0001792044-21-000026 | 10-Q | XBRL Viewer

60.2

Issuance of restricted stock, net of shares withheld (in shares)

(227.7)

^[1]

798,437

Issuance of restricted stock, net of shares withheld

0.6

(5.6)

34.7

Other

0.2

Balance at Jun. 30, 2020

11,746.2

$ 6.1

^[1]

8,673.2

6,091.5

$ (999.7)

(2,024.9)

^[1]

541,545,308

Balance (in shares) at Mar. 31, 2020

24,598,074

Balance at Mar. 31, 2020

11,262.7

$ 6.1

^[1]

8,657.9

6,051.9

$ (999.7)

(2,453.5)

^[1]

541,542,294

Balance (in shares) at Mar. 31, 2020

24,598,074

Increase (Decrease) in Stockholders' Equity [Roll Forward]

39.4

Issuance of restricted stock, net of shares withheld (in shares)

428.6

^[1]

3,014

Issuance of restricted stock, net of shares withheld

0.0

15.3

15.3

Other

0.2

Balance at Jun. 30, 2020

11,746.2

$ 6.1

^[1]

8,673.2

6,091.5

$ (999.7)

(2,024.9)

^[1]

541,545,308

Balance (in shares) at Dec. 31, 2020

24,598,074

Balance at Dec. 31, 2020

22,954.1

$ 12.1

18,438.8

5,361.2

$ 0.0

(858.0)

1,206,895,644

Balance (in shares) at Dec. 31, 2020

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(1,316.8)

Issuance of restricted stock, net of shares withheld (in shares)

(347.0)

2,316,694

Issuance of restricted stock, net of shares withheld

0.0

$ 0.0

0.0

(12.6)

63.7

Cash dividends declared

(134.5)

134.5

Balance at Jun. 30, 2021

21,206.9

$ 12.1

18,489.9

3,909.9

$ 0.0

(1,205.0)

1,209,212,338

Balance (in shares) at Mar. 31, 2021

Balance at Mar. 31, 2021

21,414.7

$ 12.1

18,464.6

4,323.6

$ 0.0

(1,385.6)

1,208,530,970

Balance (in shares) at Mar. 31, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(279.2)

Issuance of restricted stock, net of shares withheld (in shares)

180.6

681,368

Issuance of restricted stock, net of shares withheld

0.0

(5.7)

31.0

Cash dividends declared

(134.5)

134.5

Balance at Jun. 30, 2021

$ 21,206.9

$ 12.1

$ 18,489.9

$ 3,909.9

$ 0.0

$ (1,205.0)

1,209,212,338

Revenue from Contract with Customer [Abstract]

[1]	Ordinary Shares prior to November 16, 2020

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net (loss) earnings attributable to Viatris Inc. common shareholders	$ (1,316.8)	$ 60.2
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	2,739.6	830.7
Share-based Compensation	63.7	34.7
Deferred income tax expense (benefit)	581.6	(119.7)
Loss from equity method investments	34.6	34.5
Other non-cash items	203.5	97.4
Litigation settlements and other contingencies, net	42.4	26.6
Changes in operating assets and liabilities:
Accounts receivable	(114.7)	122.6
Inventories	(341.0)	(275.8)
Accounts payable	(53.5)	(234.5)
Income taxes	(337.7)	49.3
Other operating assets and liabilities, net	(93.5)	44.6
Net cash provided by operating activities	1,408.2	670.6
Cash flows from investing activities:
Cash paid for acquisitions, net	277.0	0.0
Capital expenditures	(138.8)	(87.9)
Purchase of marketable securities	(19.5)	(90.2)
Proceeds from the sale of marketable securities	19.2	33.1
Payments for product rights and other, net	(17.3)	(76.4)
Proceeds from sale of property, plant and equipment	83.4	0.0
Proceeds from sale of property, plant and equipment	15.5	1.3
Net cash used in investing activities	219.5	(220.1)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	900.1	33.2
Payments of long-term debt	(2,250.7)	(589.0)
Change in short-term borrowings, net	199.7	0.0
Cash dividends paid	(133.0)	0.0
Taxes paid related to net share settlement of equity awards	(13.5)	(7.1)
Non-contingent payments for product rights	(456.0)	0.0
Contingent consideration payments	28.6	43.6
Proceeds from exercise of stock options	0.0	0.6
Other items, net	(3.1)	(2.0)
Net cash used in financing activities	(1,785.3)	(609.1)
Effect on cash of changes in exchange rates	(13.3)	(7.8)
Net decrease in cash, cash equivalents and restricted cash	(170.9)	(166.4)
Cash, cash equivalents and restricted cash — beginning of period	850.0	491.1
Cash, cash equivalents and restricted cash — end of period	679.1	324.7
Payments of Financing Costs	$ 0.2	$ 1.2

Collaboration and Licensing Agreements	6 Months Ended
Collaboration and Licensing Agreements	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and Licensing Agreements	Collaboration and Licensing Agreements We periodically enter into collaboration and licensing agreements with other pharmaceutical companies for the development, manufacture, marketing and/or sale of pharmaceutical products. Our significant collaboration and licensing agreements are primarily focused on the development, manufacturing, supply and commercialization of multiple, high-value generic biologic compounds, insulin analog products and respiratory products, among other complex products. Under these agreements, we have future potential milestone payments and co-development expenses payable to third parties as part of our licensing, development and co-development programs. Payments under these agreements generally become due and are payable upon the satisfaction or achievement of certain developmental, regulatory or commercial milestones or as development expenses are incurred on defined projects. Milestone payment obligations are uncertain, including the prediction of timing and the occurrence of events triggering a future obligation and are not reflected as liabilities in the condensed consolidated balance sheets, except for obligations reflected as acquisition related contingent consideration. Refer to Note 11 Financial Instruments and Risk Management for further discussion of contingent consideration. Our potential maximum development milestones not accrued for at June 30, 2021 totaled approximately $359 million. We estimate that the amounts that may be paid through the end of 2021 to be approximately $24 million. These agreements may also include potential sales-based milestones and call for us to pay a percentage of amounts earned from the sale of the product as a royalty or a profit share. The amounts disclosed do not include sales-based milestones or royalty or profit share obligations on future sales of product as the timing and amount of future sales levels and costs to produce products subject to these obligations is not reasonably estimable. These sales-based milestones or royalty or profit share obligations may be significant depending upon the level of commercial sales for each product. There have been no significant changes to our collaboration and licensing agreements as disclosed in our 2020 Form 10-K.

General	6 Months Ended
General	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The accompanying unaudited condensed consolidated financial statements (“interim financial statements”) of Viatris Inc. and subsidiaries were prepared in accordance with U.S. GAAP and the rules and regulations of the SEC for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Viatris’ 2020 Form 10-K. The December 31, 2020 condensed consolidated balance sheet was derived from audited financial statements. In accordance with ASC 805, Business Combinations, Mylan is considered the accounting acquirer of the Upjohn Business and all historical financial information of the Company prior to November 16, 2020 represents Mylan’s historical results and the Company’s thereafter. Refer to Note 4 Acquisitions and Other Transactions for additional information. The interim results of operations and comprehensive earnings (loss) for the three and six months ended June 30, 2021, and cash flows for the six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full fiscal year or any other future period.

Revenue Recognition and Accounts Receivable

6 Months Ended

Jun. 30, 2021

Revenue Recognition and Accounts Receivable

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash).

Our net sales may be impacted by wholesaler and distributor inventory levels of our products, which can fluctuate throughout the year due to the seasonality of certain products, pricing, the timing of product demand, purchasing decisions and other factors. Such fluctuations may impact the comparability of our net sales between periods.

Consideration received from licenses of intellectual property is recorded as other revenues. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenue in the condensed consolidated statements of operations.

The following table presents the Company’s net sales by product category for each of our reportable segments for the three and six months ended June 30, 2021 and 2020, respectively:


(In millions)	Three Months Ended June 30, 2021
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,424.1	$	549.2	$	295.4	$	433.0	$	2,701.7
Complex Gx and Biosimilars	309.3		—		9.8		13.7		332.8
Generics	907.0		1.1		195.8		423.3		1,527.2
Total	$	2,640.4	$	550.3	$	501.0	$	870.0	$	4,561.7


(In millions)	Six Months Ended June 30, 2021
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	2,827.8	$	1,140.1	$	579.4	$	879.0	$	5,426.3
Complex Gx and Biosimilars	621.3		—		18.7		21.7		661.7
Generics	1,762.9		2.1		384.8		724.0		2,873.8
Total	$	5,212.0	$	1,142.2	$	982.9	$	1,624.7	$	8,961.8


(In millions)	Three Months Ended June 30, 2020
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	855.5	$	22.0	$	128.1	$	67.4	$	1,073.0
Complex Gx and Biosimilars	328.6		—		8.5		14.0		351.1
Generics	798.6		0.7		143.6		328.9		1,271.8
Total	$	1,982.7	$	22.7	$	280.2	$	410.3	$	2,695.9


(In millions)	Six Months Ended June 30, 2020
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,747.0	$	36.7	$	218.7	$	132.1	$	2,134.5
Complex Gx and Biosimilars	570.2		0.1		16.9		17.2		604.4
Generics	1,651.9		1.0		287.8		604.5		2,545.2
Total	$	3,969.1	$	37.8	$	523.4	$	753.8	$	5,284.1

The following table presents net sales on a consolidated basis for select key products for the three and six months ended June 30, 2021:


(In millions)	Three months ended June 30, 2021		Six months ended June 30, 2021

Select Key Global Products
Lipitor ®	$	398.3	$	862.9
Norvasc ®	209.8		437.5
Lyrica ®	192.5		380.3
Viagra ®	134.8		274.4
EpiPen® Auto-Injectors	104.1		207.8
Effexor ®	83.5		160.1
Celebrex ®	82.3		171.3
Creon ®	80.7		150.6
Zoloft ®	70.9		147.5
Xalabrands	58.3		116.2

Select Key Segment Products
Dymista ®	$	54.6	$	94.9
Amitiza ®	52.1		98.0
Xanax ®	48.8		93.9
Yupelri ®	41.8		78.7

____________

(a)The Company does not disclose net sales for any products considered competitively sensitive.

(b)Products disclosed may change in future periods, including as a result of seasonality, competition or new product introductions.

Variable Consideration and Accounts Receivable

The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three and six months ended June 30, 2021 and 2020, respectively:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Gross sales	$	7,752.3	$	4,457.6	$	15,319.3	$	8,881.6
Gross to net adjustments:
Chargebacks	(1,354.8)		(795.5)		(2,672.8)		(1,649.9)
Rebates, promotional programs and other sales allowances	(1,566.6)		(820.4)		(3,135.1)		(1,666.0)
Returns	(88.3)		(57.6)		(201.3)		(116.6)
Governmental rebate programs	(180.9)		(88.2)		(348.3)		(165.0)
Total gross to net adjustments	$	(3,190.6)	$	(1,761.7)	$	(6,357.5)	$	(3,597.5)
Net sales	$	4,561.7	$	2,695.9	$	8,961.8	$	5,284.1

No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three and six months ended June 30, 2021. Such allowances were comprised of the following at June 30, 2021 and December 31, 2020, respectively:


(In millions)	June 30, 2021		December 31, 2020
Accounts receivable, net	$	1,667.9	$	1,802.9
Other current liabilities	1,083.6		1,211.8
Total	$	2,751.5	$	3,014.7

Accounts receivable, net was comprised of the following at June 30, 2021 and December 31, 2020, respectively:


(In millions)	June 30, 2021		December 31, 2020
Trade receivables, net	$	3,880.4	$	3,891.3
Other receivables	598.3		952.5
Accounts receivable, net	$	4,478.7	$	4,843.8

Accounts Receivable Factoring Arrangements

We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $112.9 million and $153.0 million of accounts receivable as of June 30, 2021 and December 31, 2020, respectively, under these factoring arrangements.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

New Accounting Pronouncements

Recent Accounting Pronouncements

Adoption of New Accounting Standards

In January 2020, the FASB issued Accounting Standards Update 2020-01, Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”), which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, ASU 2020-01 states that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. ASU 2020-01 was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.

In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740) which is intended to simplify the accounting for income taxes by eliminating certain exceptions and simplifying certain requirements under Topic 740. ASU 2019-12 was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. ASU 2019-12 includes an update to previous guidance in situations in which an entity incurs a loss on a year-to-date basis that exceeds the anticipated loss for the year. In these situations, previous guidance stipulated that the income tax benefit was limited to the income tax that would exist on the basis of the year-to-date loss. This represented an exception to the guidance in ASC 740-270, and the provisions of ASU 2019-12 include the elimination of this exception which applied to the financial results of the three and six months ended June 30, 2021. The Company has applied the provisions of ASU 2019-12 on a prospective basis beginning January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.

Accounting Standard Issued Not Yet Adopted

The following recently issued accounting standard has not been adopted. Refer to Viatris’ 2020 Form 10-K for additional information and its potential impacts.


Accounting Standard Update			Effective Date
ASU 2020-04: Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting			January 1, 2023

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Acquisitions and Other Transactions

Acquisitions and Other Transactions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Upjohn Business Combination Agreement

On July 29, 2019, Mylan, Pfizer, Upjohn Inc., a wholly-owned subsidiary of Pfizer, and certain other affiliated entities entered into a Business Combination Agreement pursuant to which Mylan would combine with the Upjohn Business in a Reverse Morris Trust transaction. The Upjohn Business was a global, primarily off-patent branded and generic established medicines business, which includes 20 primarily off-patent solid oral dose legacy brands, such as Lyrica, Lipitor, Celebrex and Viagra. The Combination was completed on November 16, 2020.

Prior to the Combination and pursuant to a Separation and Distribution Agreement, Pfizer had, among other things, transferred to Viatris substantially all of the assets and liabilities comprising the Upjohn Business (the Separation) and, thereafter, Pfizer had distributed to Pfizer stockholders all of the issued and outstanding shares of Viatris (the Distribution). When the Distribution and Combination were complete, Pfizer stockholders as of the record date of the Distribution owned 57% of the outstanding shares of Viatris common stock and Mylan shareholders as of immediately before the Combination owned 43% of the outstanding shares of Viatris common stock, in each case on a fully diluted basis. Viatris also made a cash payment to Pfizer equal to $12 billion, which was funded with the proceeds of debt incurred by Upjohn prior to the Combination.

The transaction involved multiple legal entity restructuring transactions and a reverse merger acquisition with Viatris representing the legal acquirer and Mylan representing the accounting acquirer of the Upjohn Business. In accordance with ASC 805, Business Combinations, Mylan is considered the accounting acquirer of the Upjohn Business and Viatris applied purchase accounting to the acquired assets and assumed liabilities of the Upjohn Business as of November 16, 2020. The debt incurred by Upjohn prior to the Combination was a liability assumed in purchase accounting. The fair value of the debt as of November 16, 2020 was $13.08 billion.

The purchase price consists of the issuance of approximately 689.9 million Viatris shares of common stock at a fair value of approximately $10.73 billion based on the closing price of Mylan’s ordinary shares on November 13, 2020, as reported by the NASDAQ. In accordance with U.S. GAAP, the Company used the acquisition method of accounting to account for this transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction have been recorded at their respective estimated fair values at the acquisition date. Acquisition related costs of approximately $602.9 million were incurred during the twelve months ended December 31, 2020, and approximately $108.2 million were incurred during the six months ended June 30, 2021. Acquisition related costs were recorded primarily in SG&A in the consolidated statements of operations for such periods.

During the six months ended June 30, 2021, adjustments were made to the preliminary purchase price recorded at November 16, 2020. These adjustments are reflected in the values presented below. The preliminary allocation of the $10.73 billion purchase price to the assets acquired and liabilities assumed under the Combination is as follows:


(In millions)	Preliminary Purchase Price Allocation as of December 31, 2020 (a)		Measurement Period and Other Adjustments (b)		Preliminary Purchase Price Allocation as of June 30, 2021 (as adjusted)
Current assets (excluding inventories and net of cash acquired)	$	2,841.9	$	(10.6)	$	2,831.3
Inventories	2,588.9		(34.2)		2,554.7
Property, plant and equipment	1,394.1		—		1,394.1
Identified intangible assets	18,040.0		—		18,040.0
Goodwill	2,107.5		(134.7)		1,972.8
Deferred income tax benefit	1,481.9		244.0		1,725.9
Other assets	792.1		—		792.1
Total assets acquired	$	29,246.4	$	64.5	$	29,310.9
Current liabilities	2,760.2		64.4		2,824.6
Long-term debt, including current portion	13,076.2		—		13,076.2
Deferred tax liabilities	1,656.9		—		1,656.9
Other noncurrent liabilities	1,441.5		0.1		1,441.6
Net assets acquired (net of $415.8 of cash acquired)	$	10,311.6	$	—	$	10,311.6

____________

(a)As previously reported in Viatris’ 2020 Form 10-K.

(b)The measurement period adjustments are primarily for 1) certain working capital adjustments and an increase in litigation reserves to reflect facts and circumstances that existed as of the date of the Combination and 2) the tax implications of these and other adjustments. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and accordingly, the Company has not retrospectively adjusted those consolidated financial statements.

The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas subject to change relate to the finalization of the working capital components and income taxes.

During the year ended December 31, 2020, the Company recorded a step-up in the fair value of inventory of approximately $1.43 billion. During the three and six months ended June 30, 2021, the Company recorded amortization of the inventory step-up of approximately $477.3 million and $953.7 million, respectively, which is included in cost of sales in the condensed consolidated statements of operations. In addition, during the year ended December 31, 2020, a step-up in the fair value of property, plant and equipment of approximately $390.0 million was recognized. The related depreciation is being expensed over a service life of five years for machinery and equipment and between 10 and 20 years for buildings.

