Here's Why Viatris Stock Is Sliding on Monday
Shares of Viatris (NASDAQ: VTRS), the biopharmaceutical company behind the Epi-Pen and Lipitor, are falling in response to the company's fourth-quarter earnings call. The drugmaker's outlook for 2022 isn't as enthusiastic as analysts were expecting. Disappointed investors knocked the stock 22.9% lower as of 11:52 a.m. ET on Monday.
The average investment bank analyst following Viatris expected a $0.23 per share profit in the fourth quarter. Instead, the company reported a net loss of $0.22 per share. In 2022, the company expects total revenue to land in a range between $17 billion and $17.5 billion. The average analyst who follows Viatris expected the company to forecast $17.6 billion.
The stock's fall today would have been much worse if not for a couple of shareholder-friendly moves. Today, Viatris also announced the sale of its biosimilars portfolio to Biocon Biologics for $2 billion in cash up front. The deal also includes around $1 billion of preferred shares representing at least 12.9% of Biocon Biologics.
Source Fool.com
