, respectively, due to the terms of this agreement. The remaining issues are in the audit phase or are being challenged in the Indian tax courts. The Company has recorded a net reserve for uncertain tax positions of $281.3 million and $298.1 million, including interest and penalties, in connection with its international audits at June 30, 2023 and December 31, 2022, 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 2021, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2012 through 2021. 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’ appeal was denied by the U.S. Court of Appeals for the Third Circuit. 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. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies | Litigation The Company is involved in various disputes, governmental and/or regulatory inquiries, investigations and proceedings, tax proceedings and litigation matters, both in the U.S. and abroad, that arise from time to time, some of which could result in losses, including damages, fines and/or civil penalties, and/or criminal charges against the Company. These matters are often complex and have outcomes that are difficult to predict. In addition, in connection with the Combination, the Company has generally assumed liability for, and control of, pending and threatened legal matters relating to the Upjohn Business – including certain matters initiated against Pfizer described below – and has agreed to indemnify Pfizer for liabilities arising out of such assumed legal matters. Pfizer, however, has agreed to retain various matters – including certain specified competition law matters – to the extent they arise from conduct during the pre-Distribution period and has agreed to indemnify the Company for liabilities arising out of such matters. While the Company believes that it has meritorious defenses with respect to the claims asserted against it and the assumed legal matters referenced above, and intends to vigorously defend its position, the process of resolving these matters is inherently uncertain and may develop over a long period of time, and so it is not possible to predict the ultimate resolution of any such matter. It is possible that an unfavorable resolution of any of the ongoing matters could have a material effect on the Company’s business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price. Some of these governmental inquiries, investigations, proceedings and litigation matters with which the Company is involved are described below, and unless otherwise disclosed, the Company is unable to predict the outcome of the matter or to provide an estimate of the range of reasonably possible material losses. The Company records accruals for loss contingencies to the extent we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is also involved in other pending proceedings for which, in the opinion of the Company based upon facts and circumstances known at the time, either the likelihood of loss is remote or any reasonably possible loss associated with the resolution of such proceedings is not expected to be material to the Company’s business, financial position, results of operations, cash flows, ability to pay dividends and/or stock price. If and when any reasonably possible losses associated with the resolution of such other pending proceedings, in the opinion of the Company, become material, the Company will disclose such matters. Legal costs are recorded as incurred and are classified in SG&A in the Company’s condensed consolidated statements of operations. EpiPen® Auto-Injector Litigation On February 14, 2020, the Company, together with other non-Viatris affiliated companies, were named as defendants in a putative direct purchaser class action filed in the U.S. District Court for the District of Kansas relating to the pricing and/or marketing of the EpiPen® Auto-Injector. On September 21, 2021, after Plaintiffs’ then operative complaint was dismissed with an option to file a limited amended complaint, Plaintiffs filed an amended complaint asserting federal antitrust claims which are based on allegations concerning a patent settlement between Pfizer and Teva and other alleged actions regarding the launch of Teva’s generic epinephrine auto-injector. Plaintiffs’ seek monetary damages, declaratory relief, attorneys’ fees and costs. Beginning in March 2020, the Company, together with other non-Viatris affiliated companies, were named as defendants in putative direct purchaser class actions filed in the U.S. District Court for the District of Minnesota relating to contracts with certain pharmacy benefit managers concerning EpiPen® Auto-Injector. The plaintiffs claim that the alleged conduct resulted in the exclusion or restriction of competing products and the elimination of pricing constraints in violation of RICO and federal antitrust law. These actions have been consolidated. Plaintiffs’ seek monetary damages, attorneys’ fees and costs. On April 24, 2017, Sanofi Aventis U.S., LLC (“Sanofi”) filed a lawsuit against the Company in the U.S. District Court for the District of New Jersey. This lawsuit was transferred into a MDL in the U.S. District Court for the District of Kansas and alleged exclusive dealing and anti-competitive marketing practices in violation of the antitrust laws in connection with the sale and marketing of the EpiPen® Auto-Injector. Sanofi sought monetary damages, declaratory relief, attorneys’ fees and costs. The Court granted the Company’s motion for summary judgment and dismissed Sanofi’s claims. Sanofi’s appeal was denied. Sanofi’s petition seeking review by the U.S. Supreme Court was also denied and concludes this matter. The Company has a total accrual of approximately $5.5 million related to these matters at June 30, 2023, which is included in other current liabilities in the condensed consolidated balance sheets. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with such matters in future periods and will recognize these expenses as services are received. The Company believes that the ultimate amount paid for these services and claims could have a material effect on the Company's business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price in future periods. Drug Pricing Matters Department of Justice On December 3, 2015, the Company received a subpoena from the Antitrust Division of the DOJ seeking information relating to the marketing, pricing, and sale of certain of our generic products and any communications with competitors about such products. On September 8, 2016, the Company, as well as certain employees and a member of senior management, received subpoenas from the DOJ seeking similar information. Related search warrants also were executed. On May 10, 2018, the Company received a civil investigative demand from the Civil Division of the DOJ seeking information relating to the pricing and sale of its generic drug products. We have fully cooperated with these investigations, which we believe are related to a broader industry-wide investigation of the generic pharmaceutical industry. We have not had contact from DOJ concerning the above-described subpoenas or civil investigative demand in several years. Civil Litigation Beginning in 2016, the Company, along with other manufacturers, has been named as a defendant in lawsuits filed in the United States and Canada generally alleging anticompetitive conduct with respect to generic drugs. The lawsuits have been filed by plaintiffs, including putative classes of direct purchasers, indirect purchasers, and indirect resellers, as well as individual direct and indirect purchasers and certain cities and counties. The lawsuits allege harm under federal laws and the United States lawsuits also allege harm under state laws, including antitrust laws, state consumer protection laws and unjust enrichment claims. Some of the United States lawsuits also name as defendants the Company’s President, including allegations against him with respect to a single drug product, and one of the Company’s sales employees, including allegations against him with respect to certain generic drugs. The vast majority of the lawsuits have been consolidated in an MDL proceeding in the Eastern District of Pennsylvania (“EDPA”). Plaintiffs generally seek monetary damages, restitution, declaratory and injunctive relief, attorneys’ fees and costs. The EDPA Court has ordered certain plaintiffs’ complaints regarding two single-drug product cases to proceed as bellwethers. The Company is named in those plaintiffs’ complaints that regard one of the two individual drug products. Attorneys General Litigation On December 21, 2015, the Company received a subpoena and interrogatories from the Connecticut Office of the Attorney General seeking information relating to the marketing, pricing and sale of certain of the Company’s generic products and communications with competitors about such products. On December 14, 2016, attorneys general of certain states filed a complaint in the United States District Court for the District of Connecticut against several generic pharmaceutical drug manufacturers, including the Company, alleging anticompetitive conduct with respect to, among other things, a single drug product. The complaint has subsequently been amended, including on June 18, 2018, to add attorneys general alleging violations of federal and state antitrust laws, as well as violations of various states’ consumer protection laws. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. The operative complaint includes attorneys general of forty-six states, the District of Columbia and the Commonwealth of Puerto Rico. The Company is alleged to have engaged in anticompetitive conduct with respect to four generic drug products. The amended complaint also includes claims asserted by attorneys general of thirty-six states and the Commonwealth of Puerto Rico against certain individuals, including the Company’s President, with respect to a single drug product. The amended complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, restitution, and other equitable monetary relief. The states’ claim for disgorgement and restitution under federal law in this case has been dismissed. On May 10, 2019, certain attorneys general filed a new complaint in the United States District Court for the District of Connecticut against various drug manufacturers and individuals, including the Company and one of its sales employees, alleging anticompetitive conduct with respect to additional generic drugs. On November 1, 2019, the complaint was amended, adding additional states as plaintiffs. The operative complaint is brought by attorneys general of forty-seven states, certain territories and the District of Columbia. The amended complaint also includes claims asserted by attorneys general of forty-two states and certain territories against several individuals, including a Company sales employee. The amended complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, restitution, and other equitable monetary relief. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. On June 10, 2020, certain attorneys general filed a new complaint in the United States District Court for the District of Connecticut against drug manufacturers, including the Company, and individual defendants (none from the Company), alleging anticompetitive conduct with respect to additional generic drugs. On September 9, 2021, the complaint was amended, adding an additional state as a plaintiff. The operative complaint is brought by attorneys general of forty-six states, certain territories and the District of Columbia. The amended complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, restitution, and other equitable monetary relief. The states’ claim for disgorgement and restitution under federal law in this case has been dismissed. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA and has been ordered to proceed as a bellwether. Securities Related Litigation Purported class action complaints were filed in October 2016 against Mylan N.V. and Mylan Inc. (collectively “Mylan”), certain of Mylan’s former directors and officers, and certain of the Company’s current directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the United States District Court for the Southern District of New York (“SDNY”) on behalf of certain purchasers of securities of Mylan on the NASDAQ. The complaints alleged that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to the classification of their EpiPen® Auto-Injector as a non-innovator drug for purposes of the Medicaid Drug Rebate Program. On March 20, 2017, a consolidated amended complaint was filed alleging substantially similar claims, but adding allegations that defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs. The operative complaint is the third amended consolidated complaint, which was filed on June 17, 2019, and contains the allegations as described above against Mylan, certain of Mylan’s former directors and officers, and certain of the Company’s current directors, officers, and employees (collectively, for purposes of this paragraph, the “defendants”). A class has been certified covering all persons or entities that purchased Mylan common stock between February 21, 2012 and May 24, 2019 excluding defendants, certain of the Company’s current directors and officers, former directors and officers of Mylan, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which defendants have or had a controlling interest. Plaintiffs seek damages and costs and expenses, including attorneys’ fees and expert costs. On March 30, 2023, the Court dismissed all of Plaintiffs’ claims by granting Defendants’ motion for summary judgment and denying Plaintiffs’ cross-motion for partial summary judgment. Plaintiffs have filed an appeal to the U.S. Court of Appeals for the Second Circuit. On April 30, 2017, a similar lawsuit was filed in the Tel Aviv District Court (Economic Division) in Israel, which has been stayed pending a decision in the SDNY class action litigation. On February 14, 2020, the Abu Dhabi Investment Authority filed a complaint against Mylan in the SDNY asserting allegations pertaining to EpiPen® Auto-Injector and certain generic drugs under the federal securities laws that overlap with those asserted in the third amended complaint identified above. The Abu Dhabi Investment Authority’s complaint seeks monetary damages as well as the plaintiff’s fees and costs. On June 26, 2020, a putative class action complaint was filed by the Public Employees Retirement System of Mississippi, which