Aug 6, 2026 earnings call — Guidance raised; Gwyn Lo approval and launches
Viatris reported $3.8 billion in total revenues this quarter and raised the midpoint of its 2026 guidance across all key metrics.
Revenue $3.8B (est $3.7B) · EPS $0.69 (est $0.60)
Key quotes
"Lastly, we delivered another exceptional quarter in Greater China with net sales increasing 16% year-over-year, once again ahead of our expectations."
"Gwyn Lo is a new discreet once-weekly transdermal hormonal contraceptive patch that offers women a noninvasive reversible option with a low dose of estrogen."
"Our updated outlook incorporates all the business dynamics we expect in the second half, including certain intermittent manufacturing disruptions at our Nashik facility following the Q1 fire and the FDA's May 2026 inspection."
Analyst Q&A 9
China sales channels and guidance
Q (Ashwani Verma · UBS): What share of China revenue is from e-commerce, retail, and government channels? And why did midpoint guidance rise more for EBITDA than revenue?
A: They said e-commerce is a smaller part of China sales, about 10% to 15%. Management said EBITDA beat was driven by cost containment and enterprise-wide strategic changes, while some high-margin product competition and lower-margin Nashik revenue muted revenue growth in the back half.
"However, e-commerce is about 10% -- between 10% and 15% of the overall business, which is specifically why I know you didn't ask, but in the second half of the year, we expect some decline in the hospital channel growth as a result of the implementation of the policy." — Paul Campbell (CFO)
selatogrel timing and procedures
Q (Umer Raffat · Evercore): When do patients start oral antiplatelets after selatogrel, how long does platelet inhibition last, and how is CABG handled?
A: They said most study patients are already on dual antiplatelet therapy, typically oral clopidogrel, and selatogrel is added on top. They said selatogrel's effect is gone within 24 hours, peak inhibition occurs quickly, and CABG can be done urgently without waiting, with procedures safely possible after about 8 hours.
"So patients that are on the study, the vast majority are on dual antiplatelet therapy to begin with." — Philippe Martin
meloxicam label and selatogrel benefit size
Q (Matthew Dellatorre · Goldman Sachs): Any FDA discussions on an opioid-sparing label for fast-acting meloxicam and how big a benefit selatogrel must show to matter commercially?
A: They said meloxicam review is at mid-cycle, FDA is engaged, and labeling talks start around October-November when label language on opioid-sparing will be negotiated. For selatogrel they said the study is sized for about a 20% risk reduction, but investigators would accept a 10% to 15% reduction as a commercially meaningful minimum.
"We are reaching mid-cycle. Things are progressing as planned, FDA is very engaged." — Philippe Martin
China durability and Nashik disruption
Q (Glen Santangelo · Barclays): Is China strength durable beyond 2026 and will fire-related supply issues be short-term? Also, how big a contributor will meloxicam be?
A: They said China growth looks durable but policy changes could create provincial variability; they expect the Nashik disruption to be short term, bigger in Q3 and moderating in Q4, and fully baked into guidance. For meloxicam, they expect an important branded U.S. launch, will finalize pricing after label, and plan a specialty sales force for launch.
"We do see the impact being larger in Q3 and moderating a bit in Q4." — Paul Campbell (CFO)
M&A and possible U.S. tariffs
Q (Ethan Brown · JPMorgan): How active is the M&A market and could U.S. generic tariffs affect the company?
A: They said M&A activity is strong and they receive many inbound opportunities daily, but will be disciplined and focus on in-market accretive assets. On tariffs they said details are not released, they are gathering information, and they note they already have 8 U.S. sites and plan to manufacture more high-margin products in the U.S.
"I still get a lot of inbound. I talk about getting inbound virtually every day, sometimes multiple times a day." — Scott Smith (CEO)
cenerimod confidence; selatogrel enrollment
Q (Yuchen Ding · Jefferies): Why are you confident in cenerimod beyond interferon-1 enrichment? And why was the selatogrel trial size increased so much?
A: They said Phase II showed the 4-milligram dose had clinically meaningful improvement, with interferon-1 high patients responding best; Phase III targets higher interferon-1 enrollment, longer 1-year primary endpoint, and mandatory steroid sparing. For selatogrel they said enrollment flexibility was planned, event rates are as expected, and they will keep enrolling to reach needed events to get data in the first half of 2027.
"Our goal was to get to approximately 70% of patients that were interferon-1 high in Phase III, and we have exceeded that goal in both studies." — Philippe Martin
China policy impact and selatogrel data timing
Q (Jason Gerberry · BofA): Will China policy create tough comps for 2027 and what are the timing steps after selatogrel enrollment to top-line data?
A: They said China momentum should continue but growth will likely moderate from prior double-digit rates; policy execution varies by province and they expect more clarity by November and have built impacts into forecasts. For selatogrel they said primary endpoints include events at 7 days and within 2 days for some MI types, secondary endpoints at 30 days, and the large global study requires time to gather and clean data, hence first-half 2027 timing.
"So yes, you are correct that the primary endpoint is that 7 days for death and within 2 days of injections for the other types of MI." — Philippe Martin
Benlysta use in trial and estradiol patch demand
Q (David Amsellem · Piper Sandler): Is background Benlysta allowed in cenerimod trials and is it stratified? Also, how big is the hormonal patch opportunity after box warning removal?
A: They said belimumab (Benlysta) is allowed as standard of care, but they expect only about 5% of patients on it, randomization balances any effect, and inclusion helps assess safety and efficacy on top of Benlysta. On estradiol patches they said demand rose after the black box removal and due to GLP-1 interactions, they currently fulfill about 70% of orders, are ramping Vermont capacity and may seek external capacity to meet demand through 2030.
"That being said, we don't expect a significant number of patients that will be on belimumab as part of the study." — Philippe Martin
Why selatogrel kept enrolling past initial size
Q (Umer Raffat · Evercore): Why did selatogrel enrollment grow from initial ranges up to much larger numbers—was it power-driven or a decision to keep enrolling?
A: They said it was the latter: they are letting the large study keep enrolling to get events faster and to maximize the value of the substantial investment in the trial; ClinicalTrials.gov numbers provide flexibility so they do not have to change sample size repeatedly.
"That's exactly what the latter, right, which is that we are letting it enroll -- this is a sizable study." — Philippe Martin