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Revenue Recognition and Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

The following table presents the Company’s net sales by product category for each of our reportable segments for the years ended December 31, 2023, 2022, and 2021, respectively:


(In millions)	2023 Net Sales
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	5,239.0		2,152.1		782.9		1,626.5		9,800.5

Generics	4,012.9		8.3		641.6		925.1		5,587.9
Total Viatris	$	9,251.9	$	2,160.4	$	1,424.5	$	2,551.6	$	15,388.4


(In millions)	2022 Net Sales
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	5,160.4		2,190.7		922.6		1,615.9		9,889.6

Generics	4,608.5		10.5		709.8		999.7		6,328.5
Total Viatris	$	9,768.9	$	2,201.2	$	1,632.4	$	2,615.6	$	16,218.1


(In millions)	2021 Net Sales
Product Category	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Brands	5,759.2		2,207.8		1,197.1		1,677.2		10,841.3

Generics	4,669.5		5.0		830.3		1,467.5		6,972.3
Total Viatris	$	10,428.7	$	2,212.8	$	2,027.4	$	3,144.7	$	17,813.6

____________

(a)Amounts include the impact of foreign currency translations compared to the prior year period.

(b)Amounts for the years ended December 31, 2022 and 2021 include approximately $601.1 million and $607.3 million, respectively, related to the biosimilars business which was contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022.

(c)As a result of the contribution of the biosimilars business to Biocon Biologics in November 2022, Complex Gx and Biosimilars, which were previously presented as a separate line item, are now included within Generics. Reclassifications were made to prior periods to conform to the current period presentation.

The following table presents net sales on a consolidated basis for select key products for the years ended December 31, 2023, 2022, and 2021, respectively:


	Year Ended December 31,
(In millions)	2023		2022		2021

Select Key Global Products
Lipitor ®	$	1,559.3	$	1,635.2	$	1,663.2
Norvasc ®	732.4		775.1		824.7
Lyrica ®	556.5		623.8		728.5
EpiPen® Auto-Injectors	442.2		378.0		391.7
Viagra ®	428.8		458.9		533.8
Celebrex ®	330.6		338.1		344.4
Creon ®	304.9		304.0		309.8
Effexor ®	262.9		279.6		316.8
Zoloft ®	235.7		246.2		284.3
Xalabrands	193.2		195.1		226.0

Select Key Segment Products
Yupelri ®	$	220.8	$	202.1	$	161.9
Dymista ®	200.0		179.8		168.0
Influvac ®	192.4		225.5		299.3
Amitiza ®	157.0		167.9		201.5
Xanax ®	154.8		156.5		185.9

____________

(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 launches.

(c)Amounts include the impact of foreign currency translations compared to the prior year period.

(d)Refer to intellectual property matters included in Note 19 Litigation for additional information regarding Yupelri® and Amitiza®.

The following is a rollforward of the categories of variable consideration during 2023:


(In millions)	Balance at December 31, 2022		Current Provision Related to Sales Made in the Current Period		Acquisitions, Divestitures, and Other		Checks/ Credits Issued to Third Parties		Effects of Foreign Exchange		Balance at December 31, 2023
Chargebacks	$	523.4	$	5,457.9	$	(8.1)	$	(5,443.6)	$	0.7	$	530.3
Rebates, promotional programs and other sales allowances	1,284.2		3,857.6		20.6		(4,071.3)		11.8		1,102.9
Returns	513.4		223.2		(26.2)		(286.8)		1.8		425.4
Governmental rebate programs	366.5		766.0		8.7		(726.3)		6.4		421.3
Total	$	2,687.5	$	10,304.7	$	(5.0)	$	(10,528.0)	$	20.7	$	2,479.9

Schedule of Accounts Receivable, Net

Accounts receivable are presented net of allowances relating to these provisions, which were comprised of the following at December 31, 2023 and 2022, respectively:


(In millions)	December 31, 2023		December 31, 2022
Accounts receivable, net	$	1,483.6	$	1,798.7
Other current liabilities	996.3		888.8
Total	$	2,479.9	$	2,687.5

Accounts receivable, net was comprised of the following at December 31, 2023 and 2022, respectively:


(In millions)	December 31, 2023		December 31, 2022
Trade receivables, net	$	2,823.8	$	3,243.8
Other receivables	876.6		570.7
Accounts receivable, net	$	3,700.4	$	3,814.5

Disaggregation of Revenue, Variable Consideration

The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the years ended December 31, 2023, 2022 and 2021, respectively:


	Year Ended December 31,
(In millions)	2023		2022		2021
Gross sales	$	25,693.1	$	27,662.1	$	30,553.4
Gross to net adjustments:
Chargebacks	(5,457.9)		(6,192.2)		(5,530.1)
Rebates, promotional programs and other sales allowances	(3,857.6)		(4,346.2)		(6,135.6)
Returns	(223.2)		(296.7)		(384.6)
Governmental rebate programs	(766.0)		(608.9)		(689.5)
Total gross to net adjustments	$	(10,304.7)	$	(11,444.0)	$	(12,739.8)
Net sales	$	15,388.4	$	16,218.1	$	17,813.6

____________

(a)Amounts for the years ended December 31, 2022 and 2021 include the biosimilars business which was contributed to Biocon Biologics in November 2022. The Company has not recognized the results of the biosimilars business in its consolidated financial statements subsequent to November 29, 2022.