filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The selected consolidated financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Results of Operations and Financial Condition” included in Part II. Item 7 of this Form 10-K and the consolidated financial statements and related notes to consolidated financial statements included in Part II. Item 8 of this Form 10-K. In accordance with ASC 805, Business Combinations, Mylan is considered the accounting acquirer of the Upjohn Business and all historical financial information prior to November 16, 2020 represents Mylan’s historical results. The functional currency of the primary economic environment in which the operations of Viatris and its subsidiaries in the U.S. are conducted is the U.S. Dollar. The functional currency of non-U.S. subsidiaries is generally the local currency in the country in which each subsidiary operates.
| Year Ended December 31, | |||||||||||||||||||||||||||||
| (In millions, except per share amounts) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
| Statements of Operations: | |||||||||||||||||||||||||||||
| Total revenues | $ | 11,946.0 | $ | 11,500.5 | $ | 11,433.9 | $ | 11,907.7 | $ | 11,076.9 | |||||||||||||||||||
| Cost of sales | 8,149.3 | 7,602.9 | 7,432.3 | 7,124.6 | 6,379.9 | ||||||||||||||||||||||||
| Gross profit | 3,796.7 | 3,897.6 | 4,001.6 | 4,783.1 | 4,697.0 | ||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Research and development | 555.1 | 639.9 | 704.5 | 783.3 | 826.8 | ||||||||||||||||||||||||
| Selling, general and administrative | 3,344.6 | 2,563.6 | 2,441.0 | 2,575.7 | 2,498.5 | ||||||||||||||||||||||||
| Litigation settlements and other contingencies, net | 107.8 | (21.4) | (49.5) | (13.1) | 672.5 | ||||||||||||||||||||||||
| Total operating expenses | 4,007.5 | 3,182.1 | 3,096.0 | 3,345.9 | 3,997.8 | ||||||||||||||||||||||||
| (Loss) Earnings from operations | (210.8) | 715.5 | 905.6 | 1,437.2 | 699.2 | ||||||||||||||||||||||||
| Interest expense | 497.8 | 517.3 | 542.3 | 534.6 | 454.8 | ||||||||||||||||||||||||
| Other expense (income), net | 12.6 | 43.8 | 64.9 | (0.4) | 122.7 | ||||||||||||||||||||||||
| (Loss) Earnings before income taxes | (721.2) | 154.4 | 298.4 | 903.0 | 121.7 | ||||||||||||||||||||||||
| Income tax (benefit) provision | (51.3) | 137.6 | (54.1) | 207.0 | (358.3) | ||||||||||||||||||||||||
| Net (loss) earnings attributable to Viatris Inc. shareholders | $ | (669.9) | $ | 16.8 | $ | 352.5 | $ | 696.0 | $ | 480.0 | |||||||||||||||||||
| Earnings (loss) per share attributable to Viatris Inc. shareholders | |||||||||||||||||||||||||||||
| Basic | $ | (1.11) | $ | 0.03 | $ | 0.69 | $ | 1.30 | $ | 0.94 | |||||||||||||||||||
| Diluted | $ | (1.11) | $ | 0.03 | $ | 0.68 | $ | 1.30 | $ | 0.92 | |||||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 601.2 | 515.7 | 514.5 | 534.5 | 513.0 | ||||||||||||||||||||||||
| Diluted | 601.2 | 516.5 | 516.5 | 536.7 | 520.5 | ||||||||||||||||||||||||
| Selected Balance Sheet data: | |||||||||||||||||||||||||||||
| Total assets | $ | 61,553.0 | $ | 31,255.5 | $ | 32,734.9 | $ | 35,806.3 | $ | 34,726.2 | |||||||||||||||||||
| Working capital (1) | 2,304.6 | 1,188.2 | 1,779.9 | 828.0 | 2,481.8 | ||||||||||||||||||||||||
| Short-term borrowings | 1,100.9 | — | 1.9 | 46.5 | 46.4 | ||||||||||||||||||||||||
| Long-term debt, including current portion of long-term debt | 24,685.5 | 12,671.9 | 13,816.4 | 14,614.5 | 15,426.2 | ||||||||||||||||||||||||
| Total equity | 22,954.1 | 11,883.8 | 12,167.1 | 13,307.6 | 11,117.6 |
(1) Working capital is calculated as current assets minus current liabilities.
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