was subsequently amended on November 13, 2020, against Mylan N.V., certain of Mylan N.V.’s former directors and officers, and an officer and director of the Company (collectively for the purposes of this paragraph, the “defendants”) in the U.S. District Court for the Western District of Pennsylvania on behalf of certain purchasers of securities of Mylan N.V. The amended complaint alleges that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to the Nashik and Morgantown manufacturing plants and inspections at the plants by the FDA. Plaintiff seeks certification of a class of purchasers of Mylan N.V. securities between February 16, 2016 and May 7, 2019. On May 18, 2023, the Court dismissed 45 of the 46 challenged statements. The complaint seeks monetary damages, as well as the plaintiff’s fees and costs. On February 15, 2021, a complaint was filed by Skandia Mutual Life Ins. Co., Lansforsakringar AB, KBC Asset Management N.V., and GIC Private Limited, against the Company, certain of Mylan N.V.’s former directors and officers, a current director and officer of the Company, and current employees of the Company. The Complaint asserts claims which are based on allegations that are similar to those in the SDNY and the Western District of Pennsylvania complaints identified above. Plaintiffs seek compensatory damages, costs and expenses and attorneys’ fees. On October 28, 2021, the Company and certain of its then officers and directors were named as defendants in a putative class action lawsuit filed in the Court of Common Pleas of Allegheny County, Pennsylvania on behalf of former Mylan shareholders who received Company common stock in connection with the Combination. A non-Viatris affiliated company and persons were also named as defendants. The complaint alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 for purportedly failing to disclose or misrepresenting material information in the registration statement and related prospectus issued in connection with the Combination. On January 3, 2023, an amended complaint was filed naming the same defendants and alleging the same violations as the original complaint. Plaintiffs seek monetary damages, reasonable costs and expenses, and certain other equitable and injunctive relief. Beginning in May 2023, putative class action complaints were filed against the Company and certain of the Company’s current and former officers, directors, or employees (collectively, for the purposes of this paragraph, the “defendants”) in the U.S. District Court for the Western District of Pennsylvania on behalf of certain purchasers of securities of the Company. The complaints allege that defendants made false or misleading statements and omissions of material fact, in violation of federal securities laws, in connection with disclosures relating to the Company’s projected financial performance and biosimilars business. Plaintiffs seek certification of a class of purchasers of Company securities between March 1, 2021 and February 25, 2022. Plaintiffs seek monetary damages, reasonable costs and expenses, and certain other equitable and injunctive relief. Opioids The Company, along with other manufacturers, distributors, pharmacies, pharmacy benefit managers, and individual healthcare providers is a defendant in more than 1,000 cases in the United States and Canada filed by various plaintiffs, including counties, cities and other local governmental entities, asserting civil claims related to sales, marketing and/or distribution practices with respect to prescription opioid products. In addition, lawsuits have been filed as putative class actions including on behalf of children with Neonatal Abstinence Syndrome due to alleged exposure to opioids. The lawsuits generally seek equitable relief and monetary damages (including punitive and/or exemplary damages) based on a variety of legal theories, including various statutory and/or common law claims, such as negligence, public nuisance and unjust enrichment. The vast majority of these lawsuits have been consolidated in an MDL in the U.S. District Court for the Northern District Court of Ohio. On January 13, 2023, the Company received a civil subpoena from the Attorney General of the State of New York seeking information relating to opioids manufactured, marketed, or sold by the Company and related subject matter. The Company is fully cooperating with this subpoena request. The Company has accrued $5.0 million in connection with the possible resolution of certain of these matters at June 30, 2023, which is included in other current liabilities in the condensed consolidated balance sheets. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with such matters in future periods and will recognize these expenses as services are received. The Company believes that the ultimate amount paid for these services and claims could have a material effect on the Company's business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price in future periods. Meda Sweden Commercial Dispute On August 30, 2021, Ocular AS and other related entities (“Claimants”) initiated an arbitration in Sweden against Meda OTC AB and Meda AB (collectively, “Meda” or the “Company”) alleging breach of a 2013 sale and purchase agreement between Claimants and Meda concerning commercialization of a dental hygiene product. Claimants sought approximately $155 million in purported damages, plus interest and costs. In May 2023, the arbitration panel ruled in Claimants’ favor and the Company resolved the matter for approximately $21.8 million, which was accrued at June 30, 2023 and paid in July 2023. Citalopram In 2013, the European Commission issued a decision finding that Lundbeck and several generic companies, including Generics [U.K.] Limited (“GUK” or the “Company”), had violated EU competition rules relating to various settlement agreements entered into in 2002 for citalopram. After various appeals, the European Commission’s decision was upheld in March 2021. On March 28, 2023, bodies of the national health authorities in England & Wales served a claim in the U.K. Competition Appeals Tribunal against parties to the citalopram investigation, including GUK, seeking monetary damages, plus interest, purportedly arising from the settlement agreements. The Company, beginning in approximately 2018, has received notices from other health service authorities and insurers asserting an intention to file similar claims. Pursuant to an indemnification agreement, Merck KGaA and GUK have agreed to equally share any damages claimed against Merck KGaA and/or GUK alleged to have been caused by the conduct which is the subject of the European Commission decision. The Company has accrued approximately €12.1 million as of June 30, 2023 related to this matter. It is reasonably possible that we will incur additional losses above the amount accrued but we cannot estimate a range of such reasonably possible losses at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Product Liability Like other pharmaceutical companies, the Company is involved in a number of product liability lawsuits related to alleged personal injuries arising out of certain products manufactured/or distributed by the Company, including but not limited to those discussed below. Plaintiffs in these cases generally seek damages and other relief on various grounds for alleged personal injury and economic loss. The Company has accrued approximately $65.4 million as of June 30, 2023 for its product liability matters. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Nitrosamines The Company, along with numerous other manufacturers, retailers, and others, are parties to litigation relating to alleged trace amounts of nitrosamine impurities in certain products, including valsartan and ranitidine. The vast majority of these lawsuits naming the Company in the United States are pending in two MDLs, namely an MDL pending in the United States District Court for the District of New Jersey concerning valsartan and an MDL pending in the United States District Court for the Southern District of Florida concerning ranitidine. The lawsuits against the Company in the MDLs include putative and certified classes seeking the refund of the purchase price and other economic and punitive damages allegedly sustained by consumers and end payors as well as individuals seeking compensatory and punitive damages for personal injuries allegedly caused by ingestion of the medications. Similar lawsuits pertaining to valsartan have been filed in other countries. Third party payor, consumer and medical monitoring classes were certified in the valsartan MDL and a Rule 23(f) petition to appeal the certification decision was denied. The Company has also received claims and inquiries related to these products, as well as requests to indemnify purchasers of the Company’s API and/ or finished dose forms of these products. The original master complaints concerning ranitidine were dismissed on December 31, 2020. The end-payor plaintiff immediately appealed to the U.S. Court of Appeals for the Eleventh Circuit, which affirmed the dismissal. The personal injury and consumer putative class plaintiffs filed amended master complaints. The Company was not named as a defendant in the amended master complaints, though it was still named in certain short form complaints filed by personal injury plaintiffs. The trial court has dismissed all remaining claims against the generic defendants. Certain of the personal injury plaintiffs appealed this dismissal, which remains pending. Lipitor A number of individual and multi-plaintiff lawsuits have been filed against Pfizer in various federal and state courts alleging that the plaintiffs developed type 2 diabetes purportedly as a result of the ingestion of Lipitor. Plaintiffs seek compensatory and punitive damages. In February 2014, the federal actions were transferred for consolidated pre-trial proceedings to an MDL in the U.S. District Court for the District of South Carolina. Since 2016, certain cases in the MDL were remanded to certain state courts. In 2017, the District Court granted Pfizer’s motion for summary judgment, dismissing all of the cases pending in the MDL. In June 2018, this dismissal was affirmed by the U.S. Court of Appeals for the Fourth Circuit. The state court proceedings remain pending in Missouri and New York. Prior state court proceedings in California have now been terminated after the California Court previously granted motions (i) to exclude the opinions of plaintiffs’ only general causation expert in connection with his opinions involving the three lowest doses of Lipitor (10, 20 and 40 mg); (ii) for summary judgment in connection with the 10, 20, and 40 mg plaintiffs; and (iii) seeking the dismissal of the remaining cases involving the highest dose of Lipitor (80 mg). Intellectual Property The Company is involved in a number of patent litigation lawsuits involving the validity and/or infringement of patents held by branded pharmaceutical manufacturers including but not limited to the matters described below. The Company uses its business judgment to decide to market and sell certain products, in each case based on its belief that the applicable patents are invalid and/or that its products do not infringe, notwithstanding the fact that allegations of patent infringement(s) or other potential third party rights have not been finally resolved by the courts. The risk involved in doing so can be substantial because the remedies available to the owner of a patent for infringement may include, a reasonable royalty on sales or damages measured by the profits lost by the patent owner. If there is a finding of willful infringement, damages may be increased up to three times. Moreover, because of the discount pricing typically involved with bioequivalent products, patented branded products generally realize a substantially higher profit margin than generic and biosimilar products. The Company also faces challenges to its patents, including suits in various jurisdictions pursuant to which generic drug manufacturers, payers, governments, or other parties are seeking damages for allegedly causing delay of generic entry. An adverse decision in any of these matters could have an adverse effect that is material to our business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price. The Company has accrued approximately $60.7 million as of June 30, 2023 for its intellectual property matters. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Lyrica - United Kingdom Beginning in 2014, Pfizer was involved in patent litigation in the English courts concerning the validity of its Lyrica pain use patent. In 2015, the High Court of Justice in London ordered that the NHS England issue guidance for prescribers and pharmacists directing the prescription and dispensing of Lyrica by brand when pregabalin was prescribed for the treatment of neuropathic pain and entered a preliminary injunction against certain Sandoz group companies preventing the sale of Sandoz’s full label pregabalin product. Pfizer undertook to compensate certain generic companies and NHS entities for losses caused by these orders, which remained in effect until patent expiration in July 2017. In November 2018, the U.K. Supreme Court ruled that all the relevant claims directed to neuropathic pain were invalid. Dr. Reddy’s Laboratories filed a claim for monetary damages, interest, and costs in May 2020, followed by the Scottish Ministers and fourteen Scottish Health Boards (together, NHS Scotland) in July 2020. In September 2020, Teva, Sandoz, Ranbaxy, Actavis, and the Secretary of State for Health and Social Care, together with 32 other NHS entities (together, NHS England, Wales, and Northern Ireland) filed their claims. All of the claims except for those filed by Dr. Reddy’s Laboratories have been resolved. A trial on the remaining claims has been set for November 2023. Yupelri Beginning in January 2023, certain generic companies notified us that they had filed ANDAs with the FDA seeking approval to market generic versions of Yupelri® with associated Paragraph IV certifications. The companies assert the invalidity and/or non-infringement of polymorph patents expiring in 2030 and 2031, and a method of use patent expiring in 2039. The companies have not filed Paragraph IV certifications to our compound patents, which currently expire in December 2025, with one compound patent subject to a patent term extension to October 2028. In February 2023, we brought patent infringement actions against the generic filers in federal district courts, including the U.S. District Court for the District of New Jersey, the U.S. District Court for the District of Delaware, and the U.S. District Court for the Middle District of North Carolina, asserting infringement of the patents by the generic companies. The actions filed in Delaware and North Carolina have been dismissed and the actions will proceed in New Jersey. Tyrvaya In June 2023, a generic company notified Oyster Point that it had filed an ANDA with the FDA seeking approval to market a generic version of Tyrvaya® with associated Paragraph IV certifications. The generic company asserts the invalidity and/or non-infringement of six Orange Book listed patents that all have expiration dates in October 2035. In July 2023, Oyster Point brought a patent infringement action against the generic filer in the U.S. District Court of the District of New Jersey asserting infringement by the generic company. Other Litigation The Company is involved in various other legal proceedings including commercial, contractual, employment, or other similar matters that are considered normal to its business. The Company has approximately $9 million accrued related to these various other legal proceedings at June 30, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 15, 2023, Andrew Cuneo, President, JANZ and Emerging Markets, adopted a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The plan provides for the sale of up to 20,000 shares of the Company’s common stock until all such shares are sold or June 7, 2024, whichever comes first. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Andrew Cuneo [Member] | ||
