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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________to___________ 
Commission file number 001-39695
VIATRIS INC.
(Exact name of registrant as specified in its charter)
Delaware83-4364296
(State or other jurisdiction
of incorporation or organization)		(I.R.S. Employer
Identification No.)
1000 Mylan Boulevard, Canonsburg, Pennsylvania 15317
(Address of principal executive offices)
(724) 514-1800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class:Trading Symbol(s)Name of Each Exchange on Which Registered:
Common Stock, par value $0.01 per shareVTRSThe NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer
☑
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The number of shares of common stock outstanding, par value $0.01 per share, of the registrant as of November 3, 2021 was 1,209,393,416.

Table of Contents
VIATRIS INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
For the Quarterly Period Ended
September 30, 2021
  
Page
PART I — FINANCIAL INFORMATION
ITEM 1.Condensed Consolidated Financial Statements (unaudited)
ITEM 2.
ITEM 3.
ITEM 4.
PART II — OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 6.

















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Glossary of Defined Terms

Unless the context requires otherwise, references to “Viatris,” “the Company,” “we,” “us” or “our” in this Form 10-Q (defined below) refer to Viatris Inc. and its subsidiaries. We also have used several other terms in this Form 10-Q, most of which are explained or defined below. Some amounts in this Form 10-Q may not add due to rounding.