The identified intangible assets of $18.04 billion are comprised of product rights and are being amortized over a weighted average useful life of 15 years. Significant assumptions utilized in the valuation of identified intangible assets were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by U.S. GAAP. The goodwill of $1.97 billion arising from the Combination consisted largely of the value of the employee workforce and products to be sold in new markets leveraging the combined entity. In addition, an allocation of the goodwill was assigned to the respective segments. None of the goodwill recognized in this transaction is expected to be deductible for income tax purposes.

The Company recorded a fair value adjustment of approximately $759.4 million related to the long-term debt assumed as part of the acquisition. The fair value of long-term debt as of the Combination date was determined by broker or dealer quotations, which is classified as Level 2 in the fair value hierarchy. The total fair value adjustment is being amortized as a reduction to interest expense over the maturity dates of the related debt instruments.

Unaudited Pro Forma Financial Results

The following table presents supplemental unaudited pro forma information for the Combination, as if it had occurred on January 1, 2019. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased depreciation and amortization expense based on the fair value of assets acquired, the impact of transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable, or have been achieved, subsequent to the closing of the Combination. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated date above, nor are they indicative of the future operating results of Viatris and its subsidiaries.


	Three Months Ended		Six Months Ended
(Unaudited, in millions, except per share amounts)	June 30, 2020		June 30, 2020
Total revenues	$	4,555.4	$	8,994.8
Net earnings	$	681.1	$	1,223.7
Earnings per share:
Basic	$	0.56	$	1.01
Diluted	$	0.56	$	1.01
Weighted average shares outstanding:
Basic	1,206.9		1,206.6
Diluted	1,207.1		1,207.0

Share-Based Incentive Plan

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Incentive Plan

Share-Based Incentive PlanPrior to the Distribution, Viatris adopted and Pfizer, in the capacity as Viatris’ sole stockholder at such time approved the Plan which became effective as of the Distribution. In connection with the Combination, as of November 16, 2020, the Company assumed the Mylan N.V. Amended and Restated 2003 Long-Term Incentive Plan, which had previously been approved by Mylan shareholders. The Plan and 2003 LTIP include (i) 72,500,000 shares of common stock authorized for grant pursuant to the Plan, which may include dividend payments payable in common stock on unvested shares granted under awards, (ii) 6,757,640 shares of common stock to be issued pursuant to the exercise of outstanding stock options granted to participants under the 2003 LTIP and assumed by Viatris in connection with the Combination and (iii) 13,535,627 shares of common stock subject to outstanding equity-based awards, other than stock options, assumed by Viatris in connection with the Combination, or that otherwise remain available for issuance under the 2003 LTIP.

Under the Plan and 2003 LTIP, shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, SARs, restricted stock and units, PSUs, other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the shares underlying the stock options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years.

The following table summarizes stock option and SAR (together, “stock awards”) activity under the Plan and 2003 LTIP:


	Number of Shares Under Stock Awards	Weighted Average Exercise Price per Share
Outstanding at December 31, 2020	6,711,731	$	35.36


Forfeited	(938,524)	$	24.77
Outstanding at June 30, 2021	5,773,207	$	37.09
Vested and expected to vest at June 30, 2021	5,668,426	$	37.37
Exercisable at June 30, 2021	5,053,633	$	39.38

As of June 30, 2021, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 5.1 years, 5.1 years and 4.7 years, respectively. Also, at June 30, 2021, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had no aggregate intrinsic value.

A summary of the status of the Company’s restricted stock awards as of June 30, 2021 and the changes during the six months ended June 30, 2021 are presented below:


	Number of Restricted Stock Awards	Weighted Average Grant-Date Fair Value Per Share
Nonvested at December 31, 2020	12,073,790	$	18.34
Granted	9,731,270	14.28
Released	(2,824,976)	25.47
Forfeited	(890,764)	15.69
Nonvested at June 30, 2021	18,089,320	$	15.17

As of June 30, 2021, the Company had $201.9 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which we expect to recognize over the remaining weighted average vesting period of 2.0 years. The total intrinsic value of stock awards exercised and restricted stock units released during the six months ended June 30, 2021 and 2020 was $71.9 million and $19.1 million, respectively.

Pensions and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure

Pensions and Other Postretirement Benefits

Defined Benefit Plans

The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. Employees in the U.S., Puerto Rico and certain international locations are also provided retirement benefits through defined contribution plans.

The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees.

In connection with the Combination, the Company assumed certain post retirement defined benefit pension plans sponsored by Upjohn. The most significant plans include those in Puerto Rico, Ireland and Japan. Upjohn is also the sponsor of one postretirement medical plan in Puerto Rico. As part of the acquisition accounting, the Company has recorded the fair value of these plans using assumptions and accounting policies consistent with those historically utilized by Mylan. Upon completion of the Combination, the excess of projected benefit obligation over the plan assets was recognized as a liability and any existing unrecognized actuarial gains or losses and unrecognized service costs or benefits were eliminated in purchase accounting.

Net Periodic Benefit Cost

Components of net periodic benefit cost for the three and six months ended June 30, 2021 and 2020 were as follows:


	Pension and Other Postretirement Benefits
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	10.9	$	5.3	$	21.7	$	10.6
Interest cost	8.7		2.9		17.2		5.8
Expected return on plan assets	(16.7)		(3.4)		(33.2)		(6.8)
Amortization of prior service costs	(0.2)		—		(0.3)		—
Recognized net actuarial losses	0.5		0.1		0.8		0.3
Settlement gain	(3.1)		—		(3.1)		—
Net periodic benefit cost	$	0.1	$	4.9	$	3.1	$	9.9

In the second quarter of 2021, the Company recognized a settlement gain as a result of cash payments from lump sum elections related to the U.S. and Puerto Rico pension plans.

The Company expects to make total benefit payments of approximately $118.9 million from pension and other postretirement benefit plans in 2021. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $70.1 million in 2021 due to the second quarter remeasurement of the impacted plans.

The entire disclosure for retirement benefits.

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Equity Method Investments and Joint Ventures [Abstract]

Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Balance Sheet Components [Abstract]

Balance Sheet Components

Selected balance sheet components consist of the following:

Cash and restricted cash


(In millions)	June 30, 2021		December 31, 2020		June 30, 2020
Cash and cash equivalents	$	673.9	$	844.4	$	323.6
Restricted cash, included in other current and non-current assets	5.2		5.6		1.1
Cash, cash equivalents and restricted cash	$	679.1	$	850.0	$	324.7

Inventories


(In millions)	June 30, 2021		December 31, 2020
Raw materials	$	948.2	$	958.4
Work in process	1,148.6		1,438.1
Finished goods	2,390.8		3,075.4
Inventories	$	4,487.6	$	5,471.9

Prepaid expenses and other current assets


(In millions)	June 30, 2021		December 31, 2020
Prepaid expenses	$	221.6	$	267.8

Available-for-sale fixed income securities	38.5		39.1
Fair value of financial instruments	90.3		118.6
Equity securities	49.6		45.8
Other current assets	1,709.6		1,236.1
Prepaid expenses and other current assets	$	2,109.6	$	1,707.4

Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items.

Property, plant and equipment, net


(In millions)	June 30, 2021		December 31, 2020
Machinery and equipment	$	3,191.2	$	3,235.0
Buildings and improvements	1,916.2		1,954.8
Construction in progress	403.7		376.3
Land and improvements	152.0		155.8
Gross property, plant and equipment	5,663.1		5,721.9
Accumulated depreciation	2,491.7		2,262.0
Property, plant and equipment, net	$	3,171.4	$	3,459.9

Other assets


(In millions)	June 30, 2021		December 31, 2020
Equity method investments, clean energy investments	$	24.2	$	47.9
Operating lease right-of-use assets	300.6		323.6
Other long-term assets	700.3		676.0
Other assets	$	1,025.1	$	1,047.5

Accounts payable


(In millions)	June 30, 2021		December 31, 2020
Trade accounts payable	$	1,319.5	$	1,345.7
Other payables	480.7		558.5
Accounts payable	$	1,800.2	$	1,904.2

Other current liabilities


(In millions)	June 30, 2021		December 31, 2020
Accrued sales allowances	$	1,083.6	$	1,211.8
Legal and professional accruals, including litigation accruals	487.7		362.9
Payroll and employee benefit liabilities	663.2		828.2
Contingent consideration	83.1		100.5
Accrued interest	81.5		90.9
Restructuring	372.9		149.2
Equity method investments, clean energy investments	29.1		47.5
Fair value of financial instruments	40.1		103.6
Operating lease liability	89.5		92.9
Other	1,280.8		1,973.2
Other current liabilities	$	4,211.5	$	4,960.7

Other long-term obligations


(In millions)	June 30, 2021		December 31, 2020
Employee benefit liabilities	$	912.4	$	1,020.4
Contingent consideration	130.7		123.1

Tax related items, including contingencies	389.3		469.5
Operating lease liability	208.6		229.5
Accrued Restructuring	126.6		134.8
Other	474.3		505.8
Other long-term obligations	$	2,241.9	$	2,483.1

Equity Method Investments

6 Months Ended

Jun. 30, 2021

Equity Method Investments

Summarized financial information, in the aggregate, for the Company’s three equity method, clean energy investments on a 100% basis for the three and six months ended June 30, 2021 and 2020 are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Total revenues	$	90.0	$	87.8	$	199.5	$	175.3
Gross loss	(1.2)		(1.1)		(2.6)		(2.2)
Operating and non-operating expense	4.0		4.5		8.9		9.2
Net loss	$	(5.2)	$	(5.6)	$	(11.5)	$	(11.4)

The Company’s net losses from its equity method investments include amortization expense related to the excess of the cost basis of the Company’s investment over the underlying assets of each individual investee. For the three months ended June 30, 2021 and 2020, the Company recognized net losses from equity method investments of $16.7 million and $17.2 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recognized net losses from equity method investments of $34.6 million and $34.5 million, respectively, which were recognized as a component of other expense, net in the condensed consolidated statements of operations. The Company recognizes the income tax credits and benefits from the clean energy investments as part of its provision for income taxes.

(Loss) Earnings per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

(Loss) Earnings per Share

Basic (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive.

Basic and diluted (loss) earnings per share attributable to Viatris Inc. are calculated as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions, except per share amounts)	2021		2020		2021		2020
Basic (loss) earnings attributable to Viatris Inc. common shareholders
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(279.2)	$	39.4	$	(1,316.8)	$	60.2
Shares (denominator):
Weighted average shares outstanding	1,208.8		516.9		1,208.2		516.7
Basic (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.23)	$	0.08	$	(1.09)	$	0.12

Diluted (loss) earnings attributable to Viatris Inc. common shareholders
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(279.2)	$	39.4	$	(1,316.8)	$	60.2
Shares (denominator):
Weighted average shares outstanding	1,208.8		516.9		1,208.2		516.7
Share-based awards and warrants	—		0.3		—		0.4
Total dilutive shares outstanding	1,208.8		517.2		1,208.2		517.1
Diluted (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.23)	$	0.08	$	(1.09)	$	0.12

Additional stock awards and restricted stock awards were outstanding during the three and six months ended June 30, 2021 and 2020, but were not included in the computation of diluted earnings per share for each respective period because the effect would be anti-dilutive. Excluded shares at June 30, 2021 include certain share-based compensation awards whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 10.0 million shares and 10.5 million shares for the three and six months ended June 30, 2021, respectively, and 11.1 million shares and 10.4 million shares for the three and six months ended 2020, respectively.

On May 7, 2021, the Company’s Board of Directors declared an inaugural quarterly cash dividend of $0.11 per share on the Company’s issued and outstanding common stock. The first quarterly cash dividend was paid on June 16, 2021 to shareholders of record as of the close of business on May 24, 2021. On August 6, 2021, the Company’s Board of Directors declared its second quarterly cash dividend of $0.11 per share on the Company’s issued and outstanding common stock, which will be payable on September 16, 2021 to shareholders of record as of the close of business on August 24, 2021. 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.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2021 are as follows:


(In millions)	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Balance at December 31, 2020:
Goodwill	$	9,569.5	$	738.3	$	864.0	$	1,560.2	$	12,732.0
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	9,184.5		738.3		864.0		1,560.2		12,347.0
Measurement period adjustments	(45.1)		(41.7)		(13.9)		(34.0)		(134.7)
Foreign currency translation	(251.1)		6.6		(35.9)		58.5		(221.9)
	$	8,888.3	$	703.2	$	814.2	$	1,584.7	$	11,990.4
Balance at June 30, 2021:
Goodwill	$	9,273.3	$	703.2	$	814.2	$	1,584.7	$	12,375.4
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	$	8,888.3	$	703.2	$	814.2	$	1,584.7	$	11,990.4

Intangible assets consist of the following components at June 30, 2021 and December 31, 2020:


(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
June 30, 2021
Product rights, licenses and other (1)	15	$	39,761.5	$	11,977.6	$	27,783.9
In-process research and development		79.8		—		79.8
		$	39,841.3	$	11,977.6	$	27,863.7
December 31, 2020
Product rights, licenses and other (1)	15	$	40,404.1	$	10,801.6	$	29,602.5
In-process research and development		80.7		—		80.7
		$	40,484.8	$	10,801.6	$	29,683.2

___________

(1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights.

The Company has performed its annual goodwill impairment test as of April 1, 2021 on a quantitative basis for its five reporting units, North America, Europe, Emerging Markets, JANZ, and Greater China. See Note 14, Segment Information, for further discussion. Additionally, the net assets acquired as part of the Combination were included in the respective reporting units and in the annual impairment test for the first time. In estimating each reporting unit’s fair value, the Company performed an extensive valuation analysis, utilizing both income and market-based approaches. The determination of the fair value of the reporting units requires the Company to make significant estimates and assumptions that affect the reporting unit’s expected future cash flows. These estimates and assumptions, utilizing Level 3 inputs, primarily include, but are not limited to, market multiples, control premiums, the discount rate, terminal growth rates, operating income before depreciation and amortization, and capital expenditures forecasts.

As of April 1, 2021, the allocation of the Company’s total goodwill was as follows: North America $3.66 billion, Europe $5.15 billion, Emerging Markets $1.58 billion, JANZ $0.82 billion and Greater China $0.70 billion.

As of April 1, 2021, the Company determined that the fair value of the North America, Emerging Markets and Greater China reporting units was substantially in excess of the respective unit’s carrying value.

For the Europe reporting unit, the estimated fair value exceeded its carrying value by approximately $0.91 billion or 5.8% for the annual goodwill impairment test. As it relates to the income approach for the Europe reporting unit at April 1, 2021, the Company forecasted cash flows for the next 10 years. During the forecast period, the revenue compound annual growth rate was approximately 3.0%. A terminal year value was calculated with a 0.9% revenue growth rate applied. The discount rate utilized was 10.5% and the estimated tax rate was 19.0%. Under the market-based approach, we utilized an estimated range of market multiples of 7.5 to 8.5 times EBITDA plus a control premium of 15.0%. If all other assumptions are held constant, a reduction in the terminal value growth rate by 2.9% or an increase in discount rate by 1.5% would result in an impairment charge for the Europe reporting unit.

For the JANZ reporting unit, the estimated fair value exceeded its carrying value by approximately $0.23 billion or 7.0% for the annual goodwill impairment test. As it relates to the income approach for the JANZ reporting unit at April 1, 2021, the Company forecasted cash flows for the next 10 years. During the forecast period, the revenue compound annual growth rate was approximately negative 1.5%. A terminal year value was calculated with a 0.7% revenue growth rate applied. The discount rate utilized was 8.5% and the estimated tax rate was 30.5%. Under the market-based approach, we utilized an estimated market multiple of 6.0 times EBITDA plus a control premium of 15.0%. If all other assumptions are held constant, a reduction in the terminal value growth rate by 4.2% or an increase in discount rate by 2.0% would result in an impairment charge for the JANZ reporting unit.

Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. In addition, changes in underlying assumptions, especially as they relate to the key assumptions detailed, could have a significant impact on the fair value of the reporting units.

Amortization expense, which is classified primarily within cost of sales in the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 totaled:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Intangible asset amortization expense	$	681.6	$	351.6	$	1,366.0	$	702.8
Intangible asset impairment charges	—		—		83.4		—

Total intangible asset amortization expense (including impairment charges)	$	681.6	$	351.6	$	1,449.4	$	702.8

On April 30, 2021, the Company completed an agreement to divest a group of OTC products in the U.S. As a result of this transaction, the Company recognized an intangible asset impairment charge of approximately $83.4 million during the six months ended June 30, 2021.

Intangible asset amortization expense over the remainder of 2021 and for the years ended December 31, 2022 through 2025 is estimated to be as follows:


(In millions)
2021	$	1,339
2022	2,616
2023	2,454
2024	2,350
2025	2,257

Financial Instruments and Risk Management

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Risk Management

The Company is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk and interest rate risk.

Foreign Currency Risk Management

In order to manage certain foreign currency risks, the Company enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the condensed consolidated statements of operations.

The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries and a portion of forecasted intercompany inventory sales denominated in Euro, Japanese Yen and Chinese Renminbi for up to eighteen months. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets. Any changes in the fair value of designated cash flow hedges are deferred in AOCE and are reclassified into earnings when the hedged item impacts earnings.

Net Investment Hedges

The Company may hedge the foreign currency risk associated with certain net investment positions in foreign subsidiaries by either borrowing directly in foreign currencies and designating all or a portion of the foreign currency debt as a hedge of the applicable net investment position or entering into foreign currency swaps that are designated as hedges of net investments.

The Company has designated certain Euro borrowings as a hedge of its investment in certain Euro-functional currency subsidiaries in order to manage foreign currency translation risk. Borrowings designated as net investment hedges are marked-to-market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of AOCE until the sale or substantial liquidation of the underlying net investments. In addition, the Company manages the related foreign exchange risk of the Euro borrowings not designated as net investment hedges through certain Euro denominated financial assets and forward currency swaps.

