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Research Alert: CFRA Lifts View On Viatris Inc. Shares To Buy From Hold

05/10/2021 06:34

10:30 AM EDT, 05/10/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our target by $2 to $17, 4.4x our '22 EPS estimate following a better than forecast Q1. We keep our '21 EPS estimate at $3.66 and our '22 EPS at $3.90. VTRS reported its first Q1 results today. Q1 EPS of $0.92 was $0.09 above our estimate and $0.12 above the consensus. Q1 net sales of $4.4B were stronger than expected, $203M above the consensus and $410M above our estimate. This was due to by better-than-expected performance in branded products (62% of total, -4% Y/Y), where the Y/Y decline was lower than forecast driven by key products EpiPen, Amitiza, Lipitor, and Viagra. Complex generics and biosimilars sales had robust growth in Q1 (7% of total, +30% Y/Y) driven by strength in key products Pegfilgrastim, Trastuzumab, and Adalimumab. Generic products sales (GS, 31% of total) were down -4% Y/Y due to the underperformance in developed markets (64% of GS sales, -11% Y/Y), while emerging markets' sales grew modestly (+3% Y/Y), negatively impacted by the absence of Covid-19 stockpiling vs. Q1 2020.