Trading Arrangements, by Individual | ||
Name | Andrew Cuneo | |
Title | President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 15, 2023 | |
Arrangement Duration | 358 days | |
Aggregate Available | 20 | 20 |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings 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) | 6 Months Ended |
Jun. 30, 2023 | |
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 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 goodwill and long-lived assets; ◦ R&D and acquired IPR&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 costs related to our planned divestitures and the Biocon Biologics Transaction, and, 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 2022 Form 10-K. |
Revenue Recognition and Accou_2
Revenue Recognition and Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 and six months ended June 30, 2023 and 2022, respectively: (In millions) Three Months Ended June 30, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,300.2 $ 530.5 $ 207.4 $ 406.6 $ 2,444.7 Complex Gx 132.7 — 6.5 — 139.2 Generics 920.9 1.6 161.6 241.5 1,325.6 Total $ 2,353.8 $ 532.1 $ 375.5 $ 648.1 $ 3,909.5 (In millions) Six Months Ended June 30, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 2,532.2 $ 1,092.9 $ 397.7 $ 842.2 $ 4,865.0 Complex Gx 262.6 — 12.6 0.1 275.3 Generics 1,729.4 3.8 307.4 447.7 2,488.3 Total $ 4,524.2 $ 1,096.7 $ 717.7 $ 1,290.0 $ 7,628.6 (In millions) Three Months Ended June 30, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,305.4 $ 546.3 $ 243.1 $ 388.3 $ 2,483.1 Complex Gx and Biosimilars 327.0 0.3 12.1 15.4 354.8 Generics 846.7 1.7 171.9 247.2 1,267.5 Total $ 2,479.1 $ 548.3 $ 427.1 $ 650.9 $ 4,105.4 (In millions) Six Months Ended June 30, 2022 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 2,604.1 $ 1,116.0 $ 492.1 $ 825.0 $ 5,037.2 Complex Gx and Biosimilars 691.1 0.3 22.4 31.8 745.6 Generics 1,660.0 5.1 336.4 499.3 2,500.8 Total $ 4,955.2 $ 1,121.4 $ 850.9 $ 1,356.1 $ 8,283.6 ____________ (a) Amounts for the three and six months ended June 30, 2023 include the unfavorable impact of foreign currency translations compared to the prior year period. (b) Amounts for the three and six months ended June 30, 2022 include $161.8 million and $326.6 million, respectively, related to the biosimilars business which was subsequently contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022. The following table presents net sales on a consolidated basis for select key products for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (In millions) 2023 2022 2023 2022 Select Key Global Products Lipitor ® $ 380.0 $ 405.6 $ 797.9 $ 845.7 Norvasc ® 182.4 203.0 385.1 410.8 Lyrica ® 137.1 155.8 281.4 327.4 EpiPen® Auto-Injectors 127.5 106.5 223.3 195.3 Viagra ® 111.0 115.1 226.0 244.9 Celebrex ® 82.0 85.9 170.8 171.2 Creon ® 74.1 75.4 146.8 150.1 Effexor ® 64.8 73.7 129.4 151.2 Zoloft ® 54.5 62.5 111.0 135.6 Xalabrands 50.4 42.7 97.1 95.7 Select Key Segment Products Dymista ® $ 57.7 $ 55.5 $ 110.9 $ 99.4 Yupelri ® 55.0 49.1 102.0 92.7 Xanax ® 51.8 37.2 91.5 77.2 Amitiza ® 41.5 44.1 78.1 85.9 ____________ (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 and six months ended June 30, 2023 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 and six months ended June 30, 2023 and 2022, respectively: Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Gross sales $ 6,519.0 $ 7,008.7 $ 12,792.0 $ 14,207.0 Gross to net adjustments: Chargebacks (1,374.2) (1,594.2) (2,724.9) (3,178.4) Rebates, promotional programs and other sales allowances (961.0) (1,075.3) (1,953.2) (2,281.2) Returns (68.3) (82.7) (118.7) (165.3) Governmental rebate programs (206.0) (151.1) (366.6) (298.5) Total gross to net adjustments $ (2,609.5) $ (2,903.3) $ (5,163.4) $ (5,923.4) Net sales $ 3,909.5 $ 4,105.4 $ 7,628.6 $ 8,283.6 ____________ |
Schedule of Accounts Receivable, Net | Such allowances were comprised of the following at June 30, 2023 and December 31, 2022, respectively: (In millions) June 30, December 31, Accounts receivable, net $ 1,575.5 $ 1,798.7 Other current liabilities 880.2 888.8 Total $ 2,455.7 $ 2,687.5 Accounts receivable, net was comprised of the following at June 30, 2023 and December 31, 2022, respectively: (In millions) June 30, December 31, Trade receivables, net $ 3,123.7 $ 3,243.8 Other receivables 483.6 570.7 Accounts receivable, net $ 3,607.3 $ 3,814.5 |
Acquisitions and Other Transa_2
Acquisitions and Other Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The U.S. GAAP purchase price was $392.7 million, net of cash acquired. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed for Oyster Point is as follows: (In millions) Current assets (excluding inventories and net of cash acquired) $ 26.9 Inventories 37.8 Property, plant and equipment 1.4 Identified intangible assets 334.0 Goodwill 5.9 Deferred income tax benefit 17.7 Other assets 7.7 Total assets acquired $ 431.4 Current liabilities 37.0 Other noncurrent liabilities 1.7 Net assets acquired (net of $34.7 of cash acquired) $ 392.7 (In millions) IPR&D $ 290.0 Goodwill 89.3 Total assets acquired $ 379.3 Current liabilities 2.2 Deferred tax liabilities 52.1 Net assets acquired (net of $0.2 of cash acquired) $ 325.0 |
Business Acquisition, Pro Forma Information | The following table presents supplemental unaudited pro forma information for the acquisition, as if it had occurred on January 1, 2022. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense based on the fair value of assets acquired, the impact of transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable, or have been achieved, subsequent to the closing of the acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated date above, nor are they indicative of the future operating results of Viatris and its subsidiaries. Three Months Ended Six Months Ended (Unaudited, in millions, except per share amounts) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Total revenues $ 3,918.6 $ 4,121.5 $ 7,647.7 $ 8,315.9 Net earnings $ 270.6 $ 264.4 $ 514.5 $ 601.4 Earnings per share: Basic $ 0.23 $ 0.22 $ 0.43 $ 0.50 Diluted $ 0.22 $ 0.22 $ 0.43 $ 0.49 Weighted average shares outstanding: Basic 1,199.0 1,212.3 1,200.8 1,211.4 Diluted 1,203.5 1,217.1 1,204.6 1,215.1 |
Share-Based Incentive Plan (Tab
Share-Based Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Awards Activity | The following table summarizes stock awards (stock options and SARs) activity under the 2020 Incentive Plan and 2003 LTIP: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2022 4,449,642 $ 38.53 Granted 283,361 $ 7.68 Exercised (9,125) $ 5.67 Forfeited (335,798) $ 31.42 Outstanding at June 30, 2023 4,388,080 $ 37.15 Vested and expected to vest at June 30, 2023 4,361,367 $ 37.31 Exercisable at June 30, 2023 4,151,296 $ 38.72 |
Nonvested Restricted Stock and Restricted Stock Unit Awards Activity | A rollforward of the changes in the Company’s nonvested Restricted Stock Awards (restricted stock and restricted stock unit awards, including PSUs) from December 31, 2022 to June 30, 2023 is presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2022 27,271,926 $ 11.81 Granted 20,286,212 11.16 Released (7,797,097) 13.03 Forfeited (2,101,991) 11.65 Nonvested at June 30, 2023 37,659,050 $ 11.21 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three and six months ended June 30, 2023 and 2022 were as follows: Pension and Other Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Service cost $ 7.1 $ 9.5 $ 14.2 $ 19.0 Interest cost 18.2 10.4 36.5 20.8 Expected return on plan assets (16.4) (16.6) (32.8) (33.2) Amortization of prior service costs — — — 0.1 Recognized net actuarial (gains)/losses (5.0) 0.1 (10.0) 0.1 Other 4.4 — 4.4 — Net periodic benefit cost $ 8.3 $ 3.4 $ 12.3 $ 6.8 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Components [Abstract] | |
Schedule of Cash, cash equivalents, and restricted cash | Cash and restricted cash (In millions) June 30, December 31, June 30, 2022 Cash and cash equivalents $ 629.2 $ 1,259.9 $ 664.7 Restricted cash, included in prepaid expenses and other current assets 2.2 2.6 4.7 Cash, cash equivalents and restricted cash $ 631.4 $ 1,262.5 $ 669.4 |
Inventories | Inventories (In millions) June 30, December 31, Raw materials $ 417.5 $ 571.5 Work in process 1,132.2 755.4 Finished goods 2,091.8 2,192.6 Inventories $ 3,641.5 $ 3,519.5 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (In millions) June 30, December 31, 2022 Prepaid expenses $ 205.8 $ 194.6 Deferred consideration due from Biocon Biologics 164.8 — Available-for-sale fixed income securities 35.5 35.3 Fair value of financial instruments 94.6 134.7 Equity securities 46.7 42.6 Other current assets 1,177.7 1,404.0 Prepaid expenses and other current assets $ 1,725.1 $ 1,811.2 |
Property, Plant and Equipment | Property, plant and equipment, net (In millions) June 30, December 31, 2022 Machinery and equipment $ 3,011.0 $ 2,936.7 Buildings and improvements 1,502.8 1,539.7 Construction in progress 407.3 474.0 Land and improvements 125.1 133.4 Gross property, plant and equipment 5,046.2 5,083.8 Accumulated depreciation 2,063.0 2,059.3 Property, plant and equipment, net $ 2,983.2 $ 3,024.5 |
Other Assets | Other assets (In millions) June 30, December 31, 2022 Non-marketable equity investments $ 154.2 $ 94.0 Deferred consideration due from Biocon Biologics 146.1 299.5 CCPS in Biocon Biologics 1,028.9 997.4 Operating lease right-of-use assets 250.4 259.3 Other long-term assets 771.5 753.3 Other assets $ 2,351.1 $ 2,403.5 |
Accounts payable | Accounts payable (In millions) June 30, December 31, 2022 Trade accounts payable $ 1,309.6 $ 1,158.0 Other payables 652.4 608.6 Accounts payable $ 1,962.0 $ 1,766.6 |
Other Current Liabilities | Other current liabilities (In millions) June 30, December 31, 2022 Accrued sales allowances $ 880.2 $ 888.8 Legal and professional accruals, including litigation accruals 252.1 297.2 Payroll and employee benefit liabilities 672.0 746.8 Contingent consideration 63.7 64.4 Accrued restructuring 47.2 95.3 Accrued interest 64.2 80.2 Fair value of financial instruments 98.7 187.0 Due to Biocon Biologics 11.6 22.5 Operating lease liability 85.3 80.6 Other 871.1 978.1 Other current liabilities $ 3,046.1 $ 3,440.9 |
Other Noncurrent Liabilities | Other long-term obligations (In millions) June 30, December 31, 2022 Employee benefit liabilities $ 530.5 $ 544.6 Contingent consideration (1) 315.4 310.6 Tax related items, including contingencies 393.1 414.6 Operating lease liability 166.9 181.4 Accrued restructuring 60.4 60.4 Other 208.0 244.9 Other long-term obligations $ 1,674.3 $ 1,756.5 (1) Balances as of June 30, 2023 and December 31, 2022 include $228.4 million and $221.2 million, respectively, due to Biocon Biologics. Refer to Note 11 Financial Instruments and Risk Management for additional information. |
Earnings (Loss) per Ordinary Sh
Earnings (Loss) per Ordinary Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V. | Basic and diluted earnings per share attributable to Viatris Inc. are calculated as follows: Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share amounts) 2023 2022 2023 2022 Basic earnings attributable to Viatris Inc. common shareholders Net earnings attributable to Viatris Inc. common shareholders $ 264.0 $ 313.9 $ 488.7 $ 713.1 Shares (denominator): Weighted average shares outstanding 1,199.0 1,212.3 1,200.8 1,211.4 Basic earnings per share attributable to Viatris Inc. shareholders $ 0.22 $ 0.26 $ 0.41 $ 0.59 Diluted earnings attributable to Viatris Inc. common shareholders Net earnings attributable to Viatris Inc. common shareholders $ 264.0 $ 313.9 $ 488.7 $ 713.1 Shares (denominator): Weighted average shares outstanding 1,199.0 1,212.3 1,200.8 1,211.4 Share-based awards 4.5 4.8 3.8 3.7 Total dilutive shares outstanding 1,203.5 1,217.1 1,204.6 1,215.1 Diluted earnings per share attributable to Viatris Inc. shareholders $ 0.22 $ 0.26 $ 0.41 $ 0.59 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | Intangible assets consist of the following components at June 30, 2023 and December 31, 2022: (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value June 30, 2023 Product rights, licenses and other (1) 15 $ 37,929.8 $ 16,176.7 $ 21,753.1 In-process research and development 331.3 — 331.3 $ 38,261.1 $ 16,176.7 $ 22,084.4 December 31, 2022 Product rights, licenses and other (1) 15 $ 37,490.5 $ 14,923.6 $ 22,566.9 In-process research and development 40.2 — 40.2 $ 37,530.7 $ 14,923.6 $ 22,607.1 ____________ |
