What Viatris Inc. told the SEC could break it.

Viatris's top three customers (the major US drug wholesalers — Cencora ~11% in 2025, plus McKesson and Cardinal Health) were ~25% of consolidated net sales in 2025; loss or reduced purchasing by these distributors could materially affect revenue.

“For the years ended December 31, 2025 and 2024, Viatris' top three customers in terms of net sales, in the aggregate, represented approximately 25% and 26%, respectively, of the Company's consolidated total net sales.”

China's centralized volume-based procurement (VBP) bidding for drugs has driven price cuts of up to 96% for molecules in the process; Viatris expects continued pricing pressure on its included products and has failed to win some bids, hitting its Greater China revenues.

“Molecules subject to the VBP bidding process have seen significant price cuts, with some bidders reducing the price of their products by as much as 96% as they attempt to secure volumes on the Chinese pharmaceutical market. We expect pricing pressures on our products included in the VBP bidding process to continue to increase as a result of this policy.”

Viatris buys API and materials from many suppliers but in certain cases has listed only one supplier in its regulatory applications; volatile API prices and supply-chain disruptions mean it may lack timely/affordable access to critical raw materials or finished product, even where more than one supplier exists.

“In certain cases, we have listed only one supplier in our applications with regulatory agencies. There is no guarantee that we will always have timely, sufficient or affordable access to critical raw materials or finished product supplied by third parties, even when we have more than one supplier, which could lead to our or our partners' and suppliers' inability to supply sufficient quantities of our products to meet market demand.”