Viatris IncVTRS
Viatris Inc Debt Disclosure
Debt
The following provides an overview of the Company’s short-term credit facilities.
Receivables Facility
The Company has a Receivables Facility for up to an aggregate amount of $600 million which expires in April 2028. Under the terms of the Receivables Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time.
Borrowings outstanding under the Receivables Facility bear interest at the applicable base rate plus applicable margins and are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our consolidated balance sheets. In addition, the agreement governing the Receivables Facility contains various customary affirmative and negative covenants, and customary default and termination provisions with which the Company was compliant as of December 31, 2025. As of December 31, 2025 and 2024, the Company had $409.4 million and $484.1 million, respectively, of accounts receivable balances sold to its subsidiary Mylan Securitization LLC under the Receivables Facility.
Long-Term Debt
A summary of long-term debt is as follows:
| ($ in millions) | Interest Rate as of December 31, 2025 | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Current portion of long-term debt: | |||||||||||||||||
| 2026 Senior Notes ** | 3.950 | % | $ | 1,674.3 | $ | — | |||||||||||
| YEN Term Loan Facility | Variable | 255.2 | — | ||||||||||||||
| Other | 1.0 | 0.6 | |||||||||||||||
| Deferred financing fees | (0.6) | — | |||||||||||||||
| Current portion of long-term debt | $ | 1,929.9 | $ | 0.6 | |||||||||||||
| Non-current portion of long-term debt: | |||||||||||||||||
| 2026 Senior Notes ** | 3.950 | % | $ | — | $ | 1,672.8 | |||||||||||
| 2027 Euro Senior Notes **** | 1.362 | % | 1,011.5 | 899.4 | |||||||||||||
| 2027 Senior Notes *** | 2.300 | % | 758.6 | 764.2 | |||||||||||||
| 2028 Euro Senior Notes ** | 3.125 | % | 878.5 | 773.7 | |||||||||||||
| 2028 Senior Notes * | 4.550 | % | 749.5 | 749.3 | |||||||||||||
| 2030 Senior Notes *** | 2.700 | % | 1,488.8 | 1,497.0 | |||||||||||||
| 2032 Euro Senior Notes **** | 1.908 | % | 1,549.2 | 1,376.2 | |||||||||||||
| 2040 Senior Notes *** | 3.850 | % | 1,630.1 | 1,637.1 | |||||||||||||
| 2043 Senior Notes * | 5.400 | % | 497.6 | 497.5 | |||||||||||||
| 2046 Senior Notes ** | 5.250 | % | 999.9 | 999.9 | |||||||||||||
| 2048 Senior Notes * | 5.200 | % | 747.9 | 747.9 | |||||||||||||
| 2050 Senior Notes *** | 4.000 | % | 2,186.8 | 2,191.6 | |||||||||||||
| YEN Term Loan Facility | Variable | — | 254.4 | ||||||||||||||
| Other | 2.7 | 2.2 | |||||||||||||||
| Deferred financing fees | (20.5) | (24.3) | |||||||||||||||
| Long-term debt | $ | 12,480.6 | $ | 14,038.9 | |||||||||||||
____________
* Instrument was issued by Mylan Inc.
** Instrument was originally issued by Mylan N.V.; now held by Utah Acquisition Sub Inc.
*** Instrument was issued by Viatris Inc.
**** Instrument was issued by Upjohn Finance B.V.
Senior Notes
Assumptions and Guarantees of Senior Unsecured Notes
Viatris Inc. is the issuer of the Upjohn U.S. Dollar Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Upjohn Finance B.V. is the issuer of senior unsecured notes denominated in euros pursuant to an indenture dated June 23, 2020, which are fully and unconditionally guaranteed on a senior unsecured basis by Viatris Inc., Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Following the Combination, Utah Acquisition Sub Inc. is the issuer of the Utah U.S. Dollar Notes and the Utah Euro Notes, which are each fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Viatris Inc. and Mylan II B.V.
Mylan Inc. is the issuer of the Mylan Inc. U.S. Dollar Notes, which are each fully and unconditionally guaranteed on a senior unsecured basis by Mylan II B.V., Viatris Inc. and Utah Acquisition Sub Inc.
