<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 24-October-2024 [05:51:49] {AM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_EquityAwardAdjustmentsForPeoMember" xlink:label="loc_vtrs_EquityAwardAdjustmentsForPeoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_EquityAwardAdjustmentsForPeoMember" xml:lang="en-US">Equity Award Adjustments for PEO [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_EquityAwardAdjustmentsForPeoMember" xlink:to="lab_vtrs_EquityAwardAdjustmentsForPeoMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToLastDayOfYearOfUnvestedEquityAwardsForNonpeoMember" xlink:label="loc_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToLastDayOfYearOfUnvestedEquityAwardsForNonpeoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToLastDayOfYearOfUnvestedEquityAwardsForNonpeoMember" xml:lang="en-US">Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for NonPEO [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToLastDayOfYearOfUnvestedEquityAwardsForNonpeoMember" xlink:to="lab_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToLastDayOfYearOfUnvestedEquityAwardsForNonpeoMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xlink:label="loc_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xml:lang="en-US">Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xlink:to="lab_vtrs_AverageChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_AverageVestingDateFairValueOfEquityAwardsGrantedDuringYearThatVestedDuringYearMember" xlink:label="loc_vtrs_AverageVestingDateFairValueOfEquityAwardsGrantedDuringYearThatVestedDuringYearMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_AverageVestingDateFairValueOfEquityAwardsGrantedDuringYearThatVestedDuringYearMember" xml:lang="en-US">Average Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_AverageVestingDateFairValueOfEquityAwardsGrantedDuringYearThatVestedDuringYearMember" xlink:to="lab_vtrs_AverageVestingDateFairValueOfEquityAwardsGrantedDuringYearThatVestedDuringYearMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_AverageYearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedAsOfLastDayOfYearForNonpeoMember" xlink:label="loc_vtrs_AverageYearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedAsOfLastDayOfYearForNonpeoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_AverageYearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedAsOfLastDayOfYearForNonpeoMember" xml:lang="en-US">Average YearEnd Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for NonPEO [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_AverageYearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedAsOfLastDayOfYearForNonpeoMember" xlink:to="lab_vtrs_AverageYearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedAsOfLastDayOfYearForNonpeoMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_ChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xlink:label="loc_vtrs_ChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_ChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xml:lang="en-US">Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_ChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" xlink:to="lab_vtrs_ChangeInFairValueFromLastDayOfPriorYearToVestingDateOfUnvestedEquityAwardsThatVestedMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_FairValueAtLastDayOfPriorYearOfEquityAwardsForfeitedMember" xlink:label="loc_vtrs_FairValueAtLastDayOfPriorYearOfEquityAwardsForfeitedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_FairValueAtLastDayOfPriorYearOfEquityAwardsForfeitedMember" xml:lang="en-US">Fair Value at Last Day of Prior Year of Equity Awards Forfeited [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_FairValueAtLastDayOfPriorYearOfEquityAwardsForfeitedMember" xlink:to="lab_vtrs_FairValueAtLastDayOfPriorYearOfEquityAwardsForfeitedMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_YearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedMember" xlink:label="loc_vtrs_YearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_YearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedMember" xml:lang="en-US">YearEnd Fair Value of Equity Awards Granted During Year That Remained Unvested [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_YearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedMember" xlink:to="lab_vtrs_YearendFairValueOfEquityAwardsGrantedDuringYearThatRemainedUnvestedMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_ReportedValueOfEquityAwardsForPeoMember" xlink:label="loc_vtrs_ReportedValueOfEquityAwardsForPeoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_ReportedValueOfEquityAwardsForPeoMember" xml:lang="en-US">Reported Value of Equity Awards for PEO [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_ReportedValueOfEquityAwardsForPeoMember" xlink:to="lab_vtrs_ReportedValueOfEquityAwardsForPeoMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_MichaelGoettlerMember" xlink:label="loc_vtrs_MichaelGoettlerMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_MichaelGoettlerMember" xml:lang="en-US">Michael Goettler [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_MichaelGoettlerMember" xlink:to="lab_vtrs_MichaelGoettlerMember" />
<loc xlink:type="locator" xlink:href="vtrs-20231231.xsd#vtrs_ScottAMember" xlink:label="loc_vtrs_ScottAMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_vtrs_ScottAMember" xml:lang="en-US">Scott A [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_vtrs_ScottAMember" xlink:to="lab_vtrs_ScottAMember" />
</labelLink>
</linkbase>
