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Viatris (VTRS) reported Q1 FY2026 revenue of $3.52B (+8.1% YoY), driven by top-line growth, but gross margin compressed to 32.9% as cost of revenue rose faster than sales, while operating loss narrowed dramatically to -$79.7M versus -$2.88B a year ago, and EPS turned positive at $0.15 versus -$2.55.
营业收入
$3.52B
同比 ++8.07%
每股收益（基本）
$0.15
同比 ++105.88%
毛利率
32.9%
同比 -2.78%
营业利润
$-79.7M
同比 ++97.23%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Viatris (VTRS) Q1 FY2026 营收 $3.52B，同比增长 8.1%。 稀释每股收益 $0.15。 毛利率 32.9%。
Revenue grew 8.1% YoY to $3.52B, but cost of revenue surged 12.7% YoY to $2.36B, causing gross profit to decline slightly by 0.3% to $1.16B and compressing gross margin by approximately 280 basis points to 32.9%.
来源: 10-Q Income Statement (XBRL Financial Data)
Operating loss narrowed sharply to -$79.7M from -$2.88B in the prior-year period, a 97.2% improvement YoY, suggesting the prior year included significant one-time charges such as impairments or restructuring that did not recur in Q1 FY2026.
来源: 10-Q Income Statement (XBRL Financial Data)
Basic and diluted EPS both came in at $0.15 in Q1 FY2026, compared to -$2.55 in the prior-year quarter, reflecting the dramatic reduction in operating losses and improved bottom-line performance.
来源: 10-Q Income Statement (XBRL Financial Data)
Cash and equivalents surged 139.0% YoY to $1.80B, while long-term debt declined 12.4% YoY to $12.41B, indicating meaningful progress on deleveraging the balance sheet and improved liquidity.
来源: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow fell 27.5% YoY to $388.3M, while investing cash flow turned positive at $277.4M (vs. -$65.1M prior year), suggesting asset divestitures contributed to cash inflows and offset some operational cash generation weakness.
来源: 10-Q Cash Flow Statement (XBRL Financial Data)
Gross margin declined approximately 280 basis points YoY to 32.9% as cost of revenue grew at 12.7%, nearly 1.6x the pace of revenue growth at 8.1%. Sustained cost inflation in manufacturing, raw materials, or product mix shifts could further erode profitability if pricing power remains limited in the generics and branded pharmaceutical markets.
来源: 10-Q Income Statement (XBRL Financial Data)
Despite a 12.4% reduction YoY, long-term debt remains substantial at $12.41B against total assets of $36.83B, representing a significant leverage ratio. High debt levels constrain financial flexibility, increase interest expense, and expose the company to refinancing risk in a higher-for-longer interest rate environment.
来源: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow fell 27.5% YoY to $388.3M in Q1 FY2026, even as reported earnings improved. This divergence between accounting income and cash generation may reflect working capital headwinds or non-cash items, and if sustained, could limit the company's ability to service debt and fund R&D investment.
来源: 10-Q Cash Flow Statement (XBRL Financial Data)
Current liabilities increased 19.1% YoY to $6.81B, outpacing the 13.5% growth in current assets, which could signal increasing near-term payment obligations. While the current ratio of 1.60 remains above 1.0, the trend of faster-growing current liabilities warrants monitoring.
来源: 10-Q Balance Sheet (XBRL Financial Data)
R&D expenses rose 12.0% YoY to $248.6M, growing faster than revenue, which increases cost pressure on an already compressed margin structure. The return on this incremental R&D investment is uncertain and depends on pipeline success in a competitive pharmaceutical landscape.
来源: 10-Q Income Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.59，分析师一致预期 $0.51，超预期 +15.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.52B | $3.25B | +8.07% |
营业成本 | $2.36B | $2.09B | +12.74% |
毛利润 | $1.16B | $1.16B | -0.34% |
营业利润 | $-79.7M | $-2.88B | +97.23% |
每股收益（基本） | $0.15 | $-2.55 | +105.88% |
每股收益（稀释） | $0.15 | $-2.55 | +105.88% |
研发费用 | $248.6M | $222M | +11.98% |
销售及管理费用 | $928.8M | $948.1M | -2.04% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $36.83B | $38.47B | -4.26% |
流动资产 | $10.92B | $9.62B | +13.45% |
总负债 | $22.18B | $22.82B | -2.84% |
流动负债 | $6.81B | $5.72B | +19.06% |
现金及等价物 | $1.8B | $755M | +138.97% |
长期债务 | $12.41B | $14.18B | -12.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $388.3M | $535.5M | -27.49% |
投资活动现金流 | $277.4M | $-65.1M | +526.11% |
筹资活动现金流 | $-203.8M | $-467M | +56.36% |
股票回购 | $0 | $175.4M | -100.00% |
折旧及摊销 | $676.1M | $664.7M | +1.72% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 32.9% | 35.7% | -2.78% |
营业利润率 | -2.3% | -88.6% | +86.30% |
流动比率 | $1.603 | — | — |
VTRS reported basic and diluted EPS of $0.15 in Q1 FY2026, a dramatic improvement from -$2.55 in the prior-year quarter. Whether this beat consensus analyst estimates cannot be determined from the filing alone, but the return to positive EPS is a notable milestone.
Revenue grew 8.1% YoY to $3.52B, EPS turned positive at $0.15, and the operating loss narrowed sharply to -$79.7M from -$2.88B. However, gross margin compressed by ~280 basis points to 32.9% as costs rose faster than revenue, and operating cash flow declined 27.5% YoY to $388.3M.
Viatris reported Q1 FY2026 revenue of $3.52B, up 8.1% from $3.25B in the prior-year period. However, cost of revenue grew faster at 12.7%, meaning the revenue growth did not translate into improved gross profit, which was essentially flat at $1.16B.
Viatris has a current ratio of 1.60, cash of $1.80B (up 139% YoY), and has reduced long-term debt by 12.4% YoY to $12.41B, indicating improving liquidity and deleveraging progress. However, the company still carries substantial debt of $12.41B and reported a small operating loss of -$79.7M, so financial health remains a work in progress.
Based on the financial data, key risks include gross margin compression (down to 32.9% from 35.7%), a still-elevated long-term debt load of $12.41B, and a 27.5% decline in operating cash flow to $388.3M despite improved reported earnings. Rising current liabilities (+19.1% YoY) also warrant attention as they outpaced current asset growth.