v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
For additional information, see Note 10 Debt in Viatris’ 2025 Form 10-K.
Receivables Facility
The Company has a Receivables Facility for up to an aggregate amount of $600 million which expires in April 2028. Under the terms of the Receivables Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Borrowings outstanding under the Receivables Facility are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of June 30, 2026June 30,
2026		December 31,
2025
Current portion of long-term debt:
2026 Senior Notes (a) **
3.950 %$— $1,674.3 
2027 Euro Senior Notes ****
1.362 %979.3 — 
2027 Senior Notes ***
2.300 %755.7 — 
YEN Term Loan FacilityVariable— 255.2 
Other1.2 1.0 
Deferred financing fees— (0.6)
Current portion of long-term debt$1,736.2 $1,929.9 
Non-current portion of long-term debt:
2027 Euro Senior Notes ****
1.362 %— 1,011.5 
2027 Senior Notes ***
2.300 %— 758.6 
2028 Euro Senior Notes **
3.125 %854.6 878.5 
2028 Senior Notes *
4.550 %749.6 749.5 
2030 Senior Notes ***
2.700 %1,484.6 1,488.8 
2032 Euro Senior Notes ****
1.908 %1,500.6 1,549.2 
2033 Euro Senior Notes ***
4.250 %740.5 — 
2040 Senior Notes ***
3.850 %1,626.5 1,630.1 
2043 Senior Notes *
5.400 %497.7 497.6 
2046 Senior Notes **
5.250 %999.9 999.9 
2048 Senior Notes *
5.200 %748.0 747.9 
2050 Senior Notes ***
4.000 %2,184.3 2,186.8 
YEN Term Loan FacilityVariable246.1 — 
Other3.1 2.7 
Deferred financing fees(23.1)(20.5)
Long-term debt$11,612.4 $12,480.6 
____________
(a)    The 2026 Senior Notes were repaid at maturity in the second quarter of 2026.
*    Instrument was issued by Mylan Inc.
**    Instrument was originally issued by Mylan N.V.; now held by Utah Acquisition Sub Inc.
***     Instrument was issued by Viatris Inc.
****     Instrument was issued by Upjohn Finance B.V.

2033 Euro Senior Notes
On June 17, 2026, Viatris Inc. completed a public offering of €650 million aggregate principal amount of its 4.250% Senior Notes due 2033 (the “2033 Euro Senior Notes”). The 2033 Euro Senior Notes are senior unsecured obligations of Viatris Inc. The 2033 Euro Senior Notes are guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc. (the “Guarantors”).

Proceeds from the offering were used (i) to fund the repayment of amounts borrowed under the 2024 Revolving Facility in June 2026 in connection with the repayment at maturity of the entire $1.675 billion of outstanding principal amount of the 3.950% Senior Notes due 2026 (the “2026 Senior Notes”) and (ii) to replenish cash utilized in connection with the repayment of the 2026 Senior Notes, with such cash to be used for general corporate purposes.
The 2033 Euro Senior Notes were issued pursuant to an Indenture (the “Base Indenture”), dated June 17, 2026, among Viatris Inc., the Guarantors and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture (together with the Base Indenture, the “Indenture”), dated June 17, 2026, among Viatris Inc., the Guarantors and the Trustee. The 2033 Euro Senior Notes accrue interest at a rate of 4.250% per annum, accruing from June 17, 2026, payable annually beginning June 17, 2027, and will mature on June 17, 2033, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The Indenture contains customary affirmative covenants for facilities of this type. The 2033 Euro Senior Notes may be redeemed by Viatris as set forth in the Indenture.

YEN Term Loan
On July 1, 2026 (the “Closing Date”), Viatris entered into an amended and restated term loan credit agreement (the “Amended and Restated Term Loan Credit Agreement”), among Viatris, the guarantors from time to time party thereto, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent. The Amended and Restated Term Loan Credit Agreement provides for a ¥40 billion principal amount senior unsecured term loan facility (the “Term Loan Credit Facility”).

Proceeds from the Term Loan Credit Facility will be used for general lawful corporate purposes of Viatris and its subsidiaries, including, without limitation, to repay outstanding obligations under Viatris’ prior ¥40 billion unsecured term loan facility, dated as of July 1, 2021.

The Term Loan Credit Facility will initially bear interest at the TIBO Rate (determined in accordance with the Amended and Restated Term Loan Credit Agreement) plus 1.10% per annum. The applicable margin over the TIBO Rate for the Term Loan Credit Facility can fluctuate based on the long-term unsecured senior, non-credit enhanced debt rating of Viatris by S&P Global Ratings, Moody’s Investors Service, Inc. and Fitch Ratings, Inc.

The Amended and Restated Term Loan Credit Agreement contains customary affirmative covenants for facilities of this type. The Amended and Restated Term Loan Credit Agreement also contains a financial covenant requiring maintenance of a leverage ratio no greater than 3.75 to 1.00 as of the last day of each fiscal quarter ending after the Closing Date. The Amended and Restated Term Loan Credit Agreement contains default provisions customary for facilities of this type, which are subject to customary grace periods and materiality thresholds.

Fair Value
At June 30, 2026 and December 31, 2025, the aggregate fair value of the Company’s outstanding notes was approximately $11.11 billion and $11.99 billion, respectively. The fair values of the outstanding notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy.
Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at June 30, 2026 were as follows for each of the years ending December 31:
(In millions)Total
2026$— 
20271,721 
20281,607 
2029246 
20301,450 
Thereafter7,920 
Total$12,944