Shares of Viatris Inc. (NASDAQ: VTRS) surged over 5% on Wednesday after the generic drugmaker reported better-than-expected third-quarter results, driven by strong demand for its newly launched generic drugs.
For the quarter ended September 30, 2024, Viatris posted adjusted earnings of $0.75 per share, surpassing analysts' average estimate of $0.68 per share. Revenue came in at $3.8 billion, slightly ahead of the consensus forecast of $3.71 billion.
The company's performance was boosted by robust sales of its recently introduced generic versions of popular drugs like AstraZeneca's asthma inhaler Symbicort and Takeda's ADHD medication Vyvanse. Revenue from new product launches totaled $133 million in the third quarter.
While reaffirming its full-year revenue guidance in the range of $14.6 billion to $15.1 billion, Viatris slightly lowered its adjusted earnings per share forecast to $2.56 to $2.71, from the previous estimate of $2.58 to $2.73. The company cited higher expected R&D costs related to its licensing agreement for Lexicon's diabetes drug sotagliflozin as the reason for the EPS guidance revision.
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