Cover Page
Cover Page - € / shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39695 | |
Entity Registrant Name | VIATRIS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-4364296 | |
Entity Address, Address Line One | 1000 Mylan Boulevard | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317 | |
City Area Code | 724 | |
Local Phone Number | 514-1800 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | VTRS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filler Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock, Par or Stated Value Per Share | € 0.01 | |
Entity Common Stock, Shares Outstanding | 1,190,675,819 | |
Entity Central Index Key | 0001792044 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 3,653.5 | $ 3,719.1 |
Total revenues | 3,663.4 | 3,729.1 |
Cost of sales | 2,159.4 | 2,186.9 |
Gross profit | 1,504 | 1,542.2 |
Operating expenses: | ||
Research and development | 199.7 | 182.9 |
Selling, general and administrative | 1,017.5 | 958.9 |
Litigation settlements and other contingencies, net | 76.8 | 0.6 |
Total operating expenses | 1,300.1 | 1,142.4 |
Earnings from operations | 203.9 | 399.8 |
Interest expense | 138.4 | 147 |
Other income, net | (139.1) | (69.9) |
Earnings before income taxes | 204.6 | 322.7 |
Income tax provision | 90.7 | 98 |
Net earnings | $ 113.9 | $ 224.7 |
Earnings per share attributable to Viatris Inc. shareholders | ||
Basic (in USD per share) | $ 0.10 | $ 0.19 |
Diluted (in USD per share) | $ 0.09 | $ 0.19 |
Weighted average shares outstanding: | ||
Basic (in shares) | 1,195.2 | 1,202.5 |
Diluted (in shares) | 1,209.5 | 1,205.6 |
Other Research and Development Expense | $ 6.1 | $ 0 |
Other Revenues | ||
Other revenues | $ 9.9 | $ 10 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings attributable to Viatris Inc. common shareholders | $ 113.9 | $ 224.7 |
Other comprehensive loss, before tax: | ||
Foreign currency translation adjustment | (342.5) | 45.3 |
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans | (6.2) | 1.3 |
Net unrealized (loss) gain on available-for-sale fixed income securities | (0.3) | 0.9 |
Other comprehensive loss, before tax | (151.2) | (15.9) |
Income tax provision (benefit) | 42.4 | (12.5) |
Other comprehensive loss, net of tax | (193.6) | (3.4) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | (79.7) | 221.3 |
Cash Flow Hedging | ||
Other comprehensive loss, before tax: | ||
Net unrecognized gain (loss) on derivatives | 28.7 | 2.8 |
Net Investment Hedging | ||
Other comprehensive loss, before tax: | ||
Net unrecognized gain (loss) on derivatives | $ 169.1 | $ (66.2) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,014.6 | $ 991.9 |
Accounts receivable, net | 3,632 | 3,700.4 |
Inventories | 3,823.2 | 3,469.7 |
Prepaid expenses and other current assets | 1,933.3 | 2,028.1 |
Assets held for sale | 2,520.4 | 2,786 |
Total current assets | 12,923.5 | 12,976.1 |
Property, plant and equipment, net | 2,708.2 | 2,759.6 |
Intangible assets, net | 19,133.7 | 19,181.1 |
Goodwill | 9,693.5 | 9,867.1 |
Deferred income tax benefit | 653.2 | 692.9 |
Other assets | 2,231.6 | 2,208.7 |
Total assets | 47,343.7 | 47,685.5 |
Current liabilities: | ||
Accounts payable | 2,196.9 | 1,938.2 |
Income taxes payable | 148.4 | 226.8 |
Current portion of long-term debt and other long-term obligations | 1,898.1 | 1,943.4 |
Liabilities held for sale | 234.8 | 275.1 |
Other current liabilities | 3,281.7 | 3,393.9 |
Total current liabilities | 7,759.9 | 7,777.4 |
Long-term debt | 16,072.5 | 16,188.1 |
Deferred income tax liability | 1,671.9 | 1,735.7 |
Other long-term obligations | 1,825.1 | 1,516.9 |
Total liabilities | 27,329.4 | 27,218.1 |
Viatris Inc. shareholders’ equity | ||
Common stock: $0.01 par value, 3,000,000,000 shares authorized; shares issued: 1,230,891,074 and 1,221,994,491 as of March 31, 2024 and December 31, 2023 | 12.3 | 12.2 |
Additional paid-in capital | 18,839.8 | 18,814.7 |
Retained earnings | 4,607.5 | 4,639.7 |
Accumulated other comprehensive loss | (2,941) | (2,747.4) |
Total Viatris Inc. equity, before treasury stock | 20,518.6 | 20,719.2 |
Less: Treasury stock — at cost | 504.3 | 251.8 |
Total equity | 20,014.3 | 20,467.4 |
Total liabilities and equity | $ 47,343.7 | $ 47,685.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2023 shares |
Ordinary shares, shares authorized | 3,000,000,000 |
Treasury stock, shares | 21,239,521 |
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, 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) | 224,700 | |||||
Other comprehensive loss, net of tax | (3,400) | (3,400) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 6,350,585 | |||||
Issuance of restricted stock and stock options exercised, net | 3,700 | $ 100 | 3,600 | |||
Taxes related to the net share settlement of equity awards | (19,400) | (19,400) | ||||
Share-based compensation expense | 42,600 | 42,600 | ||||
Common stock repurchase | (251,800) | $ (251,800) | ||||
Payments for Repurchase of Common Stock | $ 250,000 | |||||
Stock Issued During Period, Shares, New Issues | 80,388 | |||||
Treasury Stock, Shares, Acquired | 21,200,000 | 21,239,521 | ||||
Stock Issued During Period, Value, New Issues | $ 900 | 900 | ||||
Cash dividends declared, $0.12 per common share | (147,800) | (147,800) | ||||
Other Additional Capital | 6,100 | |||||
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] | ||||||
Treasury Stock, Value | $ (251,800) | |||||
Treasury Stock, Common, Shares | 21,239,521 | |||||
Treasury Stock, Value | $ (251,800) | |||||
Treasury Stock, Common, Shares | 21,239,521 | |||||
Balance at Dec. 31, 2023 | $ 20,467,400 | $ 12,200 | 18,814,700 | 4,639,700 | (2,747,400) | |
Balance (in shares) at Dec. 31, 2023 | 1,221,994,491 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) | 113,900 | |||||
Other comprehensive loss, net of tax | (193,600) | (193,600) | ||||
Issuance of restricted stock, net of shares withheld (in shares) | 8,842,107 | |||||
Issuance of restricted stock and stock options exercised, net | 6,700 | $ 100 | 6,600 | |||
Taxes related to the net share settlement of equity awards | (28,800) | (28,800) | ||||
Share-based compensation expense | 46,700 | 46,700 | ||||
Common stock repurchase | (252,500) | $ (252,500) | ||||
Payments for Repurchase of Common Stock | $ 250,000 | |||||
Stock Issued During Period, Shares, New Issues | 54,476 | |||||
Treasury Stock, Shares, Acquired | 19,200,000 | 19,244,142 | ||||
Stock Issued During Period, Value, New Issues | $ 600 | 600 | ||||
Cash dividends declared, $0.12 per common share | (146,100) | (146,100) | ||||
Balance at Mar. 31, 2024 | 20,014,300 | $ 12,300 | $ 18,839,800 | $ 4,607,500 | $ (2,941,000) | |
Balance (in shares) at Mar. 31, 2024 | 1,230,891,074 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Value | $ (504,300) | |||||
Treasury Stock, Common, Shares | 40,483,663 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings attributable to Viatris Inc. common shareholders | $ 113.9 | $ 224.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 691 | 730 |
Share-based compensation expense | 46.7 | 42.6 |
Deferred income tax benefit | (51.9) | (26.7) |
Gain on disposal of business | (70.4) | 0 |
Acquired IPR&D | (5.2) | 0 |
Other non-cash items | (3) | 29.6 |
Litigation settlements and other contingencies, net | 80.3 | 2.4 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 9.8 | 215 |
Inventories | (370.4) | (151.1) |
Accounts payable | 287.9 | 183.4 |
Income taxes | (2.3) | (53.9) |
Other operating assets and liabilities, net | (111.8) | (224.8) |
Net cash provided by operating activities | 614.6 | 971.2 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (350) | (667.7) |
Capital expenditures | (49.8) | (47.8) |
Purchase of marketable securities | (7.7) | (9) |
Proceeds from the sale of marketable securities | 7.7 | 9 |
Payments for product rights and other, net | (1) | (34.7) |
Refund of IPR&D | 5.2 | 0 |
Proceeds from sale of assets and subsidiaries | 240.6 | 0 |
Proceeds from the sale of property, plant and equipment | 0.7 | 0.7 |
Net cash used in investing activities | (154.3) | (749.5) |
Cash flows from financing activities: | ||
Payments of long-term debt | 0 | (750.1) |
Purchase of common stock | (250) | (250) |
Change in short-term borrowings, net | 0 | 204.6 |
Taxes paid related to net share settlement of equity awards | (28.7) | (30) |
Contingent consideration payments | (10.9) | (8.4) |
Cash dividends paid | (142.8) | (143.8) |
Non-contingent payments for product rights | 0 | (9.7) |
Issuance of common stock | 0.6 | 0.9 |
Other items, net | 6.2 | 11.8 |
Net cash used in financing activities | (425.6) | (974.7) |
Effect on cash of changes in exchange rates | (12.4) | 1.2 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22.3 | (751.8) |
Cash, cash equivalents and restricted cash — beginning of period | 993.6 | 1,262.5 |
Cash, cash equivalents and restricted cash — end of period | $ 1,015.9 | $ 510.7 |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 3 Months Ended |
Mar. 31, 2024 | |
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, including those related to the Idorsia Transaction. Refer to Note 11 Financial Instruments and Risk Management for further discussion of contingent consideration. Our potential maximum development milestones not accrued for at March 31, 2024 totaled approximately $409 million . We estimate that the amounts that may be paid through the end of 2024 to be approximately $18 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. Mapi In 2018, the Company entered into an exclusive license and commercialization agreement with Mapi for the development and commercialization on a world-wide basis of GA Depot. Under the terms of the license and commercialization agreement, as of March 31, 2024, 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 potential contingent payments, such as tiered royalties and tiered sales-based milestones. In December 2023, the Company entered into a letter agreement, as amended, with Mapi for the development and commercialization of certain additional products, which is subject to finalization pending the execution of a definitive agreement, which is expected in the first half of 2024. The Company made an initial upfront payment of $75.0 million which was accounted for as Acquired IPR&D expense in the consolidated statements of operations during the fourth quarter of 2023. During the first quarter of 2024, the Company was informed that Mapi received a Complete Response Letter (“CRL”) regarding the NDA for GA Depot 40 mg from the FDA. The Companies are reviewing the content of the CRL and will be determining the appropriate next steps. 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, 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 each of March 31, 2024 and December 31, 2023, our condensed consolidated balance sheets included, within Other Assets , $132.1 million related to our equity investments in Mapi, which included cumulative unrealized gains of $62.1 million, and within Prepaid Expenses and Other Current Assets , $52.5 million 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. There have been no other significant changes to our licensing and other partner agreements as disclosed in our 2023 Form 10-K. |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
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 loss, 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’ 2023 Form 10-K. The December 31, 2023 condensed consolidated balance sheet was derived from audited financial statements. The interim results of operations, comprehensive loss and cash flows for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. |
Revenue Recognition and Account
Revenue Recognition and Accounts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable The Company recognizes revenues in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash). Our net sales may be impacted by wholesaler and distributor inventory levels of our products, which can fluctuate throughout the year due to the seasonality of certain products, pricing, the timing of product demand, purchasing decisions and other factors. Such fluctuations may impact the comparability of our net sales between periods. Consideration received from licenses of intellectual property is recorded as other revenues. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenues in the condensed consolidated statements of operations. The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2024 and 2023, respectively: (In millions) Three Months Ended March 31, 2024 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,178.8 $ 541.8 $ 184.1 $ 404.4 $ 2,309.1 Generics 986.6 2.1 133.7 222.0 1,344.4 Total Viatris $ 2,165.4 $ 543.9 $ 317.8 $ 626.4 $ 3,653.5 (In millions) Three Months Ended March 31, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,232.0 $ 562.4 $ 190.3 $ 435.6 $ 2,420.3 Generics 938.4 2.2 151.9 206.3 1,298.8 Total Viatris $ 2,170.4 $ 564.6 $ 342.2 $ 641.9 $ 3,719.1 ____________ (a) Amounts for the three months ended March 31, 2024 include the impact of foreign currency translations compared to the prior year period. (b) Complex Gx , which were previously presented as a separate line item in the prior year period, are now included within Generics. Reclassifications were made to prior periods to conform to the current period presentation. The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2024 and 2023, respectively: Three months ended March 31, (In millions) 2024 2023 Select Key Global Products Lipitor ® $ 388.9 $ 417.9 Norvasc ® 176.3 202.7 Lyrica ® 114.2 144.3 Viagra ® 100.7 115.0 EpiPen® Auto-Injectors 80.2 95.8 Creon ® 75.0 72.7 Celebrex ® 72.2 88.8 Effexor ® 59.4 64.6 Zoloft ® 58.0 56.5 Xalabrands 42.5 46.7 Select Key Segment Products Yupelri ® $ 55.2 $ 47.0 Dymista ® 48.2 53.2 Xanax ® 34.5 39.7 Amitiza ® 33.0 36.6 ____________ (a) The Company does not disclose net sales for any products considered competitively sensitive. (b) Products disclosed may change in future periods, including as a result of seasonality, competition or new product launches. (c) Amounts for the three months ended March 31, 2024 include the impact of foreign currency translations compared to the prior year period. (d) Refer to intellectual property matters included in Note 17 Litigation for additional information regarding Yupelri® and Amitiza®. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, (In millions) 2024 2023 Gross sales $ 6,174.6 $ 6,273.0 Gross to net adjustments: Chargebacks (1,244.2) (1,350.7) Rebates, promotional programs and other sales allowances (1,048.3) (992.2) Returns (60.3) (50.4) Governmental rebate programs (168.3) (160.6) Total gross to net adjustments $ (2,521.1) $ (2,553.9) Net sales $ 3,653.5 $ 3,719.1 No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2024. Such allowances were comprised of the following at March 31, 2024 and December 31, 2023, respectively: (In millions) March 31, December 31, Accounts receivable, net $ 1,482.5 $ 1,483.6 Other current liabilities 1,008.8 996.3 Total $ 2,491.3 $ 2,479.9 Accounts receivable, net was comprised of the following at March 31, 2024 and December 31, 2023, respectively: (In millions) March 31, December 31, Trade receivables, net $ 2,790.0 $ 2,823.8 Other receivables 842.0 876.6 Accounts receivable, net $ 3,632.0 $ 3,700.4 Accounts Receivable Factoring Arrangements |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards and Disclosure Rules Issued Not Yet Adopted In March 2024, the SEC adopted final rules under SEC Release No. 34-99678 and No. 33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rules”), which will require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules require, among other things, disclosure in the notes to the audited financial statements of the effects of severe weather events and other natural conditions, subject to certain thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates in certain circumstances. The Final Rules will also require disclosure outside of the financial statements of material scope 1 and scope 2 greenhouse gas emissions, among other climate-related disclosures. The disclosure requirements of the Final Rules will begin phasing in for the Company for fiscal year 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. The Company is currently assessing the impact of the new rules on its consolidated financial statements and disclosures. There were no other significant changes in new accounting standards from those disclosed in Viatris’ 2023 Form 10-K. Refer to Viatris’ 2023 Form 10-K for additional information. |