The following table summarizes the principal amounts of the Company’s outstanding Euro borrowings and the notional amounts of the Euro borrowings designated as net investment hedges:


			Notional Amount Designated as a Net Investment Hedge
(In millions)	Principal Amount		June 30, 2021		December 31, 2020
2.250% Euro Senior Notes due 2024	€	1,000.0	€	1,000.0	€	1,000.0
3.125% Euro Senior Notes due 2028	750.0		750.0		750.0

2.125% Euro Senior Notes due 2025	500.0		500.0		500.0
0.816% Euro Senior Notes due 2022	750.0		750.0		750.0
1.023% Euro Senior Notes due 2024	750.0		750.0		750.0
1.362% Euro Senior Notes due 2027	850.0		850.0		850.0
1.908% Euro Senior Notes due 2032	1,250.0		1,250.0		1,250.0
Foreign currency forward contracts	105.6		—		105.6
Total	€	5,955.6	€	5,850.0	€	5,955.6

Interest Rate Risk Management

The Company enters into interest rate swaps from time to time in order to manage interest rate risk associated with the Company’s fixed-rate and floating-rate debt. Interest rate swaps that meet specific accounting criteria are accounted for as fair value or cash flow hedges. All derivative instruments used to manage interest rate risk are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets. For fair value hedges, the changes in the fair value of both the hedging instrument and the underlying debt obligations are included in interest expense. For cash flow hedges, the change in fair value of the hedging instrument is deferred through AOCE and is reclassified into earnings when the hedged item impacts earnings.

Credit Risk Management

The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. Certain derivative instrument contracts entered into by the Company are governed by master agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company records all derivative instruments on a gross basis in the condensed consolidated balance sheets. Accordingly, there are no offsetting amounts that net assets against liabilities.

The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets:


	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value		Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value

Derivatives designated as hedges:

Foreign currency forward contracts	Prepaid expenses & other current assets	$	42.9	$	28.3	Other current liabilities	$	—	$	0.8
Total derivatives designated as hedges		42.9		28.3			—		0.8
Derivatives not designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	47.4		90.3		Other current liabilities	40.1		102.8
Total derivatives not designated as hedges		47.4		90.3			40.1		102.8
Total derivatives		$	90.3	$	118.6		$	40.1	$	103.6

The following table summarizes information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk:


		Amount of Gains/(Losses) Recognized in Earnings				Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on Derivatives				Amount of Gains/(Losses) Reclassified from AOCE into Earnings
		Three months ended June 30,				Three months ended June 30,				Three months ended June 30,
(In millions)	Location of Gain/(Loss)	2021		2020		2021		2020		2021		2020



Derivative Financial Instruments in Cash Flow Hedging Relationships (2) :
Foreign currency forward contracts	Net sales (4)	$	—	$	—	$	11.3	$	12.8	$	3.6	$	(2.9)
Interest rate swaps	Interest expense (4)	—		—		(0.9)		—		(1.0)		(1.1)
Derivative Financial Instruments in Net Investment Hedging Relationships:
Foreign currency borrowings and forward contracts		—		—		(59.6)		(44.9)		—		—
Derivative Financial Instruments Not Designated as Hedging Instruments:
Foreign currency option and forward contracts	Other expense, net (3)	(14.9)		(16.3)		—		—		—		—
Total		$	(14.9)	$	(16.3)	$	(49.2)	$	(32.1)	$	2.6	$	(4.0)


		Amount of Gains/(Losses) Recognized in Earnings				Amount of Gains/(Losses) Recognized in AOCE (Net of Tax) on Derivatives				Amount of Gains/(Losses) Reclassified from AOCE into Earnings
		Six months ended June 30,				Six months ended June 30,				Six months ended June 30,
(In millions)	Location of Gain/(Loss)	2021		2020		2021		2020		2021		2020
Derivative Financial Instruments in Fair Value Hedge Relationships (1) :
Interest rate swaps	Interest expense (3)	$	—	$	22.1	$	—	$	—	$	—	$	—
2023 Senior Notes (3.125% coupon)	Interest expense (3)	—		(22.1)		—		—		—		—
Derivative Financial Instruments in Cash Flow Hedging Relationships (2) :
Foreign currency forward contracts	Net sales (4)	—		—		16.9		(30.0)		9.7		(2.8)
Interest rate swaps	Interest expense (4)	—		—		(1.7)		—		(2.1)		(2.2)
Derivative Financial Instruments in Net Investment Hedging Relationships:
Foreign currency borrowings and forward contracts		—		—		199.0		(4.8)		—		—
Derivative Financial Instruments Not Designated as Hedging Instruments:
Foreign currency option and forward contracts	Other expense, net (3)	20.7		13.1		—		—		—		—
Total		$	20.7	$	13.1	$	214.2	$	(34.8)	$	7.6	$	(5.0)

____________

(1)In the first quarter of 2020, the Company terminated interest rate swaps designated as a fair value hedge resulting in net proceeds of approximately $45 million. The amount included in the above tables represents the fair value adjustment recognized at the date the interest rate swaps were settled.

(2)At June 30, 2021, the Company expects that approximately $5.0 million of pre-tax net gains on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months.

(3)Represents the location of the gain/(loss) recognized in earnings on derivatives.

(4)Represents the location of the gain/(loss) reclassified from AOCE into earnings.

Fair Value Measurement

Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

•Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

•Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities.

•Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value.

Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:


	June 30, 2021						December 31, 2020
(In millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	0.8	$	—	$	—	$	0.9	$	—	$	—
Total cash equivalents	0.8		—		—		0.9		—		—
Equity securities:
Exchange traded funds	48.9		—		—		45.1		—		—
Marketable securities	0.7		—		—		0.7		—		—
Total equity securities	49.6		—		—		45.8		—		—
Available-for-sale fixed income investments:
Corporate bonds	—		17.6		—		—		17.8		—
U.S. Treasuries	—		13.5		—		—		14.4		—
Agency mortgage-backed securities	—		1.6		—		—		1.9		—
Asset backed securities	—		5.3		—		—		4.6		—
Other	—		0.5		—		—		0.4		—
Total available-for-sale fixed income investments	—		38.5		—		—		39.1		—
Foreign exchange derivative assets	—		90.3		—		—		118.6		—

Total assets at recurring fair value measurement	$	50.4	$	128.8	$	—	$	46.7	$	157.7	$	—
Financial Liabilities

Foreign exchange derivative liabilities	—		40.1		—		—		103.6		—
Contingent consideration	—		—		213.8		—		—		223.6
Total liabilities at recurring fair value measurement	$	—	$	40.1	$	213.8	$	—	$	103.6	$	223.6

For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including the LIBOR yield curve, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities:

•Cash equivalents — valued at observable net asset value prices.

•Equity securities, exchange traded funds — valued at the active quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in other expense, net, in the condensed consolidated statements of operations.

•Equity securities, marketable securities — valued using quoted stock prices from public exchanges at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in other expense, net, in the condensed consolidated statements of operations.

•Available-for-sale fixed income investments — valued at the quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value, net of income taxes, are included in accumulated other comprehensive loss as a component of shareholders’ equity.

•Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices and spot rates at the reporting date. Counterparties to these contracts are highly rated financial institutions.

Contingent Consideration

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for Pfizer’s respiratory delivery platform and certain other acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assumptions primarily related to the probability and timing of future development and commercial milestones and future profit sharing payments which are discounted using a market rate of return. At June 30, 2021 and December 31, 2020, discount rates ranging from 2.1% to 10.5% were utilized in the valuations. Significant changes in unobservable inputs could result in material changes to the contingent consideration liability.

A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2020 to June 30, 2021 is as follows:


(In millions)	Current Portion (1)		Long-Term Portion (2)		Total Contingent Consideration
Balance at December 31, 2020	$	100.5	$	123.1	$	223.6
Payments	(46.6)		—		(46.6)
Reclassifications	29.2		(29.2)		—
Accretion	—		4.8		4.8
Fair value loss (3)	—		32.0		32.0
Balance at June 30, 2021	$	83.1	$	130.7	$	213.8

____________

(1)Included in other current liabilities in the condensed consolidated balance sheets.

(2)Included in other long-term obligations in the condensed consolidated balance sheets.

(3)Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations.

Although the Company has not elected the fair value option for other financial assets and liabilities, any future transacted financial asset or liability will be evaluated for the fair value election.

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Short-Term Borrowings

The Company had $1.30 billion and $1.10 billion of short-term borrowings as of June 30, 2021 and December 31, 2020, respectively.


(In millions)	June 30, 2021		December 31, 2020
Commercial paper notes	$	700.5	$	651.3
Receivables Facility	400.0		248.4
Note Securitization Facility	200.0		200.0
Other	—		1.2
Short-term borrowings	$	1,300.5	$	1,100.9

For additional information, see Note 10 Debt in Viatris’ 2020 Form 10-K.

Long-Term Debt

A summary of long-term debt is as follows:


($ in millions)	Interest Rate as of June 30, 2021		June 30, 2021		December 31, 2020
Current portion of long-term debt:





2021 Senior Notes (a) **	3.150	%	—		2,249.7
2022 Euro Senior Notes ****	0.816	%	897.5		—
2022 Senior Notes ***	1.125	%	1,005.9		—
USD Term Loan			240.0		—
Other			5.0		8.0
Deferred financing fees			—		(1.4)
Current portion of long-term debt			$	2,148.4	$	2,256.3

Non-current portion of long-term debt:


2022 Euro Senior Notes ****	0.816	%	—		928.8
2022 Senior Notes ***	1.125	%	—		1,008.8
2023 Senior Notes (b) *	3.125	%	773.8		781.6
2023 Senior Notes *	4.200	%	499.5		499.3
2024 Euro Senior Notes **	2.250	%	1,184.4		1,219.9
2024 Euro Senior Notes ****	1.023	%	913.0		944.6
2025 Euro Senior Notes *	2.125	%	592.1		609.9
2025 Senior Notes ***	1.650	%	765.2		767.1
2026 Senior Notes **	3.950	%	2,240.6		2,239.7
2027 Euro Senior Notes ****	1.362	%	1,060.9		1,097.4
2027 Senior Notes ***	2.300	%	783.5		786.1
2028 Euro Senior Notes **	3.125	%	883.4		909.7
2028 Senior Notes *	4.550	%	748.7		748.6
2030 Senior Notes ***	2.700	%	1,524.3		1,528.0
2032 Euro Senior Notes ****	1.908	%	1,618.3		1,672.6
2040 Senior Notes ***	3.850	%	1,660.3		1,663.3
2043 Senior Notes *	5.400	%	497.3		497.3
2046 Senior Notes **	5.250	%	999.9		999.9
2048 Senior Notes *	5.200	%	747.7		747.7
2050 Senior Notes ***	4.000	%	2,207.2		2,209.3
USD Term Loan			360.0		600.0
2020 Revolving Facility			900.0		—
Other			1.6		17.4
Deferred financing fees			(44.7)		(47.8)
Long-term debt			$	20,917.0	$	22,429.2

____________

(a) The 2021 Senior Notes were repaid at maturity in the second quarter of 2021.

(b) In the first quarter of 2020, the Company terminated interest rate swaps designated as a fair value hedge resulting in net proceeds of approximately $45 million. The fair value adjustment is being amortized to interest expense over the remaining term of the notes.

* 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.

For additional information, see Note 10 Debt in Viatris’ 2020 Form 10-K.

USD Term Loan, 2020 Revolving Facility, YEN Term Loan and 2021 Revolving Facility

In June 2020, Viatris entered into (i) a $600 million term loan agreement (the “USD Term Loan”) and (ii) a $4.0 billion revolving facility (the “2020 Revolving Facility”) with various syndicates of banks. The USD Term Loan was fully repaid in July 2021.

The USD Term Loan and the 2020 Revolving Facility contained a maximum consolidated leverage ratio financial covenant requiring maintenance of a maximum ratio of consolidated total indebtedness as of the end of any quarter to consolidated EBITDA for the trailing four quarters as defined in the related credit agreements. The maximum leverage ratio is 4.25 to 1.00 for the first four full fiscal quarters following the close of the Combination and 3.75 to 1.00 thereafter, except in circumstances as defined in the related credit agreements.

The USD Term Loan and the 2020 Revolving Facility contained 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 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.

In July 2021, Viatris entered into (i) a ¥40 billion term loan credit agreement (the “YEN Term Loan”) and (ii) a $4.0 billion revolving credit agreement (the “2021 Revolving Facility”) with various syndicates of banks. The 2021 Revolving Facility amended and restated the 2020 Revolving Facility and proceeds from the 2021 Revolving Facility were used to repay outstanding obligations under the 2020 Revolving Facility. Proceeds from the YEN Term Loan and 2021 Revolving Facility were also used to repay the USD Term Loan in full and the USD Term Loan was terminated. The 2021 Revolving Facility and the YEN Term Loan have substantially identical terms to the 2020 Revolving Facility and USD Term Loan, respectively with the following exceptions: 1) the maturity of both the YEN Term Loan and the 2021 Revolving Facility is July 2026, 2) the pricing was adjusted to reflect current market prices (which were generally more favorable) and 3) the maximum leverage ratio as of the end of any quarter was set at 4.25 to 1.00 for each quarter ending after June 30, 2021 through and including June 30, 2022, 4.0 to 1.00 for each quarter ending after June 30, 2022 through and including December 31, 2022 and 3.75 to 1.00 thereafter, except in circumstances as defined in the related credit agreement. The Company expects to designate the YEN Term Loan as a hedge of its investment in certain Yen-functional currency subsidiaries in order to manage foreign currency translation risk.

The YEN Term Loan and the 2021 Revolving Facility contain customary affirmative covenants for facilities of this type, including among others, those set forth above with respect to the USD Term Loan and the 2020 Revolving Facility.

Fair Value

At June 30, 2021 and December 31, 2020, the aggregate fair value of the Company’s outstanding notes was approximately $22.53 billion and $25.90 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 June 30, 2021 were as follows for each of the periods ending December 31:


(In millions)	Total
2021	$	—
2022	2,489
2023	2,150
2024	2,075
2025	1,343
Thereafter	14,330
Total	$	22,387

Comprehensive Earnings

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Comprehensive Earnings

Comprehensive Loss

Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following:


(In millions)	June 30, 2021		December 31, 2020
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities, net of tax	$	0.4	$	1.2
Net unrecognized gain (loss) and prior service cost related to defined benefit plans, net of tax	43.6		(26.1)
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(6.2)		(18.0)
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax	(220.8)		(353.6)
Foreign currency translation adjustment	(1,022.0)		(461.5)
	$	(1,205.0)	$	(858.0)

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30, 2021
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2021, net of tax			$	(15.5)	$	(161.3)	$	0.2	$	(26.3)	$	(1,182.7)	$	(1,385.6)
Other comprehensive earnings (loss) before reclassifications, before tax			15.0		(77.4)		0.2		72.2		160.7		170.7
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(3.6)		(3.6)										(3.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.0	1.0										1.0
Amortization of prior service costs included in SG&A									(0.2)				(0.2)
Amortization of actuarial gain included in SG&A									0.5				0.5
Net other comprehensive earnings (loss), before tax			12.4		(77.4)		0.2		72.5		160.7		168.4
Income tax provision (benefit)			3.1		(17.9)		—		2.6		—		(12.2)

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)


	Three Months Ended June 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2020, net of tax			$	(70.1)	$	(34.1)	$	0.8	$	(19.0)	$	(2,331.1)	$	(2,453.5)
Other comprehensive earnings (loss) before reclassifications, before tax			14.7		(47.3)		0.6		6.5		452.0		426.5
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	2.9		2.9										2.9
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.1	1.1										1.1

Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			18.7		(47.3)		0.6		6.6		452.0		430.6
Income tax provision (benefit)			4.3		(2.4)		0.1		—		—		2.0

Balance at June 30, 2020, net of tax			$	(55.7)	$	(79.0)	$	1.3	$	(12.4)	$	(1,879.1)	$	(2,024.9)


	Six Months Ended June 30, 2021
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)
Other comprehensive earnings (loss) before reclassifications, before tax			23.3		150.0		(0.7)		72.8		(560.5)		(315.1)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(9.7)		(9.7)										(9.7)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.1	2.1										2.1
Amortization of prior service costs included in SG&A									(0.3)				(0.3)
Amortization of actuarial loss included in SG&A									0.8				0.8
Net other comprehensive earnings (loss), before tax			15.7		150.0		(0.7)		73.3		(560.5)		(322.2)
Income tax provision (benefit)			3.9		17.2		0.1		3.6		—		24.8

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)


	Six Months Ended June 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2019, net of tax			$	(31.6)	$	(74.3)	$	0.6	$	(17.4)	$	(1,674.5)	$	(1,797.2)
Other comprehensive (loss) earnings before reclassifications, before tax			(37.7)		(5.0)		0.8		4.7		(204.6)		(241.8)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	2.8		2.8										2.8
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.2	2.2										2.2

Amortization of actuarial loss included in SG&A									0.3				0.3
Net other comprehensive (loss) earnings, before tax			(32.7)		(5.0)		0.8		5.0		(204.6)		(236.5)
Income tax (benefit) provision			(8.6)		(0.3)		0.1		—		—		(8.8)

Balance at June 30, 2020, net of tax			$	(55.7)	$	(79.0)	$	1.3	$	(12.4)	$	(1,879.1)	$	(2,024.9)

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Viatris reports segment information on the basis of markets and geography. In conjunction with the formation of Viatris, the Company has changed its reportable segments, from North America, Europe, and Rest of World, to Developed Markets, Greater China, JANZ, and Emerging Markets. Prior year amounts have been recasted to reflect this segment structure. We have also revised our measure of segment profitability. This approach reflects the Company’s focus on bringing its broad and diversified portfolio of branded, complex generics and biosimilars, and generic products to people in markets everywhere. Our Developed Markets segment comprises our operations primarily in North America and Europe. Our Greater China segment includes our operations in China, Taiwan and Hong Kong. Our JANZ segment reflects our operations in Japan, Australia and New Zealand. Our Emerging Markets segment encompasses our operations in countries with developing markets and emerging economies including countries in Asia, the Middle East, South and Central America, Africa and Eastern Europe, and also includes the Company’s anti-retroviral franchise.

