Viatris raises annual profit forecast on branded drug strength

Viatris raised its annual adjusted profit forecast on Thursday after beating Wall Street estimates for second-quarter revenue and profit, helped by strong branded drug sales and growth in China, sending its shares up nearly 2% in premarket trading.

The drugmaker, which makes both generic and branded drugs, posted total revenue of $3.76 billion, up 5% from a year earlier and above estimates of $3.66 billion.

• Revenue for its branded drugs unit, the company's main revenue driver, rose 6% to $2.42 billion during the quarter.
• Sales at its Greater China business rose 21% to $713.8 million, compared with $588.9 million a year earlier.
• The company manufactures both generic and branded drugs, including popular medicines such as erectile dysfunction treatment Viagra, anti-anxiety drug Xanax, epilepsy medication Lyrica and arthritis treatment Celebrex.
• It posted an adjusted profit of 69 cents per share for the quarter ended June 30, compared with the estimate of 60 cents.

Viatris now expects annual revenue of $14.55 billion to $14.95 billion, compared with its previous expectation of .