Acquisitions and Other Transact
Acquisitions and Other Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Other Transactions | Acquisitions and Other Transactions Idorsia On March 15, 2024, the Company acquired the development programs and certain personnel related to selatogrel and cenerimod from Idorsia in exchange for an upfront payment to Idorsia of $350 million, potential milestone payments (including $300 million payable upon the achievement of certain development and regulatory milestones, and $2.1 billion payable upon the achievement of certain tiered sales milestones), as well as potential contingent tiered sales royalties. Viatris and Idorsia are both contributing to the development costs for both programs. Viatris has worldwide commercialization rights for both selatogrel and cenerimod (excluding, for cenerimod only, Japan, South Korea and certain countries in the Asia-Pacific region). A joint development committee is overseeing the development of the ongoing Phase 3 programs through regulatory approval. The agreements also provide Viatris a right of first refusal and a right of first negotiation for certain other assets in Idorsia’s pipeline. The transaction expands our portfolio of innovative assets by adding two Phase 3 assets and combines our financial strength and worldwide operational infrastructure with Idorsia’s proven, highly-productive drug development team and innovation engine. In accordance with U.S. GAAP, the transaction has been accounted for as a business combination under the acquisition method of accounting. 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 three months ended March 31, 2024, the Company incurred acquisition-related costs of approximately $0.3 million, which were recorded primarily in SG&A in the condensed consolidated statements of operations. The U.S. GAAP purchase price allocated to the transaction was $695 million, which consisted of $350 million of cash consideration paid and estimated contingent consideration at the date of acquisition valued at approximately $345 million. The fair value of the contingent consideration was valued using a Monte Carlo simulation model using Level 3 inputs. The fair value is sensitive to changes in the forecasts of operating metrics, probability of success, and discount rates. Refer to Note 11, Financial Instruments and Risk Management , for additional information. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed is as follows: (In millions) Current assets $ 2.1 IPR&D 675.0 Goodwill 19.5 Total assets acquired $ 696.6 Current liabilities 1.6 Net assets acquired $ 695.0 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, contingent consideration, and income taxes. 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 $675 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 20% 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. Viatris and Idorsia will both contribute to the development costs for both programs, which are expected to be incurred through 2026. 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 $19.5 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 months ended March 31, 2024 and 2023. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures On October 1, 2023, the Company announced it received an offer for the divestiture of its OTC Business, and entered into definitive agreements to divest its women’s healthcare business and, separately, in another transaction, its rights to two women’s healthcare products in certain countries, its API business in India and commercialization rights in the Upjohn Distributor Markets. The OTC, API and women’s healthcare businesses are deemed businesses for U.S. GAAP accounting purposes. As such, the assets and liabilities include an allocation of goodwill. The sale of the rights to two women’s healthcare products in certain countries was accounted for as an asset sale. In conjunction with these transactions, Viatris and the respective buyers have entered or will enter into various agreements to provide a framework for our relationship with the respective buyers after the closing of the divestitures, including TSAs, manufacturing and supply agreements, and distribution agreements, as necessary. During the three months ended March 31, 2024 and 2023, the Company recognized TSA income related to the divestitures of approximately $13.4 million and $45.7 million, respectively, as a component of Other Income, Net . Women’s Healthcare In the third quarter of 2023, Viatris executed an agreement to divest its women’s healthcare business, primarily related to oral and injectable contraceptives, to Insud Pharma, S. L., a leading Spanish multinational pharmaceutical company. The divestiture of the women’s healthcare business is primarily related to our oral and injectable contraceptives and does not include all of our women’s healthcare related products; as an example, our Xulane® product in the U.S. is excluded. The transaction includes two manufacturing facilities in India. Assets and liabilities associated with the women’s healthcare business to be divested were classified as held for sale in the consolidated balance sheet as of December 31, 2023. The transaction closed in March 2024 and upon closing, the Company recognized a pre-tax gain on sale of approximately $80.8 million for the difference between the consideration received and the carrying value of the assets transferred (including an allocation of goodwill). The gain was recorded as a component of Other Income, Net in the condensed consolidated statement of operations during the three months ended March 31, 2024. In the third quarter of 2023, Viatris also entered into a separate agreement to divest its rights to women’s healthcare products Duphaston® and Femoston® in certain countries to Theramex HQ UK Limited, a leading global specialty pharmaceutical company dedicated to women’s health. The transaction (other than in the U.K., which remains subject to regulatory approval) closed in December 2023, and upon closing, the Company recognized a pre-tax gain on sale of approximately $156.2 million in that quarter for the difference between the consideration received and the carrying value of the assets transferred. The gain was recorded as a component of SG&A expense in the consolidated statement of operations during the year ended December 31, 2023. OTC On October 1, 2023, Viatris received an offer from Cooper Consumer Health SAS, a leading European OTC drug manufacturer and distributor, for Viatris to divest its OTC Business, including two manufacturing sites located in Merignac, France, and Confienza, Italy, and an R&D site in Monza, Italy. In January 2024, we exercised our option to accept the offer in the OTC Transaction and entered into a definitive transaction agreement with respect to such OTC Transaction. The Company will retain rights for Viagra®, Dymista® (which, in certain limited markets, are sold as OTC products) and select OTC products in certain markets. The Company currently expects the OTC Transaction to close by mid-year 2024. The transaction remains subject to regulatory approvals, receipt of required consents and other closing conditions. The OTC Business to be divested met the criteria to be classified as held for sale on October 1, 2023. As such, the related assets and liabilities were classified as held for sale in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. Upon classification as held for sale in the fourth quarter of 2023, we recognized a total charge of approximately $734.7 million, which was comprised of a goodwill impairment charge of approximately $580.1 million (recorded as a component of SG&A expense), and a charge of approximately $154.7 million to write down the disposal group to fair value, less cost to sell (recorded as a component of Other Income, Net) in the consolidated statement of operations. API On October 1, 2023, Viatris executed an agreement to divest its API business in India to Matrix Pharma Private Limited, an affiliate of IQuest Enterprises Private Limited, a privately held pharmaceutical company based in India. The transaction includes three manufacturing sites and a R&D lab in Hyderabad, three manufacturing sites in Vizag and third-party API sales. Viatris will retain some selective R&D capabilities in API. The API business in India met the criteria to be classified as held for sale on October 1, 2023 and the related assets and liabilities were reclassified as held for sale in the consolidated balance sheet as of December 31, 2023. The transaction is expected to close imminently. The Company recognized a pre-tax charge of approximately $10.4 million to write down the disposal group to fair value, less cost to sell (recorded as a component of Other Income, Net) in the condensed consolidated statement of operations. Upjohn Distributor Markets In the fourth quarter of 2022, the commercialization rights in the Upjohn Distributor Markets met the criteria to be classified as held for sale. Upon classification as held for sale, the Company recognized a total charge of $374.2 million in 2022, 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 year ended December 31, 2023, the Company recorded additional charges totaling $136.4 million, primarily consisting of losses on the disposals of $85.2 million, which were recorded as a component of Other Income, Net . The additional charges include inventory reserves of $9.2 million and an intangible asset charge of $32.0 million to write down the disposal group to fair value, less cost to sell, in each case during the three months ended March 31, 2023. The divestitures of the commercialization rights in certain of the Upjohn Distributor Markets closed during 2023 and the remaining transactions are expected to be completed during 2024. If the remaining 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. 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. During the three months ended March 31, 2024 and 2023, the Company recorded a gain of $46.9 million and a loss of $2.6 million, respectively, as a component of Other Income, Net , 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 and are included in Other Assets in the condensed consolidated balance sheets. The fair value is reassessed quarterly. 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, of which $220 million was paid during 2023. Refer to Note 8 Balance Sheet Components for additional information on assets and liabilities related to Biocon Biologics. At the time of closing of the Biocon Biologics Transaction, Viatris and Biocon Biologics also entered an agreement pursuant to which Viatris was 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. Biocon Biologics had substantially exited all transition services with Viatris as of December 31, 2023. Assets and Liabilities Held for Sale Assets and liabilities held for sale consisted of the following: (In millions) March 31, 2024 December 31, 2023 Assets held for sale Accounts receivable, net $ 57.6 $ 112.1 Inventories 408.9 422.4 Prepaid expenses and other current assets 5.0 7.5 Property, plant and equipment, net 239.0 262.2 Intangible assets, net 1,846.5 1,946.0 Goodwill 119.1 188.0 Other assets 3.3 5.1 Valuation allowance on assets held for sale (159.0) (157.3) Total assets held for sale $ 2,520.4 $ 2,786.0 Liabilities held for sale Accounts payable $ 126.2 $ 137.4 Other current liabilities 34.0 35.3 Deferred income tax liability 48.8 77.2 Other long-term obligations 25.8 25.2 Total liabilities held for sale $ 234.8 $ 275.1 |
Share-Based Incentive Plan
Share-Based Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
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 includes 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. No shares remain available for issuance under the 2003 LTIP, however, certain awards remain outstanding under the plan. Under the 2020 Incentive Plan, 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: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2023 4,159,333 $ 37.41 Exercised (18,012) 9.02 Forfeited (417,916) $ 53.13 Outstanding at March 31, 2024 3,723,405 $ 35.79 Vested and expected to vest at March 31, 2024 3,707,337 $ 35.90 Exercisable at March 31, 2024 3,597,026 $ 36.72 As of March 31, 2024, stock awards outstanding, stock awards vested and expected to vest, and stock awards exercisable had average remaining contractual terms of 3.8 years, 3.7 years and 3.6 years, respectively. Also, at March 31, 2024, stock awards outstanding, stock awards vested and expected to vest, and stock awards exercisable had aggregate intrinsic values of $0.8 million, $0.8 million, and $0.4 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, 2023 to March 31, 2024 is presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2023 31,096,783 $ 11.20 Granted 13,326,359 12.38 Released (10,336,912) 11.92 Forfeited (1,305,912) 11.00 Nonvested at March 31, 2024 32,780,318 $ 11.46 As of March 31, 2024, the Company had $287.6 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 1.8 years. The total intrinsic value of Restricted Stock Awards released and stock options exercised during the three months ended March 31, 2024 and 2023 was $129.0 million and $100.8 million, respectively. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Pensions and Other Postretirement Benefits Defined Benefit Plans The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. Employees in the U.S., Puerto Rico and certain international locations are also provided retirement benefits through defined contribution plans. The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees. Net Periodic Benefit Cost Components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2024 2023 Service cost $ 7.9 $ 7.1 Interest cost 16.6 18.3 Expected return on plan assets (16.9) (16.4) Amortization of prior service costs 0.5 — Recognized net actuarial gains (4.3) (5.0) Net periodic benefit cost $ 3.8 $ 4.0 The Company is making the minimum mandatory contributions to its defined benefit pension plans in the U.S. and Puerto Rico for the 2024 plan year. The Company expects to make total benefit payments of approximately $114.4 million from pension and other postretirement benefit plans in 2024. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $61.3 million in 2024. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash (In millions) March 31, December 31, March 31, 2023 Cash and cash equivalents $ 1,014.6 $ 991.9 $ 506.6 Restricted cash, included in prepaid expenses and other current assets 1.3 1.7 4.1 Cash, cash equivalents and restricted cash $ 1,015.9 $ 993.6 $ 510.7 Inventories (In millions) March 31, December 31, Raw materials $ 686.7 $ 731.7 Work in process 1,097.5 602.1 Finished goods 2,039.0 2,135.9 Inventories $ 3,823.2 $ 3,469.7 Prepaid expenses and other current assets (In millions) March 31, December 31, 2023 Prepaid expenses $ 178.9 $ 155.9 Deferred consideration due from Biocon Biologics 328.3 321.2 Available-for-sale fixed income securities 38.7 37.0 Fair value of financial instruments 73.3 106.2 Equity securities 52.1 49.3 Deferred charge for taxes on intercompany profit 701.8 747.3 Income tax receivable 310.7 340.2 Other current assets 249.5 271.0 Prepaid expenses and other current assets $ 1,933.3 $ 2,028.1 Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net (In millions) March 31, December 31, 2023 Machinery and equipment $ 2,745.8 $ 2,774.5 Buildings and improvements 1,438.8 1,444.4 Construction in progress 406.5 431.2 Land and improvements 114.6 120.2 Gross property, plant and equipment 4,705.7 4,770.3 Accumulated depreciation 1,997.5 2,010.7 Property, plant and equipment, net $ 2,708.2 $ 2,759.6 Other assets (In millions) March 31, December 31, 2023 Non-marketable equity investments $ 165.7 $ 165.7 CCPS in Biocon Biologics 1,023.2 976.3 Operating lease right-of-use assets 242.1 245.6 Other long-term assets 800.6 821.1 Other assets $ 2,231.6 $ 2,208.7 Accounts payable (In millions) March 31, December 31, 2023 Trade accounts payable $ 1,584.0 $ 1,381.4 Other payables 612.9 556.8 Accounts payable $ 2,196.9 $ 1,938.2 Other current liabilities (In millions) March 31, December 31, 2023 Accrued sales allowances $ 1,008.8 $ 996.3 Legal and professional accruals, including litigation accruals 321.6 244.0 Payroll and employee benefit liabilities 598.2 844.5 Contingent consideration (1) 105.2 76.1 Accrued restructuring 29.9 36.4 Accrued interest 204.7 66.8 Fair value of financial instruments 70.1 124.6 Operating lease liability 91.8 83.0 Other 851.4 922.2 Other current liabilities $ 3,281.7 $ 3,393.9 Other long-term obligations (In millions) March 31, December 31, 2023 Employee benefit liabilities $ 495.1 $ 504.3 Contingent consideration (2) 464.7 139.0 Tax related items, including contingencies 406.3 399.3 Operating lease liability 156.2 165.4 Accrued restructuring 57.9 59.2 Other 244.9 249.7 Other long-term obligations $ 1,825.1 $ 1,516.9 |