The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of the Company’s segments based on total revenues and segment profitability.

Certain costs are not included in the measurement of segment profitability, such as costs, if any, associated with the following:

◦Intangible asset amortization expense and impairments of intangible assets;

◦R&D expense;

◦Net charges or net gains for litigation settlements and other contingencies;

◦Certain costs related to transactions and events such as (i) purchase accounting adjustments, where we incur expenses associated with the amortization of fair value adjustments to inventory and property, plant and equipment; (ii) acquisition-related costs, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company; and (iii) other significant items, which are substantive and/or unusual, and in some cases recurring, items (such as restructuring) that are evaluated on an individual basis by management and that either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such special items can include, but are not limited to, non-acquisition-related restructuring costs, as well as costs incurred for asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities.

◦Corporate and other unallocated costs associated with platform functions (such as digital, facilities, legal, finance, human resources, insurance, public affairs and procurement), patient advocacy activities and certain compensation and other corporate costs (such as interest income and expense, and gains and losses on investments, as well as overhead expenses associated with our manufacturing, which include manufacturing variances associated with production) and operations that are not directly assessed to an operating segment as business unit (segment) management does not manage these costs.

The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker.

The accounting policies of the segments are the same as those described in Note 2 Summary of Significant Accounting Policies included in the 2020 Form 10-K, and Note 3 Recent Accounting Pronouncements, Adoption of New Accounting Standards included in this Form 10-Q.

Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information.


	Net Sales				Segment Profitability
	Three Months Ended June 30,				Three Months Ended June 30,

(In millions)	2021		2020		2021		2020
Reportable Segments:
Developed Markets	$	2,640.4	$	1,982.7	$	1,319.9	$	1,048.6
Greater China	550.3		22.7		366.5		5.5
JANZ	501.0		280.2		185.4		83.4
Emerging Markets	870.0		410.3		384.7		133.4
Total reportable segments	$	4,561.7	$	2,695.9	$	2,256.5	$	1,270.9

Reconciling items:
Intangible asset amortization expense					(681.6)		(351.6)

Globally managed research and development costs					(147.7)		(156.3)
Litigation settlements & other contingencies					(23.0)		(15.8)
Transaction related and other special items					(920.7)		(269.6)
Corporate and other unallocated					(531.3)		(343.4)
(Loss) earnings from operations					$	(47.8)	$	134.2


	Net Sales				Segment Profitability
	Six Months Ended June 30,				Six Months Ended June 30,

(In millions)	2021		2020		2021		2020
Reportable Segments:
Developed Markets	$	5,212.0	$	3,969.1	$	2,605.3	$	2,037.6
Greater China	1,142.2		37.8		771.4		5.1
JANZ	982.9		523.4		369.6		135.0
Emerging Markets	1,624.7		753.8		722.0		228.2
Total reportable segments	$	8,961.8	$	5,284.1	$	4,468.3	$	2,405.9

Reconciling items:
Intangible asset amortization expense					(1,366.0)		(702.8)
Intangible asset impairment charges					(83.4)		—
Globally managed research and development costs					(331.8)		(270.5)
Litigation settlements & other contingencies					(45.9)		(17.6)
Transaction related and other special items					(1,914.1)		(433.8)
Corporate and other unallocated					(1,041.1)		(662.3)
(Loss) earnings from operations					$	(314.0)	$	318.9

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Restructuring and Related Activities [Abstract]

Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring

2020 Restructuring Program

During the fourth quarter of 2020, Viatris announced a significant global restructuring program in order to achieve synergies and ensure that the organization is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers, and other stakeholders. Viatris’ restructuring initiative incorporates and expands on the restructuring program announced by Mylan N.V. earlier in 2020 as part of its business transformation efforts. The Company expects to optimize its commercial capabilities and enabling functions, and close, downsize or divest up to 15 manufacturing facilities globally that are deemed to be no longer viable either due to surplus capacity, challenging market dynamics or a shift in its product portfolio toward more complex products. As a result, Viatris expects that up to 20% of its global workforce may be impacted upon completion of the restructuring initiative.

For the committed restructuring actions, the Company expects to incur total pre-tax charges ranging between $1.1 billion and $1.4 billion. Such charges are expected to include between $350 million and $450 million of non-cash charges mainly related to accelerated depreciation and asset impairment charges, including inventory write-offs. The remaining estimated cash costs of between $750 million and $950 million are expected to be primarily related to severance and employee benefits expense, as well as other costs, including those related to contract terminations and decommissioning costs.

Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met.

The following table summarizes the restructuring charges and the reserve activity for the 2020 restructuring program from December 31, 2020 to June 30, 2021:


(In millions)	Employee Related Costs		Other Exit Costs		Total
Balance at December 31, 2020:	$	262.6	$	4.8	$	267.4
Charges (1)	161.6		152.0		313.6

Cash payment	(49.2)		(1.1)		(50.3)
Utilization	—		(151.0)		(151.0)
Foreign currency translation	(3.3)		0.1		(3.2)
Balance at March 31, 2021:	$	371.7	$	4.8	$	376.5
Charges (1)	169.0		82.9		251.9

Reimbursable restructuring charges	26.4		—		26.4
Cash payment	(74.7)		(2.1)		(76.8)
Utilization	—		(80.8)		(80.8)
Foreign currency translation	1.6		(0.1)		1.5
Balance at June 30, 2021:	$	494.0	$	4.7	$	498.7

____________

(1) For the three months ended June 30, 2021, total restructuring charges in Developed Markets, JANZ, Emerging Markets, and Corporate/Other were approximately $115.1 million, $107.5 million, $6.0 million, and $23.3 million respectively. For the six months ended June 30, 2021, total restructuring charges in Developed Markets, Greater China, JANZ, Emerging Markets, and Corporate/Other were approximately $381.6 million, $5.3 million, $109.0 million, $46.3 million, and $23.3 million, respectively.