Finite-lived Intangible Assets Amortization Expense | Three Months Ended Six Months Ended June 30, June 30, (In millions) 2023 2022 2023 2022 Intangible asset amortization expense $ 591.2 $ 634.1 $ 1,194.5 $ 1,282.2 Intangible asset disposal & impairment charges — — 32.0 — Total intangible asset amortization expense (including disposal & impairment charges) $ 591.2 $ 634.1 $ 1,226.5 $ 1,282.2 During the six months ended June 30, 2023, the Company recognized an intangible asset charge of approximately $32.0 million, which was recorded within Cost of sales in the condensed consolidated statement of operations, to write down the disposal group to fair value, less cost to sell, related to our Upjohn Distributor Markets, which are classified as held for sale. As of June 30, 2023 and December 31, 2022, the Company has approximately $174.9 million and $230.3 million, respectively, of intangible assets related to the Upjohn Distributor Markets that are classified as held for sale in the condensed consolidated balance sheets. Refer to Note 5 Divestitures for additional information. |
Expected Amortization Expense | Intangible asset amortization expense over the remainder of 2023 and for the years ending December 31, 2024 through 2027 is estimated to be as follows: (In millions) 2023 $ 1,182 2024 2,271 2025 2,177 2026 2,121 2027 1,909 |
Financial Instruments and Risk
Financial Instruments and Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 to June 30, 2023 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2022 $ 64.4 $ 310.6 $ 375.0 Payments (22.9) — (22.9) Reclassifications 22.2 (22.2) — Accretion — 11.5 11.5 Fair value loss (3) — 15.5 15.5 Balance at June 30, 2023 $ 63.7 $ 315.4 $ 379.1 ____________ (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: June 30, 2023 December 31, 2022 (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 $ 222.9 $ — $ — $ 688.8 $ — $ — Total cash equivalents 222.9 — — 688.8 — — Equity securities: Exchange traded funds 46.5 — — 42.4 — — Marketable securities 0.2 — — 0.2 — — Total equity securities 46.7 — — 42.6 — — CCPS in Biocon Biologics — — 1,028.9 — — 997.4 Available-for-sale fixed income investments: Corporate bonds — 15.5 — — 13.2 — U.S. Treasuries — 9.7 — — 11.7 — Agency mortgage-backed securities — 4.8 — — 4.7 — Asset backed securities — 5.4 — — 5.1 — Other — 0.1 — — 0.6 — Total available-for-sale fixed income investments — 35.5 — — 35.3 — Foreign exchange derivative assets — 94.6 — — 134.7 — Total assets at recurring fair value measurement $ 269.6 $ 130.1 $ 1,028.9 $ 731.4 $ 170.0 $ 997.4 Financial Liabilities Foreign exchange derivative liabilities — 98.7 — — 187.0 — Contingent consideration — — 379.1 — — 375.0 Total liabilities at recurring fair value measurement $ — $ 98.7 $ 379.1 $ — $ 187.0 $ 375.0 |
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 June 30, 2023 Fair Value December 31, 2022 Fair Value Balance Sheet Location June 30, 2023 Fair Value December 31, 2022 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 44.8 $ 30.4 Other current liabilities $ 6.0 $ 26.4 Total derivatives designated as hedges 44.8 30.4 6.0 26.4 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 49.8 104.3 Other current liabilities 92.7 160.6 Total derivatives not designated as hedges 49.8 104.3 92.7 160.6 Total derivatives $ 94.6 $ 134.7 $ 98.7 $ 187.0 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt is as follows: ($ in millions) Interest Rate as of June 30, 2023 June 30, December 31, Current portion of long-term debt: 2023 Senior Notes (a) * 3.125 % $ — $ 750.6 2023 Senior Notes * 4.200 % 499.9 499.8 2024 Euro Senior Notes **** 1.023 % 825.3 — Other 0.7 0.7 Deferred financing fees (0.3) (0.6) Current portion of long-term debt $ 1,325.6 $ 1,250.5 Non-current portion of long-term debt: 2024 Euro Senior Notes ** 2.250 % 1,090.4 1,069.8 2024 Euro Senior Notes **** 1.023 % — 813.5 2025 Euro Senior Notes * 2.125 % 545.1 534.8 2025 Senior Notes *** 1.650 % 757.7 759.6 2026 Senior Notes ** 3.950 % 2,244.2 2,243.2 2027 Euro Senior Notes **** 1.362 % 959.8 945.9 2027 Senior Notes *** 2.300 % 772.6 775.3 2028 Euro Senior Notes ** 3.125 % 814.1 798.5 2028 Senior Notes * 4.550 % 749.0 748.9 2030 Senior Notes *** 2.700 % 1,508.9 1,512.8 2032 Euro Senior Notes **** 1.908 % 1,466.5 1,444.4 2040 Senior Notes *** 3.850 % 1,647.3 1,650.6 2043 Senior Notes * 5.400 % 497.4 497.4 2046 Senior Notes ** 5.250 % 999.9 999.9 2048 Senior Notes * 5.200 % 747.8 747.8 2050 Senior Notes *** 4.000 % 2,198.5 2,200.8 YEN Term Loan Facility Variable 277.2 305.1 Other 2.2 2.0 Deferred financing fees (32.6) (35.1) Long-term debt $ 17,246.0 $ 18,015.2 ____________ (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 was amortized to interest expense over the remaining term of the notes, which were repaid at maturity in the first quarter of 2023. * 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 June 30, 2023 were as follows for each of the periods ending December 31: (In millions) Total 2023 $ 500 2024 1,909 2025 1,295 2026 2,527 2027 1,677 Thereafter 10,132 Total $ 18,040 |
Comprehensive Earnings (Tables)
Comprehensive Earnings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following: (In millions) June 30, December 31, Accumulated other comprehensive loss: Net unrealized loss on marketable securities, net of tax $ (1.3) $ (2.3) Net unrecognized gain and prior service cost related to defined benefit plans, net of tax 264.5 268.5 Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax 10.9 (18.5) Net unrecognized gain on derivatives in net investment hedging relationships, net of tax 315.0 377.0 Foreign currency translation adjustment (3,594.7) (3,385.9) $ (3,005.6) $ (2,761.2) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 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 March 31, 2023, net of tax $ (16.8) $ 325.1 $ (1.6) $ 269.3 $ (3,340.6) $ (2,764.6) Other comprehensive earnings (loss) before reclassifications, before tax 43.5 (12.8) 0.2 3.8 (254.1) (219.4) 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 (7.8) (7.8) (7.8) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Gain on divestiture of defined pension plan included in SG&A (5.6) (5.6) Amortization of actuarial gain included in SG&A (5.0) (5.0) Net other comprehensive earnings (loss), before tax 36.8 (12.8) 0.2 (6.8) (254.1) (236.7) Income tax provision (benefit) 9.1 (2.7) (0.1) (2.0) — 4.3 Balance at June 30, 2023, net of tax $ 10.9 $ 315.0 $ (1.3) $ 264.5 $ (3,594.7) $ (3,005.6) Six Months Ended June 30, 2023 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, 2022, net of tax $ (18.5) $ 377.0 $ (2.3) $ 268.5 $ (3,385.9) $ (2,761.2) Other comprehensive earnings (loss) before reclassifications, before tax 54.0 (79.0) 1.1 10.1 (208.8) (222.6) 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 (16.7) (16.7) (16.7) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.3 2.3 2.3 Gain on divestiture of defined pension plan included in SG&A (5.6) (5.6) Amortization of actuarial gain included in SG&A (10.0) (10.0) Net other comprehensive earnings (loss), before tax 39.6 (79.0) 1.1 (5.5) (208.8) (252.6) Income tax provision (benefit) 10.2 (17.0) 0.1 (1.5) — (8.2) Balance at June 30, 2023, net of tax $ 10.9 $ 315.0 $ (1.3) $ 264.5 $ (3,594.7) $ (3,005.6) Three months ended June 30, 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 March 31, 2022, net of tax $ 9.4 $ 173.1 $ (1.3) $ 29.4 $ (2,271.6) $ (2,061.0) Other comprehensive earnings (loss) before reclassifications, before tax 44.6 384.4 (1.0) 0.4 (1,149.9) (721.5) 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 (28.1) (28.1) (28.1) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.1 1.1 1.1 Amortization of actuarial loss included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 17.6 384.4 (1.0) 0.5 (1,149.9) (748.4) Income tax provision (benefit) 4.3 85.9 (0.2) (0.2) — 89.8 Balance at June 30, 2022, net of tax $ 22.7 $ 471.6 $ (2.1) $ 30.1 $ (3,421.5) $ (2,899.2) Six Months Ended June 30, 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 57.9 585.7 (2.7) (2.3) (1,619.1) (980.5) Amounts reclassified from accumulated other comprehensive earnings (loss), before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (42.3) (42.3) (42.3) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.2 2.2 2.2 Amortization of prior service costs included in SG&A 0.1 0.1 Amortization of actuarial loss included in SG&A 0.1 0.1 Net other comprehensive earnings (loss), before tax 17.8 585.7 (2.7) (2.1) (1,619.1) (1,020.4) Income tax provision (benefit) 4.3 130.8 (0.6) — — 134.5 Balance at June 30, 2022, net of tax $ 22.7 $ 471.6 $ (2.1) $ 30.1 $ (3,421.5) $ (2,899.2) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Three Months Ended June 30, (In millions) 2023 2022 2023 2022 Reportable Segments: Developed Markets $ 2,353.8 $ 2,479.1 $ 1,059.7 $ 1,255.3 Greater China 532.1 548.3 349.7 392.8 JANZ 375.5 427.1 131.6 158.1 Emerging Markets 648.1 650.9 276.9 301.0 Total reportable segments $ 3,909.5 $ 4,105.4 $ 1,817.9 $ 2,107.2 Reconciling items: Intangible asset amortization expense (591.2) (634.1) Globally managed research and development costs (208.3) (162.6) Acquired IPR&D (10.2) — Litigation settlements & other contingencies 11.0 (10.9) Transaction related and other special items (234.6) (227.1) Corporate and other unallocated (415.4) (523.8) Earnings from operations $ 369.2 $ 548.7 Net Sales Segment Profitability Six months ended June 30, Six months ended June 30, (In millions) 2023 2022 2023 2022 Reportable Segments: Developed Markets $ 4,524.2 $ 4,955.2 $ 1,998.4 $ 2,466.8 Greater China 1,096.7 1,121.4 744.0 810.5 JANZ 717.7 850.9 262.1 332.4 Emerging Markets 1,290.0 1,356.1 589.9 646.3 Total reportable segments $ 7,628.6 $ 8,283.6 $ 3,594.4 $ 4,256.0 Reconciling items: Intangible asset amortization expense (1,194.5) (1,282.2) Intangible asset disposal & impairment charges (32.0) — Globally managed research and development costs (391.2) (304.9) Acquired IPR&D (10.2) — Litigation settlements & other contingencies 10.4 (17.1) Transaction related and other special items (413.1) (412.7) Corporate and other unallocated (794.8) (983.0) Earnings from operations $ 769.0 $ 1,256.1 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 to June 30, 2023: (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2022: $ 155.6 $ 1.9 $ 157.5 Charges (1) 2.8 6.9 9.7 Cash payment (24.5) (3.1) (27.6) Utilization — (3.8) (3.8) Foreign currency translation 0.3 — 0.3 Balance at March 31, 2023: $ 134.2 $ 1.9 $ 136.1 Charges (1) 1.4 72.6 74.0 Cash payment (22.5) (1.6) (24.1) Utilization (2) (4.4) (72.9) (77.3) Foreign currency translation — — — Balance at June 30, 2023: $ 108.7 $ — $ 108.7 ____________ (1) For the three months ended June 30, 2023, total restructuring charges in Developed Markets, Emerging Markets, JANZ, and Corporate/Other were approximately $41.7 million, $2.0 million, $30.0 million, and $0.3 million, respectively. For the six months ended June 30, 2023, total restructuring charges in Developed Markets, Emerging Markets, Greater China, JANZ, and Corporate/Other were approximately $49.4 million, $3.3 million, $(0.6) million, $31.3 million, and $0.3 million, respectively. (2) For the three and six months ended June 30, 2023, other exit costs includes expense of $71.6 million relating to plant divestitures. |
Revenue Recognition and Accou_3
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Proceeds from sale and collection of receivables | $ 34.7 | $ 188.2 |
Revenue Recognition and Accou_4
Revenue Recognition and Accounts Receivable Revenue Disaggregation (Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,909.5 | $ 4,105.4 | $ 7,628.6 | $ 8,283.6 |
Biocon Biologics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (161.8) | (326.6) | ||
Brands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,444.7 | 2,483.1 | 4,865 | 5,037.2 |
Complex GX and Biosimilars | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 139.2 | 354.8 | 275.3 | 745.6 |
Generics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,325.6 | 1,267.5 | 2,488.3 | 2,500.8 |
Lipitor | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 380 | 405.6 | 797.9 | 845.7 |
Norvasc | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 182.4 | 203 | 385.1 | 410.8 |
Lyrica ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 137.1 | 155.8 | 281.4 | 327.4 |
Viagra ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 111 | 115.1 | 226 | 244.9 |
EpiPen® Auto-Injectors | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 127.5 | 106.5 | 223.3 | 195.3 |
Celebrex ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 82 | 85.9 | 170.8 | 171.2 |
Effexor ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 64.8 | 73.7 | 129.4 | 151.2 |
Zoloft ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 54.5 | 62.5 | 111 | 135.6 |
Creon ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 74.1 | 75.4 | 146.8 | 150.1 |
Xalabrands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 50.4 | 42.7 | 97.1 | 95.7 |
Amitiza ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 41.5 | 44.1 | 78.1 | 85.9 |
Xanax ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 51.8 | 37.2 | 91.5 | 77.2 |
Dymista ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 57.7 | 55.5 | 110.9 | 99.4 |
Yupelri ® | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 55 | 49.1 | 102 | 92.7 |
Developed Markets (1) | Brands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,300.2 | 1,305.4 | 2,532.2 | 2,604.1 |
Developed Markets (1) | Complex GX and Biosimilars | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 132.7 | 327 | 262.6 | 691.1 |
Developed Markets (1) | Generics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 920.9 | 846.7 | 1,729.4 | 1,660 |
Greater China | Brands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 530.5 | 546.3 | 1,092.9 | 1,116 |
Greater China | Complex GX and Biosimilars | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0.3 | 0 | 0.3 |
Greater China | Generics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1.6 | 1.7 | 3.8 | 5.1 |
JANZ | Brands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 207.4 | 243.1 | 397.7 | 492.1 |
JANZ | Complex GX and Biosimilars | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 6.5 | 12.1 | 12.6 | 22.4 |
JANZ | Generics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 161.6 | 171.9 | 307.4 | 336.4 |
Emerging Markets Segment | Brands | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 406.6 | 388.3 | 842.2 | 825 |
Emerging Markets Segment | Complex GX and Biosimilars | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 15.4 | 0.1 | 31.8 |
Emerging Markets Segment | Generics | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 241.5 | 247.2 | 447.7 | 499.3 |
Operating Segment | Developed Markets (1) | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,353.8 | 2,479.1 | 4,524.2 | 4,955.2 |
Operating Segment | Greater China | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 532.1 | 548.3 | 1,096.7 | 1,121.4 |
