Global health care company Viatris says it will announced divestitures this year, as part of long-term streamlining strategy announced in 2022.
"I'm pleased to say we believe we are currently on track to announce all planned divestitures in 2023, including at least one significant divestiture in the third quarter, possibly more," said Viatris CEO Scott Smith during the company's second quarter-earnings call.
The plan was first revealed back in February 2022 when Viatris announced that, following a comprehensive strategic review, it was looking to "unlock value and reshape the company." The first step of the plan, revealed at the same time, was offloading its biosimilars portfolio to Biocon Biologics. Viatris also planned to trim its focus to three core therapeutic areas — ophthalmology, gastrointestinal and dermatology.
Viatris delivered on that promise this past January, closing its acquisitions of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division.
Now, Viatris — which was formed in 2020 through the merger of Mylan and Pfizer's Upjohn business — will fulfill the divestitures portion of the plan as the company reaches what CEO Smith calls the "beginning of a growth journey."