Viatris : J.P. Morgan 39th Annual Healthcare Conference Presentation

J.P. Morgan Healthcare Conference

January 14, 2021

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Forward Looking Statements

This presentation contains "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, [our expected 2021 combined revenue mix; time horizons to transform Viatris and the events specified thereunder; realizing over $1 billion in cost synergies by the end of 2024, or sooner (~$1.0 - $1.3 cost to achieve); the integration of Mylan N.V. ("Mylan") and Pfizer Inc.'s Upjohn business (the "Upjohn Business") being on track; our expected dividend payout ratio of ≥ 25% of free cash flow, based upon GAAP operating cash flow less capital expenditures; our commitment to our investment grade rating; our sustained leverage target of ≤ 2.5x and the maintenance thereof; statements about the transaction pursuant to which Mylan combined with the Upjohn Business in a Reverse Morris Trust transaction (the "Combination") and Upjohn Inc. ("Upjohn") was renamed Viatris Inc. ("Viatris" or the "Company") and became the parent entity of the combined Upjohn Business and Mylan business, the benefits and synergies of the Combination, future opportunities for the Company and products and any other statements regarding the Company's future operations, financial or operating results, capital allocation, dividend policy, debt ratio, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competitions, and other expectations and targets for future periods. Forward-looking statements may often be identified by the use of words such as "will", "may", "could", "should", "would", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "pipeline", "intend", "continue", "target", "seek" and variations of these words or comparable words. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the potential impact of public health outbreaks, epidemics and pandemics, including the ongoing challenges and uncertainties posed by the COVID-19 pandemic; the Company's failure to achieve expected or targeted future financial and operating performance and results; the integration of Mylan and the Upjohn Business being more difficult, time consuming or costly than expected; the possibility that the Company may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the Combination within the expected timeframe or at all or to successfully integrate Mylan and the Upjohn Business; the possibility that the Company may be unable to achieve expected benefits, synergies and operating efficiencies in connection with business transformation initiatives, strategic acquisitions, strategic initiatives or restructuring programs within the expected timeframes or at all; the ability to meet expectations regarding the accounting and tax treatments of the Combination or other acquisitions; actions and decisions of healthcare and pharmaceutical regulators; changes in relevant laws and regulations, including but not limited to changes in the U.S. tax code and healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the ability to attract and retain key personnel, including that the retention of key employees may be more difficult following the Combination; the Company's liquidity, capital resources and ability to obtain financing; any regulatory, legal or other impediments to the Company's ability to bring new products to market, including but not limited to where the Company uses its business judgment and decides to manufacture, market and/or sell products, directly or through third parties, notwithstanding the fact that allegations of patent infringement(s) have not been finally resolved by the courts (i.e., an "at-risk launch"); success of clinical trials and the Company's or its partners' ability to execute on new product opportunities and develop, manufacture and commercialize products; any changes in or difficulties with the Company's manufacturing facilities, including with respect to inspections, remediation and restructuring activities, supply chain or inventory or the ability to meet anticipated demand; the scope, timing and outcome of any ongoing legal proceedings, including government investigations, and the impact of any such proceedings on the Company's financial condition, results of operations and/or cash flow; identifying, acquiring, and integrating complementary or strategic acquisitions of other companies, products, or assets being more difficult, time-consuming or costly than anticipated; any significant breach of data security or data privacy or disruptions to our information technology systems; risks associated with international operations, including our operations in China; the ability to protect intellectual property and preserve intellectual property rights; changes in third-party relationships; the effect of any changes in the Company's or its partners' customer and supplier relationships and customer purchasing patterns, including customer loss and business disruption being greater than expected following the Combination; the impacts of competition, including decreases in sales or revenues as a result of the loss of market exclusivity for certain products; changes in the economic and financial conditions of the Company or its partners; uncertainties regarding future demand, pricing and reimbursement for the Company's products; uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions and global exchange rates; and inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements, and the providing of estimates of financial measures, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and related standards or on an adjusted basis. For more detailed information on the risks and uncertainties associated with Viatris, see the risks described in the Registration Statement on Form S-4, as amended, which includes a proxy statement/prospectus, which was filed by Upjohn with the Securities and Exchange Commission ("SEC") on October 25, 2019 and declared effective by the SEC on February 13, 2020, the Registration Statement on Form 10, which includes an information statement, which was filed by Upjohn with the SEC on June 12, 2020 and declared effective by the SEC on June 30, 2020 and the final information statement, dated August 6, 2020, which is attached as Exhibit 99.1 to Upjohn's Current Report on Form 8-K filed on August 6, 2020. You can access these filings with the SEC through the SEC website at www.sec.gov or through the Company's website and the Company strongly encourages you to do so. Viatris routinely posts information that may be important to investors on our website at investor.viatris.com, and we use this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC's Regulation Fair Disclosure (Reg FD). The contents of our website are not incorporated into this presentation. Viatris undertakes no obligation to update any statements herein for revisions or changes after the date of this presentation other than as required by law.