Operating Segment | JANZ | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 375.5 | 427.1 | 717.7 | 850.9 |
Operating Segment | Emerging Markets Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 648.1 | $ 650.9 | $ 1,290 | $ 1,356.1 |
Revenue Recognition and Accou_5
Revenue Recognition and Accounts Receivable Variable Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Gross sales | $ 6,519 | $ 7,008.7 | $ 12,792 | $ 14,207 |
Chargebacks | (1,374.2) | (1,594.2) | (2,724.9) | (3,178.4) |
Rebates, promotional programs and other sales allowances | (961) | (1,075.3) | (1,953.2) | (2,281.2) |
Returns | (68.3) | (82.7) | (118.7) | (165.3) |
Medicaid and other governmental rebates | (206) | (151.1) | (366.6) | (298.5) |
Sales Revenue, Gross to net adjustments | (2,609.5) | (2,903.3) | (5,163.4) | (5,923.4) |
Net sales | $ 3,909.5 | $ 4,105.4 | $ 7,628.6 | $ 8,283.6 |
Revenue Recognition and Accou_6
Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue Recognition And Accounts Receivable [Line Items] | |||||
Trade receivables, net | $ 3,123.7 | $ 3,123.7 | $ 3,243.8 | ||
Other receivables | 483.6 | 483.6 | 570.7 | ||
Accounts receivable, net | 3,607.3 | 3,607.3 | 3,814.5 | ||
Gross sales | 6,519 | $ 7,008.7 | 12,792 | $ 14,207 | |
Chargebacks | (1,374.2) | (1,594.2) | (2,724.9) | (3,178.4) | |
Accrued Sales Allowances | (961) | (1,075.3) | (1,953.2) | (2,281.2) | |
Revenue from Contract with Customer, Returns | (68.3) | (82.7) | (118.7) | (165.3) | |
Medicaid and other governmental rebates | (206) | (151.1) | (366.6) | (298.5) | |
Sales Revenue, Gross to net adjustments | (2,609.5) | $ (2,903.3) | (5,163.4) | $ (5,923.4) | |
Variable Consideration | |||||
Revenue Recognition And Accounts Receivable [Line Items] | |||||
Trade receivables, net | 1,575.5 | 1,575.5 | 1,798.7 | ||
Other receivables | 880.2 | 880.2 | 888.8 | ||
Accounts receivable, net | $ 2,455.7 | $ 2,455.7 | $ 2,687.5 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Impact of Adoption - ASU 2014-09) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cost of sales | $ 2,310 | $ 2,413.5 | $ 4,496.9 | $ 4,834 | |||
Income tax (benefit) provision | 69 | 75.4 | 167 | 203.7 | |||
Net earnings attributable to Viatris Inc. common shareholders | 264 | 313.9 | 488.7 | 713.1 | |||
Revenues | 3,918.6 | 4,116.8 | 7,647.7 | 8,308.5 | |||
Prepaid expenses and other current assets | 1,725.1 | 1,725.1 | $ 1,811.2 | ||||
Income taxes payable | 158.1 | 158.1 | 279.6 | ||||
Retained earnings | 5,369.1 | 5,369.1 | 5,175.6 | ||||
Accumulated other comprehensive loss | $ (3,005.6) | (2,899.2) | $ (3,005.6) | (2,899.2) | $ (2,764.6) | (2,761.2) | $ (2,061) |
Amounts due for supplier finance program | $ 55.6 | $ 55.6 | $ 33.4 |
Acquisitions and Other Transa_3
Acquisitions and Other Transactions (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Nov. 07, 2022 USD ($) | Jun. 30, 2023 USD ($) right $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) right $ / shares | Jun. 30, 2023 USD ($) right $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Contingent consideration | $ 379.1 | $ 379.1 | $ 379.1 | $ 375 | |||||
Goodwill | 10,532.5 | 10,532.5 | 10,532.5 | 10,425.8 | |||||
Revenues | 3,918.6 | $ 4,116.8 | 7,647.7 | $ 8,308.5 | |||||
Net earnings attributable to Viatris Inc. common shareholders | 264 | $ 313.9 | 488.7 | 713.1 | |||||
In Process Research And Development, Fair value Measurement Input, Discount Rate | 23.90% | ||||||||
Prepaid expenses and other current assets | 1,725.1 | 1,725.1 | 1,725.1 | 1,811.2 | |||||
Famy Life Sciences | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Securities, FV-NI | $ 25 | ||||||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | 18.9 | ||||||||
Mapi Pharma Ltd. | Variable Interest Entity, Not Primary Beneficiary | |||||||||
Business Acquisition [Line Items] | |||||||||
Variable Interest Entity, Maximum Milestone Payments | 90 | 90 | 90 | ||||||
Variable Interest Entity, Financial or Other Support, Amount | 30 | ||||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 45.6 | ||||||||
Other Assets | 132.1 | 132.1 | 132.1 | 56.4 | |||||
Gain (Loss) on Investments | 62.1 | $ 16.5 | |||||||
Prepaid expenses and other current assets | $ 52.5 | $ 52.5 | $ 52.5 | $ 42.5 | |||||
Product Rights And Licenses | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangible assets, estimated useful life, in years | 10 years | 10 years | 10 years | ||||||
Oyster Point Pharma Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 427.4 | ||||||||
Business Acquisition, Share Price | $ / shares | $ 11 | $ 11 | $ 11 | ||||||
Business Acquisition, Non-Transferable Contingent Value Right, Number Of Rights | right | 1 | 1 | 1 | ||||||
Business Acquisition, Contingent Consideration Per Share | $ / shares | $ 2 | $ 2 | $ 2 | ||||||
Contingent consideration | $ 60 | $ 60 | $ 60 | ||||||
Business Combination, Acquisition Related Costs | 19.8 | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 29.3 | ||||||||
Business Acquisition, Provisional Information, Initial Accounting Incomplete, Adjustment, Amortization | 7.3 | 14.7 | |||||||
Goodwill | 5.9 | 5.9 | 5.9 | ||||||
Revenues | 16.5 | ||||||||
Net earnings attributable to Viatris Inc. common shareholders | 85.8 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 392.7 | 392.7 | 392.7 | ||||||
Oyster Point Pharma Acquisition | Product Rights And Licenses | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets | $ 334 | $ 334 | $ 334 | ||||||
Famy Life Sciences Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 281 | ||||||||
Goodwill | 89.3 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 325 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 43.9 | ||||||||
Famy Life Sciences Acquisition | In Process Research and Development | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets | $ 290 | ||||||||
Famy Life Sciences Acquisition | In Process Research and Development | Scenario, Forecast | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets | $ 120 | ||||||||
Viatris Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 13.50% |
Acquisitions and Other Transa_4
Acquisitions and Other Transactions (Purchase Price Allocations) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 07, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 10,532.5 | $ 10,425.8 | |
Oyster Point Pharma Acquisition | |||
Business Acquisition [Line Items] | |||
Current assets (excluding inventories and net of cash acquired) | 26.9 | ||
Inventories | 37.8 | ||
Property, plant and equipment | 1.4 | ||
Goodwill | 5.9 | ||
Deferred income tax benefit | 17.7 | ||
Other assets | 7.7 | ||
Total assets acquired | 431.4 | ||
Current liabilities | (37) | ||
Other noncurrent liabilities | 1.7 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 392.7 | ||
Oyster Point Pharma Acquisition | Product Rights And Licenses | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 334 | ||
Famy Life Sciences Acquisition | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 89.3 | ||
Total assets acquired | 379.3 | ||
Current liabilities | (2.2) | ||
Deferred tax liabilities | 52.1 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 325 | ||
Famy Life Sciences Acquisition | In Process Research and Development | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 290 |
Acquisitions and Other Transa_5
Acquisitions and Other Transactions (Unaudited Pro Forma Financial Results) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 4,121.5 | $ 8,315.9 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ 270.6 | $ 264.4 | $ 514.5 | $ 601.4 |
Basic (in usd per share) | $ 0.23 | $ 0.22 | $ 0.43 | $ 0.50 |
Diluted (in usd per share) | $ 0.22 | $ 0.22 | $ 0.43 | $ 0.49 |
Basic (in shares) | 1,199,000 | 1,212,300 | 1,200,800 | 1,211,400 |
Diluted (in shares) | 1,203,500 | 1,217,100 | 1,204,600 | 1,215,100 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Nov. 29, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2024 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Assets held for sale | $ 174.9 | $ 230.3 | $ 174.9 | |||||
Other Nonoperating Income (Expense) | 107.5 | $ (13.5) | 177.4 | $ (47.2) | ||||
Biocon Biologics | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Equity Securities, FV-NI, Gain (Loss) | 28.9 | |||||||
Licensing Agreements | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Write down of intangible assets | 172.9 | 32 | ||||||
Upjohn Distributor Markets | Disposal Group, Held-for-Sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Impairment Charges | $ 10 | 374.2 | ||||||
Inventory Valuation Reserves | 19.2 | |||||||
Loss Contingency, Asset Impairment, Disposal Transactions Not Completed In Current Fiscal Year | 250 | 250 | ||||||
Upjohn Distributor Markets | Disposal Group, Held-for-Sale, Not Discontinued Operations | Inventories | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Impairment Charges | 84.3 | |||||||
Upjohn Distributor Markets | Disposal Group, Held-for-Sale, Not Discontinued Operations | Emerging Markets Segment | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Goodwill, Impairment Loss | $ 117 | |||||||
Biocon Biologics | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Other Nonoperating Income (Expense) | $ 46.9 | 92.6 | ||||||
Biocon Biologics | Scenario, Forecast | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Divestiture of Business, Deferred Cash Consideration. | $ 335 | |||||||
Biocon Biologics | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,000 | |||||||
Proceeds from Divestiture of Businesses | $ 2,000 | |||||||
Disposal Group, Including Discontinued Operation, Ownership Percentage in Disposed Asset | 12.90% | |||||||
Disposal Group, Including Discontinued Operations, Contingent Consideration Liability, Working Capital Adjustment | $ 250 | |||||||
Disposal Group, Including Discontinued Operation, Transition Services Agreement, Markup Value | $ 44 | |||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 1,000 |
Share-Based Incentive Plan (Nar
Share-Based Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Nov. 16, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 9,125 | |||
Stock option award expiration period, in years | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,388,080 | 4,449,642 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 0.6 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 0.2 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0.6 | |||
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 | $ 285.5 | |||
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 1 year 7 months 6 days | |||
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 101.6 | $ 64.1 | ||
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 2 months 12 days | |||
Average remaining contractual term for stock awards vested and expected to vest, in years | 4 years 1 month 6 days | |||
Average remaining contractual term for stock awards exercisable, in years | 3 years 10 months 24 days | |||
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 | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
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 | $ 37.15 | $ 38.53 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 283,361 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.68 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (9,125) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (335,798) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 31.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,361,367 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 37.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,151,296 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 38.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,388,080 | 4,449,642 |
Share-Based Incentive Plan (Non
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
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 | 27,271,926 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 11.81 |
Number of restricted stock awards, granted | shares | 20,286,212 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 11.16 |
Number of restricted stock awards, released | shares | (7,797,097) |
Weighted average grant-date fair value per share, released | $ / shares | $ 13.03 |
Number of restricted stock awards, forfeited | shares | (2,101,991) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 11.65 |
Number of restricted stock awards, nonvested end of period | shares | 37,659,050 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 11.21 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 108.5 |
Estimated employer contributions in current year | $ 51.3 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - Pension and other postretirement benefits - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 7.1 | $ 9.5 | $ 14.2 | $ 19 |
Interest cost | 18.2 | 10.4 | 36.5 | 20.8 |
Expected return on plan assets | (16.4) | (16.6) | (32.8) | (33.2) |
Amortization of prior service costs | 0 | 0 | 0 | 0.1 |
Recognized net actuarial (gains)/losses | (5) | 0.1 | (10) | 0.1 |
Other | 4.4 | 0 | 4.4 | 0 |
Net periodic benefit cost | $ 8.3 | $ 3.4 | $ 12.3 | $ 6.8 |
Balance Sheet Components (Cash,
Balance Sheet Components (Cash, cash equivalents, and restricted cash) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 629.2 | $ 1,259.9 | $ 664.7 | |
Restricted cash | 2.2 | 2.6 | 4.7 | |
Cash, cash equivalents and restricted cash | $ 631.4 | $ 1,262.5 | $ 669.4 | $ 706.2 |
Balance Sheet Components (Inven
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Components [Abstract] | ||
Raw materials | $ 417.5 | $ 571.5 |
Work in process | 1,132.2 | 755.4 |
Finished goods | 2,091.8 | 2,192.6 |
Inventories | $ 3,641.5 | $ 3,519.5 |
Balance Sheet Components (Prepa
Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Prepaid expenses | $ 205.8 | $ 194.6 |
Fair value of financial instruments | 94.6 | 134.7 |
Equity securities | 46.7 | 42.6 |
Other current assets | 1,177.7 | 1,404 |
Prepaid expenses and other current assets | 1,725.1 | 1,811.2 |
Biocon Biologics | ||
Property, Plant and Equipment [Line Items] | ||
Deferred consideration due from Biocon Biologics | 146.1 | 299.5 |
Biocon Biologics | Other Current Assets | ||
Property, Plant and Equipment [Line Items] | ||
Deferred consideration due from Biocon Biologics | 164.8 | 0 |
Available-for-sale fixed income investments | ||
Property, Plant and Equipment [Line Items] | ||
Available-for-sale fixed income securities | $ 35.5 | $ 35.3 |
Balance Sheet Components (Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,046.2 | $ 5,083.8 |