At June 30, 2021 and December 31, 2020, accrued liabilities for restructuring and other cost reduction programs were primarily included in other current liabilities and other long-term obligations in the condensed consolidated balance sheets.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Tax Examinations The Company is subject to income taxes and tax audits in many jurisdictions. A certain degree of estimation is thus required in recording the assets and liabilities related to income taxes. Tax audits and examinations can involve complex issues, interpretations, and judgments and the resolution of matters that may span multiple years, particularly if subject to litigation or negotiation. Although the Company believes that adequate provisions have been made for these uncertain tax positions, the Company’s assessment of uncertain tax positions, including those arising from legal entity restructuring transactions in connection with the Combination, is based on estimates and assumptions that the Company believes are reasonable but the estimates for unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and variations from such estimates could materially affect the Company’s financial condition, results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire. The Company is subject to ongoing IRS examinations. The years 2015 through 2018 are open years under examination. The years 2012, 2013 and 2014 have one matter open, and a Tax Court petition was filed regarding the matter and a trial was held in December 2018 and is discussed further below. Several international audits are currently in progress. In some cases, the tax auditors have proposed adjustments or issued assessments to our tax positions, including with respect to intercompany transactions, and we are in ongoing discussions with some of the auditors regarding the validity of their positions. In instances where assessments have been issued, we disagree with these assessments and believe they are without merit and incorrect as a matter of law. As a result, we anticipate that certain of these matters may become the subject of litigation before tax courts where we intend to vigorously defend our position. In Australia, the tax authorities have issued notices of assessments to the Company for the years ended December 2009 to December 2019, subject to additional interest and penalties, concerning our tax position with respect to certain intercompany transactions. We intend to challenge these assessments in court in the event our objections are not sustained. In France, the tax authorities have issued notices of assessments to the Company for the years ended December 2013 to December 2016 concerning our tax position with respect to (i) certain intercompany transactions and (ii) whether income earned by a Company entity not domiciled in France should be subject to French tax. We have resolved our position concerning certain intercompany transactions with the tax authorities. Concerning the remaining issue, we anticipate it will become the subject of litigation before the French tax courts in which the tax authorities will seek unpaid taxes, penalties, and interest. The Company has recorded a reserve for uncertain tax positions of $73.1 million and $134.6 million, including interest and penalties, in connection with its international audits at June 30, 2021 and December 31, 2020, respectively. The reserve balance at June 30, 2021 reflects the impact of current year settlement payments. In connection with our international tax audits, including in Australia and France, it is possible that we will incur material losses above the amounts reserved. The Company’s major U.S. state taxing jurisdictions remain open from fiscal year 2013 through 2020, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2012 through 2020. Tax Court Proceedings The Company's U.S. federal income tax returns for 2012 through 2014 had been subject to proceedings in U.S. Tax Court involving a dispute with the IRS regarding whether certain costs related to ANDAs were eligible to be expensed and deducted immediately or required to be amortized over longer periods. A trial was held in U.S. Tax Court in December 2018 and on April 27, 2021, the Court affirmed Mylan’s position and held that patent litigation expenses related to ANDAs are immediately deductible. Accounting for Uncertainty in Income Taxes The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Litigation	6 Months Ended
Litigation	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies	Litigation The Company is involved in various disputes, governmental and/or regulatory inquiries, investigations and proceedings, tax proceedings and litigation matters, both in the U.S. and abroad, that arise from time to time, some of which could result in losses, including damages, fines and/or civil penalties, and/or criminal charges against the Company. These matters are often complex and have outcomes that are difficult to predict. In addition, in connection with the Combination, the Company has generally assumed liability for, and control of, pending and threatened legal matters relating to the Upjohn Business – including certain matters initiated against Pfizer described below – and has agreed to indemnify Pfizer for liabilities arising out of such assumed legal matters. Pfizer, however, has agreed to retain various matters – including certain specified competition law matters – to the extent they arise from conduct during the pre-Distribution period and has agreed to indemnify the Company for liabilities arising out of such matters. While the Company believes that it has meritorious defenses with respect to the claims asserted against it and the assumed legal matters referenced above, and intends to vigorously defend its position, the process of resolving these matters is inherently uncertain and may develop over a long period of time, and so it is not possible to predict the ultimate resolution of any such matter. It is possible that an unfavorable resolution of any of the ongoing matters could have a material effect on the Company’s business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price. Some of these governmental inquiries, investigations, proceedings and litigation matters with which the Company is involved are described below, and unless otherwise disclosed, the Company is unable to predict the outcome of the matter or to provide an estimate of the range of reasonably possible material losses. The Company records accruals for loss contingencies to the extent we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is also involved in other pending proceedings for which, in the opinion of the Company based upon facts and circumstances known at the time, either the likelihood of loss is remote or any reasonably possible loss associated with the resolution of such proceedings is not expected to be material to the Company’s business, financial position, results of operations, cash flows, ability to pay dividends and/or stock price. If and when any reasonably possible losses associated with the resolution of such other pending proceedings, in the opinion of the Company, become material, the Company will disclose such matters. Legal costs are recorded as incurred and are classified in SG&A in the Company’s condensed consolidated statements of operations. EpiPen® Auto-Injector Litigation The Company has been named as a defendant in putative indirect purchaser class actions relating to the pricing and/or marketing of the EpiPen® Auto-Injector. The plaintiffs in these cases assert violations of various federal and state antitrust and consumer protection laws, RICO as well as common law claims. Plaintiffs’ claims include purported challenges to the prices charged for the EpiPen® Auto-Injector and/or the marketing of the product in packages containing two auto-injectors, as well as allegedly anti-competitive conduct. A former Mylan N.V. officer and other non-Viatris affiliated companies are also defendants in some of the class actions. Plaintiffs’ seek monetary damages, attorneys’ fees and costs. These lawsuits were filed in various federal and state courts and have either been dismissed or transferred into a MDL in the U.S. District Court for the District of Kansas and have been consolidated. The District Court certified an antitrust class that applies to 17 states and a RICO class. On June 23, 2021, the Court granted – in substantial part –the Company’s and former Mylan N.V. officer’s motion for summary judgment by dismissing certain antitrust claims and the RICO claims, which included RICO claims asserted against the former Mylan N.V. officer. Plaintiffs filed a motion for reconsideration of the summary judgment decision with respect to the RICO claims. On July 8, 2021, the Company filed a motion to decertify the class action with respect to the remaining antitrust claims. A trial on the remaining antitrust claims against the Company is currently scheduled to begin on January 24, 2022. On February 14, 2020, the Company, together with other non-Viatris affiliated companies, were named as defendants in a putative direct purchaser class action filed in the U.S. District Court for the District of Kansas relating to the pricing and/or marketing of the EpiPen® Auto-Injector. The plaintiff in this case asserts federal antitrust claims which are based on allegations that are similar to those in the putative indirect purchaser class actions discussed above. On November 3, 2020, the plaintiff filed a second amended complaint that is substantially similar to the allegations in the amended complaint. Plaintiffs’ seek monetary damages, declaratory relief, attorneys’ fees and costs. On July 26, 2021, the Court dismissed the second amended complaint with an option for Plaintiff to file a limited amended complaint within 30 days. Beginning in March 2020, the Company, together with other non-Viatris affiliated companies, were named as defendants in putative direct purchaser class actions filed in the U.S. District Court for the District of Minnesota relating to contracts with certain pharmacy benefit managers concerning EpiPen® Auto-Injector. The plaintiffs claim that the alleged conduct resulted in the exclusion or restriction of competing products and the elimination of pricing constraints in violation of RICO and federal antitrust law. These actions have been consolidated. Plaintiffs’ seek monetary damages, attorneys’ fees and costs. On April 24, 2017, Sanofi Aventis U.S., LLC (“Sanofi”) filed a lawsuit against the Company in the U.S. District Court for the District of New Jersey. This lawsuit has been transferred into the aforementioned MDL and alleges exclusive dealing and anti-competitive marketing practices in violation of the antitrust laws in connection with the sale and marketing of the EpiPen® Auto-Injector. Sanofi seeks monetary damages, declaratory relief, attorneys’ fees and costs. The Court granted the Company’s motion for summary judgment and dismissed Sanofi’s claims. Sanofi’s appeal is pending. The Company has a total accrual of approximately $10.0 million related to this matter at June 30, 2021, which is included in other current liabilities in the condensed consolidated balance sheets. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with such matters in future periods and will recognize these expenses as services are received. The Company believes that the ultimate amount paid for these services and claims could have a material effect on the Company's business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price in future periods. Drug Pricing Matters Department of Justice On December 3, 2015, the Company received a subpoena from the Antitrust Division of the DOJ seeking information relating to the marketing, pricing, and sale of certain of our generic products and any communications with competitors about such products. On September 8, 2016, the Company, as well as certain employees and a member of senior management, received subpoenas from the DOJ seeking similar information. Related search warrants also were executed. On May 10, 2018, the Company received a civil investigative demand from the Civil Division of the DOJ seeking information relating to the pricing and sale of its generic drug products. We are fully cooperating with these investigations, which we believe are related to a broader industry-wide investigation of the generic pharmaceutical industry. Civil Litigation Beginning in 2016, the Company, along with other manufacturers, has been named as a defendant in lawsuits generally alleging anticompetitive conduct with respect to generic drugs. The lawsuits have been filed by plaintiffs, including putative classes of direct purchasers, indirect purchasers, and indirect resellers, as well as individual direct and indirect purchasers and certain cities and counties. They allege harm under federal and state laws, including federal and state antitrust laws, state consumer protection laws and unjust enrichment claims. Some of the lawsuits also name as defendants the Company’s President, including allegations against him with respect to a single drug product, and one of the Company’s sales employees, including allegations against him with respect to certain generic drugs. The lawsuits have been consolidated in an MDL proceeding in the Eastern District of Pennsylvania (“EDPA”). Plaintiffs generally seek monetary damages, restitution, declaratory and injunctive relief, attorneys’ fees and costs. The Court has ordered certain plaintiffs’ complaints regarding two single-drug product cases to proceed as bellwethers. The Company is named in those plaintiffs’ complaints that regard one of the two individual drug products. Attorneys General Litigation On December 21, 2015, the Company received a subpoena and interrogatories from the Connecticut Office of the Attorney General seeking information relating to the marketing, pricing and sale of certain of the Company’s generic products and communications with competitors about such products. On December 14, 2016, attorneys general of certain states originally filed a complaint in the United States District Court for the District of Connecticut against several generic pharmaceutical drug manufacturers, including the Company, alleging anticompetitive conduct with respect to, among other things, a single drug product. The complaint has subsequently been amended, including on June 18, 2018, to add attorneys general alleging violations of federal and state antitrust laws, as well as violations of various states’ consumer protection laws. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. The operative complaint includes attorneys general of forty-seven states, the District of Columbia and the Commonwealth of Puerto Rico. The Company is alleged to have engaged in anticompetitive conduct with respect to four generic drug products. The amended complaint also includes claims asserted by attorneys general of thirty-seven states and the Commonwealth of Puerto Rico against certain individuals, including the Company’s President, with respect to a single drug product. The amended complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, and restitution. On May 10, 2019, certain attorneys general filed a new complaint in the United States District Court for the District of Connecticut against various drug manufacturers and individuals, including the Company and one of its sales employees, alleging anticompetitive conduct with respect to additional generic drugs. On November 1, 2019, the complaint was amended, adding additional states as plaintiffs. The operative complaint is brought by attorneys general of forty-eight states, certain territories and the District of Columbia. The amended complaint also includes claims asserted by attorneys general of forty-three states and certain territories against several individuals, including a Company sales employee. The amended complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, and restitution. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. On June 10, 2020, attorneys general of forty-six states, certain territories and the District of Columbia filed a new complaint in the United States District Court for the District of Connecticut against drug manufacturers, including the Company, and individual defendants (none from the Company), alleging anticompetitive conduct with respect to additional generic drugs. The complaint seeks declaratory and injunctive relief, disgorgement, attorneys’ fees and costs, and certain states seek monetary damages, civil penalties, and restitution. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. The court has ordered that this case proceed as a bellwether. Securities Related Litigation Purported class action complaints were filed in October 2016 against Mylan N.V. and Mylan Inc. (collectively “Mylan”), certain of Mylan’s former directors and officers, and certain of the Company’s current directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the United States District Court for the Southern District of New York (“SDNY”) on behalf of certain purchasers of securities of Mylan on the NASDAQ. The complaints alleged that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to the classification of their EpiPen® Auto-Injector as a non-innovator drug for purposes of the Medicaid Drug Rebate Program. On March 20, 2017, a consolidated amended complaint was filed alleging substantially similar claims, but adding allegations that defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs. The operative complaint is the third amended consolidated complaint, which was filed on June 17, 2019, and contains the allegations as described above against Mylan, certain of Mylan’s former directors and officers, and certain of the Company’s current directors, officers, and employees (collectively, for purposes of this paragraph, the “defendants”). A class has been certified covering all persons or entities that purchased Mylan common stock between February 21, 2012 and May 24, 2019 excluding defendants, certain of the Company’s current directors and officers, former directors and officers of Mylan, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which defendants have or had a controlling interest. Plaintiffs seek damages and costs and expenses, including attorneys’ fees and expert costs. On April 30, 2017, a similar lawsuit was filed in the Tel Aviv District Court (Economic Division) in Israel, which has been stayed pending a decision in the SDNY class action litigation. On February 26, 2019, MYL Litigation Recovery I LLC (“MYL Plaintiff”) (an assignee of entities that purportedly purchased stock of Mylan N.V.) filed an additional complaint in the SDNY against Mylan, certain of Mylan’s former officers and directors, and an officer of the Company asserting allegations pertaining to EpiPen® Auto-Injector under the federal securities laws that overlap in part with those asserted in the third amended complaint identified above. MYL Plaintiff’s complaint seeks monetary damages as well as the plaintiff’s costs. On May 6, 2020, MYL Plaintiff filed an amended complaint including additional allegations in connection with purportedly anticompetitive conduct with respect to EpiPen® Auto-Injector. MYL Plaintiff subsequently filed a summons on October 30, 2020, naming Mylan, certain of Mylan’s former officers and directors, and certain of the Company’s current officers, directors, and employees in New York State Court, County of New York, claiming investment losses suffered as a result of purportedly false and misleading statements in connection with allegedly anticompetitive conduct concerning generic pharmaceuticals. Plaintiff is seeking monetary and punitive damages, attorneys’ fees and costs. The parties have resolved both matters filed by MYL Plaintiff and they have been dismissed with prejudice. On February 14, 2020, the Abu Dhabi Investment Authority filed a complaint against Mylan in the SDNY asserting allegations pertaining to EpiPen® Auto-Injector and certain generic drugs under the federal securities laws that overlap with those asserted in the third amended complaint identified above. The Abu Dhabi Investment Authority’s complaint seeks monetary damages as well as the plaintiff’s fees and costs. On June 26, 2020, a putative class action complaint was filed by the Public Employees Retirement System of Mississippi, which was subsequently amended on November 13, 2020, against Mylan N.V., certain of Mylan N.V.’s former directors and officers, and an officer and director of the Company (collectively for the purposes of this paragraph, the “defendants”) in the U.S. District Court for the Western District of Pennsylvania on behalf of certain purchasers of securities of Mylan N.V. The amended complaint alleges that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to the Morgantown manufacturing plant and inspections at the plant by the FDA. Plaintiff seeks certification of a class of purchasers of Mylan N.V. securities between February 16, 2016 and May 7, 2019. The complaint seeks monetary damages, as well as the plaintiff’s fees and costs. On February 15, 2021, a complaint was filed by Skandia Mutual Life Ins. Co., Lansforsakringar AB, KBC Asset Management N.V., and GIC Private Limited, against the Company, certain of Mylan N.V.’s former directors and officers, a current director and officer of the Company, and current employees of the Company. The Complaint asserts claims which are based on allegations that are similar to those in the SDNY and the Western District of Pennsylvania complaints identified above. Plaintiffs seek compensatory damages, costs and expenses and attorneys’ fees. Opioids The Company, along with other manufacturers, distributors, pharmacies, pharmacy benefit managers, and individual healthcare providers is a defendant in more than 1,000 cases in the United States and Canada filed by various plaintiffs, including counties, cities and other local governmental entities, asserting civil claims related to sales, marketing and/or distribution practices with respect to prescription opioid products. In addition, lawsuits have been filed as putative class actions including on behalf of children with Neonatal Abstinence Syndrome due to alleged exposure to opioids. The lawsuits generally seek equitable relief and monetary damages (including punitive and/or exemplary damages) based on a variety of legal theories, including various statutory and/or common law claims, such as negligence, public nuisance and unjust enrichment. The vast majority of these lawsuits have been consolidated in an MDL in the U.S. District Court for the Northern District Court of Ohio. In November 2019, the Company received a subpoena from the New York Department of Financial Services as part of an industry-wide inquiry into the effect of opioid prescriptions on New York health insurance premiums. The Company is fully cooperating with this subpoena request. European Commission Proceedings Perindopril On July 9, 2014, the Commission issued a decision finding that the Company as well as several other companies, had violated EU competition rules relating to the product Perindopril and fined the Company approximately €17.2 million. The Company paid approximately $21.7 million related to this matter during the fourth quarter of 2014. The decision was affirmed on appeal by the General Court of the EU and is now on appeal to the CJEU. The Company has received a notice from an organization representing health insurers in the Netherlands stating an intention to commence follow-on litigation and asserting monetary damages. Citalopram On June 19, 2013, the Commission issued a decision finding that the Company as well as several other companies, had violated EU competition rules relating to the product Citalopram and fined the Company approximately €7.8 million, jointly and severally with Merck KGaA. The decision was affirmed on appeal by the General Court of the EU and the CJEU. The Commission’s matter as to the Company is now closed. The Company has received notices from European NHS and health insurers stating an intention to commence follow-on litigation and asserting monetary damages. The NHS England and Wales has instituted litigation against all parties to the Commission’s decision, including the Company. The Company has also sought indemnification from Merck KGaA with respect to the €7.8 million portion of the fine for which Merck KGaA and the Company were held jointly and severally liable. Merck KGaA has counterclaimed against the Company seeking the same indemnification. In June 2018, the Frankfurt Regional Court issued a judgment ordering the Company to indemnify Merck KGaA with respect to the amount for which the parties were held jointly and severally liable. The Company has appealed this decision. The Company has accrued approximately €11.2 million as of June 30, 2021 related to this matter. It is reasonably possible that we will incur additional losses above the amount accrued but we cannot estimate a range of such reasonably possible losses at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. U.K. Competition and Markets Authority Paroxetine On August 12, 2011, the Company received notice that the Office of Fair Trading (now the “CMA”) opened an investigation regarding possible infringement of the Competition Act 1998 and Articles 101 and 102 of the Treaty on the Functioning of the EU, with respect to alleged agreements related to Paroxetine. The CMA issued a decision on February 12, 2016, finding that the Company, Merck KGaA, and other companies were liable for infringing EU and U.K. competition rules. The CMA issued a penalty to Merck KGaA of approximately £5.8 million, for which the Company is jointly and severally liable for approximately £2.7 million. On appeal, the CAT affirmed the CMA’s decision but reduced the penalty to Merck KGaA to approximately £3.9 million, and reduced the amount for which the Company is jointly and severally liable to approximately £2.05 million. The Company has also received a notice from the NHS England and Wales stating an intention to commence follow- on litigation and asserting monetary damages. The Company has accrued approximately £10.1 million as of June 30, 2021 related to this matter. It is reasonably possible that the Company will incur additional losses above the amount accrued but we cannot estimate a range of such reasonably possible losses at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Product Liability Like other pharmaceutical companies, the Company is involved in a number of product liability lawsuits related to alleged personal injuries arising out of certain products manufactured/or distributed by the Company, including but not limited to those discussed below. Plaintiffs in these cases generally seek damages and other relief on various grounds for alleged personal injury and economic loss. The Company has accrued approximately $103.1 million as of June 30, 2021 for its product liability matters. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Nitrosamines The Company, along with numerous other manufacturers, retailers, and others, are parties to litigation relating to alleged trace amounts of nitrosamine impurities in certain products, including valsartan and ranitidine. The vast majority of these lawsuits in the United States are pending in two MDLs, namely an MDL pending in the United States District Court for the District of New Jersey concerning valsartan and an MDL pending in the United States District Court for the Southern District of Florida concerning raniditine. The lawsuits against the Company in the MDLs include putative class actions seeking the refund of the purchase price and other economic and punitive damages allegedly sustained by consumers and end payors as well as individuals seeking compensatory and punitive damages for personal injuries allegedly caused by ingestion of the medications. Similar lawsuits pertaining to valsartan have been filed in Canada and other countries. The Company has also received claims and inquiries related to these products, as well as requests to indemnify purchasers of the Company’s API and/ or finished dose forms of these products. The original master complaints concerning ranitidine were dismissed on December 31, 2020. The Company has not been named as a defendant in the amended master complaints, though it is still named in certain short form personal injury complaints. The end-payor plaintiffs in the ranitidine matter have filed an appeal to the U.S. Court of Appeals for the Eleventh Circuit. Lipitor A number of individual and multi-plaintiff lawsuits have been filed against Pfizer in various federal and state courts alleging that the plaintiffs developed type 2 diabetes purportedly as a result of the ingestion of Lipitor. Plaintiffs seek compensatory and punitive damages. In February 2014, the federal actions were transferred for consolidated pre-trial proceedings to an MDL in the U.S. District Court for the District of South Carolina. Since 2016, certain cases in the MDL were remanded to certain state courts. In 2017, the District Court granted Pfizer’s motion for summary judgment, dismissing all of the cases pending in the MDL. In June 2018, this dismissal was affirmed by the U.S. Court of Appeals for the Fourth Circuit. The state court proceedings remain pending in various jurisdictions, including in California, Missouri, and New York. On January 27, 2021, the California Court granted Pfizer’s motion to exclude the opinions of plaintiffs’ only general causation expert in connection with his opinions involving the three lowest doses of Lipitor (10, 20 and 40 mg). The Company filed a motion for summary judgment - which remains pending - in connection with the 10, 20, and 40 mg plaintiffs on June 7, 2021 and Plaintiffs did not file an opposition. Viagra Since April 2016, an MDL has been pending in the U.S. District Court for the Northern District of California, in which plaintiffs allege that they developed melanoma and/or the exacerbation of melanoma purportedly as a result of the ingestion of Viagra. Additional cases filed against Eli Lilly and Company (“Lilly”) with respect to Cialis have also been consolidated in the MDL. Plaintiffs seek compensatory and punitive damages. In January 2020, the District Court granted Pfizer’s and Lilly’s motion to exclude all of plaintiffs’ general causation opinions. As a result, in April 2020, the District Court entered summary judgment in favor of defendants and dismissed all of plaintiffs’ claims. In April 2020, plaintiffs filed a notice of appeal in the U.S. Court of Appeals for the Ninth Circuit. The parties have reached a settlement in principle. Dilantin Since 2018, a number of individual and multi-plaintiff lawsuits have been filed against Pfizer and related entities in various federal and state courts, alleging that the plaintiffs developed cerebellar atrophy as a result of the ingestion of Dilantin. Plaintiffs seek compensatory and punitive damages. The cases are in various stages, from the initial pleading stage to discovery, and some at the bellwether case selection phase. The parties have reached a settlement in principle. Intellectual Property The Company is involved in a number of patent litigation lawsuits involving the validity and/or infringement of patents held by branded pharmaceutical manufacturers including but not limited to the matters described below. The Company uses its business judgment to decide to market and sell certain products, in each case based on its belief that the applicable patents are invalid and/or that its products do not infringe, notwithstanding the fact that allegations of patent infringement(s) or other potential third party rights have not been finally resolved by the courts. The risk involved in doing so can be substantial because the remedies available to the owner of a patent for infringement may include, a reasonable royalty on sales or damages measured by the profits lost by the patent owner. If there is a finding of willful infringement, damages may be increased up to three times. Moreover, because of the discount pricing typically involved with bioequivalent products, patented branded products generally realize a substantially higher profit margin than generic and biosimilar products. The Company also faces challenges to its patents, including suits in various jurisdictions pursuant to which generic drug manufacturers, payers, governments, or other parties are seeking damages for allegedly causing delay of generic entry. An adverse decision in any of these matters could have an adverse effect that is material to our business, financial condition, results of operations, cash flows, ability to pay dividends and/or stock price. The Company has accrued approximately $302.5 million as of June 30, 2021 for its intellectual property matters. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Insulin Glargine On October 24, 2017, Sanofi and affiliated entities (collectively for the purposes of this section, “Sanofi”), sued Mylan GmbH and other Mylan entities in the U.S. District Court for the District of New Jersey asserting that Mylan GmbH’s new drug application for insulin glargine injection 100 Units/mL vials and prefilled injection pens (SEMGLEE® vial and pens) infringed 18 U.S. patents. 2 of the 18 patents covered the insulin glargine formulation. Both of these patents have been held invalid and all appeals have concluded. These two patents were the only patents asserted against the SEMGLEE® vial product. The 16 other asserted patents relate to a pen injection device (“device patents”) and were asserted only against the SEMGLEE® pen injection device. Prior to trial, Sanofi dismissed 12 of those device patents from the case and granted the Company a covenant not to sue with respect to them. On June 17, 2019, following the District Court’s claim construction order, the District Court entered judgment of non-infringement with respect to the asserted claims of three of the four remaining device patents (U.S. Patent Numbers 8,603,044, 8,679,069, 8,992,486). Only one device patent remained for trial (U.S. Patent Number 9,526,844). On March 9, 2020, the District Court issued an opinion after trial finding all asserted claims of the ‘844 patent not infringed and invalid for lack of written description. Sanofi’s appeal is pending. On September 10, 2018, Mylan Pharmaceuticals Inc. (“MPI”) filed IPR petitions challenging five device patents (the ‘844, ‘044, ‘069, ‘486, and ‘008 patents). On April 2, 2020 and May 29, 2020, the PTAB issued final written decisions in the IPR proceedings finding all challenged claims unpatentable except for two claims of the ‘008 patent for which Sanofi granted the Company a covenant not to sue as described above. Sanofi’s appeals of all these IPR decisions are pending. On March 26, 2021, the PTAB issued a final written decision in an IPR proceeding in which MPI challenged an additional Sanofi device patent (U.S. Patent Number RE47,614) and found all challenged claims unpatentable. Sanofi’s appeal is pending. On June 11, 2020, the FDA approved the SEMGLEE® vial and pen products, which MPI began selling on August 31, 2020. Dimethyl Fumarate On June 30, 2017, Biogen MA Inc. and Biogen International GmbH (collectively, “Biogen”) sued MPI in the U.S. District Court for the Northern District of West Virginia asserting that MPI’s abbreviated new drug application for dimethyl fumarate delayed-release capsules containing 120 mg and 240 mg of dimethyl fumarate (generic for Tecfidera®) infringed six U.S. patents that Biogen had listed in the Orange Book: 6,509,376, 7,320,999, 7,619,001, 7,803,840, 8,759,393, and 8,399,514. All patents except for the ‘514 expired during the litigation and were dismissed from the case. After a trial involving only the ’514 patent on June 18, 2020, the District Court issued a judgment finding all claims of the ’514 patent invalid for lack of adequate written description. Biogen’s appeal is pending. On July 13, 2018, MPI filed an IPR petition challenging the ’514 patent based only on obviousness. On February 5, 2020, the PTAB issued a final written decision finding the claims not obvious. MPI’s appeal is pending. On August 17, 2020, the FDA approved MPI’s dimethyl fumarate delayed-release capsules, which MPI began selling on August 18, 2020. Lyrica - United Kingdom Beginning in 2014, Pfizer was involved in patent litigation in the English courts concerning the validity of its Lyrica pain use patent. In 2015, the High Court of Justice in London ordered that the NHS England issue guidance for prescribers and pharmacists directing the prescription and dispensing of Lyrica by brand when pregabalin was prescribed for the treatment of neuropathic pain and entered a preliminary injunction against certain Sandoz group companies preventing the sale of Sandoz’s full label pregabalin product. Pfizer undertook to compensate certain generic companies and NHS entities for losses caused by these orders, which remained in effect until patent expiration in July 2017. In November 2018, the U.K. Supreme Court ruled that all the relevant claims directed to neuropathic pain were invalid. Dr. Reddy’s Laboratories filed a claim for monetary damages, interest, and costs in May 2020, followed by the Scottish Ministers and fourteen Scottish Health Boards (together, NHS Scotland) in July 2020. In September 2020, Teva, Sandoz, Ranbaxy, Actavis, and the Secretary of State for Health and Social Care, together with 32 other NHS entities (together, NHS England, Wales, Scotland and Northern Ireland) filed their claims. The claim filed by Sandoz has been resolved and we have reached a settlement in principle to resolve the claim filed by Ranbaxy. Lyrica - Canada In June 2014, Pharmascience Inc. (“PMS”) commenced an action against Pfizer Canada Inc., Warner-Lambert Company and Warner-Lambert Company LLC (the Pfizer Canada Defendants) seeking damages in connection with an earlier unsuccessful patent litigation brought by the Pfizer Canada Defendants involving pregabalin. PMS claims lost profit damages from November 30, 2010, the date it received tentative regulatory approval for its pregabalin product, to February 13, 2013, the date Pfizer’s patent case against PMS was dismissed. A trial that will take place intermittently over a few week period began on July 19, 2021. Other Litigation The Company is involved in various other legal proceedings including commercial, contractual, employment, or other similar matters that are considered normal to its business. The Company has approximately $12.7 million accrued related to these various other legal proceedings at June 30, 2021.

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting Policy	The accompanying unaudited condensed consolidated financial statements (“interim financial statements”) of Viatris Inc. and subsidiaries were prepared in accordance with U.S. GAAP and the rules and regulations of the SEC for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented.
Earnings per Share Policy	Basic (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive
Fair Value of Financial Instruments Policy	Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: •Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. •Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. •Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value.

