Viatris IncVTRS
Viatris Inc Earnings Per Share Disclosure
(Loss) Earnings per Share
Basic and diluted (loss) earnings per share attributable to Viatris Inc. are calculated as follows:
| Year Ended December 31, | |||||||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Basic (loss) earnings attributable to Viatris Inc. common shareholders (numerator): | |||||||||||||||||
| Net (loss) earnings attributable to Viatris Inc. common shareholders | $ | (3,514.9) | $ | (634.2) | $ | 54.7 | |||||||||||
| Shares (denominator): | |||||||||||||||||
| Weighted average shares outstanding | 1,170.7 | 1,193.3 | 1,200.3 | ||||||||||||||
| Basic (loss) earnings per share attributable to Viatris Inc. shareholders | $ | (3.00) | $ | (0.53) | $ | 0.05 | |||||||||||
| Diluted (loss) earnings attributable to Viatris Inc. common shareholders (numerator): | |||||||||||||||||
| Net (loss) earnings attributable to Viatris Inc. common shareholders | $ | (3,514.9) | $ | (634.2) | $ | 54.7 | |||||||||||
| Shares (denominator): | |||||||||||||||||
| Weighted average shares outstanding | 1,170.7 | 1,193.3 | 1,200.3 | ||||||||||||||
| Share-based awards | — | — | 6.6 | ||||||||||||||
| Total dilutive shares outstanding | 1,170.7 | 1,193.3 | 1,206.9 | ||||||||||||||
| Diluted (loss) earnings per share attributable to Viatris Inc. shareholders | $ | (3.00) | $ | (0.53) | $ | 0.05 | |||||||||||
Additional stock awards and Restricted Stock Awards were outstanding during the years ended December 31, 2025, 2024 and 2023 but were not included in the computation of diluted (loss) earnings per share for each respective period because the effect would be anti-dilutive. Excluded shares also include certain PSUs whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 28.1 million, 19.9 million and 16.4 million shares for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company paid quarterly cash dividends of $0.12 per share on the Company’s issued and outstanding common stock in March 2025, June 2025, September 2025 and December 2025. On February 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s issued and outstanding common stock, which will be payable on March 18, 2026 to shareholders of record as of the close of business on March 9, 2026. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Board of Directors, and will depend upon factors, including but not limited to, the Company’s financial condition, earnings, capital requirements of its businesses, legal requirements, regulatory constraints, industry practice, and other factors that the Board of Directors deems relevant. The Company also paid quarterly cash dividends of $0.12 per share on the Company’s issued and outstanding common stock in each of the four quarters of 2024 and 2023.
On May 6, 2022, the Company announced that its Board of Directors had authorized a Dividend Reinvestment and Share Purchase Plan, which allows shareholders to automatically reinvest all or a portion of the cash dividends paid on their shares of the Company’s common stock and to make certain additional optional cash investments in the Company’s common stock.
On February 28, 2022, the Company announced that its Board of Directors had authorized a share repurchase program for the repurchase of up to $1.0 billion of the Company’s shares of common stock. The Company subsequently announced that on February 26, 2024, its Board of Directors authorized a $1.0 billion increase to the Company’s previously announced $1.0 billion share repurchase program. As a result, the Company’s share repurchase program now authorizes the repurchase of up to $2.0 billion of the Company’s shares of common stock. Such repurchases may be made from time-to-time at the Company’s discretion and effected by any means, including but not limited to, open market repurchases, pursuant to plans in accordance with Rules 10b5-1 or 10b-18 under the Exchange Act, privately negotiated transactions (including accelerated stock repurchase programs) or any combination of such methods as the Company deems appropriate. The program does not have an expiration date. The share repurchase program does not obligate the Company to acquire any particular amount of common stock.
During the years ended December 31, 2025, 2024, and 2023, the Company repurchased approximately 53.7 million shares of common stock at a cost of approximately $500.5 million, approximately 19.2 million shares of common stock at a cost of approximately $250.0 million, and approximately 21.2 million shares of common stock at a cost of approximately $250.0 million, respectively, under the program. As of December 31, 2025, the Company had repurchased a total of approximately 94.2 million shares of common stock at a cost of approximately $1.0 billion under the program.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.