Accumulated depreciation | 2,063 | 2,059.3 |
Property, plant and equipment, net | 2,983.2 | 3,024.5 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,011 | 2,936.7 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,502.8 | 1,539.7 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 407.3 | 474 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 125.1 | $ 133.4 |
Balance Sheet Components (Other
Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent [Abstract] | ||
Operating lease right-of-use assets | $ 250.4 | $ 259.3 |
Other long-term assets | 771.5 | 753.3 |
Other assets | 2,351.1 | 2,403.5 |
Biocon Biologics | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deferred consideration due from Biocon Biologics | 146.1 | 299.5 |
Convertible Preferred Stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity Securities, FV-NI, Cost | 1,028.9 | 997.4 |
Private Equity Securities | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity Securities, FV-NI, Cost | $ 154.2 | $ 94 |
Balance Sheet Components (Trade
Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Payable, Current [Abstract] | ||
Trade accounts payable | $ 1,309.6 | $ 1,158 |
Other payables | 652.4 | 608.6 |
Accounts payable | $ 1,962 | $ 1,766.6 |
Balance Sheet Components (Oth_2
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 483.6 | $ 570.7 |
Legal and professional accruals, including litigation accruals | 252.1 | 297.2 |
Payroll and employee benefit liabilities | 672 | 746.8 |
Contingent consideration | 379.1 | 375 |
Restructuring Reserve, Current | 47.2 | 95.3 |
Accrued interest | 64.2 | 80.2 |
Other Liabilities, Current | 3,046.1 | 3,440.9 |
Fair value of financial instruments | 98.7 | 187 |
Operating lease liability | 85.3 | 80.6 |
Other | 871.1 | 978.1 |
Liabilities held for sale | 11.6 | 22.5 |
Other Current Liabilities [Member] | ||
Schedule of other current liabilities [Line Items] | ||
Contingent consideration | 63.7 | 64.4 |
Variable Consideration | ||
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 880.2 | $ 888.8 |
Balance Sheet Components (Oth_3
Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Employee benefit liabilities | $ 530.5 | $ 544.6 |
Contingent consideration | 379.1 | 375 |
Tax related items, including contingencies | 393.1 | 414.6 |
Operating Lease, Liability, Noncurrent | 166.9 | 181.4 |
Restructuring Reserve, Noncurrent | 60.4 | 60.4 |
Other | 208 | 244.9 |
Other long-term obligations | 1,674.3 | 1,756.5 |
Biocon Biologics | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration | 228.4 | 221.2 |
Other long-term obligations | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration | $ 315.4 | $ 310.6 |
Equity Method Investments (Inco
Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 3,918.6 | $ 4,116.8 | $ 7,647.7 | $ 8,308.5 |
Gross loss | 1,608.6 | 1,703.3 | 3,150.8 | 3,474.5 |
Operating and non-operating expense | $ 333 | $ 389.3 | $ 655.7 | $ 916.8 |
Earnings (Loss) per Ordinary _2
Earnings (Loss) per Ordinary Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 04, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 28, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Diluted (in USD per share) | $ 0.22 | $ 0.26 | $ 0.41 | $ 0.59 | ||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 24,200,000 | 9,800,000 | 19,000,000 | 12,600,000 | ||
Dividends paid (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 | ||
Share repurchase program, authorized amount | $ 1,000 | |||||
Treasury Stock, Shares, Acquired | 21,200,000 | |||||
Purchase of common stock | $ (250) | $ 0 | ||||
Subsequent Event | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Dividends paid (in dollars per share) | $ 0.12 |
Earnings (Loss) per Ordinary _3
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Viatris Inc. common shareholders | $ 264 | $ 313.9 | $ 488.7 | $ 713.1 |
Weighted average shares outstanding | 1,212.3 | 1,211.4 | ||
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 4.5 | 4.8 | 3.8 | 3.7 |
Total dilutive shares outstanding | 1,217.1 | 1,215.1 | ||
Basic earnings per share attributable to Viatris Inc. shareholders | $ 0.22 | $ 0.26 | $ 0.41 | $ 0.59 |
Diluted earnings (loss) per ordinary share | $ 0.22 | $ 0.26 | $ 0.41 | $ 0.59 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Nov. 07, 2022 | Apr. 01, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
In-process research and development | $ 331.3 | $ 331.3 | $ 40.2 | $ 331.3 | ||||
Contingent consideration | 379.1 | 379.1 | 375 | 379.1 | ||||
Business Combination Contingent Consideration Liability Payments | (22.9) | |||||||
Intangible asset disposal & impairment charges | 0 | $ 0 | 32 | $ 0 | ||||
Goodwill | 10,532.5 | 10,532.5 | 10,425.8 | 10,532.5 | ||||
Assets held for sale | 174.9 | 174.9 | 230.3 | 174.9 | ||||
Oyster Point Pharma Acquisition | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Contingent consideration | 60 | 60 | 60 | |||||
Goodwill | 5.9 | 5.9 | 5.9 | |||||
Famy Life Sciences Acquisition | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 89.3 | |||||||
Product Rights And Licenses | Oyster Point Pharma Acquisition | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Acquired intangible assets | $ 334 | $ 334 | 334 | |||||
In Process Research and Development | Famy Life Sciences Acquisition | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Acquired intangible assets | $ 290 | |||||||
Licensing Agreements | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Write down of intangible assets | 172.9 | $ 32 | ||||||
Europe Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 535 | |||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 3.90% | 3.90% | 3.90% | |||||
Good will, After Amortization Expense, Before Reclassification | $ 4,470 | $ 4,470 | $ 4,470 | |||||
Europe Segment | Measurement Input, Long-term Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.024) | (0.024) | (0.024) | |||||
Europe Segment | Valuation Technique, Discounted Cash Flow | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||||||
Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Year Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.020) | (0.020) | (0.020) | |||||
Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.149) | (0.149) | (0.149) | |||||
Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.010) | (0.010) | (0.010) | |||||
Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.005) | (0.005) | (0.005) | |||||
Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.110) | (0.110) | (0.110) | |||||
North America Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Good will, After Amortization Expense, Before Reclassification | $ 3,150 | $ 3,150 | $ 3,150 | |||||
Emerging Markets Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | 1,328.8 | 1,328.8 | 1,334.7 | 1,328.8 | ||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 513 | $ 513 | $ 513 | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.70% | 7.70% | 7.70% | |||||
Good will, After Amortization Expense, Before Reclassification | $ 1,340 | $ 1,340 | $ 1,340 | |||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 117 | $ 117 | 117 | $ 117 | ||||
Emerging Markets Segment | Measurement Input, Long-term Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.018) | (0.018) | (0.018) | |||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Year Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.020) | (0.020) | (0.020) | |||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.174) | (0.174) | (0.174) | |||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.025) | (0.025) | (0.025) | |||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.010) | (0.010) | (0.010) | |||||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.115) | (0.115) | (0.115) | |||||
JANZ | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 667.5 | $ 667.5 | 689 | $ 667.5 | ||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 145 | $ 145 | $ 145 | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 5.50% | 5.50% | 5.50% | |||||
Good will, After Amortization Expense, Before Reclassification | $ 680 | $ 680 | $ 680 | |||||
JANZ | Measurement Input, Long-term Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.020) | (0.020) | (0.020) | |||||
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, Terminal Year Revenue Growth Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.015) | (0.015) | (0.015) | |||||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Estimated Tax Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.306) | (0.306) | (0.306) | |||||
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 | (0.005) | (0.005) | (0.005) | |||||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Increase in Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.005) | (0.005) | (0.005) | |||||
JANZ | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input | (0.070) | (0.070) | (0.070) | |||||
Greater China | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 936.6 | $ 936.6 | 940.6 | $ 936.6 | ||||
Good will, After Amortization Expense, Before Reclassification | 940 | 940 | 940 | |||||
Developed Markets (1) | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | 7,599.6 | 7,599.6 | 7,461.5 | 7,599.6 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 385 | $ 385 | 385 | $ 385 | ||||
Minimum | Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input Increase | 1% | 1% | 1% | |||||
Maximum | Europe Segment | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Measurement Input Increase | 4.50% | 4.50% | 4.50% | |||||
Other Current Liabilities [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Contingent consideration | $ 63.7 | $ 63.7 | $ 64.4 | $ 63.7 | ||||
Business Combination Contingent Consideration Liability Payments | (22.9) | |||||||
Reconciling items: | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible asset disposal & impairment charges | $ 32 | $ 0 | ||||||
Europe Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Decrease In Fair Value During Period, Percentage | 10% | |||||||
North America Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Decrease In Fair Value During Period, Percentage | 10% | |||||||
Greater China | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Decrease In Fair Value During Period, Percentage | 10% | |||||||
JANZ | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Decrease In Fair Value During Period, Percentage | 15% | |||||||
Emerging Markets Segment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Impairment, Decrease In Fair Value During Period, Percentage | 15% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Apr. 01, 2021 | |
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning balance | $ 10,425.8 | |||
Acquisitions | 95.3 | |||
Foreign currency translation | 11.4 | |||
Goodwill | $ 10,532.5 | 10,532.5 | $ 10,425.8 | |
Developed Markets (1) | ||||
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning balance | 7,461.5 | |||
Acquisitions | 95.3 | |||
Foreign currency translation | 42.8 | |||
Goodwill | 7,599.6 | 7,599.6 | 7,461.5 | |
Goodwill, Impaired, Accumulated Impairment Loss | 385 | 385 | 385 | |
Greater China | ||||
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning balance | 940.6 | |||
Acquisitions | 0 | |||
Foreign currency translation | (4) | |||
Goodwill | 936.6 | 936.6 | 940.6 | |
Good will, After Amortization Expense, Before Reclassification | 940 | 940 | ||
JANZ | ||||
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning balance | 689 | |||
Acquisitions | 0 | |||
Foreign currency translation | (21.5) | |||
Goodwill | 667.5 | 667.5 | 689 | |
Good will, After Amortization Expense, Before Reclassification | 680 | 680 | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 145 | $ 145 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 5.50% | 5.50% | ||
JANZ | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
JANZ | Measurement Input, Long-term Revenue Growth Rate | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.020 | 0.020 | ||
JANZ | Measurement Input, Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.015 | 0.015 | ||
JANZ | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.070 | 0.070 | ||
JANZ | Measurement Input, Estimated Tax Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.306 | 0.306 | ||
JANZ | Measurement Input, Increase in Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.005 | 0.005 | ||
JANZ | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.005 | 0.005 | ||
Emerging Markets Segment | ||||
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning balance | $ 1,334.7 | |||
Acquisitions | 0 | |||
Foreign currency translation | (5.9) | |||
Goodwill | $ 1,328.8 | 1,328.8 | 1,334.7 | |
Goodwill, Impaired, Accumulated Impairment Loss | 117 | 117 | $ 117 | |
Good will, After Amortization Expense, Before Reclassification | 1,340 | 1,340 | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 513 | $ 513 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.70% | 7.70% | ||
Emerging Markets Segment | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
Emerging Markets Segment | Measurement Input, Long-term Revenue Growth Rate | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.018 | 0.018 | ||
Emerging Markets Segment | Measurement Input, Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.020 | 0.020 | ||
Emerging Markets Segment | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.115 | 0.115 | ||
Emerging Markets Segment | Measurement Input, Estimated Tax Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.174 | 0.174 | ||
Emerging Markets Segment | Measurement Input, Increase in Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.010 | 0.010 | ||
Emerging Markets Segment | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.025 | 0.025 | ||
North America Segment | ||||
Goodwill [Roll Forward] | ||||
Good will, After Amortization Expense, Before Reclassification | $ 3,150 | $ 3,150 | ||
Europe Segment | ||||
Goodwill [Roll Forward] | ||||
Good will, After Amortization Expense, Before Reclassification | $ 4,470 | $ 4,470 | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 535 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 3.90% | 3.90% | ||
Europe Segment | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input, Term | 10 years | |||
Europe Segment | Measurement Input, Long-term Revenue Growth Rate | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.024 | 0.024 | ||
Europe Segment | Measurement Input, Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.020 | 0.020 | ||
Europe Segment | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.110 | 0.110 | ||