Segment Information (Policies)	6 Months Ended
Segment Information (Policies)	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Policy	Viatris reports segment information on the basis of markets and geography. In conjunction with the formation of Viatris, the Company has changed its reportable segments, from North America, Europe, and Rest of World, to Developed Markets, Greater China, JANZ, and Emerging Markets. Prior year amounts have been recasted to reflect this segment structure. We have also revised our measure of segment profitability. This approach reflects the Company’s focus on bringing its broad and diversified portfolio of branded, complex generics and biosimilars, and generic products to people in markets everywhere. Our Developed Markets segment comprises our operations primarily in North America and Europe. Our Greater China segment includes our operations in China, Taiwan and Hong Kong. Our JANZ segment reflects our operations in Japan, Australia and New Zealand. Our Emerging Markets segment encompasses our operations in countries with developing markets and emerging economies including countries in Asia, the Middle East, South and Central America, Africa and Eastern Europe, and also includes the Company’s anti-retroviral franchise. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of the Company’s segments based on total revenues and segment profitability. Certain costs are not included in the measurement of segment profitability, such as costs, if any, associated with the following: ◦Intangible asset amortization expense and impairments of intangible assets; ◦R&D expense; ◦Net charges or net gains for litigation settlements and other contingencies; ◦Certain costs related to transactions and events such as (i) purchase accounting adjustments, where we incur expenses associated with the amortization of fair value adjustments to inventory and property, plant and equipment; (ii) acquisition-related costs, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company; and (iii) other significant items, which are substantive and/or unusual, and in some cases recurring, items (such as restructuring) that are evaluated on an individual basis by management and that either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. Such special items can include, but are not limited to, non-acquisition-related restructuring costs, as well as costs incurred for asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities. ◦Corporate and other unallocated costs associated with platform functions (such as digital, facilities, legal, finance, human resources, insurance, public affairs and procurement), patient advocacy activities and certain compensation and other corporate costs (such as interest income and expense, and gains and losses on investments, as well as overhead expenses associated with our manufacturing, which include manufacturing variances associated with production) and operations that are not directly assessed to an operating segment as business unit (segment) management does not manage these costs. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in Note 2 Summary of Significant Accounting Policies included in the 2020 Form 10-K, and Note 3 Recent Accounting Pronouncements, Adoption of New Accounting Standards included in this Form 10-Q.

Disclosure of accounting policy for segment reporting.

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue

The following table presents the Company’s net sales by product category for each of our reportable segments for the three and six months ended June 30, 2021 and 2020, respectively:


(In millions)	Three Months Ended June 30, 2021
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,424.1	$	549.2	$	295.4	$	433.0	$	2,701.7
Complex Gx and Biosimilars	309.3		—		9.8		13.7		332.8
Generics	907.0		1.1		195.8		423.3		1,527.2
Total	$	2,640.4	$	550.3	$	501.0	$	870.0	$	4,561.7


(In millions)	Six Months Ended June 30, 2021
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	2,827.8	$	1,140.1	$	579.4	$	879.0	$	5,426.3
Complex Gx and Biosimilars	621.3		—		18.7		21.7		661.7
Generics	1,762.9		2.1		384.8		724.0		2,873.8
Total	$	5,212.0	$	1,142.2	$	982.9	$	1,624.7	$	8,961.8


(In millions)	Three Months Ended June 30, 2020
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	855.5	$	22.0	$	128.1	$	67.4	$	1,073.0
Complex Gx and Biosimilars	328.6		—		8.5		14.0		351.1
Generics	798.6		0.7		143.6		328.9		1,271.8
Total	$	1,982.7	$	22.7	$	280.2	$	410.3	$	2,695.9


(In millions)	Six Months Ended June 30, 2020
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	$	1,747.0	$	36.7	$	218.7	$	132.1	$	2,134.5
Complex Gx and Biosimilars	570.2		0.1		16.9		17.2		604.4
Generics	1,651.9		1.0		287.8		604.5		2,545.2
Total	$	3,969.1	$	37.8	$	523.4	$	753.8	$	5,284.1

The following table presents net sales on a consolidated basis for select key products for the three and six months ended June 30, 2021:


(In millions)	Three months ended June 30, 2021		Six months ended June 30, 2021

Select Key Global Products
Lipitor ®	$	398.3	$	862.9
Norvasc ®	209.8		437.5
Lyrica ®	192.5		380.3
Viagra ®	134.8		274.4
EpiPen® Auto-Injectors	104.1		207.8
Effexor ®	83.5		160.1
Celebrex ®	82.3		171.3
Creon ®	80.7		150.6
Zoloft ®	70.9		147.5
Xalabrands	58.3		116.2

Select Key Segment Products
Dymista ®	$	54.6	$	94.9
Amitiza ®	52.1		98.0
Xanax ®	48.8		93.9
Yupelri ®	41.8		78.7

____________

(a)The Company does not disclose net sales for any products considered competitively sensitive.

(b)Products disclosed may change in future periods, including as a result of seasonality, competition or new product introductions.

Variable Consideration and Accounts Receivable


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Gross sales	$	7,752.3	$	4,457.6	$	15,319.3	$	8,881.6
Gross to net adjustments:
Chargebacks	(1,354.8)		(795.5)		(2,672.8)		(1,649.9)
Rebates, promotional programs and other sales allowances	(1,566.6)		(820.4)		(3,135.1)		(1,666.0)
Returns	(88.3)		(57.6)		(201.3)		(116.6)
Governmental rebate programs	(180.9)		(88.2)		(348.3)		(165.0)
Total gross to net adjustments	$	(3,190.6)	$	(1,761.7)	$	(6,357.5)	$	(3,597.5)
Net sales	$	4,561.7	$	2,695.9	$	8,961.8	$	5,284.1

Schedule of Accounts Receivable, Net

Such allowances were comprised of the following at June 30, 2021 and December 31, 2020, respectively:


(In millions)	June 30, 2021		December 31, 2020
Accounts receivable, net	$	1,667.9	$	1,802.9
Other current liabilities	1,083.6		1,211.8
Total	$	2,751.5	$	3,014.7

Accounts receivable, net was comprised of the following at June 30, 2021 and December 31, 2020, respectively:


(In millions)	June 30, 2021		December 31, 2020
Trade receivables, net	$	3,880.4	$	3,891.3
Other receivables	598.3		952.5
Accounts receivable, net	$	4,478.7	$	4,843.8

Acquisitions and Other Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary allocation of the $10.73 billion purchase price to the assets acquired and liabilities assumed under the Combination is as follows:


(In millions)	Preliminary Purchase Price Allocation as of December 31, 2020 (a)		Measurement Period and Other Adjustments (b)		Preliminary Purchase Price Allocation as of June 30, 2021 (as adjusted)
Current assets (excluding inventories and net of cash acquired)	$	2,841.9	$	(10.6)	$	2,831.3
Inventories	2,588.9		(34.2)		2,554.7
Property, plant and equipment	1,394.1		—		1,394.1
Identified intangible assets	18,040.0		—		18,040.0
Goodwill	2,107.5		(134.7)		1,972.8
Deferred income tax benefit	1,481.9		244.0		1,725.9
Other assets	792.1		—		792.1
Total assets acquired	$	29,246.4	$	64.5	$	29,310.9
Current liabilities	2,760.2		64.4		2,824.6
Long-term debt, including current portion	13,076.2		—		13,076.2
Deferred tax liabilities	1,656.9		—		1,656.9
Other noncurrent liabilities	1,441.5		0.1		1,441.6
Net assets acquired (net of $415.8 of cash acquired)	$	10,311.6	$	—	$	10,311.6

____________

(a)As previously reported in Viatris’ 2020 Form 10-K.

Business Acquisition, Pro Forma Information

Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated date above, nor are they indicative of the future operating results of Viatris and its subsidiaries.


	Three Months Ended		Six Months Ended
(Unaudited, in millions, except per share amounts)	June 30, 2020		June 30, 2020
Total revenues	$	4,555.4	$	8,994.8
Net earnings	$	681.1	$	1,223.7
Earnings per share:
Basic	$	0.56	$	1.01
Diluted	$	0.56	$	1.01
Weighted average shares outstanding:
Basic	1,206.9		1,206.6
Diluted	1,207.1		1,207.0

Share-Based Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Awards Activity

The following table summarizes stock option and SAR (together, “stock awards”) activity under the Plan and 2003 LTIP:


	Number of Shares Under Stock Awards	Weighted Average Exercise Price per Share
Outstanding at December 31, 2020	6,711,731	$	35.36


Forfeited	(938,524)	$	24.77
Outstanding at June 30, 2021	5,773,207	$	37.09
Vested and expected to vest at June 30, 2021	5,668,426	$	37.37
Exercisable at June 30, 2021	5,053,633	$	39.38

Nonvested Restricted Stock and Restricted Stock Unit Awards Activity

A summary of the status of the Company’s restricted stock awards as of June 30, 2021 and the changes during the six months ended June 30, 2021 are presented below:


	Number of Restricted Stock Awards	Weighted Average Grant-Date Fair Value Per Share
Nonvested at December 31, 2020	12,073,790	$	18.34
Granted	9,731,270	14.28
Released	(2,824,976)	25.47
Forfeited	(890,764)	15.69
Nonvested at June 30, 2021	18,089,320	$	15.17

Pensions and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Net Periodic Benefit Cost

Components of net periodic benefit cost for the three and six months ended June 30, 2021 and 2020 were as follows:


	Pension and Other Postretirement Benefits
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	10.9	$	5.3	$	21.7	$	10.6
Interest cost	8.7		2.9		17.2		5.8
Expected return on plan assets	(16.7)		(3.4)		(33.2)		(6.8)
Amortization of prior service costs	(0.2)		—		(0.3)		—
Recognized net actuarial losses	0.5		0.1		0.8		0.3
Settlement gain	(3.1)		—		(3.1)		—
Net periodic benefit cost	$	0.1	$	4.9	$	3.1	$	9.9

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2021

Balance Sheet Components [Abstract]

Schedule of Cash, cash equivalents, and restricted cash [Table Text Block]

Cash and restricted cash


(In millions)	June 30, 2021		December 31, 2020		June 30, 2020
Cash and cash equivalents	$	673.9	$	844.4	$	323.6
Restricted cash, included in other current and non-current assets	5.2		5.6		1.1
Cash, cash equivalents and restricted cash	$	679.1	$	850.0	$	324.7

Inventories


(In millions)	June 30, 2021		December 31, 2020
Raw materials	$	948.2	$	958.4
Work in process	1,148.6		1,438.1
Finished goods	2,390.8		3,075.4
Inventories	$	4,487.6	$	5,471.9

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets


(In millions)	June 30, 2021		December 31, 2020
Prepaid expenses	$	221.6	$	267.8

Available-for-sale fixed income securities	38.5		39.1
Fair value of financial instruments	90.3		118.6
Equity securities	49.6		45.8
Other current assets	1,709.6		1,236.1
Prepaid expenses and other current assets	$	2,109.6	$	1,707.4

Property, Plant and Equipment

Property, plant and equipment, net


(In millions)	June 30, 2021		December 31, 2020
Machinery and equipment	$	3,191.2	$	3,235.0
Buildings and improvements	1,916.2		1,954.8
Construction in progress	403.7		376.3
Land and improvements	152.0		155.8
Gross property, plant and equipment	5,663.1		5,721.9
Accumulated depreciation	2,491.7		2,262.0
Property, plant and equipment, net	$	3,171.4	$	3,459.9

Other Assets

Other assets


(In millions)	June 30, 2021		December 31, 2020
Equity method investments, clean energy investments	$	24.2	$	47.9
Operating lease right-of-use assets	300.6		323.6
Other long-term assets	700.3		676.0
Other assets	$	1,025.1	$	1,047.5

Trade Accounts Payable

Accounts payable


(In millions)	June 30, 2021		December 31, 2020
Trade accounts payable	$	1,319.5	$	1,345.7
Other payables	480.7		558.5
Accounts payable	$	1,800.2	$	1,904.2

Other Current Liabilities

Other current liabilities


(In millions)	June 30, 2021		December 31, 2020
Accrued sales allowances	$	1,083.6	$	1,211.8
Legal and professional accruals, including litigation accruals	487.7		362.9
Payroll and employee benefit liabilities	663.2		828.2
Contingent consideration	83.1		100.5
Accrued interest	81.5		90.9
Restructuring	372.9		149.2
Equity method investments, clean energy investments	29.1		47.5
Fair value of financial instruments	40.1		103.6
Operating lease liability	89.5		92.9
Other	1,280.8		1,973.2
Other current liabilities	$	4,211.5	$	4,960.7

Other Noncurrent Liabilities

Other long-term obligations


(In millions)	June 30, 2021		December 31, 2020
Employee benefit liabilities	$	912.4	$	1,020.4
Contingent consideration	130.7		123.1

Tax related items, including contingencies	389.3		469.5
Operating lease liability	208.6		229.5
Accrued Restructuring	126.6		134.8
Other	474.3		505.8
Other long-term obligations	$	2,241.9	$	2,483.1

Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Total revenues	$	90.0	$	87.8	$	199.5	$	175.3
Gross loss	(1.2)		(1.1)		(2.6)		(2.2)
Operating and non-operating expense	4.0		4.5		8.9		9.2
Net loss	$	(5.2)	$	(5.6)	$	(11.5)	$	(11.4)

(Loss) Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V.

Basic and diluted (loss) earnings per share attributable to Viatris Inc. are calculated as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions, except per share amounts)	2021		2020		2021		2020
Basic (loss) earnings attributable to Viatris Inc. common shareholders
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(279.2)	$	39.4	$	(1,316.8)	$	60.2
Shares (denominator):
Weighted average shares outstanding	1,208.8		516.9		1,208.2		516.7
Basic (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.23)	$	0.08	$	(1.09)	$	0.12

Diluted (loss) earnings attributable to Viatris Inc. common shareholders
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(279.2)	$	39.4	$	(1,316.8)	$	60.2
Shares (denominator):
Weighted average shares outstanding	1,208.8		516.9		1,208.2		516.7
Share-based awards and warrants	—		0.3		—		0.4
Total dilutive shares outstanding	1,208.8		517.2		1,208.2		517.1
Diluted (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.23)	$	0.08	$	(1.09)	$	0.12

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2021 are as follows:


(In millions)	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Balance at December 31, 2020:
Goodwill	$	9,569.5	$	738.3	$	864.0	$	1,560.2	$	12,732.0
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	9,184.5		738.3		864.0		1,560.2		12,347.0
Measurement period adjustments	(45.1)		(41.7)		(13.9)		(34.0)		(134.7)
Foreign currency translation	(251.1)		6.6		(35.9)		58.5		(221.9)
	$	8,888.3	$	703.2	$	814.2	$	1,584.7	$	11,990.4
Balance at June 30, 2021:
Goodwill	$	9,273.3	$	703.2	$	814.2	$	1,584.7	$	12,375.4
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	$	8,888.3	$	703.2	$	814.2	$	1,584.7	$	11,990.4

Components of Intangible Assets

Intangible assets consist of the following components at June 30, 2021 and December 31, 2020:


(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
June 30, 2021
Product rights, licenses and other (1)	15	$	39,761.5	$	11,977.6	$	27,783.9
In-process research and development		79.8		—		79.8
		$	39,841.3	$	11,977.6	$	27,863.7
December 31, 2020
Product rights, licenses and other (1)	15	$	40,404.1	$	10,801.6	$	29,602.5
In-process research and development		80.7		—		80.7
		$	40,484.8	$	10,801.6	$	29,683.2

___________

(1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights.

Finite-lived Intangible Assets Amortization Expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Intangible asset amortization expense	$	681.6	$	351.6	$	1,366.0	$	702.8
Intangible asset impairment charges	—		—		83.4		—

Total intangible asset amortization expense (including impairment charges)	$	681.6	$	351.6	$	1,449.4	$	702.8

Expected Amortization Expense

Intangible asset amortization expense over the remainder of 2021 and for the years ended December 31, 2022 through 2025 is estimated to be as follows:


(In millions)
2021	$	1,339
2022	2,616
2023	2,454
2024	2,350
2025	2,257

Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2020 to June 30, 2021 is as follows:


(In millions)	Current Portion (1)		Long-Term Portion (2)		Total Contingent Consideration
Balance at December 31, 2020	$	100.5	$	123.1	$	223.6
Payments	(46.6)		—		(46.6)
Reclassifications	29.2		(29.2)		—
Accretion	—		4.8		4.8
Fair value loss (3)	—		32.0		32.0
Balance at June 30, 2021	$	83.1	$	130.7	$	213.8

____________

(1)Included in other current liabilities in the condensed consolidated balance sheets.

(2)Included in other long-term obligations in the condensed consolidated balance sheets.

(3)Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations.