Earnings (Loss) per Ordinary Sh
Earnings (Loss) per Ordinary Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Ordinary Share | Earnings per Share Basic earnings per share is computed by dividing net earnings attributable to holders of Viatris Inc. common stock by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings attributable to holders of Viatris Inc. common stock by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. Basic and diluted earnings per share attributable to Viatris Inc. are calculated as follows: Three Months Ended March 31, (In millions, except per share amounts) 2024 2023 Basic earnings attributable to Viatris Inc. common shareholders (numerator): Net earnings attributable to Viatris Inc. common shareholders $ 113.9 $ 224.7 Shares (denominator): Weighted average shares outstanding 1,195.2 1,202.5 Basic earnings per share attributable to Viatris Inc. shareholders $ 0.10 $ 0.19 Diluted earnings attributable to Viatris Inc. common shareholders (numerator): Net earnings attributable to Viatris Inc. common shareholders $ 113.9 $ 224.7 Shares (denominator): Weighted average shares outstanding 1,195.2 1,202.5 Share-based awards 14.3 3.1 Total dilutive shares outstanding 1,209.5 1,205.6 Diluted earnings per share attributable to Viatris Inc. shareholders $ 0.09 $ 0.19 Additional stock awards and Restricted Stock Awards were outstanding during the three months ended March 31, 2024 and 2023, but were not included in the computation of diluted earnings per share for each respective period because the effect would be anti-dilutive. Excluded shares at March 31, 2024 also include certain share-based compensation awards and restricted shares whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 7.9 million shares and 13.9 million shares for the three months ended March 31, 2024 and 2023, respectively. The Company paid a quarterly dividend of $0.12 per share on the Company’s issued and outstanding common stock on March 18, 2024. On May 6, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s issued and outstanding common stock, which will be payable on June 14, 2024 to shareholders of record as of the close of business on May 24, 2024. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Board of Directors, and will depend upon factors, including but not limited to, the Company’s financial condition, earnings, capital requirements of its businesses, legal requirements, regulatory constraints, industry practice, and other factors that the Board of Directors deems relevant. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2024 are as follows: (In millions) Developed Markets (1) Greater China JANZ (2) Emerging Markets (3) Total Balance at December 31, 2023: 7,107.4 932.8 645.7 1,181.2 9,867.1 Acquisitions 19.5 — — — 19.5 Foreign currency translation (153.5) (7.5) (24.6) (7.5) (193.1) Balance at March 31, 2024: $ 6,973.4 $ 925.3 $ 621.1 $ 1,173.7 $ 9,693.5 ____________ (1) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $929.0 million. (2) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $30.0 million. (3) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $124.0 million. Intangible Assets, Net Intangible assets consist of the following components at March 31, 2024 and December 31, 2023: (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value March 31, 2024 Product rights, licenses and other (1) 13 $ 33,830.4 $ 15,690.8 $ 18,139.6 In-process research and development 994.1 — 994.1 $ 34,824.5 $ 15,690.8 $ 19,133.7 December 31, 2023 Product rights, licenses and other (1) 13 $ 34,178.1 $ 15,316.4 $ 18,861.7 In-process research and development 319.4 — 319.4 $ 34,497.5 $ 15,316.4 $ 19,181.1 ____________ (1) Represents amortizable intangible assets. Other intangible assets consist principally of customer lists and contractual rights. During the three months ended March 31, 2024, the Company recorded IPR&D of approximately $675.0 million as part of the Idorsia Transaction. Refer to Note 4 Acquisitions and Other Transactions for additional information. Amortization expense and intangible asset disposal & impairment charges (which are included as a component of amortization expense) are classified primarily within Cost of Sales in the condensed consolidated statements of operations and were as follows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions) 2024 2023 Intangible asset amortization expense $ 601.0 $ 603.3 Intangible asset disposal & impairment charges — 32.0 Total intangible asset amortization expense (including disposal & impairment charges) $ 601.0 $ 635.3 During the three months ended March 31, 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 commercialization rights in the Upjohn Distributor Markets, which are classified as held for sale. Refer to Note 5 Divestitures for additional information. Intangible asset amortization expense over the remainder of 2024 and for the years ending December 31, 2025 through 2028 is estimated to be as follows: (In millions) 2024 $ 1,750 2025 2,255 2026 2,205 2027 2,006 2028 1,769 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management The Company is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk and interest rate risk. Foreign Currency Risk Management In order to manage certain foreign currency risks, the Company enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the condensed consolidated statements of operations. The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries and a portion of forecasted intercompany inventory sales denominated in Euro, Japanese Yen, Chinese Renminbi and Indian Rupee for up to twenty-four months. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets. Any changes in the fair value of designated cash flow hedges are deferred in AOCE and are reclassified into earnings when the hedged item impacts earnings. Net Investment Hedges The Company may hedge the foreign currency risk associated with certain net investment positions in foreign subsidiaries by either borrowing directly in foreign currencies and designating all or a portion of the foreign currency debt as a hedge of the applicable net investment position or entering into foreign currency swaps that are designated as hedges of net investments. The Company has designated certain Euro and Yen borrowings as a hedge of its investment in certain Euro-functional and Yen-functional currency subsidiaries in order to manage foreign currency translation risk. Borrowings designated as net investment hedges are marked-to-market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of AOCE until the sale or substantial liquidation of the underlying net investments. In addition, the Company manages the related foreign exchange risk of the Euro and Yen borrowings not designated as net investment hedges through certain Euro and Yen denominated financial assets and forward currency swaps. The following table summarizes the principal amounts of the Company’s outstanding Euro and Yen borrowings and the notional amounts of the Euro and Yen borrowings designated as net investment hedges: Notional Amount Designated as a Net Investment Hedge (In millions) Principal Amount March 31, December 31, 2.250% Euro Senior Notes due 2024 € 1,000.0 € 1,000.0 € 1,000.0 1.023% Euro Senior Notes due 2024 750.0 750.0 750.0 2.125% Euro Senior Notes due 2025 500.0 500.0 500.0 1.362% Euro Senior Notes due 2027 850.0 850.0 850.0 3.125% Euro Senior Notes due 2028 750.0 750.0 750.0 1.908% Euro Senior Notes due 2032 1,250.0 1,250.0 1,250.0 Foreign currency forward contracts 500.0 500.0 500.0 Euro Total € 5,600.0 € 5,600.0 € 5,600.0 Yen YEN Term Loan ¥ 40,000.0 ¥ 40,000.0 ¥ 40,000.0 Yen Total ¥ 40,000.0 ¥ 40,000.0 ¥ 40,000.0 At March 31, 2024, the principal amount of the Company’s outstanding Yen borrowings and the notional amount of the Yen borrowings designated as net investment hedges was $264.3 million. During the third quarter of 2023, the Company executed fixed-rate cross-currency interest rate swaps with notional amounts totaling Japanese Yen 14.6 billion with settlement dates through 2026. The transactions hedge a portion of the Company’s net investment in certain Yen-functional currency subsidiaries. All changes in the fair value of this derivative instrument, which is designated as a net investment hedge, are marked-to-market using the current spot exchange rate as of the end of the period. The portion of this change related to the excluded component will be amortized in interest expense over the life of the derivative while the remainder will be recorded in AOCE until the sale or substantial liquidation of the underlying net investments. The semiannual net interest payment received related to the fixed-rate component of the cross-currency interest rate swaps will be reflected in operating cash flows. During the fourth quarter of 2023, the Company executed foreign currency forward contracts with notional amounts totaling Euro 500 million with settlement dates in 2024. The transactions hedge a portion of the Company’s net investment in certain Euro functional currency subsidiaries. The contracts have been designated as a net investment hedge. During the second quarter of 2024, the Company executed fixed-rate cross-currency interest rate swaps with notional amounts totaling Euro 500 million with settlement dates through 2026. The transactions hedge a portion of the Company’s net investment in certain Euro-functional currency subsidiaries. All changes in the fair value of this derivative instrument, which is designated as a net investment hedge, are marked-to-market using the current spot exchange rate as of the end of the period. The portion of this change related to the excluded component will be amortized in interest expense over the life of the derivative while the remainder will be recorded in AOCE until the sale or substantial liquidation of the underlying net investments. The semiannual net interest payment received related to the fixed-rate component of the cross-currency interest rate swaps will be reflected in operating cash flows. Interest Rate Risk Management The Company enters into interest rate swaps from time to time in order to manage interest rate risk associated with the Company’s fixed-rate and floating-rate debt. Interest rate swaps that meet specific accounting criteria are accounted for as fair value or cash flow hedges. All derivative instruments used to manage interest rate risk are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets. For fair value hedges, the changes in the fair value of both the hedging instrument and the underlying debt obligations are included in interest expense. For cash flow hedges, the change in fair value of the hedging instrument is deferred through AOCE and is reclassified into earnings when the hedged item impacts earnings. Cash Flow Hedging Relationships The Company’s interest rate swaps designated as cash flow hedges fix the interest rate on a portion of the Company’s variable-rate debt or hedge part of the Company’s interest rate exposure associated with the variability in the future cash flows attributable to changes in interest rates. Any changes in fair value are included in earnings or deferred through AOCE, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the condensed consolidated statements of operations. Credit Risk Management The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. Certain derivative instrument contracts entered into by the Company are governed by master agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company records all derivative instruments on a gross basis in the condensed consolidated balance sheets. Accordingly, there are no offsetting amounts that net assets against liabilities. The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets: Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location March 31, 2024 Fair Value December 31, 2023 Fair Value Balance Sheet Location March 31, 2024 Fair Value December 31, 2023 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 35.9 $ 17.5 Other current liabilities $ 10.0 $ 35.8 Total derivatives designated as hedges 35.9 17.5 10.0 35.8 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 37.4 88.7 Other current liabilities 60.1 88.8 Total derivatives not designated as hedges 37.4 88.7 60.1 88.8 Total derivatives $ 73.3 $ 106.2 $ 70.1 $ 124.6 The following table summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk: Amount of Gains/(Losses) Recognized in Earnings Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on Derivatives Amount of Gains/(Losses) Reclassified from AOCE into Earnings Three months ended March 31, (In millions) Location of Gain/(Loss) 2024 2023 2024 2023 2024 2023 Derivative Financial Instruments in Cash Flow Hedging Relationships (1) : Foreign currency forward contracts Net sales (3) $ — $ — $ 24.8 $ 11.1 $ 6.6 $ 8.9 Interest rate swaps Interest expense (3) — — (1.2) (0.9) (1.6) (1.2) Derivative Financial Instruments in Net Investment Hedging Relationships: Cross-currency interest rate swaps Interest expense (2) 1.2 — 4.9 — — — Foreign currency forward contracts — — 10.7 — — — Non-derivative Financial Instruments in Net Investment Hedging Relationships: Foreign currency borrowings — — 117.0 (51.9) — — Derivative Financial Instruments Not Designated as Hedging Instruments: Foreign currency option and forward contracts Other (income) expense, net (2) (22.8) 44.6 — — — — Total $ (21.6) $ 44.6 $ 156.2 $ (41.7) $ 5.0 $ 7.7 ____________ (1) At March 31, 2024, the Company expects that approximately $3.0 million of pre-tax net gains on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months. (2) Represents the location of the gain/(loss) recognized in earnings on derivatives. (3) Represents the location of the gain/(loss) reclassified from AOCE into earnings. Fair Value Measurement 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. Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: March 31, 2024 December 31, 2023 (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 $ 500.3 $ — $ — $ 651.4 $ — $ — Total cash equivalents 500.3 — — 651.4 — — Equity securities: Exchange traded funds 51.9 — — 49.1 — — Marketable securities 0.2 — — 0.2 — — Total equity securities 52.1 — — 49.3 — — CCPS in Biocon Biologics — — 1,023.2 — — 976.3 Available-for-sale fixed income investments: Corporate bonds — 14.4 — — 15.9 — U.S. Treasuries — 14.2 — — 11.2 — Agency mortgage-backed securities — 3.2 — — 4.6 — Asset backed securities — 4.9 — — 5.1 — Other — 2.0 — — 0.2 — Total available-for-sale fixed income investments — 38.7 — — 37.0 — Foreign exchange derivative assets — 73.3 — — 106.2 — Total assets at recurring fair value measurement $ 552.4 $ 112.0 $ 1,023.2 $ 700.7 $ 143.2 $ 976.3 Financial Liabilities Foreign exchange derivative liabilities — 70.1 — — 124.6 — Contingent consideration — — 569.9 — — 215.1 Total liabilities at recurring fair value measurement $ — $ 70.1 $ 569.9 $ — $ 124.6 $ 215.1 For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for the Company’s financial assets and liabilities: • Cash equivalents — valued at observable net asset value prices. • Equity securities, exchange traded funds — valued at the active quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in Other income, net in the condensed consolidated statements of operations. • Equity securities, marketable securities — valued using quoted stock prices from public exchanges at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in Other income, net in the condensed consolidated statements of operations. • CCPS in Biocon Biologics — valued using a Monte Carlo simulation model using Level 3 inputs. The fair value of the CCPS is sensitive to changes in the forecasts of operating metrics, changes in volatility and discount rates, and share dilution. The Company elected the fair value option for the CCPS under ASC 825. The fair value is reassessed quarterly and any change in the fair value estimate is recorded in Other income, net in the condensed consolidated statements of operations for that period. • Available-for-sale fixed income investments — valued at the quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value, net of income taxes, are included in accumulated other comprehensive loss as a component of shareholders’ equity. • Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices and spot rates at the reporting date. Counterparties to these contracts are highly rated financial institutions. Contingent Consideration As of March 31, 2024, the Company had contingent consideration liability of $345 million related to the Idorsia Transaction. As of March 31, 2024 and December 31, 2023, the Company had a contingent consideration liability of $173.2 million and $177.6 million, respectively, related to the Respiratory Delivery Platform, and $30.0 million and $15.8 million, respectively, related to the Biocon Biologics Transaction. The measurement of these contingent consideration liabilities is calculated using unobservable Level 3 inputs based on the Company’s own assumptions primarily related to the probability and timing of future events and payments which are discounted using a market rate of return. At March 31, 2024, a discount rate of 8.5%, and at December 31, 2023, discount rates ranging from 6.4% and 8.0%, were utilized in the valuations. Significant changes in unobservable inputs could result in material changes to the contingent consideration liabilities. A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2023 to March 31, 2024 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2023 $ 76.1 $ 139.0 $ 215.1 Acquisition — 345.0 345.0 Payments (10.9) — (10.9) Reclassifications 40.0 (40.0) — Accretion — 15.9 15.9 Fair value loss (3) — 4.8 4.8 Balance at March 31, 2024 $ 105.2 $ 464.7 $ 569.9 ____________ (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. Although the Company has not elected the fair value option for financial assets and liabilities other than the CCPS, any future transacted financial asset or liability will be evaluated for the fair value election. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt For additional information, see Note 10 Debt in Viatris’ 2023 Form 10-K. Receivables Facility and Note Securitization Facility The Company has a $400 million Receivables Facility which expires in April 2025 and a $200 million Note Securitization Facility which expires in August 2024. Under the terms of each of the Receivables Facility and Note Securitization Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Amounts outstanding under either facility are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets. Long-Term Debt A summary of long-term debt is as follows: ($ in millions) Interest Rate as of March 31, 2024 March 31, December 31, Current portion of long-term debt: 2024 Euro Senior Notes ** 2.250 % 1,078.7 1,103.5 2024 Euro Senior Notes **** 1.023 % 810.9 831.5 Other 0.6 0.4 Deferred financing fees (0.5) (0.7) Current portion of long-term debt $ 1,889.7 $ 1,934.7 Non-current portion of long-term debt: 2025 Euro Senior Notes * 2.125 % 539.3 551.7 2025 Senior Notes *** 1.650 % 754.8 755.7 2026 Senior Notes ** 3.950 % 2,245.6 2,245.1 2027 Euro Senior Notes **** 1.362 % 943.3 967.2 2027 Senior Notes *** 2.300 % 768.4 769.8 2028 Euro Senior Notes ** 3.125 % 805.7 824.1 2028 Senior Notes * 4.550 % 749.1 749.1 2030 Senior Notes *** 2.700 % 1,503.0 1,505.0 2032 Euro Senior Notes **** 1.908 % 1,442.4 1,478.4 2040 Senior Notes *** 3.850 % 1,642.3 1,644.0 2043 Senior Notes * 5.400 % 497.5 497.5 2046 Senior Notes ** 5.250 % 999.9 999.9 2048 Senior Notes * 5.200 % 747.8 747.8 2050 Senior Notes *** 4.000 % 2,195.1 2,196.3 YEN Term Loan Facility Variable 264.3 283.6 Other 2.4 2.4 Deferred financing fees (28.4) (29.5) Long-term debt $ 16,072.5 $ 16,188.1 ____________ * 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. At March 31, 2024 and December 31, 2023, the aggregate fair value of the Company’s outstanding notes was approximately $15.09 billion and $15.25 billion, respectively. The fair values of the outstanding notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy. Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2024 were as follows for each of the periods ending December 31: (In millions) Total 2024 $ 1,888 2025 1,289 2026 2,514 2027 1,667 2028 1,559 Thereafter 8,549 Total $ 17,466 |
Comprehensive Earnings
Comprehensive Earnings | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Accumulated other comprehensive loss: Net unrealized loss on available-for-sale fixed income securities, net of tax $ (1.4) $ (1.2) Net unrecognized gain and prior service cost related to defined benefit plans, net of tax 266.4 271.4 Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax 13.6 (8.0) Net unrecognized gain on derivatives in net investment hedging relationships, net of tax 369.6 237.1 Foreign currency translation adjustment (3,589.2) (3,246.7) $ (2,941.0) $ (2,747.4) Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Available-for-Sale Fixed Income Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2023, net of tax $ (8.0) $ 237.1 $ (1.2) $ 271.4 $ (3,246.7) $ (2,747.4) Other comprehensive earnings (loss) before reclassifications, before tax 33.7 169.1 (0.3) (2.4) (342.5) (142.4) 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 (6.6) (6.6) (6.6) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.6 1.6 1.6 Amortization of prior service costs included in SG&A 0.5 0.5 Amortization of actuarial gain included in SG&A (4.3) (4.3) Net other comprehensive earnings (loss), before tax 28.7 169.1 (0.3) (6.2) (342.5) (151.2) Income tax provision (benefit) 7.1 36.6 (0.1) (1.2) — 42.4 Balance at March 31, 2024, net of tax $ 13.6 $ 369.6 $ (1.4) $ 266.4 $ (3,589.2) $ (2,941.0) Three Months Ended March 31, 2023 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Available-for-Sale Fixed Income 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 10.5 (66.2) 0.9 6.3 45.3 (3.2) 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 (8.9) (8.9) (8.9) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.2 1.2 1.2 Amortization of actuarial gain included in SG&A (5.0) (5.0) Net other comprehensive earnings (loss), before tax 2.8 (66.2) 0.9 1.3 45.3 (15.9) Income tax provision (benefit) 1.1 (14.3) 0.2 0.5 — (12.5) Balance at March 31, 2023, net of tax $ (16.8) $ 325.1 $ (1.6) $ 269.3 $ (3,340.6) $ (2,764.6) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
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 and generic products, including complex 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 divestitures, 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 2023 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 March 31, Three Months Ended March 31, (In millions) 2024 2023 2024 2023 Reportable Segments: Developed Markets $ 2,165.4 $ 2,170.4 $ 913.3 $ 938.7 Greater China 543.9 564.6 366.3 394.3 JANZ 317.8 342.2 87.3 130.5 Emerging Markets 626.4 641.9 279.5 313.0 Total reportable segments $ 3,653.5 $ 3,719.1 $ 1,646.4 $ 1,776.5 Reconciling items: Intangible asset amortization expense (601.0) (603.3) Intangible asset disposal & impairment charges — (32.0) Globally managed research and development costs (199.7) (182.9) Acquired IPR&D (6.1) — Litigation settlements & other contingencies (76.8) (0.6) Transaction related and other special items (202.3) (178.5) Corporate and other unallocated (356.6) (379.4) Earnings from operations $ 203.9 $ 399.8 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 in our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. The share repurchase and authorization amounts otherwise disclosed in this Form 10-Q exclude the excise tax. The Company does not anticipate being subject to the 15% CAMT tax in either 2023 or 2024 based on enacted law and regulatory guidance; however, our CAMT status could change in the future, depending on new regulations or regulatory guidance issued by the U.S. Department of the Treasury. In addition, many countries are actively considering or have proposed or enacted changes to their tax laws based on the Pillar Two Global Anti-Base Erosion Rules (“Pillar Two Rules”) proposed by the OECD. The Pillar Two Rules impose a global minimum tax of 15%, and under these rules, the Company may be required to pay a “top-up” tax to the extent our effective tax rate in any given country is below 15%. Several countries have enacted the Pillar Two Rules effective January 1, 2024, with many countries postponing implementation to January 1, 2025 or later, if at all. After determining which jurisdictions are not required to calculate a Pillar Two liability as a result of the existing safe harbors, the Company has determined that the impact of the Pillar Two Rules in the countries that have enacted such rules effective January 1, 2024, is not material to our results of operations for the three months ended March 31, 2024. While the Company is monitoring developments and evaluating the potential impact on future periods, we do not expect Pillar Two Rules to have a significant impact on the 2024 financial results. 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 2020 through 2022 are open years, with 2020 and 2021 under examination. 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 took place in October 2023 and on March 20, 2024, the Court issued a decision in favor of the Company. The tax authorities did not appeal the Court decision. 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, which will be refunded, subject to currency exchange fluctuations, in future periods. 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 $22.3 million during 2023 due to the terms of this agreement. The remaining issues are in the audit phase or are being challenged in the Indian tax courts. In 2020, the Swedish Tax Authorities (“STA”) asserted an underpayment of tax against Meda A.B. for the tax years 2014 to 2019. The claim was that profits earned by its Luxembourg subsidiary should have been attributed to Meda A.B. The Company appealed the STA’s assessment to the Administrative Court of Stockholm. On September 16, 2022, the Court ruled in favor of Meda A.B. that no tax was due. The STA appealed that decision. On April 10, 2024, the Administrative Court of Appeals overturned the lower Court’s ruling and issued a decision in favor of the STA upholding its original assessment. The amount due including interest and penalties is approximately $19.0 million. The Company plans to file a petition seeking review of the decision to the Supreme Administrative Court. The Company has recorded a net reserve for uncertain tax positions of $281.8 million and $287.1 million, including interest and penalties, in connection with its international audits at March 31, 2024 and December 31, 2023, 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 2022, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2012 through 2023. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 loss, financial position, equity and cash flows for the periods presented. |
Earnings per Share Policy | Basic earnings per share is computed by dividing net earnings attributable to holders of Viatris Inc. common stock by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings attributable to holders of Viatris Inc. common stock by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive |
Fair Value of Financial Instruments Policy | Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment Information (Policies)
Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 and generic products, including complex 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 divestitures, 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 2023 Form 10-K. |
Revenue Recognition and Accou_2
Revenue Recognition and Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2024 and 2023, respectively: (In millions) Three Months Ended March 31, 2024 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,178.8 $ 541.8 $ 184.1 $ 404.4 $ 2,309.1 Generics 986.6 2.1 133.7 222.0 1,344.4 Total Viatris $ 2,165.4 $ 543.9 $ 317.8 $ 626.4 $ 3,653.5 (In millions) Three Months Ended March 31, 2023 Product Category Developed Markets Greater China JANZ Emerging Markets Total Brands $ 1,232.0 $ 562.4 $ 190.3 $ 435.6 $ 2,420.3 Generics 938.4 2.2 151.9 206.3 1,298.8 Total Viatris $ 2,170.4 $ 564.6 $ 342.2 $ 641.9 $ 3,719.1 ____________ (a) Amounts for the three months ended March 31, 2024 include the impact of foreign currency translations compared to the prior year period. (b) Complex Gx , which were previously presented as a separate line item in the prior year period, are now included within Generics. Reclassifications were made to prior periods to conform to the current period presentation. The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2024 and 2023, respectively: Three months ended March 31, (In millions) 2024 2023 Select Key Global Products Lipitor ® $ 388.9 $ 417.9 Norvasc ® 176.3 202.7 Lyrica ® 114.2 144.3 Viagra ® 100.7 115.0 EpiPen® Auto-Injectors 80.2 95.8 Creon ® 75.0 72.7 Celebrex ® 72.2 88.8 Effexor ® 59.4 64.6 Zoloft ® 58.0 56.5 Xalabrands 42.5 46.7 Select Key Segment Products Yupelri ® $ 55.2 $ 47.0 Dymista ® 48.2 53.2 Xanax ® 34.5 39.7 Amitiza ® 33.0 36.6 ____________ (a) The Company does not disclose net sales for any products considered competitively sensitive. (b) Products disclosed may change in future periods, including as a result of seasonality, competition or new product launches. (c) Amounts for the three months ended March 31, 2024 include the impact of foreign currency translations compared to the prior year period. (d) Refer to intellectual property matters included in Note 17 Litigation for additional information regarding Yupelri® and Amitiza®. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, (In millions) 2024 2023 Gross sales $ 6,174.6 $ 6,273.0 Gross to net adjustments: Chargebacks (1,244.2) (1,350.7) Rebates, promotional programs and other sales allowances (1,048.3) (992.2) Returns (60.3) (50.4) Governmental rebate programs (168.3) (160.6) Total gross to net adjustments $ (2,521.1) $ (2,553.9) Net sales $ 3,653.5 $ 3,719.1 |
Schedule of Accounts Receivable, Net | Such allowances were comprised of the following at March 31, 2024 and December 31, 2023, respectively: (In millions) March 31, December 31, Accounts receivable, net $ 1,482.5 $ 1,483.6 Other current liabilities 1,008.8 996.3 Total $ 2,491.3 $ 2,479.9 Accounts receivable, net was comprised of the following at March 31, 2024 and December 31, 2023, respectively: (In millions) March 31, December 31, Trade receivables, net $ 2,790.0 $ 2,823.8 Other receivables 842.0 876.6 Accounts receivable, net $ 3,632.0 $ 3,700.4 |
Acquisitions and Other Transa_2
Acquisitions and Other Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary allocation of the purchase price to the assets acquired and liabilities assumed is as follows: (In millions) Current assets $ 2.1 IPR&D 675.0 Goodwill 19.5 Total assets acquired $ 696.6 Current liabilities 1.6 Net assets acquired $ 695.0 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | Assets and liabilities held for sale consisted of the following: (In millions) March 31, 2024 December 31, 2023 Assets held for sale Accounts receivable, net $ 57.6 $ 112.1 Inventories 408.9 422.4 Prepaid expenses and other current assets 5.0 7.5 Property, plant and equipment, net 239.0 262.2 Intangible assets, net 1,846.5 1,946.0 Goodwill 119.1 188.0 Other assets 3.3 5.1 Valuation allowance on assets held for sale (159.0) (157.3) Total assets held for sale $ 2,520.4 $ 2,786.0 Liabilities held for sale Accounts payable $ 126.2 $ 137.4 Other current liabilities 34.0 35.3 Deferred income tax liability 48.8 77.2 Other long-term obligations 25.8 25.2 Total liabilities held for sale $ 234.8 $ 275.1 |