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	2
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Non-GAAP Financial Measures

This presentation includes certain financial information that differs from what is reported under U.S. GAAP. These non-GAAP financial measures, leverage target and free cash flow, are presented in order to supplement investors' and other readers' understanding and assessment of the financial performance of Viatris. Viatris is not providing forward looking information for U.S. GAAP reported financial measures or quantitative reconciliations of forward-lookingnon-GAAP financial measures to the most directly comparable U.S. GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, acquisition-related expenses, including integration, restructuring expenses, asset impairments, litigation settlements and other contingencies, including changes to contingent consideration and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the relevant period. The stated forward-lookingnon-GAAP financial measure, Viatris ≤ 2.5x sustained leverage target, is based on the ratio of (i) targeted long-term average debt and (ii) targeted long-term Credit Agreement Adjusted EBITDA. However, the Company has not quantified future amounts to develop the target but has stated its goal to manage long-term average debt and adjusted earnings and adjusted EBITDA over time in order to generally maintain the target. These targets do not reflect Company guidance. For the quarter ended September 30, 2020, Mylan's Credit Agreement Adjusted EBITDA was based on the sum of (i) Mylan's adjusted EBITDA for the quarters ended December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020 and (ii) certain adjustments permitted to be included in Credit Agreement Adjusted EBITDA as of September 30, 2020 pursuant to the revolving credit facility dated as of July 27, 2018 (as amended, supplemented or otherwise modified from time to time), among Mylan Inc., as borrower, the Company, as guarantor, certain affiliates and subsidiaries of the Company from time to time party thereto as guarantors, each lender from time to time party thereto and Bank of America, N.A., as administrative agent (the "Credit Agreement"). Viatris is party to a credit agreement, dated June 16, 2020, by and among Viatris, certain lenders and issuing banks from time-to-time party thereto and Bank of America, N.A., as administrative agent, that going forward will permit similar adjustments as the Credit Agreement to be included in Credit Agreement Adjusted EBITDA for Viatris. For the quarter ended September 30, 2020, Mylan calculated adjusted EBITDA as U.S. GAAP net earnings (loss) adjusted for clean energy investments pre-tax loss, income tax (benefit) provision, interest expense and depreciation and amortization (to get to EBITDA) and further adjusted for share-based compensation expense, litigation settlements and other contingencies, net and restructuring, acquisition related and other special items to get to adjusted EBITDA. References to free cash flow are to U.S. GAAP operating cash flow, less capital expenditures. Mylan was the accounting acquiror in the Combination and therefore the historical financial statements of Mylan for periods prior to the Combination are considered to be the historical financial statements of Viatris. However, future non-GAAP financial measures used by Viatris may not be directly comparable to the historical Mylan non-GAAP financial measures set forth above. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and investors and other reasons should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with U.S. GAAP. See https://investor.viatris.com/financial-information/non-gaap-reconciliations for more information about non-GAAP financial measures.

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	3
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Aligned and Driven Leadership Team

Overall Performance and		Business and		Financial Performance
Strategy Development		Operational Execution		and Discipline

MICHAEL GOETTLER	RAJIV MALIK	SANJEEV NARULA
Chief Executive Officer	President	Chief Financial Officer
Years Experience: ~25 Years	Years Experience: 36+ Years	Years Experience: 35+ Years
Prior Role: Group President, Upjohn	Prior Role: President, Mylan	Prior Role: CFO, Upjohn
Strong track record of running a global	Unique leadership profile combines	Deep understanding of financial and
business with extensive commercial	extensive scientific, global operational	commercial dynamics across key
leadership; expertise across multiple	and commercial expertise, strong	geographies, including emerging markets,
therapeutic areas and all aspects of the	financial acumen, and a solutions-	particularly China; broad knowledge of
pharmaceutical business	focused approach to support evolving	generic and branded pharmaceutical business
	global healthcare systems

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	4
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Our Mission

We see healthcare not as it is, but as it should be. We act courageously and are uniquely positioned to be a source of stability in a world of evolving healthcare needs.

Viatris empowers people worldwide to live healthier at every stage of life.

