Viatris Earnings: Firm Wraps Up 2023 on a Solid Note; New Partnership Bolsters Pipeline

No-moat Viatris reported fourth-quarter earnings that came in largely in line with our expectations. Total sales of $3.8 billion were down 1% year over year. The Biocon divestiture, which closed November 2022, posed certain difficulties in comparison but resilient branded business in both developed and robust emerging markets offset most of the headwinds. We maintain our fair value estimate of $13 per share, as minor adjustments to our near-term assumptions didn't affect our valuation.