Earnings (Loss) per Ordinary Share

6 Months Ended

Jun. 30, 2024

Earnings per Share

Basic (loss) earnings per share is computed by dividing net (loss) earnings attributable to holders of Viatris Inc. common stock by the weighted average number of shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) earnings attributable to holders of Viatris Inc. common stock 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)	2024		2023		2024		2023
Basic (loss) earnings attributable to Viatris Inc. common shareholders (numerator):
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(326.4)	$	264.0	$	(212.5)	$	488.7
Shares (denominator):
Weighted average shares outstanding	1,191.1		1,199.0		1,193.1		1,200.8
Basic (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.27)	$	0.22	$	(0.18)	$	0.41

Diluted (loss) earnings attributable to Viatris Inc. common shareholders (numerator):
Net (loss) earnings attributable to Viatris Inc. common shareholders	$	(326.4)	$	264.0	$	(212.5)	$	488.7
Shares (denominator):
Weighted average shares outstanding	1,191.1		1,199.0		1,193.1		1,200.8
Share-based awards	—		4.5		—		3.8
Total dilutive shares outstanding	1,191.1		1,203.5		1,193.1		1,204.6
Diluted (loss) earnings per share attributable to Viatris Inc. shareholders	$	(0.27)	$	0.22	$	(0.18)	$	0.41

Additional stock awards and Restricted Stock Awards were outstanding during the three and six months ended June 30, 2024 and 2023, but were not included in the computation of diluted (loss) earnings per share for each respective period because the effect would be anti-dilutive. Excluded shares at June 30, 2024 also include certain share-based compensation awards and restricted shares whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 23.2 million shares and 22.7 million shares for the three and six months ended June 30, 2024, respectively, and 24.2 million shares and 19.0 million shares for the three and six months ended June 30, 2023, respectively.

The Company paid a quarterly dividend of $0.12 per share on the Company’s issued and outstanding common stock on March 18, 2024 and June 14, 2024. On August 5, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share on the Company’s issued and outstanding common stock, which will be payable on September 13, 2024 to shareholders of record as of the close of business on August 23, 2024. 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.

On February 28, 2022, the Company announced that its Board of Directors had authorized a share repurchase program for the repurchase of up to $1.0 billion of the Company’s shares of common stock. The Company subsequently announced that on February 26, 2024, its Board of Directors authorized a $1.0 billion increase to the Company’s previously announced $1.0 billion share repurchase program. As a result, the Company’s share repurchase program now authorizes the repurchase of up to $2.0 billion of the Company’s shares of common stock. Such repurchases may be made from time-to-time at the Company’s discretion and effected by any means, including but not limited to, open market repurchases, pursuant to plans in accordance with Rules 10b5-1 or 10b-18 under the Exchange Act, privately negotiated transactions (including accelerated stock repurchase programs) or any combination of such methods as the Company deems appropriate. The program does not have an expiration date. During the six months ended June 30, 2024 and 2023, the Company repurchased approximately 19.2 million shares of common stock at a cost of approximately $250 million, and approximately 21.2 million shares of common stock at a cost of approximately $250 million, respectively, under the program. As of June 30, 2024, the Company had repurchased a total of $500 million in shares under the program. The share repurchase program does not obligate the Company to acquire any particular amount of common stock.