Viatris Inc. (NASDAQ:VTRS) Q3 2023 Earnings Call Transcript

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Operator: Our next question comes from Balaji Prasad, Barclays.

Unidentified Analyst : Macula [ph] on for Balaji. Thanks for taking our questions. Just wondering if you guys have any thoughts on today’s move by the FTC to challenge more than 100 in popular patents listed in the FDA’s Orange Book. I’m wondering if this will have any impact to the interest. Thanks.

Brian Roman: So this is Brian Roman, the General Counsel. Thanks for the question. Our company has been an industry leader in challenging and proper Orange Book listings for many years. So this is an issue that we understand well, take seriously, and frankly, I’d like to see the issue getting some attention. That QC hasn’t shared with us what concern they have about these particular patents. But I’d add that there already has been for years’ significant generic competition for our epinephrine auto-injectors.

Operator: Our next question comes from David Amsellem, Piper Sandler.

David Amsellem : So just a couple of product-specific questions. Can you talk about how you’re thinking about the generic Symbicort contribution next year? I know you talked about revenue being a below expectations and developed markets because of phasing of that product. So just talk about where that product is heading. Then any update on iron sucrose that would be helpful. And then on business [Technical difficulty]. What’s your willingness to move away from that or look at other therapeutic silos? Thanks.

Rajiv Malik: So I’ll answer the sort of the last part of the question first. And as I said earlier, that those three verticals, we think very highly of in terms of the type of assets that are there [Technical difficulty] areas, but we’ll keep our minds open. [Technical difficulty] All right there that can help us really move the company away. Again, what we’re really looking to do leverage the company. And if there are assets outside of those 3 areas that we find that can really help us secure our growth in Phase II, we’ll definitely look at them.

Sanjeev Narula: And David on launch of Breyna generic with the Symbicort. We couldn’t be more pleased to launch another complex part to make products as affordable alternative to [Technical difficulty] we are looking at the pickup of market share. Now isn’t kept for customers, for example, we can be in some comment — selling to some common entities, veterans or issues like [indiscernible]. So it doesn’t capture — we are — it’s exactly how we are model. It’s going to be a significant contributor because we don’t see a competition on horizon at this point of time for the next year, it’s going to be a meaningful contributor to that. And the miss — and I won’t call — first of all, we are very happy to have more than $450 million.

We have already captured $345 million on new launches, and we are well on track to do more than $450. [Technical difficulty] Most likely the launch being early the first quarter early in the first quarter of the next year. And nothing has changed otherwise, we are exactly on track. We delivered exactly how we planned.

A – Scott Smith: Are there any more questions in line?

Operator: No sir. I would now like to turn the call back over to Scott Smith, CEO, to make a few closing remarks.

Scott Smith: Thank you very much, and thank you to everybody on the call. In summary, I’m very, very pleased with the overall execution momentum and the momentum that we have as we bring Phase 1 of our strategic plan to a successful conclusion. I’m very much looking forward to moving into Phase II of our strategic plan, and I fully believe in the future trajectory of Viatris, and I’m very excited for what’s to come. Thank you all again for your attention.

Operator: This does conclude today’s Viatris 2023 third quarter earnings call and webcast. Please disconnect your line at this time, and have a wonderful day.

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