2003 LTIP2003 Long-Term Incentive Plan
2020 Form 10-K Viatris’ annual report on Form 10-K for the fiscal year ended December 31, 2020, as amended
2020 Revolving FacilityThe revolving credit facility available pursuant to the revolving credit agreement, dated as of June 16, 2020, by and among Viatris, certain lenders and issuing banks from time to time party thereto and Bank of America, N.A., as administrative agent and repaid in full in July 2021
2021 Revolving FacilityThe $4.0 billion revolving facility dated as of July 1, 2021, by and among Viatris, certain lenders and issuing banks from time to time party thereto and Bank of America, N.A., as administrative agent
Adjusted EBITDANon-GAAP financial measure that the Company believes is appropriate to provide information to investors - EBITDA (defined below) is further adjusted for share-based compensation expense, litigation settlements, and other contingencies, net, restructuring and other special items
ANDAAbbreviated New Drug Application
AOCEAccumulated other comprehensive earnings
APIsActive pharmaceutical ingredients
ASCAccounting Standards Codification
AspenAspen Global Incorporated
ASUAccounting Standards Update
BiogenBiogen MA Inc. and Biogen International GmbH, collectively
Business Combination AgreementBusiness Combination Agreement, dated as of July 29, 2019, as amended from time to time, among Viatris, Mylan, Pfizer and certain of their affiliates
CATCompetition Appeals Tribunal
CJEUEuropean Court of Justice
clean energy investmentsUsed to define the three equity method investments the Company has in limited liability companies that own refined coal production plants whose activities qualify for income tax credits under Section 45 of the Code
CMACompetition and Markets Authority
CodeThe U.S. Internal Revenue Code of 1986, as amended
CombinationRefers to Mylan combining with Pfizer's Upjohn Business in a Reverse Morris Trust transaction to form Viatris on November 16, 2020
Commercial Paper ProgramThe $1.65 billion unsecured commercial paper program entered into as of November 16, 2020 by Viatris, as issuer, Mylan Inc., Utah Acquisition Sub Inc. and Mylan II B.V., as guarantors, and certain dealers from time to time
CommissionEuropean Commission
COVID-19Novel coronavirus disease of 2019
DCGIDrug Controller General of India
Developed Markets segmentViatris’ business segment that includes our operations primarily in the following markets: North America and Europe
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DistributionPfizer's distribution to Pfizer stockholders all the issued and outstanding shares of Upjohn Inc.
DOJU.S. Department of Justice
EBITDANon-GAAP financial measure that the Company believes is appropriate to provide information to investors - U.S. GAAP net earnings (loss) adjusted for net contribution attributable to equity method investments, income tax provision (benefit), interest expense and depreciation and amortization
EDPAU.S. District Court for the Eastern District of Pennsylvania
Emerging Markets segmentViatris’ business segment that includes, but is not limited to, our operations primarily in the following markets: Parts of Asia, the Middle East, South and Central America, Africa, and Eastern Europe
EUEuropean Union
Exchange Act Securities Exchange Act of 1934, as amended
Exchange Offer
The offer to exchange the Unregistered Upjohn Notes for the Registered Upjohn Notes, which was conducted pursuant to a registration statement filed with the SEC in September 2021 by Viatris Inc., Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc. and declared effective on September 28, 2021. The exchange offer expired on October 28, 2021 and settled on October 29, 2021.
FASBFinancial Accounting Standards Board
FDAU.S. Food and Drug Administration
Form 10-QThis quarterly report on Form 10-Q for the quarterly period ended September 30, 2021
Greater China segmentViatris’ business segment that includes our operations primarily in the following markets: China, Taiwan and Hong Kong
GxGeneric drugs
IPRInter Partes review
IRSU.S. Internal Revenue Service
ITInformation technology
JANZ segmentViatris’ business segment that includes our operations in the following markets: Japan, Australia and New Zealand
LIBORLondon Interbank Offered Rate
LillyEli Lilly and Company
maximum leverage ratio
The 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 from time to time
MDLMultidistrict litigation
MPIMylan Pharmaceutical Inc.
MylanMylan N.V. and its subsidiaries
Mylan IIMylan II, B.V.; a company incorporated under the laws of the Netherlands and an indirect wholly owned subsidiary of Viatris, in which legacy Mylan merged with and into
Mylan Inc. Senior Notes The 4.200% Senior Notes due 2023, 3.125% Senior Notes due 2023, 4.550% Senior Notes due 2028, 5.400% Senior Notes due 2043 and 5.200% Senior Notes due 2048 issued by Mylan Inc., which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan II B.V., Viatris Inc. and Utah Acquisition Sub Inc.
NASDAQThe NASDAQ Stock Market
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NDANew drug application
NHSNational Health Services
Note Securitization FacilityThe note securitization facility entered into in July 2021 for borrowings up to $200 million and expiring in August 2022
OTC Over-the-counter
PfizerPfizer Inc.
PlanViatris Inc. 2020 Stock Incentive Plan
PMSPharmascience Inc.
PSUsPerformance awards
PTABU.S. Patent Trial and Appeal Board
R&DResearch and development
Receivables FacilityThe $400 million accounts receivable entered into in August 2020 and expiring in April 2022
Registered Upjohn Notes
The 1.125% Senior Notes due 2022, 1.650% Senior Notes due 2025, 2.300% Senior Notes due 2027, 2.700% Senior Notes due 2030, 3.850% Senior Notes due 2040 and 4.000% Senior Notes due 2050 originally issued on October 29, 2021 registered with the SEC in exchange for the Unregistered Upjohn Notes in a similar aggregate principal amount and with terms substantially identical to the Unregistered Upjohn Notes and fully and unconditionally guaranteed by Mylan Inc., Mylan II and Utah Acquisition Sub Inc.
respiratory delivery platformPfizer’s proprietary dry powder inhaler delivery platform
restricted stock awardsThe Company’s nonvested restricted stock and restricted stock unit awards, including PSUs
RICORacketeer Influenced and Corrupt Organizations Act
SanofiSanofi-Aventis U.S., LLC
SARsStock Appreciation Rights
SDNYU.S. District Court for the Southern District of New York
SEC U.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior NotesThe Registered Upjohn Notes, the Utah Senior Notes and the Mylan Inc. Senior Notes, collectively
SeparationPfizer's transfer to Upjohn of substantially all the assets and liabilities comprising the Upjohn Business
Separation and Distribution AgreementSeparation and Distribution Agreement between Viatris and Pfizer, dated as of July 29, 2019, as amended from time to time
SG&ASelling, general and administrative expenses
TevaTeva Pharmaceutical Industries Ltd.
TSATransition service agreements
U.K.United Kingdom
Unregistered Upjohn Notes
The 1.125% Senior Notes due 2022, 1.650% Senior Notes due 2025, 2.300% Senior Notes due 2027, 2.700% Senior Notes due 2030, 3.850% Senior Notes due 2040 and 4.000% Senior Notes due 2050 originally issued on June 22, 2020 by Upjohn Inc. (now Viatris Inc.) in a private offering exempt from the registration requirements of the Securities Act and fully and unconditionally guaranteed by Mylan Inc., Mylan II and Utah Acquisition Sub Inc.
U.S.United States
U.S. GAAPAccounting principles generally accepted in the U.S.
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UpjohnUpjohn Inc., a wholly owned subsidiary of Pfizer prior to the Distribution, that combined with Mylan and was renamed Viatris Inc.
Upjohn BusinessPfizer’s off-patent branded and generic established medicines business that, in connection with the Combination, was separated from Pfizer and combined with Mylan to form Viatris
USD Term Loan AgreementThe $600 million delayed draw term loan credit agreement, dated as of June 16, 2020 by and among Viatris, Mizuho Bank, Ltd. and MUFG Bank, Ltd., as administrative agent, and repaid in full in July 2021
Utah Senior NotesThe 3.150% Senior Notes due 2021, 3.950% Senior Notes due 2026 and 5.250% Senior Notes due 2046 issued by Utah Acquisition Sub Inc., which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Viatris Inc. and Mylan II B.V.
ViatrisViatris Inc., formerly known as Upjohn Inc. prior to the completion of the Combination
YEN Term Loan AgreementThe ¥40 billion term loan agreement dated as of July 1, 2021, by and among Viatris, Mizuho Bank, Ltd. and MUFG Bank, Ltd., as administrative agent
    
