Viatris Inc. (NASDAQ:VTRS) Q4 2022 Earnings Call Transcript

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And now that we’re here and looking forward, we laid out Phase II. And I think I’ve been crystal clear. And the vision that we laid out on November 7, I think the strategy behind the vision, the execution plan that we put in place, and now to try to find the best right leader. And if you look at Scott’s background, his background, this is right in his sweet spot. The level of experience he brings, the builder that is, all the things that you’ve heard me say, I think that this is much more of a natural transgression and companies should not be viewed as making changes for — because anything is negative. I think you can hear it in Michael’s voice, I think, yes, I think that there should be nothing looked upon other than preparation. We are only months away from entering Phase II.

I think Michael’s transition with Scott and Scott’s ability to get his feet on the ground as we get ready, these next few months before we enter our Phase II in 2024 and beyond is, honestly, it’s a real advantage for any new leader coming in to have that runway before we hit 2024 in Phase II and beyond. There’s really nothing more than that, Umer. And I’ll be glad to answer any follow-up that you have on that as well.

Operator: Thank you. Your next question will come from Greg Fraser with Truist.

Greg Fraser: Good morning, folks. Thanks for taking the questions. For the $500 million of new product revenue that you expect this year, what are the most important two to three contributors to that number? And just a quick follow-up on Glatiramer, the once monthly program, how much sales do you generate with your generic Copaxone? And how are you thinking about the potential impact of the once monthly product on your generic sales? Thanks so much.

Sanjeev Narula: On the Copaxone, you can pick up the IMS data where we have about 51% market share. We have slowly built it over the last three to four years. Today, we have about more than what Tyrvaya had in that market, and it’s been a meaningful product for several years. And Copaxone once a month will be a very meaningful product as we launch this product later second half of 2024 and beyond that. And $500 million, as I always said, we never built it on sort of this pipeline of $500 million. It’s not on one product. So there’s a tailing effect of lenalidomide in this, of course, but then there is a product like Symbicort, which we have been very publicly telling you where we are and that’s a risk-adjusted basis. We are looking forward to launch these products in 2023. So there are many more products like that. But yes, if you ask me to call out, those are two examples.

Operator: Thank you. At this time, I have no further questions in queue. I will turn the call back over to Michael Goettler, CEO, to make a few closing remarks.

Michael Goettler: Okay. Thank you, operator, and I guess last time I get to get the closing remarks in this forum. But I want to thank everybody for the good questions and the interest in the company. We obviously, I think as you heard from the tone of our voice and from what we presented, as a company, are in a position of strength. We’re looking back at eight quarters of consecutive strong execution. We’re looking forward, and we’re confident in Phase 2. And I think you can see that already in the guidance that we gave for 2023, starting with revenue growth and the confidence that we have. And finally, you also heard from Scott, the continued commitment to the capital allocation commitments that we made. So with that, I think we’re closing the call. Thank you very much.

Operator: Thank you. This does conclude today’s Viatris 2022 fourth quarter and 2023 guidance call and webcast. Please disconnect your line at this time, and have a wonderful day.

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