VTRS Stock — Viatris Inc.: Cash, EV, Pipeline

What they do

The Company has a global footprint, an extensive portfolio of medicines that is well-diversified across therapeutic areas, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world's most enduring health challenges.

Source: 10-K FY2025 via SEC EDGAR

Share price

$20.82

Market cap

$23,869.4M

Cash

$1,788.0M

Enterprise value

$35,393.7M

Balance sheet

Cash	$1,788.0M
Debt	$13,312.3M
Net cash	-$11,524.3M
Enterprise value	$35,393.7M
Basic shares	1,146.5M shares
Fully diluted shares	1,150.5M shares
Fully diluted market cap	$23,952.9M
Cash per share	$1.56
Quarterly burn	+$381.8M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

1,148.6M

Pre-funded warrants

0.0M

Options

1.9M

RSUs

—

Warrants

—

Converts

—

Conv preferred

—

ESPP reserve

—

FDSO

1,150.5M

Cap table as of 2026-11-02.

Price history

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Next catalyst

Cenerimod · Feb 11 - Mar 25 in 13 wks · Phase 3 · Lupus Erythematosus, Systemic

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 11 - Mar 25 in 13 wks	Cenerimod	Phase 3	Lupus Erythematosus, Systemic	1H 2027 Est. Feb 11, 2027 · PCD + 6 wks (Jan 28-Feb 25) 1H 2027 Est. Feb 11, 2027 · PCD + 6 wks (Jan 28-Feb 25)
GUIDEDEst. Apr 1, 2027 in 7 wks half midpoint	selatogrel Phase 3 SOS-AMI trial of selatogrel in acute myocardial infarction: data readout	Phase 3	acute myocardial infarction: data readout	1H 2027
May 12 - Jun 23 in 6 mo	Cenerimod	Phase 3	Lupus Erythematosus, Systemic	1H 2027 Est. May 12, 2027 · PCD + 6 wks (Apr 28-May 26) 1H 2027 Est. May 12, 2027 · PCD + 6 wks (Apr 28-May 26)
Nov 19 - Dec 31 in 12 mo	cenerimod 4 mg	Phase 2	SLE - Systemic Lupus Erythematosus	—
Sep 12 - Oct 24 in 35 mo	Cenerimod	Phase 3	Nephritis, Lupus; Lupus Erythematosus, Systemic	1H 2027 Est. Apr 1, 2027 · half midpoint 1H 2027 Est. Apr 1, 2027 · half midpoint
Sep 12 - Oct 24 in 47 mo	Bedaquiline Oral Tablet	Phase 3	MDR-TB; Tuberculosis Multi Drug Resistant Active; Antibiotic Resistance	—
Oct 13 - Nov 24 in 72 mo	Cenerimod	Phase 3	Lupus Erythematosus, Systemic	1H 2027 Est. Apr 1, 2027 · half midpoint 1H 2027 Est. Apr 1, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

MR-107A-02

Phase 3 · Active Modality: 505(b)(2) reformulation

Indications

Acute pain (moderate to severe) (Phase 3)

Status note Two pivotal Phase 3 studies (post-herniorrhaphy surgery and post-bunionectomy surgery) completed.

Low-dose estrogen weekly patch

Phase 3 · Active Modality: low-dose estrogen weekly dermal patch

Target estrogen + progesterone receptors

Indications

Contraception (Stage not disclosed)

Catalysts

— July 30, 2026

Status note Phase 3 study of contraceptive efficacy and safety (150 mcg norelgestromin / 17.5 mcg ethinyl estradiol per day) completed; NDA accepted under FDA 505(b)(2) pathway.

MR-141 (phentolamine ophthalmic solution 0.75%)

Phase 3 · Active Modality: ophthalmic solution

Target alpha-1 adrenergic receptor

Indications

Presbyopia (Phase 3)

Catalysts

— H2 2026

Status note Second pivotal Phase 3 trial (VEGA-3) completed; supplemental NDA accepted for review by FDA February 2026.

MR-142 (phentolamine ophthalmic solution 0.75%)

Phase 3 · Active Modality: ophthalmic solution

Target alpha-1 adrenergic receptor

Indications

Significant chronic night driving impairment in keratorefractive patients (Phase 3)

Status note Pivotal Phase 3 trial (LYNX-2) completed.

Selatogrel

Phase 3 · Active Modality: small molecule (P2Y12 inhibitor)

Target P2Y12 receptor

Partnerships Idorsia: development programs acquired ($350M upfront; development/regulatory and tiered sales milestones plus royalties)

Indications

Acute coronary syndrome (self-administered pre-hospital treatment) (Phase 3)

Status note Phase 3 development; patient enrollment on track.

