(Reuters) -Drugmaker Viatris beat third-quarter estimates for profit and revenue on Thursday, driven by strong demand for its branded drugs in China and emerging markets.
The company also raised its 2025 forecasts, which financial chief Doretta Mistras said was primarily based on foreign exchange benefits and share repurchases.
In August, the drugmaker had said that it expects growth in China, boosted by newer products like Yupelri for smoker’s lung and Breyna for asthma, to remain positive this year.
The company – formed after merger of Mylan and Pfizer’s Upjohn business in 2020 – reported revenue of $3.76 billion for the third quarter, compared with analysts’ average estimate of $3.61 billion, according to data compiled by LSEG.
It posted an adjusted profit of 67 cents per share, beating analysts’ average estimate of 62 cents.
Revenue from its generic drugs business, which fell 5% to $1.31 billion, continued to be hurt by the restriction placed by the U.S. drug regulator on imports of certain products made at Viatris’ facility in Indore, India, following violation of federal requirements.
Viatris now expects full-year profit between $2.25 and $2.35 per share, up from its prior view of $2.16 to $2.30 per share.
It also expects $13.90 billion to $14.30 billion in 2025 revenue, higher than its prior outlook of $13.50 billion to $14 billion.
The drugmaker also said that its ongoing review, launched in February, flagged opportunities for cutting costs across research and development and supply chain, among other functions.
(Reporting by Puyaan Singh in Bengaluru; Editing by Sahal Muhammed)
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