Financial Assets and Liabilities Carried at Fair Value

Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:


	June 30, 2021						December 31, 2020
(In millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Recurring fair value measurements
Financial Assets
Cash equivalents:
Money market funds	$	0.8	$	—	$	—	$	0.9	$	—	$	—
Total cash equivalents	0.8		—		—		0.9		—		—
Equity securities:
Exchange traded funds	48.9		—		—		45.1		—		—
Marketable securities	0.7		—		—		0.7		—		—
Total equity securities	49.6		—		—		45.8		—		—
Available-for-sale fixed income investments:
Corporate bonds	—		17.6		—		—		17.8		—
U.S. Treasuries	—		13.5		—		—		14.4		—
Agency mortgage-backed securities	—		1.6		—		—		1.9		—
Asset backed securities	—		5.3		—		—		4.6		—
Other	—		0.5		—		—		0.4		—
Total available-for-sale fixed income investments	—		38.5		—		—		39.1		—
Foreign exchange derivative assets	—		90.3		—		—		118.6		—

Total assets at recurring fair value measurement	$	50.4	$	128.8	$	—	$	46.7	$	157.7	$	—
Financial Liabilities

Foreign exchange derivative liabilities	—		40.1		—		—		103.6		—
Contingent consideration	—		—		213.8		—		—		223.6
Total liabilities at recurring fair value measurement	$	—	$	40.1	$	213.8	$	—	$	103.6	$	223.6

Designated as Hedging Instrument

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets:


	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value		Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value

Derivatives designated as hedges:

Foreign currency forward contracts	Prepaid expenses & other current assets	$	42.9	$	28.3	Other current liabilities	$	—	$	0.8
Total derivatives designated as hedges		42.9		28.3			—		0.8
Derivatives not designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	47.4		90.3		Other current liabilities	40.1		102.8
Total derivatives not designated as hedges		47.4		90.3			40.1		102.8
Total derivatives		$	90.3	$	118.6		$	40.1	$	103.6

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt

A summary of long-term debt is as follows:


($ in millions)	Interest Rate as of June 30, 2021		June 30, 2021		December 31, 2020
Current portion of long-term debt:





2021 Senior Notes (a) **	3.150	%	—		2,249.7
2022 Euro Senior Notes ****	0.816	%	897.5		—
2022 Senior Notes ***	1.125	%	1,005.9		—
USD Term Loan			240.0		—
Other			5.0		8.0
Deferred financing fees			—		(1.4)
Current portion of long-term debt			$	2,148.4	$	2,256.3

Non-current portion of long-term debt:


2022 Euro Senior Notes ****	0.816	%	—		928.8
2022 Senior Notes ***	1.125	%	—		1,008.8
2023 Senior Notes (b) *	3.125	%	773.8		781.6
2023 Senior Notes *	4.200	%	499.5		499.3
2024 Euro Senior Notes **	2.250	%	1,184.4		1,219.9
2024 Euro Senior Notes ****	1.023	%	913.0		944.6
2025 Euro Senior Notes *	2.125	%	592.1		609.9
2025 Senior Notes ***	1.650	%	765.2		767.1
2026 Senior Notes **	3.950	%	2,240.6		2,239.7
2027 Euro Senior Notes ****	1.362	%	1,060.9		1,097.4
2027 Senior Notes ***	2.300	%	783.5		786.1
2028 Euro Senior Notes **	3.125	%	883.4		909.7
2028 Senior Notes *	4.550	%	748.7		748.6
2030 Senior Notes ***	2.700	%	1,524.3		1,528.0
2032 Euro Senior Notes ****	1.908	%	1,618.3		1,672.6
2040 Senior Notes ***	3.850	%	1,660.3		1,663.3
2043 Senior Notes *	5.400	%	497.3		497.3
2046 Senior Notes **	5.250	%	999.9		999.9
2048 Senior Notes *	5.200	%	747.7		747.7
2050 Senior Notes ***	4.000	%	2,207.2		2,209.3
USD Term Loan			360.0		600.0
2020 Revolving Facility			900.0		—
Other			1.6		17.4
Deferred financing fees			(44.7)		(47.8)
Long-term debt			$	20,917.0	$	22,429.2

____________

(a) The 2021 Senior Notes were repaid at maturity in the second quarter of 2021.

* 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.

For additional information, see Note 10 Debt in Viatris’ 2020 Form 10-K.

Minimum Repayments on Outstanding Borrowings

Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at June 30, 2021 were as follows for each of the periods ending December 31:


(In millions)	Total
2021	$	—
2022	2,489
2023	2,150
2024	2,075
2025	1,343
Thereafter	14,330
Total	$	22,387

Comprehensive Earnings (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following:


(In millions)	June 30, 2021		December 31, 2020
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities, net of tax	$	0.4	$	1.2
Net unrecognized gain (loss) and prior service cost related to defined benefit plans, net of tax	43.6		(26.1)
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(6.2)		(18.0)
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax	(220.8)		(353.6)
Foreign currency translation adjustment	(1,022.0)		(461.5)
	$	(1,205.0)	$	(858.0)

Components of Other Comprehensive Loss

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30, 2021
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2021, net of tax			$	(15.5)	$	(161.3)	$	0.2	$	(26.3)	$	(1,182.7)	$	(1,385.6)
Other comprehensive earnings (loss) before reclassifications, before tax			15.0		(77.4)		0.2		72.2		160.7		170.7
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(3.6)		(3.6)										(3.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.0	1.0										1.0
Amortization of prior service costs included in SG&A									(0.2)				(0.2)
Amortization of actuarial gain included in SG&A									0.5				0.5
Net other comprehensive earnings (loss), before tax			12.4		(77.4)		0.2		72.5		160.7		168.4
Income tax provision (benefit)			3.1		(17.9)		—		2.6		—		(12.2)

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)


	Three Months Ended June 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at March 31, 2020, net of tax			$	(70.1)	$	(34.1)	$	0.8	$	(19.0)	$	(2,331.1)	$	(2,453.5)
Other comprehensive earnings (loss) before reclassifications, before tax			14.7		(47.3)		0.6		6.5		452.0		426.5
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	2.9		2.9										2.9
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.1	1.1										1.1

Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			18.7		(47.3)		0.6		6.6		452.0		430.6
Income tax provision (benefit)			4.3		(2.4)		0.1		—		—		2.0

Balance at June 30, 2020, net of tax			$	(55.7)	$	(79.0)	$	1.3	$	(12.4)	$	(1,879.1)	$	(2,024.9)


	Six Months Ended June 30, 2021
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)
Other comprehensive earnings (loss) before reclassifications, before tax			23.3		150.0		(0.7)		72.8		(560.5)		(315.1)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(9.7)		(9.7)										(9.7)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.1	2.1										2.1
Amortization of prior service costs included in SG&A									(0.3)				(0.3)
Amortization of actuarial loss included in SG&A									0.8				0.8
Net other comprehensive earnings (loss), before tax			15.7		150.0		(0.7)		73.3		(560.5)		(322.2)
Income tax provision (benefit)			3.9		17.2		0.1		3.6		—		24.8

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)


	Six Months Ended June 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2019, net of tax			$	(31.6)	$	(74.3)	$	0.6	$	(17.4)	$	(1,674.5)	$	(1,797.2)
Other comprehensive (loss) earnings before reclassifications, before tax			(37.7)		(5.0)		0.8		4.7		(204.6)		(241.8)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	2.8		2.8										2.8
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.2	2.2										2.2

Amortization of actuarial loss included in SG&A									0.3				0.3
Net other comprehensive (loss) earnings, before tax			(32.7)		(5.0)		0.8		5.0		(204.6)		(236.5)
Income tax (benefit) provision			(8.6)		(0.3)		0.1		—		—		(8.8)

Balance at June 30, 2020, net of tax			$	(55.7)	$	(79.0)	$	1.3	$	(12.4)	$	(1,879.1)	$	(2,024.9)

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Reconciliation of Segment Information to Total Consolidated Information

Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information.


	Net Sales				Segment Profitability
	Three Months Ended June 30,				Three Months Ended June 30,

(In millions)	2021		2020		2021		2020
Reportable Segments:
Developed Markets	$	2,640.4	$	1,982.7	$	1,319.9	$	1,048.6
Greater China	550.3		22.7		366.5		5.5
JANZ	501.0		280.2		185.4		83.4
Emerging Markets	870.0		410.3		384.7		133.4
Total reportable segments	$	4,561.7	$	2,695.9	$	2,256.5	$	1,270.9

Reconciling items:
Intangible asset amortization expense					(681.6)		(351.6)

Globally managed research and development costs					(147.7)		(156.3)
Litigation settlements & other contingencies					(23.0)		(15.8)
Transaction related and other special items					(920.7)		(269.6)
Corporate and other unallocated					(531.3)		(343.4)
(Loss) earnings from operations					$	(47.8)	$	134.2


	Net Sales				Segment Profitability
	Six Months Ended June 30,				Six Months Ended June 30,

(In millions)	2021		2020		2021		2020
Reportable Segments:
Developed Markets	$	5,212.0	$	3,969.1	$	2,605.3	$	2,037.6
Greater China	1,142.2		37.8		771.4		5.1
JANZ	982.9		523.4		369.6		135.0
Emerging Markets	1,624.7		753.8		722.0		228.2
Total reportable segments	$	8,961.8	$	5,284.1	$	4,468.3	$	2,405.9

Reconciling items:
Intangible asset amortization expense					(1,366.0)		(702.8)
Intangible asset impairment charges					(83.4)		—
Globally managed research and development costs					(331.8)		(270.5)
Litigation settlements & other contingencies					(45.9)		(17.6)
Transaction related and other special items					(1,914.1)		(433.8)
Corporate and other unallocated					(1,041.1)		(662.3)
(Loss) earnings from operations					$	(314.0)	$	318.9

Restructuring (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring charges

The following table summarizes the restructuring charges and the reserve activity for the 2020 restructuring program from December 31, 2020 to June 30, 2021:


(In millions)	Employee Related Costs		Other Exit Costs		Total
Balance at December 31, 2020:	$	262.6	$	4.8	$	267.4
Charges (1)	161.6		152.0		313.6

Cash payment	(49.2)		(1.1)		(50.3)
Utilization	—		(151.0)		(151.0)
Foreign currency translation	(3.3)		0.1		(3.2)
Balance at March 31, 2021:	$	371.7	$	4.8	$	376.5
Charges (1)	169.0		82.9		251.9

Reimbursable restructuring charges	26.4		—		26.4
Cash payment	(74.7)		(2.1)		(76.8)
Utilization	—		(80.8)		(80.8)
Foreign currency translation	1.6		(0.1)		1.5
Balance at June 30, 2021:	$	494.0	$	4.7	$	498.7

____________

Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Proceeds from sale and collection of receivables	$ 112.9	$ 153.0

Revenue Recognition and Accounts Receivable Revenue Disaggregation (Table) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 4,561.7	$ 2,695.9	$ 8,961.8	$ 5,284.1
Brands
Disaggregation of Revenue [Line Items]
Net sales	2,701.7	1,073.0	5,426.3	2,134.5
Complex GX and Biosimilars
Disaggregation of Revenue [Line Items]
Net sales	332.8	351.1	661.7	604.4
Generics
Disaggregation of Revenue [Line Items]
Net sales	1,527.2	1,271.8	2,873.8	2,545.2
Lipitor
Disaggregation of Revenue [Line Items]
Net sales	398.3		862.9
Norvasc
Disaggregation of Revenue [Line Items]
Net sales	209.8		437.5
Lyrica ®
Disaggregation of Revenue [Line Items]
Net sales	192.5		380.3
Viagra ®
Disaggregation of Revenue [Line Items]
Net sales	134.8		274.4
EpiPen® Auto-Injectors
Disaggregation of Revenue [Line Items]
Net sales	104.1		207.8
Celebrex ®
Disaggregation of Revenue [Line Items]
Net sales	82.3		171.3
Effexor ®
Disaggregation of Revenue [Line Items]
Net sales	83.5		160.1
Zoloft ®
Disaggregation of Revenue [Line Items]
Net sales	70.9		147.5
Creon ®
Disaggregation of Revenue [Line Items]
Net sales	80.7		150.6
Xalabrands
Disaggregation of Revenue [Line Items]
Net sales	58.3		116.2
Amitiza ®
Disaggregation of Revenue [Line Items]
Net sales	52.1		98.0
Xanax ®
Disaggregation of Revenue [Line Items]
Net sales	48.8		93.9
Dymista ®
Disaggregation of Revenue [Line Items]
Net sales	54.6		94.9
Yupelri ®
Disaggregation of Revenue [Line Items]
Net sales	41.8		78.7
Developed Markets \| Brands
Disaggregation of Revenue [Line Items]
Net sales	1,424.1	855.5	2,827.8	1,747.0
Developed Markets \| Complex GX and Biosimilars
Disaggregation of Revenue [Line Items]
Net sales	309.3	328.6	621.3	570.2
Developed Markets \| Generics
Disaggregation of Revenue [Line Items]
Net sales	907.0	798.6	1,762.9	1,651.9
Greater China \| Brands
Disaggregation of Revenue [Line Items]
Net sales	549.2	22.0	1,140.1	36.7
Greater China \| Complex GX and Biosimilars
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.1
Greater China \| Generics
Disaggregation of Revenue [Line Items]
Net sales	1.1	0.7	2.1	1.0
JANZ \| Brands
Disaggregation of Revenue [Line Items]
Net sales	295.4	128.1	579.4	218.7
JANZ \| Complex GX and Biosimilars
Disaggregation of Revenue [Line Items]
Net sales	9.8	8.5	18.7	16.9
JANZ \| Generics
Disaggregation of Revenue [Line Items]
Net sales	195.8	143.6	384.8	287.8
Emerging Markets \| Brands
Disaggregation of Revenue [Line Items]
Net sales	433.0	67.4	879.0	132.1
Emerging Markets \| Complex GX and Biosimilars
Disaggregation of Revenue [Line Items]
Net sales	13.7	14.0	21.7	17.2
Emerging Markets \| Generics
Disaggregation of Revenue [Line Items]
Net sales	423.3	328.9	724.0	604.5
Operating Segment \| Developed Markets
Disaggregation of Revenue [Line Items]
Net sales	2,640.4	1,982.7	5,212.0	3,969.1
Operating Segment \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	550.3	22.7	1,142.2	37.8
Operating Segment \| JANZ
Disaggregation of Revenue [Line Items]
Net sales	501.0	280.2	982.9	523.4
Operating Segment \| Emerging Markets
Disaggregation of Revenue [Line Items]
Net sales	$ 870.0	$ 410.3	$ 1,624.7	$ 753.8

Revenue Recognition and Accounts Receivable Variable Consideration (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Gross sales	$ 7,752.3	$ 4,457.6	$ 15,319.3	$ 8,881.6
Chargebacks	(1,354.8)	(795.5)	(2,672.8)	(1,649.9)
Rebates, promotional programs and other sales allowances	(1,566.6)	(820.4)	(3,135.1)	(1,666.0)
Returns	(88.3)	(57.6)	(201.3)	(116.6)
Medicaid and other governmental rebates	(180.9)	(88.2)	(348.3)	(165.0)
Sales Revenue, Gross to net adjustments	(3,190.6)	(1,761.7)	(6,357.5)	(3,597.5)
Net sales	$ 4,561.7	$ 2,695.9	$ 8,961.8	$ 5,284.1

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue Recognition And Accounts Receivable [Line Items]
Trade receivables, net	$ 3,880.4	$ 3,891.3
Other receivables	598.3	952.5
Accounts receivable, net	4,478.7	4,843.8
Variable Consideration
Revenue Recognition And Accounts Receivable [Line Items]
Trade receivables, net	1,667.9	1,802.9
Other receivables	1,083.6	1,211.8
Accounts receivable, net	$ 2,751.5	$ 3,014.7

Recent Accounting Pronouncements Recent Accounting Pronouncements (Impact of Adoption - ASU 2014-09) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Item Effected [Line Items]
Cost of sales	$ 3,250.1	$ 1,705.5	$ 6,553.1	$ 3,418.6
Income tax (benefit) provision	60.1	(19.4)	656.4	(9.5)
Net (loss) earnings attributable to Viatris Inc. common shareholders	(279.2)	39.4	(1,316.8)	60.2
Revenues	4,577.8	2,731.2	9,008.1	5,350.4
Prepaid expenses and other current assets	2,109.6		2,109.6			$ 1,707.4
Income taxes payable	636.0		636.0			288.6
Retained earnings	3,909.9		3,909.9			5,361.2
Accumulated other comprehensive loss	$ (1,205.0)	$ (2,024.9)	$ (1,205.0)	$ (2,024.9)	$ (1,385.6)	$ (858.0)	$ (2,453.5)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Acquisitions and Other Transactions (Narrative) (Details) shares in Millions, $ in Millions			3 Months Ended		6 Months Ended
	Nov. 13, 2020 USD ($) shares	Jul. 29, 2019 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Nov. 16, 2020 USD ($)	May 28, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 11,990.4		$ 11,990.4		$ 12,347.0
Finite-Lived Intangible Assets
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Building \| Minimum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Building \| Maximum
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Machinery and equipment
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Upjohn Inc.
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		43.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			13,076.2		13,076.2		13,076.2
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	689.9
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 10,730.0
Business Combination, Acquisition Related Costs				$ 602.9	108.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets			10,311.6		10,311.6		10,311.6		$ 10,730.0
Business Acquisition, Pro Forma Revenue			4,555.4			$ 8,994.8
Business Acquisition, Pro Forma Net Income (Loss)			681.1			$ 1,223.7
Goodwill			1,972.8		1,972.8		2,107.5
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Long-Term Debt	759.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	18,040.0		18,040.0		18,040.0		$ 18,040.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment	390.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory	$ 1,430.0				(34.2)
Business Combination, Provisional Information, Adjustment For Inventory Amortization			$ 477.3		$ 953.7
Upjohn Inc. \| Pfizer, Inc.
Business Acquisition [Line Items]
Payments for Business Separation		$ 12,000.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt								$ 13,080.0
Product \| Upjohn Inc.
Business Acquisition [Line Items]
Number Of Products		20
Upjohn Inc. \| Pfizer, Inc.
Business Acquisition [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		57.00%

Acquisitions and Other Transactions (Purchase Price Allocations) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Nov. 13, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Nov. 16, 2020	May 28, 2019
Business Acquisition [Line Items]
Measurement period adjustments		$ (134.7)
Goodwill		11,990.4	$ 11,990.4	$ 12,347.0
Upjohn Inc. \| Pfizer, Inc.
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					$ 13,080.0
Upjohn Inc.
Business Acquisition [Line Items]
Current assets (excluding inventories and net of cash acquired)		2,831.3	2,831.3	2,841.9
Inventories		2,554.7	2,554.7	2,588.9
Property, plant and equipment		1,394.1	1,394.1	1,394.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 18,040.0	18,040.0	18,040.0	18,040.0
Measurement period adjustments			(134.7)
Goodwill		1,972.8	1,972.8	2,107.5
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Assets			244.0
Deferred income tax benefit		1,725.9	1,725.9	1,481.9
Other assets		792.1	792.1	792.1
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets			64.5
Total assets acquired		29,310.9	29,310.9	29,246.4
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Liabilities, Current			64.4
Current liabilities		(2,824.6)	(2,824.6)	(2,760.2)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		13,076.2	13,076.2	13,076.2
Deferred tax liabilities		1,656.9	1,656.9	1,656.9
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Noncurrent Assets			0.1
Long-term debt and other noncurrent obligations		(1,441.6)	(1,441.6)	(1,441.5)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred			0.0
Net assets acquired		$ 10,311.6	10,311.6	$ 10,311.6		$ 10,730.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets, Current			(10.6)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory	$ 1,430.0		$ (34.2)