Cenerimod

Phase 3 · Active Modality: small molecule (S1P receptor modulator)

Target S1P1 receptor

Partnerships Idorsia: development programs acquired ($350M upfront; development/regulatory and tiered sales milestones plus royalties)

Indications

Multiple sclerosis (Phase 3)

Status note Phase 3 development; patient enrollment on track.

Sotagliflozin

Approved · Active Modality: small molecule (dual SGLT1/SGLT2 inhibitor)

Aliases Inpefa

Target SGLT1/SGLT2

Partnerships Sotagliflozin rights acquired for all markets outside US and Europe (October 2024)

Indications

Heart failure / type 2 diabetes (sotagliflozin indications vary by market) (Stage not disclosed)

Status note First approval received in the United Arab Emirates and launched early 2026; regulatory submissions filed in Saudi Arabia, Canada, Australia, and New Zealand.

Pitolisant

Phase 3 · Active Modality: small molecule

Target histamine H3 receptor

Partnerships Aculys Pharma: acquired October 2025; exclusive development/commercialization rights in Japan

Indications

Narcolepsy (excessive daytime sleepiness / cataplexy) (Stage not disclosed)
Obstructive sleep apnea (excessive daytime sleepiness) (Stage not disclosed)

Status note Japanese NDAs for both indications submitted and under review by PMDA.

Spydia

Approved · Active Modality: nasal spray

Aliases Spydia Nasal Spray

Partnerships Aculys Pharma: exclusive rights in Japan and certain Asia-Pacific markets

Indications

Status epilepticus (Stage not disclosed)

Status note Approved in Japan June 2025; launched December 2025.

GA Depot (glatiramer acetate depot)

Stage not disclosed · Terminated

Partnerships Mapi Pharma: license/commercialization agreement and December 2023 letter agreement terminated by mutual agreement April 2026 (FDA issued a Complete Response Letter for GA Depot 40 mg NDA in 2024)

Indications

Multiple sclerosis (Stage not disclosed)

Status note License and commercialization agreement and December 2023 letter agreement with Mapi terminated April 2026.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Cenerimod
Lead indication	Lupus Erythematosus, Systemic
Lead phase	Phase 3
Active trials	10
Collaborator trials	10

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05672576	Phase 3	Active, not recruiting	Sponsor	VTRS	—	Lupus Erythematosus, Systemic	1H 2027 Est. Feb 11, 2027 · PCD + 6 wks (Jan 28-Feb 25) 1H 2027 Est. Feb 11, 2027 · PCD + 6 wks (Jan 28-Feb 25)
NCT05648500	Phase 3	Active, not recruiting	Sponsor	VTRS	—	Lupus Erythematosus, Systemic	1H 2027 Est. May 12, 2027 · PCD + 6 wks (Apr 28-May 26) 1H 2027 Est. May 12, 2027 · PCD + 6 wks (Apr 28-May 26)
NCT04957719	Phase 3	Enrolling by invitation	Sponsor	VTRS	—	Acute Myocardial Infarction	1H 2027 Est. Apr 1, 2027 · half midpoint
NCT07201129	Phase 3	Recruiting	Sponsor	VTRS	—	Nephritis, Lupus; Lupus Erythematosus, Systemic	1H 2027 Est. Apr 1, 2027 · half midpoint 1H 2027 Est. Apr 1, 2027 · half midpoint
NCT06475742	Phase 3	Enrolling by invitation	Sponsor	VTRS	—	Lupus Erythematosus, Systemic	1H 2027 Est. Apr 1, 2027 · half midpoint 1H 2027 Est. Apr 1, 2027 · half midpoint
NCT07266090	Phase 2	Active, not recruiting	Sponsor	VTRS	—	SLE - Systemic Lupus Erythematosus	—
NCT07615868	Phase 1	Recruiting	Sponsor	VTRS	—	Chronic Coronary Syndrome	—
NCT06052995	Not disclosed	Active, not recruiting	Sponsor	VTRS	—	Mild to Moderate Atopic Dermatitis	—
NCT07813026	Not disclosed	Recruiting	Sponsor	VTRS	—	Healthy, Non-Drug- Dependent, Recreational Opioid Users	—
NCT07597473	Not disclosed	Recruiting	Sponsor	VTRS	—	Allergic Rhinitis Due to Allergens	—
NCT07486024	Phase 3	Not yet recruiting	Collaborator	Assistance Publique - Hôpitaux de Paris	—	MDR-TB; Tuberculosis Multi Drug Resistant Active; Antibiotic Resistance	—
NCT06525389	Phase 3	Not yet recruiting	Collaborator	Duke University	GILD	Talaromycosis	—

Sponsor-matched active trials from ClinicalTrials.gov (10 as sponsor, 10 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 20 active trials for Viatris Innovation GmbH on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	20,206,170	no change	3.35%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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VTRS — Viatris Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

VTRS — Viatris Inc.