Share-Based Incentive Plan (Tab
Share-Based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Awards Activity | The following table summarizes stock awards (stock options and SARs) activity: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2023 4,159,333 $ 37.41 Exercised (18,012) 9.02 Forfeited (417,916) $ 53.13 Outstanding at March 31, 2024 3,723,405 $ 35.79 Vested and expected to vest at March 31, 2024 3,707,337 $ 35.90 Exercisable at March 31, 2024 3,597,026 $ 36.72 |
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, 2023 to March 31, 2024 is presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value Per Share Nonvested at December 31, 2023 31,096,783 $ 11.20 Granted 13,326,359 12.38 Released (10,336,912) 11.92 Forfeited (1,305,912) 11.00 Nonvested at March 31, 2024 32,780,318 $ 11.46 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2024 2023 Service cost $ 7.9 $ 7.1 Interest cost 16.6 18.3 Expected return on plan assets (16.9) (16.4) Amortization of prior service costs 0.5 — Recognized net actuarial gains (4.3) (5.0) Net periodic benefit cost $ 3.8 $ 4.0 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Components [Abstract] | |
Schedule of Cash, cash equivalents, and restricted cash | Cash and restricted cash (In millions) March 31, December 31, March 31, 2023 Cash and cash equivalents $ 1,014.6 $ 991.9 $ 506.6 Restricted cash, included in prepaid expenses and other current assets 1.3 1.7 4.1 Cash, cash equivalents and restricted cash $ 1,015.9 $ 993.6 $ 510.7 |
Inventories | Inventories (In millions) March 31, December 31, Raw materials $ 686.7 $ 731.7 Work in process 1,097.5 602.1 Finished goods 2,039.0 2,135.9 Inventories $ 3,823.2 $ 3,469.7 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (In millions) March 31, December 31, 2023 Prepaid expenses $ 178.9 $ 155.9 Deferred consideration due from Biocon Biologics 328.3 321.2 Available-for-sale fixed income securities 38.7 37.0 Fair value of financial instruments 73.3 106.2 Equity securities 52.1 49.3 Deferred charge for taxes on intercompany profit 701.8 747.3 Income tax receivable 310.7 340.2 Other current assets 249.5 271.0 Prepaid expenses and other current assets $ 1,933.3 $ 2,028.1 |
Property, Plant and Equipment | Property, plant and equipment, net (In millions) March 31, December 31, 2023 Machinery and equipment $ 2,745.8 $ 2,774.5 Buildings and improvements 1,438.8 1,444.4 Construction in progress 406.5 431.2 Land and improvements 114.6 120.2 Gross property, plant and equipment 4,705.7 4,770.3 Accumulated depreciation 1,997.5 2,010.7 Property, plant and equipment, net $ 2,708.2 $ 2,759.6 |
Other Assets | Other assets (In millions) March 31, December 31, 2023 Non-marketable equity investments $ 165.7 $ 165.7 CCPS in Biocon Biologics 1,023.2 976.3 Operating lease right-of-use assets 242.1 245.6 Other long-term assets 800.6 821.1 Other assets $ 2,231.6 $ 2,208.7 |
Accounts payable | Accounts payable (In millions) March 31, December 31, 2023 Trade accounts payable $ 1,584.0 $ 1,381.4 Other payables 612.9 556.8 Accounts payable $ 2,196.9 $ 1,938.2 |
Other Current Liabilities | Other current liabilities (In millions) March 31, December 31, 2023 Accrued sales allowances $ 1,008.8 $ 996.3 Legal and professional accruals, including litigation accruals 321.6 244.0 Payroll and employee benefit liabilities 598.2 844.5 Contingent consideration (1) 105.2 76.1 Accrued restructuring 29.9 36.4 Accrued interest 204.7 66.8 Fair value of financial instruments 70.1 124.6 Operating lease liability 91.8 83.0 Other 851.4 922.2 Other current liabilities $ 3,281.7 $ 3,393.9 |
Other Noncurrent Liabilities | Other long-term obligations (In millions) March 31, December 31, 2023 Employee benefit liabilities $ 495.1 $ 504.3 Contingent consideration (2) 464.7 139.0 Tax related items, including contingencies 406.3 399.3 Operating lease liability 156.2 165.4 Accrued restructuring 57.9 59.2 Other 244.9 249.7 Other long-term obligations $ 1,825.1 $ 1,516.9 |
Earnings (Loss) per Ordinary _2
Earnings (Loss) per Ordinary Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, (In millions, except per share amounts) 2024 2023 Basic earnings attributable to Viatris Inc. common shareholders (numerator): Net earnings attributable to Viatris Inc. common shareholders $ 113.9 $ 224.7 Shares (denominator): Weighted average shares outstanding 1,195.2 1,202.5 Basic earnings per share attributable to Viatris Inc. shareholders $ 0.10 $ 0.19 Diluted earnings attributable to Viatris Inc. common shareholders (numerator): Net earnings attributable to Viatris Inc. common shareholders $ 113.9 $ 224.7 Shares (denominator): Weighted average shares outstanding 1,195.2 1,202.5 Share-based awards 14.3 3.1 Total dilutive shares outstanding 1,209.5 1,205.6 Diluted earnings per share attributable to Viatris Inc. shareholders $ 0.09 $ 0.19 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2024 are as follows: (In millions) Developed Markets (1) Greater China JANZ (2) Emerging Markets (3) Total Balance at December 31, 2023: 7,107.4 932.8 645.7 1,181.2 9,867.1 Acquisitions 19.5 — — — 19.5 Foreign currency translation (153.5) (7.5) (24.6) (7.5) (193.1) Balance at March 31, 2024: $ 6,973.4 $ 925.3 $ 621.1 $ 1,173.7 $ 9,693.5 ____________ (1) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $929.0 million. (2) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $30.0 million. (3) Balances as of March 31, 2024 and December 31, 2023 include an accumulated impairment loss of $124.0 million. |
Components of Intangible Assets | Intangible assets consist of the following components at March 31, 2024 and December 31, 2023: (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value March 31, 2024 Product rights, licenses and other (1) 13 $ 33,830.4 $ 15,690.8 $ 18,139.6 In-process research and development 994.1 — 994.1 $ 34,824.5 $ 15,690.8 $ 19,133.7 December 31, 2023 Product rights, licenses and other (1) 13 $ 34,178.1 $ 15,316.4 $ 18,861.7 In-process research and development 319.4 — 319.4 $ 34,497.5 $ 15,316.4 $ 19,181.1 ____________ (1) |
Finite-lived Intangible Assets Amortization Expense | Three Months Ended March 31, (In millions) 2024 2023 Intangible asset amortization expense $ 601.0 $ 603.3 Intangible asset disposal & impairment charges — 32.0 Total intangible asset amortization expense (including disposal & impairment charges) $ 601.0 $ 635.3 During the three months ended March 31, 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 commercialization rights in the Upjohn Distributor Markets, which are classified as held for sale. Refer to Note 5 Divestitures for additional information. |
Expected Amortization Expense | Intangible asset amortization expense over the remainder of 2024 and for the years ending December 31, 2025 through 2028 is estimated to be as follows: (In millions) 2024 $ 1,750 2025 2,255 2026 2,205 2027 2,006 2028 1,769 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets: Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location March 31, 2024 Fair Value December 31, 2023 Fair Value Balance Sheet Location March 31, 2024 Fair Value December 31, 2023 Fair Value Derivatives designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets $ 35.9 $ 17.5 Other current liabilities $ 10.0 $ 35.8 Total derivatives designated as hedges 35.9 17.5 10.0 35.8 Derivatives not designated as hedges: Foreign currency forward contracts Prepaid expenses & other current assets 37.4 88.7 Other current liabilities 60.1 88.8 Total derivatives not designated as hedges 37.4 88.7 60.1 88.8 Total derivatives $ 73.3 $ 106.2 $ 70.1 $ 124.6 |
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: March 31, 2024 December 31, 2023 (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 $ 500.3 $ — $ — $ 651.4 $ — $ — Total cash equivalents 500.3 — — 651.4 — — Equity securities: Exchange traded funds 51.9 — — 49.1 — — Marketable securities 0.2 — — 0.2 — — Total equity securities 52.1 — — 49.3 — — CCPS in Biocon Biologics — — 1,023.2 — — 976.3 Available-for-sale fixed income investments: Corporate bonds — 14.4 — — 15.9 — U.S. Treasuries — 14.2 — — 11.2 — Agency mortgage-backed securities — 3.2 — — 4.6 — Asset backed securities — 4.9 — — 5.1 — Other — 2.0 — — 0.2 — Total available-for-sale fixed income investments — 38.7 — — 37.0 — Foreign exchange derivative assets — 73.3 — — 106.2 — Total assets at recurring fair value measurement $ 552.4 $ 112.0 $ 1,023.2 $ 700.7 $ 143.2 $ 976.3 Financial Liabilities Foreign exchange derivative liabilities — 70.1 — — 124.6 — Contingent consideration — — 569.9 — — 215.1 Total liabilities at recurring fair value measurement $ — $ 70.1 $ 569.9 $ — $ 124.6 $ 215.1 |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the principal amounts of the Company’s outstanding Euro and Yen borrowings and the notional amounts of the Euro and Yen borrowings designated as net investment hedges: Notional Amount Designated as a Net Investment Hedge (In millions) Principal Amount March 31, December 31, 2.250% Euro Senior Notes due 2024 € 1,000.0 € 1,000.0 € 1,000.0 1.023% Euro Senior Notes due 2024 750.0 750.0 750.0 2.125% Euro Senior Notes due 2025 500.0 500.0 500.0 1.362% Euro Senior Notes due 2027 850.0 850.0 850.0 3.125% Euro Senior Notes due 2028 750.0 750.0 750.0 1.908% Euro Senior Notes due 2032 1,250.0 1,250.0 1,250.0 Foreign currency forward contracts 500.0 500.0 500.0 Euro Total € 5,600.0 € 5,600.0 € 5,600.0 Yen YEN Term Loan ¥ 40,000.0 ¥ 40,000.0 ¥ 40,000.0 Yen Total ¥ 40,000.0 ¥ 40,000.0 ¥ 40,000.0 |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The following table summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk: Amount of Gains/(Losses) Recognized in Earnings Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on Derivatives Amount of Gains/(Losses) Reclassified from AOCE into Earnings Three months ended March 31, (In millions) Location of Gain/(Loss) 2024 2023 2024 2023 2024 2023 Derivative Financial Instruments in Cash Flow Hedging Relationships (1) : Foreign currency forward contracts Net sales (3) $ — $ — $ 24.8 $ 11.1 $ 6.6 $ 8.9 Interest rate swaps Interest expense (3) — — (1.2) (0.9) (1.6) (1.2) Derivative Financial Instruments in Net Investment Hedging Relationships: Cross-currency interest rate swaps Interest expense (2) 1.2 — 4.9 — — — Foreign currency forward contracts — — 10.7 — — — Non-derivative Financial Instruments in Net Investment Hedging Relationships: Foreign currency borrowings — — 117.0 (51.9) — — Derivative Financial Instruments Not Designated as Hedging Instruments: Foreign currency option and forward contracts Other (income) expense, net (2) (22.8) 44.6 — — — — Total $ (21.6) $ 44.6 $ 156.2 $ (41.7) $ 5.0 $ 7.7 ____________ (1) At March 31, 2024, the Company expects that approximately $3.0 million of pre-tax net gains on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months. (2) Represents the location of the gain/(loss) recognized in earnings on derivatives. (3) Represents the location of the gain/(loss) reclassified from AOCE into earnings. |
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, 2023 to March 31, 2024 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2023 $ 76.1 $ 139.0 $ 215.1 Acquisition — 345.0 345.0 Payments (10.9) — (10.9) Reclassifications 40.0 (40.0) — Accretion — 15.9 15.9 Fair value loss (3) — 4.8 4.8 Balance at March 31, 2024 $ 105.2 $ 464.7 $ 569.9 ____________ (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. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt is as follows: ($ in millions) Interest Rate as of March 31, 2024 March 31, December 31, Current portion of long-term debt: 2024 Euro Senior Notes ** 2.250 % 1,078.7 1,103.5 2024 Euro Senior Notes **** 1.023 % 810.9 831.5 Other 0.6 0.4 Deferred financing fees (0.5) (0.7) Current portion of long-term debt $ 1,889.7 $ 1,934.7 Non-current portion of long-term debt: 2025 Euro Senior Notes * 2.125 % 539.3 551.7 2025 Senior Notes *** 1.650 % 754.8 755.7 2026 Senior Notes ** 3.950 % 2,245.6 2,245.1 2027 Euro Senior Notes **** 1.362 % 943.3 967.2 2027 Senior Notes *** 2.300 % 768.4 769.8 2028 Euro Senior Notes ** 3.125 % 805.7 824.1 2028 Senior Notes * 4.550 % 749.1 749.1 2030 Senior Notes *** 2.700 % 1,503.0 1,505.0 2032 Euro Senior Notes **** 1.908 % 1,442.4 1,478.4 2040 Senior Notes *** 3.850 % 1,642.3 1,644.0 2043 Senior Notes * 5.400 % 497.5 497.5 2046 Senior Notes ** 5.250 % 999.9 999.9 2048 Senior Notes * 5.200 % 747.8 747.8 2050 Senior Notes *** 4.000 % 2,195.1 2,196.3 YEN Term Loan Facility Variable 264.3 283.6 Other 2.4 2.4 Deferred financing fees (28.4) (29.5) Long-term debt $ 16,072.5 $ 16,188.1 ____________ * Instrument was issued by Mylan Inc. ** Instrument was originally issued by Mylan N.V.; now held by Utah Acquisition Sub Inc. *** Instrument was issued by Viatris Inc. **** Instrument was issued by Upjohn Finance B.V. |
Minimum Repayments on Outstanding Borrowings | Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2024 were as follows for each of the periods ending December 31: (In millions) Total 2024 $ 1,888 2025 1,289 2026 2,514 2027 1,667 2028 1,559 Thereafter 8,549 Total $ 17,466 |
Comprehensive Earnings (Tables)
Comprehensive Earnings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Accumulated other comprehensive loss: Net unrealized loss on available-for-sale fixed income securities, net of tax $ (1.4) $ (1.2) Net unrecognized gain and prior service cost related to defined benefit plans, net of tax 266.4 271.4 Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax 13.6 (8.0) Net unrecognized gain on derivatives in net investment hedging relationships, net of tax 369.6 237.1 Foreign currency translation adjustment (3,589.2) (3,246.7) $ (2,941.0) $ (2,747.4) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Available-for-Sale Fixed Income Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2023, net of tax $ (8.0) $ 237.1 $ (1.2) $ 271.4 $ (3,246.7) $ (2,747.4) Other comprehensive earnings (loss) before reclassifications, before tax 33.7 169.1 (0.3) (2.4) (342.5) (142.4) 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 (6.6) (6.6) (6.6) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.6 1.6 1.6 Amortization of prior service costs included in SG&A 0.5 0.5 Amortization of actuarial gain included in SG&A (4.3) (4.3) Net other comprehensive earnings (loss), before tax 28.7 169.1 (0.3) (6.2) (342.5) (151.2) Income tax provision (benefit) 7.1 36.6 (0.1) (1.2) — 42.4 Balance at March 31, 2024, net of tax $ 13.6 $ 369.6 $ (1.4) $ 266.4 $ (3,589.2) $ (2,941.0) Three Months Ended March 31, 2023 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Available-for-Sale Fixed Income 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 10.5 (66.2) 0.9 6.3 45.3 (3.2) 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 (8.9) (8.9) (8.9) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.2 1.2 1.2 Amortization of actuarial gain included in SG&A (5.0) (5.0) Net other comprehensive earnings (loss), before tax 2.8 (66.2) 0.9 1.3 45.3 (15.9) Income tax provision (benefit) 1.1 (14.3) 0.2 0.5 — (12.5) Balance at March 31, 2023, net of tax $ (16.8) $ 325.1 $ (1.6) $ 269.3 $ (3,340.6) $ (2,764.6) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Reconciliation of Segment Information to Total Consolidated Information | Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. Net Sales Segment Profitability Three Months Ended March 31, Three Months Ended March 31, (In millions) 2024 2023 2024 2023 Reportable Segments: Developed Markets $ 2,165.4 $ 2,170.4 $ 913.3 $ 938.7 Greater China 543.9 564.6 366.3 394.3 JANZ 317.8 342.2 87.3 130.5 Emerging Markets 626.4 641.9 279.5 313.0 Total reportable segments $ 3,653.5 $ 3,719.1 $ 1,646.4 $ 1,776.5 Reconciling items: Intangible asset amortization expense (601.0) (603.3) Intangible asset disposal & impairment charges — (32.0) Globally managed research and development costs (199.7) (182.9) Acquired IPR&D (6.1) — Litigation settlements & other contingencies (76.8) (0.6) Transaction related and other special items (202.3) (178.5) Corporate and other unallocated (356.6) (379.4) Earnings from operations $ 203.9 $ 399.8 |
