Viagra maker Viatris misses revenue estimates on weak demand for older drugs
Viagra maker Viatris misses revenue estimates on weak demand for older drugs
May 9 (Reuters) – Drugmaker Viatris (VTRS.O) narrowly missed first-quarter revenue estimates on Thursday, hurt by weak sales for its older drugs such as cholesterol medication Lipitor and Norvasc for high blood pressure.
Net sales in its branded drugs unit, which makes up two-thirds of the company’s total revenues, also fell 4.5% to $2.31 billion.
Viatris, formed by the merger of Mylan and Pfizer’s (PFE.N) Upjohn business, makes generic and key branded drugs such as erectile dysfunction drug Viagra, anti-anxiety medication Xanax, epilepsy treatment Lyrica and arthritis treatment Celebrex.
The company last year agreed to divest its over-the-counter (OTC) drugs, active pharmaceutical ingredients (API) and women’s health businesses. It said in February the expected timing of the deals closing will impact results for the next few quarters.
On Thursday, CEO Scott Smith said the company has completed the divestiture of its women’s healthcare business, while the API unit’s divestiture will close imminently.
