Viatris is a global pharmaceutical company selling generic, branded generic, and branded drugs across more than 165 countries. The company was formed in 2020 through a merger of Mylan with Pfizer's Upjohn business, combining Mylan's large-scale generics platform with a portfolio of established off-patent brands including Lipitor, Norvasc, Lyrica, Celebrex, Viagra, and EpiPen. Viatris operates through four geographic segments: Developed Markets (its largest), Emerging Markets, Greater China, and JANZ (Japan, Australia, New Zealand). The core business spans unbranded generics — high-volume, low-margin, price-competitive — and branded generics and established brands, which carry higher margins and are driven by physician relationships and brand loyalty, particularly in emerging markets and China. A growing focus is complex generics (inhalation, injectable, drug-device combinations), which face fewer competitors due to high scientific and regulatory barriers; key products here include Wixela and Breyna, generics of Advair and Symbicort. Viatris also has an innovative pipeline, including sotagliflozin for heart failure, fast-acting meloxicam for acute pain, and cenerimod for lupus, and targets potential first-to-market generics of GLP-1s. The company's strategy is to shift its mix toward complex generics and innovative brands while extracting cost savings through an enterprise-wide restructuring, targeting roughly $650M in gross savings over three years. Viatris generates around $2.2B in annual free cash flow, which it allocates between shareholder returns and business development, focused on acquiring in-market or near-to-market assets.