Senior Notes Repayment
On September 16, 2024, Viatris and Mylan Inc. completed cash tender offers for their then-outstanding 1.650% Senior Notes due 2025 (the “2025 Senior Notes”) and 2.125% Senior Notes due 2025 (the “2025 Euro Senior Notes”), respectively. Viatris paid $422.3 million to repurchase $432.0 million aggregate principal amount of the 2025 Senior Notes at a repurchase price equal to 97.8% of the aggregate principal amount of the 2025 Senior Notes accepted for tender, and also paid accrued and unpaid interest. Mylan Inc. paid €206.9 million to repurchase €208.1 million aggregate principal amount of the 2025 Euro Senior Notes at a repurchase price equal to 99.4% of the aggregate principal amount of the 2025 Euro Senior Notes accepted for tender, and also paid accrued and unpaid interest. On September 20, 2024, Utah Acquisition Sub Inc. also completed a cash tender offer for its then-outstanding 3.950% Senior Notes due 2026 (the “2026 Senior Notes” and, together with the 2025 Senior Notes and the 2025 Euro Senior Notes, the “Senior Notes”) and paid $572.5 million to repurchase $575.0 million aggregate principal amount at a repurchase price equal to 99.6% of the aggregate principal amount of the 2026 Senior Notes accepted for tender, and also paid accrued and unpaid interest.
On September 16, 2024, after completing the tender offer, the Company irrevocably deposited with the trustee under the indenture governing the 2025 Senior Notes, U.S. government obligations in an amount sufficient to fund the payment of accrued and unpaid interest and the remaining $318.0 million aggregate principal amount as it becomes due. After the deposit of such funds with the trustee, the Company’s obligations under the 2025 Senior Notes Indenture with respect to the 2025 Senior Notes were satisfied and discharged. In addition, on September 16, 2024, after completing the tender offer, Mylan Inc. issued a notice of redemption for the remaining €291.9 million aggregate principal amount of the 2025 Euro Senior Notes and such redemption was completed on October 16, 2024.
The tender offers and satisfaction and discharge of the Senior Notes were completed using cash and cash equivalents on hand and accounted for as a debt extinguishment. The total gain recognized on the debt extinguishment (net of the write off of related unamortized deferred financing fees) for the year ended December 31, 2024 was $16.5 million and is included within Other Expense (Income), Net in the consolidated statements of operations.
YEN Term Loan Facility and 2024 Revolving Facility
In July 2021, Viatris entered into the ¥40 billion YEN Term Loan Facility with various syndicates of banks. The YEN Term Loan Facility will mature in July 2026. On September 27, 2024, Viatris entered into a $3.5 billion amended and restated revolving credit agreement (the “2024 Revolving Facility”) with a syndicate of banks. The 2024 Revolving Facility bears interest at variable rates based on current market conditions and will mature in September 2029.
The YEN Term Loan Facility and the 2024 Revolving Facility contain customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of corporate existence and rights, property, and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including a financial covenant, which require maintenance of a Maximum Leverage Ratio no greater than 3.75 to 1.00 as of the last day of any fiscal quarter, except in circumstances as defined in the related credit agreement, and other limitations on the incurrence of subsidiary indebtedness, liens, mergers and certain other fundamental changes, investments and loans, acquisitions, transactions with affiliates, payments of dividends and other restricted payments and changes in our lines of business. Up to $1.65 billion of the 2024 Revolving Facility may be used to support borrowings under our Commercial Paper Program.
Fair Value
At December 31, 2025 and 2024, the aggregate fair value of the Company’s outstanding notes was approximately $11.99 billion and $11.53 billion, respectively. The fair values of the outstanding notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy.
Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at December 31, 2025 were as follows for each of the years ending December 31:
| (In millions) | Total | ||||
| 2026 | $ | 1,930 | |||
| 2027 | 1,748 | ||||
| 2028 | 1,631 | ||||
| 2029 | — | ||||
| 2030 | 1,450 | ||||
| Thereafter | 7,218 | ||||
| Total | $ | 13,977 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2020 | Mar 1, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.