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PART I — FINANCIAL INFORMATION

VIATRIS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; in millions, except per share amounts)
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Revenues:
Net sales$4,520.5 $2,948.1 $13,482.3 $8,232.2 
Other revenues16.1 24.0 62.4 90.3 
Total revenues4,536.6 2,972.1 13,544.7 8,322.5 
Cost of sales2,962.5 1,813.6 9,515.6 5,232.2 
Gross profit1,574.1 1,158.5 4,029.1 3,090.3 
Operating expenses:
Research and development152.1 129.8 483.9 400.3 
Selling, general and administrative1,055.0 658.4 3,446.3 1,983.2 
Litigation settlements and other contingencies, net9.4 18.9 55.3 36.5 
Total operating expenses1,216.5 807.1 3,985.5 2,420.0 
Earnings from operations357.6 351.4 43.6 670.3 
Interest expense151.9 117.3 488.0 353.4 
Other expense (income), net5.8 (7.5)16.1 24.6 
Earnings (loss) before income taxes199.9 241.6 (460.5)292.3 
Income tax (benefit) provision(111.6)55.9 544.8 46.4 
Net earnings (loss) $311.5 $185.7 $(1,005.3)$245.9 
Earnings (loss) per share attributable to Viatris Inc. shareholders
Basic$0.26 $0.36 $(0.83)$0.48 
Diluted$0.26 $0.36 $(0.83)$0.48 
Weighted average shares outstanding:
Basic1,209.3 516.9 1,208.6 516.8 
Diluted1,212.6 517.7 1,208.6 517.3 


See Notes to Condensed Consolidated Financial Statements
7

Table of Contents
VIATRIS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited; in millions)
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Net earnings (loss) $311.5 $185.7 $(1,005.3)$245.9 
Other comprehensive (loss) earnings, before tax:
Foreign currency translation adjustment(407.4)687.7 (967.9)483.1 
Change in unrecognized gain (loss) and prior service cost related to defined benefit plans0.8 (1.6)74.1 3.4 
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships11.8 32.5 27.5 (0.2)
Net unrecognized gain (loss) on derivatives in net investment hedging relationships168.4 (114.7)318.4 (119.7)
Net unrealized (loss) gain on marketable securities(0.1)— (0.8)0.8 
Other comprehensive (loss) earnings, before tax(226.5)603.9 (548.7)367.4 
Income tax provision (benefit)40.4 2.8 65.2 (6.0)
Other comprehensive (loss) earnings, net of tax(266.9)601.1 (613.9)373.4 
Comprehensive earnings (loss)$44.6 $786.8 $(1,619.2)$619.3 



