Apr. 7 at 11:28 AM
$VRTS Viatris reaches nationwide settlement to resolve opioid-related claims
Viatris has reached a nationwide settlement framework to resolve opioid-related claims by states, local governments, and Tribes against the Company and certain of its subsidiaries. The company said, "While the Company's presence in the U.S. opioids market is very small, the Company has agreed to this settlement to provide closure on these matters. This settlement is in no way an admission of wrongdoing or liability.
Under the agreed upon framework, depending on the level of participation in the settlement, the Company would pay up to a maximum of
$335M, consisting of annual payments over a nine-year period of between approximately
$27.5M and
$40M each, to help support state and local efforts to address opioid-related issues. The Company had already accrued an estimate in respect of a potential settlement, which is reflected in the Company's annual report on Form 10-K for the year ended December 31, 2024.
The Company will also continue its longstanding role of working to identify solutions to address pressing public health challenges like those relating to opioids. For example, the Company manufactures a generic injectable version of the life-saving overdose reversal drug, naloxone, as well as a generic buprenorphine/naloxone product used for the treatment of opioid addiction.
The Company is also developing a novel delivery for meloxicam, a non-opioid pain medication. The settlement enables the Company to further focus on its mission of empowering people worldwide to live healthier at every stage of life, advance its efforts to address unmet patient needs through an expanded innovative portfolio and continue to serve approximately 1B patients annually with its diverse portfolio of medicines."