Revenue Recognition and Accou_3
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Proceeds from sale and collection of receivables | $ 64.2 | $ 30.8 |
Revenue Recognition and Accou_4
Revenue Recognition and Accounts Receivable Revenue Disaggregation (Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 3,653.5 | $ 3,719.1 |
Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,309.1 | 2,420.3 |
Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,344.4 | 1,298.8 |
Lipitor | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 388.9 | 417.9 |
Norvasc | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 176.3 | 202.7 |
Lyrica ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 114.2 | 144.3 |
Viagra ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 100.7 | 115 |
EpiPen® Auto-Injectors | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 80.2 | 95.8 |
Celebrex ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 72.2 | 88.8 |
Effexor ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 59.4 | 64.6 |
Zoloft ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 58 | 56.5 |
Creon ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 75 | 72.7 |
Xalabrands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 42.5 | 46.7 |
Amitiza ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 33 | 36.6 |
Xanax ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 34.5 | 39.7 |
Dymista ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 48.2 | 53.2 |
Yupelri ® | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55.2 | 47 |
Developed Markets Segment | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,178.8 | 1,232 |
Developed Markets Segment | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 986.6 | 938.4 |
Greater China | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 541.8 | 562.4 |
Greater China | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2.1 | 2.2 |
Japan, Australia and New Zealand Segment | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 184.1 | 190.3 |
Japan, Australia and New Zealand Segment | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 133.7 | 151.9 |
Emerging Markets Segment | Brands | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 404.4 | 435.6 |
Emerging Markets Segment | Generics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 222 | 206.3 |
Operating Segment | Developed Markets Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,165.4 | 2,170.4 |
Operating Segment | Greater China | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 543.9 | 564.6 |
Operating Segment | Japan, Australia and New Zealand Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 317.8 | 342.2 |
Operating Segment | Emerging Markets Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 626.4 | $ 641.9 |
Revenue Recognition and Accou_5
Revenue Recognition and Accounts Receivable Variable Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Gross sales | $ 6,174.6 | $ 6,273 |
Chargebacks | (1,244.2) | (1,350.7) |
Rebates, promotional programs and other sales allowances | (1,048.3) | (992.2) |
Returns | (60.3) | (50.4) |
Medicaid and other governmental rebates | (168.3) | (160.6) |
Sales Revenue, Gross to net adjustments | (2,521.1) | (2,553.9) |
Net sales | $ 3,653.5 | $ 3,719.1 |
Revenue Recognition and Accou_6
Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | $ 2,790 | $ 2,823.8 |
Other receivables | 842 | 876.6 |
Accounts receivable, net | 3,632 | 3,700.4 |
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | 285.6 | 415.7 |
Variable Consideration | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | 1,482.5 | 1,483.6 |
Other receivables | 1,008.8 | 996.3 |
Accounts receivable, net | $ 2,491.3 | $ 2,479.9 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Impact of Adoption - ASU 2014-09) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ 2,159.4 | $ 2,186.9 | |
Income tax provision | 90.7 | 98 | |
Net earnings attributable to Viatris Inc. common shareholders | 113.9 | 224.7 | |
Revenues | 3,663.4 | $ 3,729.1 | |
Prepaid expenses and other current assets | 1,933.3 | $ 2,028.1 | |
Income taxes payable | 148.4 | 226.8 | |
Retained earnings | 4,607.5 | 4,639.7 | |
Accumulated other comprehensive loss | $ (2,941) | $ (2,747.4) |
Acquisitions and Other Transa_3
Acquisitions and Other Transactions (Narrative) (Details) $ in Millions | 3 Months Ended | ||||
Mar. 15, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Nov. 07, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 9,693.5 | $ 9,867.1 | |||
Contingent consideration (1) | 569.9 | $ 215.1 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 350 | $ 667.7 | |||
Revenues | 3,663.4 | 3,729.1 | |||
Net earnings attributable to Viatris Inc. common shareholders | $ 113.9 | $ 224.7 | |||
Acquisitions and Other Transactions | Acquisitions and Other Transactions Idorsia On March 15, 2024, the Company acquired the development programs and certain personnel related to selatogrel and cenerimod from Idorsia in exchange for an upfront payment to Idorsia of $350 million, potential milestone payments (including $300 million payable upon the achievement of certain development and regulatory milestones, and $2.1 billion payable upon the achievement of certain tiered sales milestones), as well as potential contingent tiered sales royalties. Viatris and Idorsia are both contributing to the development costs for both programs. Viatris has worldwide commercialization rights for both selatogrel and cenerimod (excluding, for cenerimod only, Japan, South Korea and certain countries in the Asia-Pacific region). A joint development committee is overseeing the development of the ongoing Phase 3 programs through regulatory approval. The agreements also provide Viatris a right of first refusal and a right of first negotiation for certain other assets in Idorsia’s pipeline. The transaction expands our portfolio of innovative assets by adding two Phase 3 assets and combines our financial strength and worldwide operational infrastructure with Idorsia’s proven, highly-productive drug development team and innovation engine. In accordance with U.S. GAAP, the transaction has been accounted for as a business combination under the acquisition method of accounting. 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 three months ended March 31, 2024, the Company incurred acquisition-related costs of approximately $0.3 million, which were recorded primarily in SG&A in the condensed consolidated statements of operations. The U.S. GAAP purchase price allocated to the transaction was $695 million, which consisted of $350 million of cash consideration paid and estimated contingent consideration at the date of acquisition valued at approximately $345 million. The fair value of the contingent consideration was valued using a Monte Carlo simulation model using Level 3 inputs. The fair value is sensitive to changes in the forecasts of operating metrics, probability of success, and discount rates. Refer to Note 11, Financial Instruments and Risk Management , for additional information. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed is as follows: (In millions) Current assets $ 2.1 IPR&D 675.0 Goodwill 19.5 Total assets acquired $ 696.6 Current liabilities 1.6 Net assets acquired $ 695.0 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, contingent consideration, and income taxes. 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 $675 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 20% 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. Viatris and Idorsia will both contribute to the development costs for both programs, which are expected to be incurred through 2026. 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 $19.5 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 months ended March 31, 2024 and 2023. | ||||
Measurement Input, Discount Rate | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Fair Value, In Process Research And Development, Measurement Input | 0.20 | ||||
Famy Life Sciences Acquisition | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 695 | ||||
Idorsia Pharmaceuticals Ltd. | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 0.3 | ||||
Goodwill | $ 19.5 | ||||
Contingent consideration (1) | $ 345 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 695 | ||||
Business Combination, Contingent Consideration, Liability, Milestone Payment Payable Upon Development And Regulatory Milestones | 300 | ||||
Business Combination, Contingent Consideration, Liability, Milestone Payment Payable Upon Achievement Of Tiered Sales Milestones | 2,100 | ||||
Business Combination, Price of Acquisition, Expected | $ 350 |
Acquisitions and Other Transa_4
Acquisitions and Other Transactions (Purchase Price Allocations) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 15, 2024 | Dec. 31, 2023 | Nov. 07, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 9,693.5 | $ 9,867.1 | ||
Famy Life Sciences Acquisition | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 695 | |||
Idorsia Pharmaceuticals Ltd. | ||||
Business Acquisition [Line Items] | ||||
Current assets (excluding inventories and net of cash acquired) | $ 2.1 | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, In Process Research And Development | 675 | |||
Goodwill | 19.5 | |||
Total assets acquired | 696.6 | |||
Current liabilities | (1.6) | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 695 |
Divestitures (Details)
Divestitures (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Nov. 29, 2022 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 01, 2023 product | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of assets and subsidiaries | $ 240.6 | $ 0 | ||||||
Other Nonoperating Income (Expense) | 139.1 | 69.9 | ||||||
Gain (Loss) on Disposition of Business | 70.4 | 0 | ||||||
Biocon Biologics | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Equity Securities, FV-NI, Gain (Loss) | (46.9) | 2.6 | ||||||
Licensing Agreements | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Write down of intangible assets | 32 | $ 172.9 | ||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Assets held for sale | 1,846.5 | $ 1,946 | $ 1,946 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number Of Women's Healthcare Products Sold | product | 2 | |||||||
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 | 374.2 | 136.4 | ||||||
Inventory Valuation Reserves | 9.2 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 85.2 | |||||||
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) | 13.4 | $ 45.7 | ||||||
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 sale of assets and subsidiaries | 2,000 | |||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 1,000 | |||||||
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 Operations, Contingent Consideration Paid | 220 | |||||||
Women's Health Products | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Income | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | 80.8 | |||||||
Women's Health Products | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Selling, General and Administrative Expenses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ 156.2 | |||||||
OTC Business | 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 | 734.7 | |||||||
Goodwill, Impairment Loss | 580.1 | |||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 154.7 | |||||||
API Business | Disposal Group, Held-for-Sale, Not Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 10.4 |
Divestitures (Details)_2
Divestitures (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Valuation allowance on assets held for sale | $ (157.3) | |
Assets held for sale | $ 2,520.4 | 2,786 |
Liabilities held for sale | 234.8 | 275.1 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 57.6 | 112.1 |
Inventories | 408.9 | 422.4 |
Prepaid expenses and other current assets | 5 | 7.5 |
Property, plant and equipment, net | 239 | 262.2 |
Goodwill | 1,846.5 | 1,946 |
Goodwill | 119.1 | 188 |
Other assets | 3.3 | 5.1 |
Valuation allowance on assets held for sale | (159) | |
Accounts payable | 126.2 | 137.4 |
Other current liabilities | 34 | 35.3 |
Deferred income tax liability | 48.8 | 77.2 |
Other long-term obligations | $ 25.8 | 25.2 |
Liabilities held for sale | $ 275.1 |
Share-Based Incentive Plan (Nar
Share-Based Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Nov. 16, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 18,012 | |||
Stock option award expiration period, in years | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,723,405 | 4,159,333 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 0.8 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 0.4 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0.8 | |||
Long-Term Incentive Plan 2003 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense, net of estimated forfeitures | $ 287.6 | |||
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 1 year 9 months 18 days | |||
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 129 | $ 100.8 | ||
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 | 3 years 9 months 18 days | |||
Average remaining contractual term for stock awards vested and expected to vest, in years | 3 years 8 months 12 days | |||
Average remaining contractual term for stock awards exercisable, in years | 3 years 7 months 6 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 | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 35.79 | $ 37.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (18,012) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (417,916) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 53.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,707,337 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 35.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,597,026 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 36.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,723,405 | 4,159,333 |
Share-Based Incentive Plan (Non
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2024 $ / 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 | 31,096,783 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 11.20 |
Number of restricted stock awards, granted | shares | 13,326,359 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 12.38 |
Number of restricted stock awards, released | shares | (10,336,912) |
Weighted average grant-date fair value per share, released | $ / shares | $ 11.92 |
Number of restricted stock awards, forfeited | shares | (1,305,912) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 11 |
Number of restricted stock awards, nonvested end of period | shares | 32,780,318 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 11.46 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 114.4 |
Estimated employer contributions in current year | $ 61.3 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 7.9 | $ 7.1 |
Interest cost | 16.6 | 18.3 |
Expected return on plan assets | (16.9) | (16.4) |
Amortization of prior service costs | 0.5 | 0 |
Recognized net actuarial gains | (4.3) | (5) |
Net periodic benefit cost | 3.8 | $ 4 |
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service costs | $ 0.5 |
Balance Sheet Components (Cash,
Balance Sheet Components (Cash, cash equivalents, and restricted cash) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,014.6 | $ 991.9 | $ 506.6 | |
Restricted cash | 1.3 | 1.7 | 4.1 | |
Cash, cash equivalents and restricted cash | $ 1,015.9 | $ 993.6 | $ 510.7 | $ 1,262.5 |
Balance Sheet Components (Inven
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Components [Abstract] | ||
Raw materials | $ 686.7 | $ 731.7 |
Work in process | 1,097.5 | 602.1 |
Finished goods | 2,039 | 2,135.9 |
Inventories | $ 3,823.2 | $ 3,469.7 |
Balance Sheet Components (Prepa
Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Prepaid expenses | $ 178.9 | $ 155.9 |
Fair value of financial instruments | 73.3 | 106.2 |
Equity securities | 52.1 | 49.3 |
Other current assets | 249.5 | 271 |
Prepaid expenses and other current assets | 1,933.3 | 2,028.1 |