See Notes to Condensed Consolidated Financial Statements
8

Table of Contents
VIATRIS INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited in millions, except share and per share amounts)
September 30,
2021		December 31,
2020
ASSETS
Assets
Current assets:
Cash and cash equivalents$756.6 $844.4 
Accounts receivable, net4,345.5 4,843.8 
Inventories4,081.9 5,471.9 
Prepaid expenses and other current assets2,124.4 1,707.4 
Total current assets11,308.4 12,867.5 
Property, plant and equipment, net3,114.0 3,459.9 
Intangible assets, net26,987.0 29,683.2 
Goodwill12,169.5 12,347.0 
Deferred income tax benefit - noncurrent1,451.9 2,147.9 
Other assets1,039.6 1,047.5 
Total assets$56,070.4 $61,553.0 
LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Accounts payable$1,659.6 $1,904.2 
Short-term borrowings1,706.9 1,100.9 
Income taxes payable198.0 288.6 
Current portion of long-term debt and other long-term obligations1,908.1 2,308.5 
Other current liabilities4,631.3 4,960.7 
Total current liabilities10,103.9 10,562.9 
Long-term debt19,854.3 22,429.2 
Deferred income tax liability2,918.0 3,123.7 
Other long-term obligations2,052.9 2,483.1 
Total liabilities34,929.1 38,598.9 
Equity
Viatris Inc. shareholders’ equity
Common stock — par value $0.01 per share as of September 30, 2021 and December 31, 2020:
Shares authorized: 3,000,000,000 as of September 30, 2021 and December 31, 2020
Shares issued and outstanding: 1,209,378,962 and 1,206,895,644 as of September 30, 2021 and December 31, 2020
12.1 12.1 
Additional paid-in capital18,514.1 18,438.8 
Retained earnings4,087.0 5,361.2 
Accumulated other comprehensive loss(1,471.9)(858.0)
Total equity21,141.3 22,954.1 
Total liabilities and equity$56,070.4 $61,553.0 

See Notes to Condensed Consolidated Financial Statements
9

Table of Contents
VIATRIS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited; in millions, except share amounts)
Additional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTotal
Equity
 Common StockTreasury Stock
 SharesCostSharesCost
Balance at June 30, 20211,209,212,338 $12.1 $18,489.9 $3,909.9 — $— $(1,205.0)$21,206.9 
Net earnings— — — 311.5 — — — 311.5 
Other comprehensive loss, net of tax— — — — — — (266.9)(266.9)
Issuance of restricted stock and stock options exercised, net 166,624 — — — — — — — 
Taxes related to the net share settlement of equity awards— — (0.8)— — — — (0.8)
Share-based compensation expense— — 25.0 — — — — 25.0 
Cash dividends declared, $0.11 per common share— — — (134.4)— — — (134.4)
Balance at September 30, 20211,209,378,962 $12.1 $18,514.1 $4,087.0 — $— $(1,471.9)$21,141.3 
Additional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTotal
Equity
Common StockTreasury Stock
SharesCostSharesCost
Balance at December 31, 20201,206,895,644 $12.1 $18,438.8 $5,361.2 — $— $(858.0)$22,954.1 
Net loss— — — (1,005.3)— — — (1,005.3)
Other comprehensive loss, net of tax— — — — — — (613.9)(613.9)
Issuance of restricted stock and stock options exercised, net 2,483,318 — — — — — — — 
Taxes related to the net share settlement of equity awards— — (13.4)— — — — (13.4)
Share-based compensation expense— — 88.7 — — — — 88.7 
Cash dividends declared, $0.11 per common share— — — (268.9)— — — (268.9)
Balance at September 30, 20211,209,378,962 $12.1 $18,514.1 $4,087.0 — $— $(1,471.9)$21,141.3 
    
See Notes to Condensed Consolidated Financial Statements
10

Table of Contents
Additional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTotal
Equity
 