Acquisitions and Other Transactions (Unaudited Pro Forma Financial Results) (Details) - Upjohn Inc. - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	$ 4,555.4	$ 8,994.8
Business Acquisition, Pro Forma Net Income (Loss)	$ 681.1	$ 1,223.7
Basic (in usd per share)	$ 0.56	$ 1.01
Diluted (in usd per share)	$ 0.56	$ 1.01
Basic (in shares)	1,206.9	1,206.6
Diluted (in shares)	1,207.1	1,207.0
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Revenue	$ 4,555.4	$ 8,994.8
Business Acquisition, Pro Forma Net Income (Loss)	$ 681.1	$ 1,223.7
Basic (in usd per share)	$ 0.56	$ 1.01
Diluted (in usd per share)	$ 0.56	$ 1.01
Basic (in shares)	1,206.9	1,206.6
Diluted (in shares)	1,207.1	1,207.0

Share-Based Incentive Plan (Narrative) (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 16, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding, aggregate intrinsic value		$ 0.0
Vested and expected to vest aggregate intrinsic value		0.0
Long-Term Incentive Plan 2003
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	6,757,640
Shares reserved for future issuance	13,535,627
Total unrecognized compensation expense, net of estimated forfeitures		$ 201.9
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years		2 years
Intrinsic value of stock-based awards exercised and restricted stock units converted		$ 71.9	$ 19.1
Long-Term Incentive Plan 2003 \| Stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award expiration period, in years		10 years
Average remaining contractual term for stock awards outstanding, in years		5 years 1 month 6 days
Average remaining contractual term for stock awards vested and expected to vest, in years		5 years 1 month 6 days
Average remaining contractual term for stock awards exercisable, in years		4 years 8 months 12 days
Long-Term Incentive Plan 2003 \| Stock awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award vesting period, in years		3 years
Long-Term Incentive Plan 2003 \| Stock awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award vesting period, in years		4 years
2020 Stock Incentive Plan and 2003 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance	72,500,000

Share-Based Incentive Plan (Stock Awards) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 37.09	$ 35.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	(938,524)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 24.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	5,668,426
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,773,207	6,711,731
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 37.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,053,633
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 39.38

Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of restricted stock awards, nonvested beginning of period \| shares	12,073,790
Weighted average grant-date fair value per share, nonvested beginning of period \| $ / shares	$ 18.34
Number of restricted stock awards, granted \| shares	9,731,270
Weighted average grant-date fair value per share, granted \| $ / shares	$ 14.28
Number of restricted stock awards, released \| shares	(2,824,976)
Weighted average grant-date fair value per share, released \| $ / shares	$ 25.47
Number of restricted stock awards, forfeited \| shares	(890,764)
Weighted average grant-date fair value per share, forfeited \| $ / shares	$ 15.69
Number of restricted stock awards, nonvested end of period \| shares	18,089,320
Weighted average grant-date fair value per share, nonvested end of period \| $ / shares	$ 15.17

Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans, estimated benefit payments, in current fiscal year	$ 118.9
Estimated employer contributions in current year	$ 70.1

Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - Pension and other postretirement benefits - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10.9	$ 5.3	$ 21.7	$ 10.6
Interest cost	8.7	2.9	17.2	5.8
Expected return on plan assets	(16.7)	(3.4)	(33.2)	(6.8)
Amortization of prior service costs	(0.2)	0.0	(0.3)	0.0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(0.5)	(0.1)	(0.8)	(0.3)
Recognized net actuarial losses	(3.1)	0.0	(3.1)	0.0
Net periodic benefit cost	0.1	$ 4.9	3.1	$ 9.9
Defined Benefit Plan Items \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service costs	$ (0.2)		$ (0.3)

Balance Sheet Components (Cash, cash equivalents, and restricted cash) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 5.2	$ 5.6	$ 1.1
Cash and cash equivalents	673.9	844.4	323.6
Cash, cash equivalents and restricted cash	$ 679.1	$ 850.0	$ 324.7	$ 491.1

Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Components [Abstract]
Raw materials	$ 948.2	$ 958.4
Work in process	1,148.6	1,438.1
Finished goods	2,390.8	3,075.4
Inventories	$ 4,487.6	$ 5,471.9

Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Prepaid expenses	$ 221.6	$ 267.8
Restricted cash	5.2	5.6	$ 1.1
Fair value of financial instruments	90.3	118.6
Equity securities	49.6	45.8
Other current assets	1,709.6	1,236.1
Prepaid expenses and other current assets	2,109.6	1,707.4
Available-for-sale fixed income investments
Property, Plant and Equipment [Line Items]
Available-for-sale securities	$ 38.5	$ 39.1

Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,663.1	$ 5,721.9
Accumulated depreciation	2,491.7	2,262.0
Property, plant and equipment, net	3,171.4	3,459.9
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,191.2	3,235.0
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,916.2	1,954.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	403.7	376.3
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 152.0	$ 155.8

Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Other Assets [Line Items]
Operating lease right-of-use assets	$ 300.6	$ 323.6
Other long-term assets	700.3	676.0
Other assets	1,025.1	1,047.5
Other assets \| Clean energy investments
Schedule of Other Assets [Line Items]
Equity method investments	$ 24.2	$ 47.9

Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable, Current [Abstract]
Trade accounts payable	$ 1,319.5	$ 1,345.7
Other payables	480.7	558.5
Accounts payable	$ 1,800.2	$ 1,904.2

Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of other current liabilities [Line Items]
Other receivables	$ 598.3	$ 952.5
Legal and professional accruals, including litigation accruals	487.7	362.9
Payroll and employee benefit liabilities	663.2	828.2
Contingent consideration	213.8	223.6
Accrued interest	81.5	90.9
Restructuring	372.9	149.2
Operating lease liability	89.5	92.9
Other	1,280.8	1,973.2
Other current liabilities	4,211.5	4,960.7
Clean energy investments
Schedule of other current liabilities [Line Items]
Other current liabilities	29.1	47.5
Other Current Liabilities [Member]
Schedule of other current liabilities [Line Items]
Contingent consideration	83.1	100.5
Variable Consideration
Schedule of other current liabilities [Line Items]
Other receivables	$ 1,083.6	$ 1,211.8

Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Other Noncurrent Liabilities [Line Items]
Employee benefit liabilities	$ 912.4	$ 1,020.4
Contingent consideration	213.8	223.6
Tax related items, including contingencies	389.3	469.5
Operating Lease, Liability, Noncurrent	208.6	229.5
Other	474.3	505.8
Other long-term obligations	2,241.9	2,483.1
Restructuring Reserve, Noncurrent	126.6	134.8
Other long-term obligations
Schedule of Other Noncurrent Liabilities [Line Items]
Contingent consideration	$ 130.7	$ 123.1

Equity Method Investments (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments summarized financial data basis			100.00%
Loss from equity method investments	$ 16.7	$ 17.2	$ 34.6	$ 34.5
Clean energy investments
Schedule of Equity Method Investments [Line Items]
Number of equity method investments	3		3

Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 4,577.8	$ 2,731.2	$ 9,008.1	$ 5,350.4
Gross loss	1,327.7	1,025.7	2,455.0	1,931.8
Operating and non-operating expense	(219.1)	20.0	(660.4)	50.7
Consolidated Entity
Schedule of Equity Method Investments [Line Items]
Revenues	90.0	87.8	199.5	175.3
Gross loss	(1.2)	(1.1)	(2.6)	(2.2)
Operating and non-operating expense	4.0	4.5	8.9	9.2
Net loss	$ (5.2)	$ (5.6)	$ (11.5)	$ (11.4)

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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(Loss) Earnings per Share (Narrative) (Details) - $ / shares shares in Millions			3 Months Ended		6 Months Ended
	Aug. 06, 2021	May 07, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share			10.0	11.1	10.5	10.4
Common Stock, Dividends, Per Share, Declared (in usd per share)		$ 0.11
Subsequent Event
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Dividends, Per Share, Declared (in usd per share)	$ 0.11

(Loss) Earnings per Share (Basic and Diluted Earnings Per Ordinary Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (loss) earnings attributable to Viatris Inc. common shareholders	$ (279.2)	$ 39.4	$ (1,316.8)	$ 60.2
Weighted average shares outstanding	1,208.8	516.9	1,208.2	516.7
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants	0.0	0.3	0.0	0.4
Total dilutive shares outstanding	1,208.8	517.2	1,208.2	517.1
Basic (loss) earnings per share attributable to Viatris Inc. shareholders	$ (0.23)	$ 0.08	$ (1.09)	$ 0.12
Diluted earnings (loss) per ordinary share	$ (0.23)	$ 0.08	$ (1.09)	$ 0.12

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
In-process research and development		$ 79.8		$ 79.8		$ 80.7
Intangible asset impairment charges		0.0	$ 0.0	83.4	$ 0.0
Goodwill		11,990.4		11,990.4		12,347.0
North America
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,660.0
Europe
Finite-Lived Intangible Assets [Line Items]
Goodwill	5,150.0
Amount of fair value in excess of carrying amount	$ 910.0
Percentage of fair value in excess of carrying amount	5.80%
Europe \| Cash Flow Valuation Technique
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input term	10 years
Europe \| Cash Flow Valuation Technique \| Measurement Input, Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.030
Europe \| Cash Flow Valuation Technique \| Measurement Input, Terminal Year Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.009
Europe \| Cash Flow Valuation Technique \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.105
Europe \| Cash Flow Valuation Technique \| Measurement Input, Estimated Tax Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.190
Europe \| Cash Flow Valuation Technique \| Measurement Input, Control Premium
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.150
Europe \| Cash Flow Valuation Technique \| Measurement Input, Increase in Discount Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.015
Europe \| Cash Flow Valuation Technique \| Measurement Input, Reduction in Terminal Year Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	(0.029)
Emerging Markets
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,580.0	1,584.7		1,584.7		1,560.2
JANZ
Finite-Lived Intangible Assets [Line Items]
Goodwill	820.0	814.2		814.2		864.0
Amount of fair value in excess of carrying amount	$ 230.0
Percentage of fair value in excess of carrying amount	7.00%
JANZ \| Cash Flow Valuation Technique
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input term	10 years
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	(0.015)
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Terminal Year Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.007
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.085
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Estimated Tax Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.305
JANZ \| Cash Flow Valuation Technique \| Measurement Input, EBITDA Multiple
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	6.0
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Control Premium
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.150
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Increase in Discount Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.020
JANZ \| Cash Flow Valuation Technique \| Measurement Input, Reduction in Terminal Year Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	(0.042)
Greater China
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 700.0	$ 703.2		$ 703.2		$ 738.3
Minimum \| Europe \| Cash Flow Valuation Technique \| Measurement Input, EBITDA Multiple
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	7.5
Maximum \| Europe \| Cash Flow Valuation Technique \| Measurement Input, EBITDA Multiple
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	8.5

Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Apr. 01, 2021
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		$ 12,732.0
Accumulated impairment losses, beginning balance		(385.0)
Foreign currency translation		(221.9)
Measurement period adjustments	$ (134.7)
Goodwill, net, beginning balance		12,347.0
Goodwill, gross, ending balance	12,375.4	12,375.4
Accumulated impairment losses, ending balance	(385.0)	(385.0)
Goodwill, net, ending balance	11,990.4	11,990.4
Upjohn Inc.
Goodwill [Roll Forward]
Measurement period adjustments		(134.7)
Goodwill, net, beginning balance		2,107.5
Goodwill, net, ending balance	1,972.8	1,972.8
Developed Markets
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		9,569.5
Accumulated impairment losses, beginning balance		(385.0)
Foreign currency translation		(251.1)
Measurement period adjustments	(45.1)
Goodwill, net, beginning balance		9,184.5
Goodwill, gross, ending balance	9,273.3	9,273.3
Accumulated impairment losses, ending balance	(385.0)	(385.0)
Goodwill, net, ending balance	8,888.3	8,888.3
Greater China
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		738.3
Accumulated impairment losses, beginning balance		0.0
Foreign currency translation		6.6
Measurement period adjustments	(41.7)
Goodwill, net, beginning balance		738.3
Goodwill, gross, ending balance	703.2	703.2
Accumulated impairment losses, ending balance	0.0	0.0
Goodwill, net, ending balance	703.2	703.2	$ 700.0
JANZ
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		864.0
Accumulated impairment losses, beginning balance		0.0
Foreign currency translation		(35.9)
Measurement period adjustments	(13.9)
Goodwill, net, beginning balance		864.0
Goodwill, gross, ending balance	814.2	814.2
Accumulated impairment losses, ending balance	0.0	0.0
Goodwill, net, ending balance	814.2	814.2	820.0
Emerging Markets
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		1,560.2
Accumulated impairment losses, beginning balance		0.0
Foreign currency translation		58.5
Measurement period adjustments	(34.0)
Goodwill, net, beginning balance		1,560.2
Goodwill, gross, ending balance	1,584.7	1,584.7
Accumulated impairment losses, ending balance	0.0	0.0
Goodwill, net, ending balance	$ 1,584.7	$ 1,584.7	$ 1,580.0

Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible Assets by Major Class [Line Items]
Intangible asset impairment charges	$ 0.0		$ 0.0	$ 83.4	$ 0.0
Finite-lived intangible assets, original cost	39,761.5			39,761.5		$ 40,404.1
Finite-lived intangible assets, accumulated amortization	11,977.6			11,977.6		10,801.6
Finite-lived intangible assets, net book value	27,783.9			27,783.9		29,602.5
In-process research and development	79.8			79.8		80.7
Intangible assets, gross, excluding goodwill	39,841.3			39,841.3		40,484.8
Intangible assets, net book value, excluding goodwill	$ 27,863.7			$ 27,863.7		$ 29,683.2
Patents and technologies
Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, estimated useful life, in years		15 years		15 years

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 681.6	$ 351.6	$ 1,366.0	$ 702.8
Intangible asset impairment charges	0.0	0.0	83.4	0.0
Total intangible asset amortization expense (including impairment charges)	$ 681.6	$ 351.6	$ 1,449.4	$ 702.8

Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 1,339
2022	2,616
2023	2,454
2024	2,350
2025	$ 2,257

Financial Instruments and Risk Management (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)
Derivative [Line Items]
Proceeds from sale of terminated interest rate swaps \| $	$ 45.0
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months \| $		$ 5.0
2022 Euro Senior Notes
Derivative [Line Items]
Long-term debt \| $	$ 0.0	$ 0.0		$ 928.8
Net Investment Hedging
Derivative [Line Items]
Notional amount of derivative			€ 5,850.0		€ 5,955.6
Long-term debt			5,955.6
Net Investment Hedging \| 2024 Euro Senior Notes
Derivative [Line Items]
Notional amount of derivative			1,000.0		1,000.0
Long-term debt			1,000.0
Net Investment Hedging \| 2028 Euro Senior Notes
Derivative [Line Items]
Notional amount of derivative			750.0		750.0
Long-term debt			750.0
Net Investment Hedging \| 2.125% Euro Senior Notes due 2025
Derivative [Line Items]
Notional amount of derivative			500.0		500.0
Long-term debt			500.0
Net Investment Hedging \| 2022 Euro Senior Notes
Derivative [Line Items]
Notional amount of derivative			750.0		750.0
Long-term debt			750.0
Net Investment Hedging \| 2024 Euro Senior Notes, 1.023%
Derivative [Line Items]
Notional amount of derivative			750.0		750.0
Long-term debt			750.0
Net Investment Hedging \| 2027 Euro Senior Notes
Derivative [Line Items]
Notional amount of derivative			850.0		850.0
Long-term debt			850.0
Net Investment Hedging \| 2032 Euro Senior Notes
Derivative [Line Items]
Notional amount of derivative			1,250.0		1,250.0
Long-term debt			1,250.0
Net Investment Hedging \| 2020 Floating Rate Euro Notes
Derivative [Line Items]
Notional amount of derivative			0.0		€ 105.6
Long-term debt			€ 105.6
Measurement Input, Discount Rate \| Contingent consideration \| Minimum
Derivative [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.021	0.021	0.021
Measurement Input, Discount Rate \| Contingent consideration \| Maximum
Derivative [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.105	0.105	0.105

Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Value of Derivative Instruments Derivatives Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2021

Dec. 31, 2020

$ 90.3

$ 118.6

Designated as Hedging Instrument

$ 40.1

103.6

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the classification and fair values of derivative instruments in our condensed consolidated balance sheets:


	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value		Balance Sheet Location	June 30, 2021 Fair Value		December 31, 2020 Fair Value

Derivatives designated as hedges:

Foreign currency forward contracts	Prepaid expenses & other current assets	$	42.9	$	28.3	Other current liabilities	$	—	$	0.8
Total derivatives designated as hedges		42.9		28.3			—		0.8
Derivatives not designated as hedges:
Foreign currency forward contracts	Prepaid expenses & other current assets	47.4		90.3		Other current liabilities	40.1		102.8
Total derivatives not designated as hedges		47.4		90.3			40.1		102.8
Total derivatives		$	90.3	$	118.6		$	40.1	$	103.6

$ 42.9

28.3

Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts

0.0

0.8

Designated as Hedging Instrument | Other Current Liabilities [Member] | Foreign exchange forward contracts

42.9

28.3

Not Designated as Hedging Instruments

0.0

0.8

47.4

90.3

Not Designated as Hedging Instruments | Prepaid expenses and other current assets | Foreign currency forward contracts

40.1

102.8

Not Designated as Hedging Instruments | Other Current Liabilities [Member] | Foreign currency forward contracts

47.4

90.3