Why Viatris Stock Plunged Today
Generic drug manufacturer Viatris (NASDAQ: VTRS) is starting the week on a negative note. The company released its financial guidance for its fiscal year 2021 before the market opened on Monday, and investors didn't seem too impressed. At the close, Viatris' shares were down 14.9%.
As a reminder, Viatris was formed last year when Mylan NV joined forces with Pfizer's off-patent medicine unit Upjohn. The new entity officially began trading on the stock market on Nov. 17. For its first full fiscal year in business, Viatris expects to record revenue between $17.2 billion and $17.8 billion. That is well below the consensus analyst estimate of $18.46 billion, which probably explains (at least in part) today's sell-off.
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Source Fool.com