Ordinary Shares (1)
Treasury Stock
 SharesCostSharesCost
Balance at June 30, 2020541,545,308 $6.1 $8,673.2 $6,091.5 24,598,074 $(999.7)$(2,024.9)$11,746.2 
Net earnings— — — 185.7 — — — 185.7 
Other comprehensive earnings, net of tax— — — — — — 601.1 601.1 
Issuance of restricted stock and stock options exercised, net 4,747 — — — — — — — 
Share-based compensation expense— — 15.1 — — — — 15.1 
Other— — — (0.2)— — — (0.2)
Balance at September 30, 2020541,550,055 $6.1 $8,688.3 $6,277.0 24,598,074 $(999.7)$(1,423.8)$12,547.9 
Additional Paid-In CapitalRetained
Earnings		Accumulated Other Comprehensive LossTotal
Equity
Ordinary Shares (1)
Treasury Stock
SharesCostSharesCost
Balance at December 31, 2019540,746,871 $6.1 $8,643.5 $6,031.1 24,598,074 $(999.7)$(1,797.2)$11,883.8 
Net earnings— — — 245.9 — — — 245.9 
Other comprehensive earnings, net of tax— — — — — — 373.4 373.4 
Issuance of restricted stock and stock options exercised, net 803,184 — 0.6 — — — — 0.6 
Taxes related to the net share settlement of equity awards— — (5.6)— — — — (5.6)
Share-based compensation expense— — 49.8 — — — — 49.8 
Other— — — — — — — — 
Balance at September 30, 2020541,550,055 $6.1 $8,688.3 $6,277.0 24,598,074 $(999.7)$(1,423.8)$12,547.9 
__________________
(1) Ordinary Shares prior to November 16, 2020.

See Notes to Condensed Consolidated Financial Statements
11

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VIATRIS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; in millions)
Nine Months Ended
September 30,
 20212020
Cash flows from operating activities:
Net (loss) earnings$(1,005.3)$245.9 
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization3,756.7 1,263.0 
Share-based compensation expense88.7 49.8 
Deferred income tax expense (benefit)728.6 (210.4)
Loss from equity method investments52.2 37.4 
Other non-cash items288.2 134.3 
Litigation settlements and other contingencies, net50.0 43.6 
Changes in operating assets and liabilities:
Accounts receivable69.1 (27.3)
Inventories(351.1)(532.4)
Accounts payable(108.4)(99.7)
Income taxes(675.3)115.2 
Other operating assets and liabilities, net(399.6)176.2 
Net cash provided by operating activities2,493.8 1,195.6 
Cash flows from investing activities:
Cash received from acquisitions277.0 — 
Capital expenditures(259.8)(126.1)
Purchase of marketable securities(26.3)(96.1)
Proceeds from the sale of marketable securities26.0 38.6 
Payments for product rights and other, net(28.2)(97.3)
Proceeds from sale of assets and subsidiaries96.5 — 
Proceeds from sale of property, plant and equipment16.1 2.1 
Net cash provided by (used in) investing activities101.3 (278.8)
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,710.1 33.2 
Payments of long-term debt(4,200.7)(588.9)
Change in short-term borrowings, net606.1 0.3 
Cash dividends paid(266.0)— 
Taxes paid related to net share settlement of equity awards(17.1)(7.1)
Non-contingent payments for product rights(456.0)(139.5)
Contingent consideration payments(28.6)(48.5)
Payments of financing fees(6.5)(1.8)
Proceeds from exercise of stock options— 0.6 
Other items, net(4.1)(3.1)
Net cash used in financing activities(2,662.8)(754.8)
Effect on cash of changes in exchange rates(20.6)14.0 
Net (decrease) increase in cash, cash equivalents and restricted cash(88.3)176.0 
Cash, cash equivalents and restricted cash — beginning of period850.0 491.1 
Cash, cash equivalents and restricted cash — end of period$761.7 $667.1 
See Notes to Condensed Consolidated Financial Statements
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VIATRIS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.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 nine months ended September 30, 2021, and cash flows for the nine months ended September 30, 2021, are not necessarily indicative of the results to be expected for the full fiscal year or any other future period.
2.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 nine months ended September 30, 2021 and 2020, respectively:

(In millions)Three Months Ended September 30, 2021
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$1,522.7 $566.8 $299.1 $414.5 $2,803.1 
Complex Gx and Biosimilars305.1 — 13.2 13.7 332.0 
Generics828.1 — 193.0 364.3 1,385.4 
Total$2,655.9 $566.8 $505.3 $792.5 $4,520.5 

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VIATRIS INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(In millions)Nine Months Ended September 30, 2021
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$4,350.5 $1,706.9 $878.5 $1,293.5 $8,229.4 
Complex Gx and Biosimilars926.4 — 31.9 35.4 993.7