KUALA LUMPUR, Dec 1 — Viatris Inc has launched in the United States following the successful combination of Mylan N.V. and Pfizer’s Upjohn business.
By combining these two complementary legacy companies, Viatris has the scientific, manufacturing and distribution expertise with proven regulatory, medical and global commercial capabilities to deliver high-quality medicines to patients in more than 165 countries and territories.
Viatris said it is a new kind of global health care company, whose mission is to empower people worldwide to live healthier at every stage of life by expanding access to medicines regardless of geography or circumstance; advancing responsible, sustainable operations and targeted innovation to improve patient health; and leveraging its collective expertise to connect more people to more products and services.
“Today, we celebrate the launch of Viatris, the culmination of more than a decade of strategic, thoughtful work to build a global company with the breadth and depth to provide more efficient access to high-quality medicines to patients and health care systems around the world,” Viatris executive chairman Robert J. Coury said in a statement.
Viatris remains committed to returning capital to shareholders with an expected dividend of at least 25 per cent of free cash flows, based upon GAAP operating cash flow less capital expenditures, beginning after the first full quarter of Viatris’ operations, with the expectation to grow the dividend thereafter. The company also stands behind its commitment to deleverage towards a target leverage ratio of 2.5x over time and is committed to maintaining an investment grade rating.
With a workforce of approximately 45,000 colleagues, Viatris is headquartered in the United States and has global centres in Pittsburgh, Shanghai and Hyderabad, India.
Its global portfolio comprises more than 1,400 approved molecules across a wide range of therapeutic areas, spanning both non-communicable and infectious diseases, including globally recognised iconic brands, generic, complex generic and branded medicines, a growing portfolio of biosimilars, and a variety of over-the-counter consumer products.
“We commence our journey armed with an experienced and diverse management team, a strong financial profile and an enviable global infrastructure. Together, we are building a performance-driven, highly engaging and inclusive culture with colleagues united by a shared purpose in Viatris’ mission to help empower people worldwide to live healthier at every stage of life,” Viatris CEO Michael Goettler said in a statement.
Viatris said it provides trusted, high-quality medicines that treat nine out of 10 of the World Health Organization’s (WHO) leading causes of death. Viatris is a leading provider of antiretrovirals to treat HIV/AIDS and other infectious diseases.
Roughly 40 per cent of the more than 23 million people receiving treatment for HIV use Viatris products, including 60% of the world’s HIV-positive children receiving treatment.
“Our unique position to increase access to health care and address unmet needs is grounded in our best-in-class scientific, regulatory, manufacturing and supply chain capabilities along with our commercial reach across markets and channels,” Viatris President Rajiv Malik said.
The combination of Mylan and Upjohn was announced on July 29, 2019 and received final regulatory clearance on October 30, 2020.