Deferred Charges, Tax On Intercompany Profit | 701.8 | 747.3 |
Income Taxes Receivable | 310.7 | 340.2 |
Other Current Assets | Biocon Biologics | ||
Property, Plant and Equipment [Line Items] | ||
Disposal Group, Including Discontinued Operation, Deferred Consideration Due | 328.3 | 321.2 |
Available-for-sale fixed income investments | ||
Property, Plant and Equipment [Line Items] | ||
Available-for-sale securities | $ 38.7 | $ 37 |
Balance Sheet Components (Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,705.7 | $ 4,770.3 |
Accumulated depreciation | 1,997.5 | 2,010.7 |
Property, plant and equipment, net | 2,708.2 | 2,759.6 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,745.8 | 2,774.5 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,438.8 | 1,444.4 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 406.5 | 431.2 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 114.6 | $ 120.2 |
Balance Sheet Components (Other
Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets, Noncurrent [Abstract] | ||
Operating lease right-of-use assets | $ 242.1 | $ 245.6 |
Other long-term assets | 800.6 | 821.1 |
Other assets | 2,231.6 | 2,208.7 |
Convertible Preferred Stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity Securities, FV-NI, Cost | 1,023.2 | 976.3 |
Private Equity Securities | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity Securities, FV-NI, Cost | $ 165.7 | $ 165.7 |
Balance Sheet Components (Trade
Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Payable, Current [Abstract] | ||
Trade accounts payable | $ 1,584 | $ 1,381.4 |
Other payables | 612.9 | 556.8 |
Accounts payable | $ 2,196.9 | $ 1,938.2 |
Balance Sheet Components (Oth_2
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 842 | $ 876.6 |
Legal and professional accruals, including litigation accruals | 321.6 | 244 |
Payroll and employee benefit liabilities | 598.2 | 844.5 |
Contingent consideration (1) | 569.9 | 215.1 |
Restructuring Reserve, Current | 29.9 | 36.4 |
Accrued interest | 204.7 | 66.8 |
Other Liabilities, Current | 3,281.7 | 3,393.9 |
Fair value of financial instruments | 70.1 | 124.6 |
Operating lease liability | 91.8 | 83 |
Other | 851.4 | 922.2 |
Liabilities held for sale | 234.8 | 275.1 |
Other Current Liabilities [Member] | ||
Schedule of other current liabilities [Line Items] | ||
Contingent consideration (1) | 105.2 | 76.1 |
Variable Consideration | ||
Schedule of other current liabilities [Line Items] | ||
Other receivables | $ 1,008.8 | $ 996.3 |
Balance Sheet Components (Oth_3
Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Employee benefit liabilities | $ 495.1 | $ 504.3 |
Contingent consideration (1) | 569.9 | 215.1 |
Tax related items, including contingencies | 406.3 | 399.3 |
Operating Lease, Liability, Noncurrent | 156.2 | 165.4 |
Restructuring Reserve, Noncurrent | 57.9 | 59.2 |
Other | 244.9 | 249.7 |
Other long-term obligations | 1,825.1 | 1,516.9 |
Biocon Biologics | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration (1) | 30 | 15.8 |
Other long-term obligations | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration (1) | $ 464.7 | $ 139 |
Balance Sheet Components - Asse
Balance Sheet Components - Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities held for sale | $ 234.8 | $ 275.1 |
Earnings (Loss) per Ordinary _3
Earnings (Loss) per Ordinary Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 14 Months Ended | ||||
Mar. 15, 2024 | Mar. 17, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 28, 2024 | Feb. 28, 2022 | |
Earnings Per Share [Abstract] | ||||||
Diluted (in USD per share) | $ 0.09 | $ 0.19 | ||||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 7,900,000 | 13,900,000 | ||||
Dividends paid (in dollars per share) | $ 0.12 | |||||
Share repurchase program, authorized amount | $ 2,000 | $ 1,000 | ||||
Treasury Stock, Shares, Acquired | 19,200,000 | 21,200,000 | ||||
Payments for Repurchase of Common Stock | $ 250 | $ 250 | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Share repurchase program, authorized amount | 2,000 | $ 1,000 | ||||
Stock Repurchased During Period, Value | $ 500 | |||||
Idorsia Pharmaceuticals Ltd. | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Business Combination, Price of Acquisition, Expected | $ 350 |
Earnings (Loss) per Ordinary _4
Earnings (Loss) per Ordinary Share (Basic and Diluted Earnings Per Ordinary Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to Viatris Inc. common shareholders | $ 113.9 | $ 224.7 |
Weighted average shares outstanding | 1,195.2 | 1,202.5 |
Basic earnings per share attributable to Viatris Inc. shareholders | $ 0.10 | $ 0.19 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 14.3 | 3.1 |
Total dilutive shares outstanding | 1,209.5 | 1,205.6 |
Diluted earnings (loss) per ordinary share | $ 0.09 | $ 0.19 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |||
In-process research and development | $ 994.1 | $ 319.4 | |
Contingent consideration (1) | 569.9 | 215.1 | |
Business Combination Contingent Consideration Liability Payments | (10.9) | ||
Intangible asset disposal & impairment charges | 0 | $ 32 | |
Goodwill | 9,693.5 | 9,867.1 | |
Emerging Markets Segment | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,173.7 | 1,181.2 | |
Japan, Australia and New Zealand Segment | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 621.1 | 645.7 | |
Greater China | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 925.3 | 932.8 | |
Other Current Liabilities [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Contingent consideration (1) | 105.2 | $ 76.1 | |
Business Combination Contingent Consideration Liability Payments | (10.9) | ||
Reconciling items: | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset disposal & impairment charges | $ 0 | $ 32 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | $ 9,867.1 | |
Acquisitions | 19.5 | |
Foreign currency translation | (193.1) | |
Goodwill | 9,693.5 | $ 9,867.1 |
Goodwill, Impaired, Accumulated Impairment Loss | (124) | |
Developed Markets Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 7,107.4 | |
Acquisitions | 19.5 | |
Foreign currency translation | (153.5) | |
Goodwill | 6,973.4 | 7,107.4 |
Goodwill, Impaired, Accumulated Impairment Loss | (929) | (929) |
Greater China | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 932.8 | |
Acquisitions | 0 | |
Foreign currency translation | (7.5) | |
Goodwill | 925.3 | 932.8 |
Japan, Australia and New Zealand Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 645.7 | |
Acquisitions | 0 | |
Foreign currency translation | (24.6) | |
Goodwill | 621.1 | 645.7 |
Goodwill, Impaired, Accumulated Impairment Loss | (30) | (30) |
Emerging Markets Segment | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 1,181.2 | |
Acquisitions | 0 | |
Foreign currency translation | (7.5) | |
Goodwill | 1,173.7 | $ 1,181.2 |
Goodwill, Impaired, Accumulated Impairment Loss | $ (124) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Intangible Assets by Major Class [Line Items] | ||||
Intangible asset disposal & impairment charges | $ 0 | $ 32 | ||
Finite-lived intangible assets, original cost | 33,830.4 | $ 34,178.1 | ||
Finite-lived intangible assets, accumulated amortization | 15,690.8 | 15,316.4 | ||
Finite-lived intangible assets, net book value | 18,139.6 | 18,861.7 | ||
In-process research and development | 994.1 | 319.4 | ||
Intangible assets, gross, excluding goodwill | 34,824.5 | 34,497.5 | ||
Intangible assets, net book value, excluding goodwill | $ 19,133.7 | $ 19,181.1 | ||
Patents and technologies | ||||
Intangible Assets by Major Class [Line Items] | ||||
Finite-lived intangible assets, estimated useful life, in years | 13 years | 13 years | ||
Licensing Agreements | ||||
Intangible Assets by Major Class [Line Items] | ||||
Write down of intangible assets | $ 32 | $ 172.9 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible asset amortization expense | $ 601 | $ 603.3 |
Intangible asset disposal & impairment charges | 0 | 32 |
Total intangible asset amortization expense (including disposal & impairment charges) | $ 601 | $ 635.3 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 1,750 |
2025 | 2,255 |
2026 | 2,205 |
2027 | 2,006 |
2028 | $ 1,769 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, ¥ in Millions, $ in Millions | 3 Months Ended | |||||||
Mar. 31, 2024 USD ($) | May 09, 2024 EUR (€) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 JPY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 JPY (¥) | Oct. 31, 2023 EUR (€) | |
Derivative [Line Items] | ||||||||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | $ | $ 3 | |||||||
Contingent consideration (1) | $ | 569.9 | $ 215.1 | ||||||
Interest rate swaps | Subsequent Event | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € 500 | |||||||
Respiratory delivery platform | ||||||||
Derivative [Line Items] | ||||||||
Contingent consideration (1) | $ | 173.2 | 177.6 | ||||||
Biocon Biologics | ||||||||
Derivative [Line Items] | ||||||||
Contingent consideration (1) | $ | 30 | 15.8 | ||||||
Idorsia Pharmaceuticals Ltd. | ||||||||
Derivative [Line Items] | ||||||||
Contingent consideration (1) | $ | 345 | |||||||
Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | € 5,600 | ¥ 40,000 | € 5,600 | ¥ 40,000 | ||||
Long-term debt | 5,600 | 40,000 | ||||||
Other Current Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Contingent consideration (1) | $ | 105.2 | 76.1 | ||||||
2024 Euro Senior Notes | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 1,000 | 1,000 | ||||||
Long-term debt | 1,000 | |||||||
2028 Euro Senior Notes | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 750 | 750 | ||||||
Long-term debt | 750 | |||||||
2020 Euro Senior Notes | ||||||||
Derivative [Line Items] | ||||||||
Long-term debt | $ | $ 264.3 | $ 283.6 | ||||||
2.125% Euro Senior Notes due 2025 | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 500 | 500 | ||||||
Long-term debt | 500 | |||||||
2024 Euro Senior Notes, 1.023% | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 750 | 750 | ||||||
Long-term debt | 750 | |||||||
2027 Euro Senior Notes | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 850 | 850 | ||||||
Long-term debt | 850 | |||||||
2032 Euro Senior Notes | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 1,250 | 1,250 | ||||||
Long-term debt | 1,250 | |||||||
YEN Term Loan | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | ¥ | 40,000 | ¥ 40,000 | ||||||
Long-term debt | ¥ | 40,000 | |||||||
2020 Floating Rate Euro Notes | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 500 | € 500 | ||||||
Long-term debt | € 500 | |||||||
Interest rate swaps | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | ¥ | ¥ 14,600 | |||||||
Currency Swap | Net Investment Hedging | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € 500 | |||||||
Measurement Input, Discount Rate | Contingent consideration | Minimum | ||||||||
Derivative [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.085 | 0.085 | 0.085 | 0.064 | 0.064 | 0.064 | ||
Measurement Input, Discount Rate | Contingent consideration | Maximum | ||||||||
Derivative [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.080 | 0.080 | 0.080 |
Financial Instruments and Ris_4
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 73.3 | $ 106.2 |
Fair value of financial instruments | 70.1 | 124.6 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 35.9 | 17.5 |
Fair value of financial instruments | 10 | 35.8 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 35.9 | 17.5 |
Designated as Hedging Instrument | Other Current Liabilities [Member] | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 10 | 35.8 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 37.4 | 88.7 |
Fair value of financial instruments | 60.1 | 88.8 |
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 | 37.4 | 88.7 |
Not Designated as Hedging Instruments | Other Current Liabilities [Member] | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 60.1 | $ 88.8 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated As Hedging Instrument) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 73.3 | $ 106.2 |
Fair value of financial instruments | 70.1 | 124.6 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 37.4 | 88.7 |
Fair value of financial instruments | 60.1 | 88.8 |
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 | 37.4 | 88.7 |
Not Designated as Hedging Instruments | Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 60.1 | $ 88.8 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 156.2 | $ (41.7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5 | 7.7 |
Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrecognized gain on derivatives in cash flow hedging relationships | (21.6) | 44.6 |
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 | (22.8) | 44.6 |
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 | 24.8 | 11.1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 6.6 | 8.9 |
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 | (1.2) | (0.9) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (1.6) | (1.2) |
Net Investment Hedging | Foreign currency forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 10.7 | 0 |
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 | 117 | (51.9) |
Net Investment 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 | 4.9 | 0 |
Net unrecognized gain on derivatives in cash flow hedging relationships | $ 1.2 | $ 0 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 52.1 | $ 49.3 | |
Fair value of financial instruments | 73.3 | 106.2 | |
Available-for-sale fixed income investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 38.7 | 37 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 500.3 | 651.4 | |
Equity securities | 52.1 | 49.3 | |
Total assets at recurring fair value measurement | 552.4 | 700.7 | |
Level 1 | Money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 500.3 | 651.4 | |
Level 1 | Exchange traded funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 51.9 | 49.1 | |
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 | 112 | 143.2 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 70.1 | 124.6 | |
Level 2 | Foreign currency forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange derivative assets | 73.3 | 106.2 | |
Foreign exchange derivative liabilities | 70.1 | 124.6 | |
Level 2 | Available-for-sale fixed income investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 38.7 | 37 | |
Level 2 | Corporate Bond Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 14.4 | 15.9 | |
Level 2 | U.S. Treasuries | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 14.2 | 11.2 | |
Level 2 | Agency mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 3.2 | 4.6 | |
Level 2 | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 4.9 | 5.1 | |
Level 2 | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 2 | 0.2 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at recurring fair value measurement | 976.3 | $ 1,023.2 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 569.9 | 215.1 | |
Level 3 | Contingent consideration | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Liabilities, Fair Value Disclosure | 569.9 | ||
Level 3 | Convertible Preferred Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities, FV-NI | 1,023.2 | 976.3 | |
Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of financial instruments | $ 35.9 | $ 17.5 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Rollforward of Contingent Consideration) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | $ 215.1 |
Acquisition | 345 |
Payments | 10.9 |
Reclassifications | 0 |
Accretion expense | 15.9 |
Fair value loss | 4.8 |
Balance at end of period | 569.9 |
Biocon Biologics | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 15.8 |
Balance at end of period | 30 |
Other Current Liabilities [Member] | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 76.1 |
Acquisition | 0 |
Payments | 10.9 |
Reclassifications | 40 |
Accretion expense | 0 |
Fair value loss | 0 |
Balance at end of period | 105.2 |
Other long-term obligations | |
Schedule of Activity in Contingent Consideration [Roll Forward] | |
Balance at beginning of period | 139 |