Europe Segment | Measurement Input, Estimated Tax Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.149 | 0.149 | ||
Europe Segment | Measurement Input, Increase in Discount Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.005 | 0.005 | ||
Europe Segment | Measurement Input, Reduction in Terminal Year Revenue Growth Rate | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Roll Forward] | ||||
Goodwill Impairment, Measurement Input | 0.010 | 0.010 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Intangible Assets by Major Class [Line Items] | |||||
Intangible asset disposal & impairment charges | $ 0 | $ 0 | $ 32 | $ 0 | |
Finite-lived intangible assets, original cost | 37,929.8 | 37,929.8 | $ 37,490.5 | ||
Finite-lived intangible assets, accumulated amortization | 16,176.7 | 16,176.7 | 14,923.6 | ||
Finite-lived intangible assets, net book value | 21,753.1 | 21,753.1 | 22,566.9 | ||
In-process research and development | 331.3 | 331.3 | 40.2 | ||
Intangible assets, gross, excluding goodwill | 38,261.1 | 38,261.1 | 37,530.7 | ||
Intangible assets, net book value, excluding goodwill | $ 22,084.4 | $ 22,084.4 | $ 22,607.1 | ||
Patents and technologies | |||||
Intangible Assets by Major Class [Line Items] | |||||
Finite-lived intangible assets, estimated useful life, in years | 15 years | 15 years | 15 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible asset amortization expense | $ 591.2 | $ 634.1 | $ 1,194.5 | $ 1,282.2 |
Intangible asset disposal & impairment charges | 0 | 0 | 32 | 0 |
Total intangible asset amortization expense (including disposal & impairment charges) | $ 591.2 | $ 634.1 | $ 1,226.5 | $ 1,282.2 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 1,182 |
2024 | 2,271 |
2025 | 2,177 |
2026 | 2,121 |
2027 | $ 1,909 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, ¥ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 JPY (¥) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 USD ($) | |
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 | $ | $ 4 | |||||||
2020 Euro Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Long-term debt | $ | $ 305.1 | |||||||
YEN Term Loan | ||||||||
Derivative [Line Items] | ||||||||
Long-term debt | $ | $ 277.2 | |||||||
Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | € 5,100 | ¥ 40,000 | € 5,100 | ¥ 40,000 | ||||
Long-term debt | 5,100 | 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 | 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 | Minimum | ||||||||
Derivative [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.064 | 0.064 | 0.064 | |||||
Measurement Input, Discount Rate | Contingent consideration | Maximum | ||||||||
Derivative [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.090 | 0.090 | 0.090 |
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 | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 94.6 | $ 134.7 |
Fair value of financial instruments | $ 98.7 | 187 |
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 June 30, 2023 Fair Value December 31, 2022 Fair Value Balance Sheet Location June 30, 2023 Fair Value December 31, 2022 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 44.8 $ 30.4 Other current liabilities $ 6.0 $ 26.4 Total derivatives designated as hedges 44.8 30.4 6.0 26.4 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 49.8 104.3 Other current liabilities 92.7 160.6 Total derivatives not designated as hedges 49.8 104.3 92.7 160.6 Total derivatives $ 94.6 $ 134.7 $ 98.7 $ 187.0 | |
Fair value of financial instruments | $ 44.8 | 30.4 |
Fair value of financial instruments | 6 | 26.4 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 44.8 | 30.4 |
Designated as Hedging Instrument | Other Current Liabilities [Member] | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 6 | 26.4 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 49.8 | 104.3 |
Fair value of financial instruments | 92.7 | 160.6 |
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 | 49.8 | 104.3 |
Not Designated as Hedging Instruments | Other Current Liabilities [Member] | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 92.7 | $ 160.6 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 94.6 | $ 134.7 |
Fair value of financial instruments | 98.7 | 187 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 49.8 | 104.3 |
Fair value of financial instruments | 92.7 | 160.6 |
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 | 49.8 | 104.3 |
Not Designated as Hedging Instruments | Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 92.7 | $ 160.6 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 21.4 | $ 330.9 | $ (20.3) | $ 496 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 6.7 | 27 | 14.4 | 40.1 |
Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net unrecognized gain on derivatives in cash flow hedging relationships | (31.4) | 53.1 | 13.2 | 74.8 |
Foreign currency forward contracts | Net Investment Hedging | Gains and Losses on Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10.1) | 298.6 | (62) | 454.9 |
Interest Expense [Member] | Interest rate swaps | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (0.9) | (0.8) | (1.8) | (1.7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (1.1) | (1.1) | (2.3) | (2.2) |
Other Expense [Member] | Foreign currency forward contracts | Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net unrecognized gain on derivatives in cash flow hedging relationships | (31.4) | 53.1 | 13.2 | 74.8 |
Sales [Member] | Foreign currency forward contracts | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 32.4 | 33.1 | 43.5 | 42.8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 7.8 | $ 28.1 | $ 16.7 | $ 42.3 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 6.7 | $ 27 | $ 14.4 | $ 40.1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 21.4 | 330.9 | (20.3) | 496 |
Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net unrecognized gain on derivatives in cash flow hedging relationships | (31.4) | 53.1 | 13.2 | 74.8 |
Foreign currency forward contracts | Other expense | Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net unrecognized gain on derivatives in cash flow hedging relationships | (31.4) | 53.1 | 13.2 | 74.8 |
Cash Flow Hedging | Foreign currency forward contracts | Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 32.4 | 33.1 | 43.5 | 42.8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 7.8 | 28.1 | 16.7 | 42.3 |
Cash Flow Hedging | Interest rate swaps | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (0.9) | (0.8) | (1.8) | (1.7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (1.1) | (1.1) | (2.3) | (2.2) |
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 | $ (10.1) | $ 298.6 | $ (62) | $ 454.9 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 46.7 | $ 42.6 | |
Fair value of financial instruments | 94.6 | 134.7 | |
Available-for-sale fixed income investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 35.5 | 35.3 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 222.9 | 688.8 | |
Equity securities | 46.7 | 42.6 | |
Total assets at recurring fair value measurement | 269.6 | 731.4 | |
Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 222.9 | 688.8 | |
Level 1 | Exchange traded funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 46.5 | 42.4 | |
Level 1 | Marketable securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0.2 | 0.2 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at recurring fair value measurement | 130.1 | 170 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 98.7 | 187 | |
Level 2 | Foreign currency forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange derivative assets | 94.6 | 134.7 | |
Foreign exchange derivative liabilities | 98.7 | 187 | |
Level 2 | Available-for-sale fixed income investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 35.5 | 35.3 | |
Level 2 | Corporate Bond Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 15.5 | 13.2 | |
Level 2 | U.S. Treasuries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 9.7 | 11.7 | |
Level 2 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 4.8 | 4.7 | |
Level 2 | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 5.4 | 5.1 | |
Level 2 | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale fixed income securities | 0.1 | 0.6 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at recurring fair value measurement | 997.4 | $ 1,028.9 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 379.1 | 375 | |
Level 3 | Contingent consideration | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Liabilities, Fair Value Disclosure | 379.1 | ||
Level 3 | Convertible Preferred Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 1,028.9 | 997.4 | |
Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of financial instruments | $ 44.8 | $ 30.4 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Rollforward of Contingent Consideration) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | $ 375 |
Payments | 22.9 |
Reclassifications | 0 |
Accretion expense | 11.5 |
Fair value loss | 15.5 |
Balance at end of period | 379.1 |
Biocon Biologics | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 221.2 |
Balance at end of period | 228.4 |
Other Current Liabilities [Member] | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 64.4 |
Payments | 22.9 |
Reclassifications | 22.2 |
Accretion expense | 0 |
Fair value loss | 0 |
Balance at end of period | 63.7 |
Other long-term obligations | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 310.6 |
Payments | 0 |
Reclassifications | (22.2) |
Accretion expense | 11.5 |
Fair value loss | 15.5 |
Balance at end of period | $ 315.4 |
Debt (Receivables, Securitizati
Debt (Receivables, Securitization Facility and Commercial Paper) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 23.2 | $ 0 |
Note Securitization Facility | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | 200 | |
Receivables Facility | Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 |
Debt (Summary of Long-Term Debt
Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 1,325.6 | $ 1,250.5 |
Unamortized debt issuance expense | (32.6) | (35.1) |
Long-term debt | 17,246 | 18,015.2 |
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 | $ 0.7 | 0.7 |
2020 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 305.1 | |
2023 Senior Notes (3.125% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Current portion of long-term debt | $ 0 | 750.6 |
2023 Senior Notes (4.200% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.20% | |
Current portion of long-term debt | $ 499.9 | 499.8 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2.2 | 2 |
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 | 2024 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.25% | |
Long-term debt | $ 1,090.4 | 1,069.8 |
Senior Notes | 2.125% Euro Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.125% | |
Long-term debt | $ 545.1 | 534.8 |
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Long-term debt | $ 2,244.2 | 2,243.2 |
Senior Notes | 2028 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 814.1 | 798.5 |
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 | $ 749 | 748.9 |
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.40% | |
Long-term debt | $ 497.4 | 497.4 |
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] | ||
Current portion of long-term debt | 825.3 | 0 |
Long-term debt | $ 0 | 813.5 |
Senior Notes | 2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.65% | |
Long-term debt | $ 757.7 | 759.6 |
Senior Notes | 2027 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 959.8 | 945.9 |
Senior Notes | 2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 772.6 | 775.3 |
Senior Notes | 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.70% | |
Long-term debt | $ 1,508.9 | 1,512.8 |
Senior Notes | 2032 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.908% | |
Long-term debt | $ 1,466.5 | 1,444.4 |
Senior Notes | 2040 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.85% | |
Long-term debt | $ 1,647.3 | 1,650.6 |
Senior Notes | 2050 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4% | |
Long-term debt | $ 2,198.5 | 2,200.8 |
Current Portion of Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ (0.3) | $ (0.6) |
Debt (2016 and 2018 Revolving F
Debt (2016 and 2018 Revolving Facility and 2016 Term Facility) (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 1,325.6 | $ 1,250.5 |
Debt (Fair Value) (Narrative) (
Debt (Fair Value) (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 15,030 | $ 15,360 |
Debt (Minimum Repayments on Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 500 |
2024 | 1,909 |
2025 | 1,295 |
2026 | 2,527 |
2027 | 1,677 |
Thereafter | 10,132 |
Total | $ 18,040 |
Comprehensive Earnings (Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized loss on marketable securities, net of tax | $ (1.3) | $ (2.1) | $ (1.3) | $ (2.1) | $ (1.6) | $ (2.3) | $ (1.3) | |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (264.5) | (30.1) | (264.5) | (30.1) | 269.3 | 268.5 | 29.4 | |
Foreign currency translation adjustment | (3,594.7) | (3,421.5) | (3,594.7) | (3,421.5) | (3,340.6) | (3,385.9) | (2,271.6) | |
Accumulated other comprehensive loss | (3,005.6) | (2,899.2) | (3,005.6) | (2,899.2) | (2,764.6) | (2,761.2) | (2,061) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 6.8 | (0.5) | 5.5 | 2.1 | ||||
Sales Revenue, Goods, Net | 3,909.5 | 4,105.4 | 7,628.6 | 8,283.6 | ||||
Interest expense | 143.7 | 145.9 | 290.7 | 292.1 | ||||
Other Comprehensive Income, Gain (Loss), Defined Benefit Plan, Divestiture Of Plan | (5.6) | (5.6) | ||||||
Net unrealized gain (loss) on marketable securities | 0.2 | (1) | 1.1 | (2.7) | ||||
Income tax (benefit) provision | 69 | 75.4 | 167 | 203.7 | ||||
Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized gain (loss) on derivatives | 36.8 | 17.6 | 39.6 | |||||
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 | 315 | 471.6 | 315 | 471.6 | 325.1 | 377 | 173.1 | |
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (2,899.2) | (2,899.2) | $ (1,744.3) | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | (219.4) | (721.5) | (222.6) | (980.5) | ||||
Income tax (benefit) provision | 134.5 | |||||||
Gains and Losses on Derivatives | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | 22.7 | 22.7 | 9.2 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 57.9 | |||||||
Income tax (benefit) provision | 4.3 | |||||||
Gains and Losses on Derivatives | Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | $ (16.8) | $ (18.5) | $ 9.4 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 43.5 | 44.6 | 54 | |||||
