Viatris: Deep-Dive Into Two New Assets Shows Solid Data and Reaffirms Novel Therapy Commitments

Viatris hosted its R&D day where it mainly discussed its two new phase III assets, selatogrel and cenerimod. Selatogrel is a self-administered injection that treats patients with a history of acute myocardial infarction (AMI), or heart attack, and cenerimod is a once-daily oral tablet that treats mild to severe systemic lupus erythematosus, or SLE. The firm added these two drugs in its pipeline through a partnership with Idorsia Pharmaceuticals (biotech company based in Switzerland) which was announced on the day of fourth-quarter earnings last month. After reviewing the materials, we have not made any meaningful changes to our model and maintain our fair value estimate of $13 per share and no-moat rating for the firm.