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Why Viatris Stock Dropped 24% in February

TheMotleyFool

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Why Viatris Stock Dropped 24% in FebruaryPhoto, wide shot, wide-angle lens, Pharmaceutical company, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7ae4a134-dd01-4c80-a621-18399f5a2541.png

Shares of Viatris (NASDAQ: VTRS) fell 24.4% in February, according to data provided by S&P Global Market Intelligence. The stock has since fallen even further.

The healthcare stock's big drop on Feb. 28 came after the company announced in its fourth-quarter earnings report that it was selling its biosimilars portfolio to Biocon Biologics, a privately held company in India, for up to $3.335 billion. Investors didn't like the move because it took out a potential driver of income. The company said it made the move to focus on some of its early-stage therapies.

Image source: Getty Images.

Source Fool.com

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