Income tax (benefit) provision | 9.1 | 4.3 | 10.2 | |||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 10.9 | 22.7 | 10.9 | 22.7 | ||||
Gains and Losses on Derivatives | Net Investment Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | 471.6 | 471.6 | 16.7 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 585.7 | |||||||
Income tax (benefit) provision | (2.7) | 85.9 | (17) | 130.8 | ||||
Gains and Losses on Marketable Securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized loss on marketable securities, net of tax | (2.1) | (2.1) | 0 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.7) | |||||||
Income tax (benefit) provision | (0.6) | |||||||
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 | 30.1 | 30.1 | 32.2 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 3.8 | 0.4 | 10.1 | (2.3) | ||||
Income tax (benefit) provision | 0 | |||||||
Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Foreign currency translation adjustment | (3,421.5) | (3,421.5) | $ (1,802.4) | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | (254.1) | (1,149.9) | (208.8) | |||||
Income tax (benefit) provision | 0 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 5 | (0.1) | 10 | (0.1) | ||||
Income tax (benefit) provision | 4.3 | 89.8 | (8.2) | |||||
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 | 17.8 | |||||||
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 | (0.1) | (0.2) | 0.1 | |||||
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, after Reclassification Adjustment, before Tax | 2.1 | |||||||
Income tax (benefit) provision | (2) | (0.2) | (1.5) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Income tax (benefit) provision | 0 | 0 | 0 | |||||
Mylan N.V. | Net Investment Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized gain (loss) on derivatives | 384.4 | (79) | 585.7 | |||||
Foreign currency forward contracts | Gains and Losses on Derivatives | Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Sales Revenue, Goods, Net | (7.8) | (28.1) | (16.7) | |||||
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 | (7.8) | (28.1) | (16.7) | (42.3) | ||||
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 | (7.8) | (28.1) | (16.7) | (42.3) | ||||
Interest rate swaps | Gains and Losses on Derivatives | Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest expense | 1.1 | 1.1 | 2.3 | |||||
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 | 2.3 | 2.2 | ||||
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 | 2.3 | 2.2 | ||||
Pension and other postretirement benefits | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Comprehensive Income, Gain (Loss), Defined Benefit Plan, Divestiture Of Plan | (5.6) | (5.6) | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 5 | $ (0.1) | $ 10 | $ (0.1) |
Comprehensive Earnings (Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ (1.6) | $ (1.3) | $ (2.3) | |||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (264.5) | (30.1) | (264.5) | $ (30.1) | $ 269.3 | $ 268.5 | $ 29.4 | |
Foreign currency translation adjustment, beginning of period | (3,340.6) | (2,271.6) | (3,385.9) | |||||
Accumulated other comprehensive loss, net of tax, beginning of period | (2,764.6) | (2,061) | (2,761.2) | |||||
Net sales | 3,909.5 | 4,105.4 | 7,628.6 | 8,283.6 | ||||
Interest expense | 143.7 | 145.9 | 290.7 | 292.1 | ||||
Other Comprehensive Income, Gain (Loss), Defined Benefit Plan, Divestiture Of Plan | (5.6) | (5.6) | ||||||
Change in unrecognized gain and prior service cost related to defined benefit plans | (6.8) | 0.5 | (5.5) | (2.1) | ||||
Income tax expense | 69 | 75.4 | 167 | 203.7 | ||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (1.3) | (2.1) | (1.3) | (2.1) | ||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (264.5) | (30.1) | (264.5) | (30.1) | ||||
Foreign currency translation adjustment, end of period | (3,594.7) | (3,421.5) | (3,594.7) | (3,421.5) | ||||
Accumulated other comprehensive loss, net of tax, end of period | (3,005.6) | (2,899.2) | (3,005.6) | (2,899.2) | ||||
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 | 57.9 | |||||||
Income tax expense | 4.3 | |||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 22.7 | 22.7 | ||||||
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 | 17.8 | |||||||
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 | (7.8) | (28.1) | (16.7) | (42.3) | ||||
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 | 2.3 | 2.2 | ||||
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 | 0 | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.7) | |||||||
Income tax expense | (0.6) | |||||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (2.1) | (2.1) | ||||||
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Income tax expense | (0.1) | (0.2) | 0.1 | |||||
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 | 30.1 | 30.1 | $ 32.2 | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 3.8 | 0.4 | 10.1 | (2.3) | ||||
Income tax expense | 0 | |||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | 30.1 | 30.1 | ||||||
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 | (2.1) | |||||||
Income tax expense | (2) | (0.2) | (1.5) | |||||
Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Foreign currency translation adjustment, beginning of period | (1,802.4) | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (254.1) | (1,149.9) | (208.8) | |||||
Income tax expense | 0 | |||||||
Foreign currency translation adjustment, end of period | (3,421.5) | (3,421.5) | ||||||
Foreign Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), before Tax | (1,619.1) | |||||||
Income tax expense | 0 | 0 | 0 | |||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss, net of tax, beginning of period | (1,744.3) | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (219.4) | (721.5) | (222.6) | (980.5) | ||||
Income tax expense | 134.5 | |||||||
Accumulated other comprehensive loss, net of tax, end of period | (2,899.2) | (2,899.2) | ||||||
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 | |||||||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | (5) | 0.1 | (10) | 0.1 | ||||
Income tax expense | 4.3 | 89.8 | (8.2) | |||||
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 | (7.8) | (28.1) | (16.7) | (42.3) | ||||
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 | 2.3 | 2.2 | ||||
Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 36.8 | 17.6 | 39.6 | |||||
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 | (16.8) | 9.4 | (18.5) | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | 43.5 | 44.6 | 54 | |||||
Income tax expense | 9.1 | 4.3 | 10.2 | |||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 10.9 | 22.7 | 10.9 | 22.7 | ||||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net sales | (7.8) | (28.1) | (16.7) | |||||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest expense | 1.1 | 1.1 | 2.3 | |||||
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 | 315 | 471.6 | 315 | 471.6 | $ 325.1 | $ 377 | $ 173.1 | |
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 | 16.7 | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 585.7 | |||||||
Income tax expense | (2.7) | 85.9 | (17) | 130.8 | ||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 471.6 | 471.6 | ||||||
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 | 384.4 | (79) | 585.7 | |||||
Pension and other postretirement benefits | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Comprehensive Income, Gain (Loss), Defined Benefit Plan, Divestiture Of Plan | (5.6) | (5.6) | ||||||
Amortization of prior service costs | 0 | 0 | 0 | 0.1 | ||||
Recognized net actuarial (gains)/losses | $ (5) | $ 0.1 | $ (10) | $ 0.1 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | Nov. 29, 2022 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Biocon Biologics | |
Segment Reporting Information [Line Items] | |
Disposal Group, Including Discontinued Operation, Transition Services Agreement, Revised Term | 2 years |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net | $ 3,909.5 | $ 4,105.4 | $ 7,628.6 | $ 8,283.6 |
Revenues | 3,918.6 | 4,116.8 | 7,647.7 | 8,308.5 |
Amortization of Intangible Assets | (591.2) | (634.1) | (1,194.5) | (1,282.2) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | (32) | 0 |
Research and development | (208.3) | (162.6) | (391.2) | (304.9) |
Payments to Acquire in Process Research and Development | (10.2) | 0 | (10.2) | 0 |
Litigation settlements and other contingencies, net | 11 | (10.9) | 10.4 | (17.1) |
Earnings from operations | 369.2 | 548.7 | 769 | 1,256.1 |
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from operations | 1,817.9 | 2,107.2 | 3,594.4 | 4,256 |
Reconciling items: | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of Intangible Assets | (591.2) | (634.1) | (1,194.5) | (1,282.2) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | (32) | 0 | ||
Research and development | (208.3) | (162.6) | (391.2) | (304.9) |
Litigation settlements and other contingencies, net | 11 | (10.9) | 10.4 | (17.1) |
Other One-Time Nonoperating Expense | (234.6) | (227.1) | (413.1) | (412.7) |
Corporate / Other | ||||
Segment Reporting Information [Line Items] | ||||
Corporate costs | 415.4 | 523.8 | 794.8 | 983 |
Developed Markets (1) | Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net | 2,353.8 | 2,479.1 | 4,524.2 | 4,955.2 |
Earnings from operations | 1,059.7 | 1,255.3 | 1,998.4 | 2,466.8 |
Greater China | Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net | 532.1 | 548.3 | 1,096.7 | 1,121.4 |
Earnings from operations | 349.7 | 392.8 | 744 | 810.5 |
JANZ | Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net | 375.5 | 427.1 | 717.7 | 850.9 |
Earnings from operations | 131.6 | 158.1 | 262.1 | 332.4 |
Emerging Markets Segment | Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net | 648.1 | 650.9 | 1,290 | 1,356.1 |
Earnings from operations | $ 276.9 | $ 301 | $ 589.9 | $ 646.3 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | $ 136.1 | $ 157.5 | $ 157.5 | |
Charges | 74 | 9.7 | ||
Cash payment | (24.1) | (27.6) | ||
Utilization | (77.3) | (3.8) | ||
Foreign currency translation | 0 | 0.3 | ||
Ending Balance | 108.7 | 136.1 | 108.7 | |
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 (1) | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 41.7 | 49.4 | ||
Greater China | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | (0.6) | |||
JANZ | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 30 | 31.3 | ||
Emerging Markets Segment | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 2 | 3.3 | ||
Other [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 0.3 | 0.3 | ||
Employee Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 134.2 | 155.6 | 155.6 | |
Charges | 1.4 | 2.8 | ||
Cash payment | (22.5) | (24.5) | ||
Utilization | (4.4) | 0 | ||
Foreign currency translation | 0 | 0.3 | ||
Ending Balance | 108.7 | 134.2 | 108.7 | |
Other Exit Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 1.9 | 1.9 | 1.9 | |
Charges | 72.6 | 6.9 | ||
Cash payment | (1.6) | (3.1) | ||
Utilization | (72.9) | (3.8) | ||
Foreign currency translation | 0 | 0 | ||
Ending Balance | 0 | $ 1.9 | 0 | |
Plant Divestiture Expenses | 2020 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Utilization | $ (71.6) | $ (71.6) |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Maximum | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Development and sales milestone payments | $ 416 |
Income Taxes Income Taxes Discl
Income Taxes Income Taxes Disclosure (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | ||||||
Income tax expense | $ 69 | $ 75.4 | $ 167 | $ 203.7 | ||
Reserve for Uncertain Tax Positions, Including Interest And Penalties | 281.3 | 281.3 | $ 298.1 | |||
Foreign Tax Authority | Australian Taxation Office | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Examination, Partial Payment Of Income Tax Expense | $ 56 | 5.2 | ||||
Foreign Tax Authority | Ministry of Finance, India | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax expense | $ 0.7 | $ 22.3 |
Litigation (MDRP Classification
Litigation (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
EpiPen Auto-Injector Litigation | Other Current Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | $ 5.5 |
Litigation (Drug Pricing Matter
Litigation (Drug Pricing Matters) (Details) | Jun. 30, 2023 | Jun. 30, 2023 state | May 18, 2023 statement | Jun. 26, 2020 statement |
Loss Contingencies [Line Items] | ||||
Number Of Challenged Statements | 46 | |||
Number Of Challenged Statements Dismissed | 45 | |||
Anticompetitive Conduct with Doxycycline Hyclate Delayed Release, Doxycycline Monohydrate, Glipizide-Metformin and Verapamil [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of states | 36 | |||
Multi District Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of states | 46 | 46 | ||
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 (Opiods) (Details)
Litigation (Opiods) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Number of cases | 1,000 |
Opiod Civil Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 5 |
Litigation (Meda Sweden Commerc
Litigation (Meda Sweden Commercial Dispute) (Details) - Ocular AS - USD ($) $ in Millions | 1 Months Ended | |
Aug. 30, 2021 | May 31, 2023 | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought | 155 million | |
Litigation Settlement, Amount Awarded to Other Party | $ 21.8 |
Litigation (Citalopram, Europea
Litigation (Citalopram, European Commission Proceedings) (Details) € in Millions | Jun. 30, 2023 EUR (€) |
Citalopram Litigation | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | € 12.1 |
Litigation (Product Liability)
Litigation (Product Liability) (Narrative) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Product Liability | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 65.4 |
Litigation (Intellectual Proper
Litigation (Intellectual Property) (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Mar. 31, 2021 entity healthBoard | |
Loss Contingencies [Line Items] | ||
Number Of Scottish Health Boards, NHS Scotland | healthBoard | 14 | |
Number Of Entities, National Health Service England, Wales, And Northern Ireland | entity | 32 | |
Intellectual Property | ||
Loss Contingencies [Line Items] | ||
Damages to be paid | $ | $ 60.7 |
Litigation (Other Litigation) (
Litigation (Other Litigation) (Narrative) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Other Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 9 |