Acquisition | 345 |
Payments | 0 |
Reclassifications | (40) |
Accretion expense | 15.9 |
Fair value loss | 4.8 |
Balance at end of period | $ 464.7 |
Debt (Receivables, Securitizati
Debt (Receivables, Securitization Facility and Commercial Paper) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 1,889.7 | $ 1,934.7 |
Unamortized debt issuance expense | (28.4) | (29.5) |
Long-term debt | 16,072.5 | 16,188.1 |
Other Current Portion of Long-term Debt | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 0.6 | 0.4 |
2020 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 264.3 | 283.6 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2.4 | 2.4 |
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 | $ 1,078.7 | 1,103.5 |
Senior Notes | 2.125% Euro Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.125% | |
Long-term debt | $ 539.3 | 551.7 |
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Long-term debt | $ 2,245.6 | 2,245.1 |
Senior Notes | 2028 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 805.7 | 824.1 |
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 | $ 749.1 | 749.1 |
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.40% | |
Long-term debt | $ 497.5 | 497.5 |
Senior Notes | 2046 Senior Notes (5.250% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.25% | |
Long-term debt | $ 999.9 | 999.9 |
Senior Notes | 2048 Senior Notes (5.200%) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.20% | |
Senior Notes | 2048 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 747.8 | 747.8 |
Senior Notes | 2024 Euro Senior Notes, 1.023% | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 810.9 | 831.5 |
Senior Notes | 2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.65% | |
Long-term debt | $ 754.8 | 755.7 |
Senior Notes | 2027 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 943.3 | 967.2 |
Senior Notes | 2027 Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 768.4 | 769.8 |
Senior Notes | 2030 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.70% | |
Long-term debt | $ 1,503 | 1,505 |
Senior Notes | 2032 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.908% | |
Long-term debt | $ 1,442.4 | 1,478.4 |
Senior Notes | 2040 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.85% | |
Long-term debt | $ 1,642.3 | 1,644 |
Senior Notes | 2050 Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4% | |
Long-term debt | $ 2,195.1 | 2,196.3 |
Current Portion of Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ (0.5) | $ (0.7) |
Debt (2016 and 2018 Revolving F
Debt (2016 and 2018 Revolving Facility and 2016 Term Facility) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Current portion of long-term debt | $ 1,889.7 | $ 1,934.7 |
Debt (Fair Value) (Narrative) (
Debt (Fair Value) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 15,090 | $ 15,250 |
Debt (Minimum Repayments on Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,888 |
2025 | 1,289 |
2026 | 2,514 |
2027 | 1,667 |
2028 | 1,559 |
Thereafter | 8,549 |
Total | $ 17,466 |
Comprehensive Earnings (Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | $ 90.7 | $ 98 | ||
Net unrealized loss on available-for-sale fixed income securities, net of tax | (1.4) | $ (1.2) | ||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (266.4) | 271.4 | ||
Foreign currency translation adjustment | (3,589.2) | (3,246.7) | ||
Accumulated other comprehensive loss | (2,941) | (2,747.4) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 6.2 | (1.3) | ||
Sales Revenue, Goods, Net | 3,653.5 | 3,719.1 | ||
Interest expense | 138.4 | 147 | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gain (loss) on derivatives | 28.7 | |||
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 | 369.6 | 237.1 | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | (12.5) | |||
Accumulated other comprehensive loss | (2,764.6) | $ (2,761.2) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (142.4) | (3.2) | ||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 1.1 | |||
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax | (16.8) | (18.5) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 10.5 | |||
Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 7.1 | |||
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax | $ (8) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 33.7 | |||
Gains and Losses on Derivatives | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 36.6 | (14.3) | ||
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax | 325.1 | 377 | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (66.2) | |||
Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 0.2 | |||
Net unrealized loss on available-for-sale fixed income securities, net of tax | (1.6) | (2.3) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 0.9 | |||
Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | (0.5) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | 269.3 | 268.5 | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.4) | 6.3 | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 0 | |||
Foreign currency translation adjustment | (3,340.6) | $ (3,385.9) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (342.5) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 42.4 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.5) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 4.3 | 5 | ||
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 | 2.8 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | (0.1) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | (1.2) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (1.3) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax provision | 0 | |||
Other Comprehensive Income (Loss), before Tax | 45.3 | |||
Mylan N.V. | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gain (loss) on derivatives | 169.1 | (66.2) | ||
Foreign currency forward contracts | Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Sales Revenue, Goods, Net | (6.6) | |||
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 | (6.6) | (8.9) | ||
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 | (6.6) | (8.9) | ||
Interest rate swaps | Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.6 | |||
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 | 1.6 | 1.2 | ||
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 | 1.6 | 1.2 | ||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.5) | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 4.3 | $ 5 | ||
Pension and other postretirement benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ (0.5) |
Comprehensive Earnings (Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ (1.2) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (266.4) | $ 271.4 | ||
Foreign currency translation adjustment, beginning of period | (3,246.7) | |||
Accumulated other comprehensive loss, net of tax, beginning of period | (2,747.4) | |||
Net sales | 3,653.5 | $ 3,719.1 | ||
Interest expense | 138.4 | 147 | ||
Change in unrecognized gain and prior service cost related to defined benefit plans | (6.2) | 1.3 | ||
Income tax expense | 90.7 | 98 | ||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (1.4) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (266.4) | |||
Foreign currency translation adjustment, end of period | (3,589.2) | |||
Accumulated other comprehensive loss, net of tax, end of period | (2,941) | |||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (18.5) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 10.5 | |||
Income tax expense | 1.1 | |||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (16.8) | |||
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 | 2.8 | |||
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 | (6.6) | (8.9) | ||
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 | 1.6 | 1.2 | ||
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 | (2.3) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 0.9 | |||
Income tax expense | 0.2 | |||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (1.6) | |||
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) | |||
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 | 269.3 | $ 268.5 | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (2.4) | 6.3 | ||
Income tax expense | (0.5) | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | 269.3 | |||
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Change in unrecognized gain and prior service cost related to defined benefit plans | 1.3 | |||
Income tax expense | (1.2) | |||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment, beginning of period | (3,385.9) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (342.5) | |||
Income tax expense | 0 | |||
Foreign currency translation adjustment, end of period | (3,340.6) | |||
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 | 45.3 | |||
Income tax expense | 0 | |||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning of period | (2,761.2) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (142.4) | (3.2) | ||
Income tax expense | (12.5) | |||
Accumulated other comprehensive loss, net of tax, end of period | (2,764.6) | |||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.5 | |||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | (4.3) | (5) | ||
Income tax expense | 42.4 | |||
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 | (6.6) | (8.9) | ||
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 | 1.6 | 1.2 | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 28.7 | |||
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 | (8) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 33.7 | |||
Income tax expense | 7.1 | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 13.6 | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | (6.6) | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.6 | |||
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 | 369.6 | $ 237.1 | ||
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 | 377 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (66.2) | |||
Income tax expense | 36.6 | (14.3) | ||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 325.1 | |||
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 | 169.1 | (66.2) | ||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.5 | 0 | ||
Recognized net actuarial gains | (4.3) | $ (5) | ||
Pension and other postretirement benefits | Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | $ 0.5 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | $ 3,653.5 | $ 3,719.1 |
Revenues | 3,663.4 | 3,729.1 |
Amortization of Intangible Assets | (601) | (603.3) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | (32) |
Research and development | (199.7) | (182.9) |
Litigation settlements and other contingencies, net | (76.8) | (0.6) |
Earnings from operations | 203.9 | 399.8 |
Other Research and Development Expense | (6.1) | 0 |
Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Earnings from operations | 1,646.4 | 1,776.5 |
Reconciling items: | ||
Segment Reporting Information [Line Items] | ||
Amortization of Intangible Assets | (601) | (603.3) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | (32) |
Research and development | (199.7) | (182.9) |
Litigation settlements and other contingencies, net | (76.8) | (0.6) |
Other One-Time Nonoperating Expense | (202.3) | (178.5) |
Corporate / Other | ||
Segment Reporting Information [Line Items] | ||
Corporate costs | 356.6 | 379.4 |
Developed Markets Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 2,165.4 | 2,170.4 |
Earnings from operations | 913.3 | 938.7 |
Greater China | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 543.9 | 564.6 |
Earnings from operations | 366.3 | 394.3 |
Japan, Australia and New Zealand Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 317.8 | 342.2 |
Earnings from operations | 87.3 | 130.5 |
Emerging Markets Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 626.4 | 641.9 |
Earnings from operations | $ 279.5 | $ 313 |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Prepaid expenses and other current assets | $ 1,933.3 | $ 2,028.1 | |
Variable Interest Entity, Not Primary Beneficiary | Mapi Pharma Ltd. | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Variable Interest Entity, Maximum Milestone Payments | 90 | ||
Variable Interest Entity, Financial or Other Support, Amount | $ 30 | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 45.6 | ||
Other Assets | 132.1 | ||
Gain (Loss) on Investments | 62.1 | ||
Prepaid expenses and other current assets | 52.5 | ||
Collaborative Arrangement | Mapi Pharma Ltd. | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Payments to Acquire in Process Research and Development | 75 | ||
Maximum | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Development and sales milestone payments | 409 | ||
Maximum | Collaborative Arrangement | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Development and sales milestone payments | $ 18 |
Income Taxes Income Taxes Discl
Income Taxes Income Taxes Disclosure (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 90.7 | $ 98 | |||
Reserve for Uncertain Tax Positions, Including Interest And Penalties | 281.8 | $ 287.1 | |||
Foreign Tax Authority | Australian Taxation Office | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Examination, Partial Payment Of Income Tax Expense | $ 5.2 | $ 56 | |||
Foreign Tax Authority | Ministry of Finance, India | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 22.3 | ||||
Foreign Tax Authority | Swedish Tax Authorities (STA) | |||||
Income Tax Contingency [Line Items] | |||||
Amount of income tax, including interest and penalties under appeal | $ 19 |
Litigation (Lorazepam and Clora
Litigation (Lorazepam and Clorazepate) (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Opiod Civil Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 150.7 |
Litigation (Pricing and Medicai
Litigation (Pricing and Medicaid Litigation) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 3,281.7 | $ 3,393.9 |
Litigation (MDRP Classification
Litigation (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Other Current Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | $ 5.5 |
Litigation (Drug Pricing Matter
Litigation (Drug Pricing Matters) (Details) - Mar. 31, 2024 | Total | state |
Multi District Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 44 | 44 |
Anticompetitive Conduct with Generic Drugs [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 45 | |
Amended Anticompetitive Conduct with Generic Drugs [Member] | ||
Loss Contingencies [Line Items] | ||
Number of states | 40 |
Litigation (U.K. Competition an
Litigation (U.K. Competition and Markets Authority) (Narrative) (Details) € in Millions | Mar. 31, 2024 EUR (€) |
Citalopram Litigation | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | € 12.2 |
Litigation (Product Liability)
Litigation (Product Liability) (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Product Liability | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 65.3 |
Litigation (Intellectual Proper
Litigation (Intellectual Property) (Narrative) (Details) - Intellectual Property $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 right | Mar. 31, 2024 right | Mar. 31, 2024 USD ($) | |
Loss Contingencies [Line Items] | |||
Damages to be paid | $ | $ 5.1 | ||
Amitiza ® | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Number Of Patents | 3 | ||
Tyrvaya ® | |||
Loss Contingencies [Line Items] | |||
Number Of Patents | 4 |
Litigation (Other Litigation) (
Litigation (Other Litigation) (Narrative) (Details) - Mar. 31, 2024 $ in Millions | USD ($) | Total | state |
Loss Contingencies [Line Items] | |||
Number of cases | 1,000 | ||
Multi District Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Number of states | 44 | 44 | |
Amended Multi District Litigation | |||
Loss Contingencies [Line Items] | |||
Number of states | 34 | ||
Anticompetitive Conduct with Generic Drugs [Member] | |||
Loss Contingencies [Line Items] | |||
Number of states | 45 | ||
Amended Anticompetitive Conduct with Generic Drugs [Member] | |||
Loss Contingencies [Line Items] | |||
Number of states | 40 | ||
Other Litigation | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 6.5 |