We do this via:

Access	Leadership	Partnership
Providing high quality trusted	Advancing sustainable operations	Leveraging our collective
medicines regardless of	and innovative solutions to	expertise to connect people
geography or circumstance	improve patient health	to products and services

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	5
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Sustainable, Diverse and Differentiated Portfolio

Our global portfolio includes medicines across a broad range of major therapeutic areas, spanning both non-communicable and infectious diseases

Brands	Generics
Portfolio of globally	Diverse range of
recognized iconic	medicines including
brands	generic, complex
						and branded generic
						medicines
Over-The-Counter			Active Pharmaceutical
						Ingredients
Variety of well-known
products	Leading manufacturer
						of API

Biosimilars

Global franchise with ~10 molecules already on the market

Areas of focus:

• Oncology
• Rheumatology
• Endocrinology
• Ophthalmology
• Dermatology

2021E ProForma

Revenue Mix

BIOSIMILARS

OTC

US

GENERIC

BRAND

EX-US

GENERIC

& API

~1,400 Approved Molecules

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	6
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Advancing Portfolio Supported by Strong Science

Complex Injectables		Biosimilars		NCEs		Insulin Analogs		Respiratory

Launched

Pipeline

1x/Month	MR-106A-01*
(Wound Peptide)
gxVictoza
MR-107A-01*
gxInvega Trinza	(Pain Management)
gxInvega Sustenna

Product examples illustrative, not exhaustive

* Molecules in development, not yet publicly identified

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	7
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Unparalleled Global Reach

Our strong, global commercial infrastructure enables us to serve patients through multiple channels

Commercial Business UnitsGlobal Commercial Platform

		165+	1,200
		Countries &	Marketing
		territories	professionals1
Developed Markets	Greater China	60,000+	~1,400
		Customers	Approved
			molecules
		~12,000	~30,000
		Salesforce1	SKUs
Growth Markets	Japan, Australia & New
	Zealand (JANZ)

1Data as of December 2020 and does not include impact of previously announced global restructuring initiative

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	8
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Delivered Through a Unique Global Network

Leveraging our manufacturing, scientific and medical capabilities around the world to advance innovative solutions for patients

Truly Global Supply Network	~50	80B+	~100	600+
with local proximity
	Manufacturing	Annual Dose	Annual Health	Medical &
	Sites1	Capacity1	Authority	Product Safety
			Inspections1	Professionals1
R&D, Quality, Medical,	1,000+	2,500+ 35,000+
Strong Technical Resources
Pharmacovigilance	Regulatory	Scientists1	Marketing
and Regulatory capabilities	Experts1		Authorizations1

1 Data as of December 2020 and does not include impact of previously announced global restructuring initiative

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	9
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Our Groundbreaking Global Healthcare Gateway™

Unique

Capabilities

and

Disciplined Capital

Investment…

Broad Geographic Footprint with global commercial reach across channels & therapeutic areas

Global Supply and

Manufacturing Network

Expansive Technical,

Science and Regulatory, Legal

& Compliance Expertise

Cost-Efficient Operating

Platform

Robust Governance

Stringent Criteria

Aligned with TSR

Cost-Efficient

Operating Platform

Patients

Shareholders

Partners

Customers

Governments

…To Address

Unmet Needs

and Fuel

Future Growth

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	10
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

The Right Internal Conditions to Maximize Value Creation

Governing Objective

Structure & Accountability

Decision Processes & Standards

Capabilities & Systems

Granular Measurement

Incentives

Consistent definition of winning and measuring success

Organizational structure empowered with transparency & accountability

Rigorous target setting, strategy development, resource allocation & performance management

Enhanced ability to capitalize on local market opportunities

Performance tracking at the market, product, customer, and channel level

Compensation aligned with shareholder interests

Disciplined Capital Allocation

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	11
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Clear Execution Roadmap to Optimize Total Shareholder Return (TSR)

Near Term

Delever & Stabilize

Expected Performance

• Stable revenue base, while continuing to invest in our pipeline
• Realize $1B+ cost synergies by the end of 2024, or sooner
• Improve cash conversion and strong free cash flow generation

Capital Deployment

• Debt Paydown: Deleveraging towards target of ≤ 2.5x
• Dividend: Expected payout ≥ 25% of free cash flow
• Cash Cost to Achieve Synergies: $1B - $1.3B

Mid-to-Long Term

Durable Growth

Expected Performance

• Modest and durable revenue growth and operating leverage
• Financial flexibility enabled by enhanced free cash flow generation

Capital Deployment

• Grow dividend
• Potential share repurchases
• New Pipeline Investment: Enhancing and increasing investment in Global Healthcare GatewayTM
• M&A: Other opportunistic business development

Execution	Transparency	Accountability

Free cash flow defined as U.S. GAAP operating cash flow, less capital expenditures. Please see slide 3 for more information regarding leverage target and free cash flow.

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	12
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.

Committed to Delivering Significant Shareholder Value

1

2

3

4

Unique global platform and differentiated profile

• Unparalleled global reach and unique global network
• Sustainable, diverse and differentiated portfolio
• One-of-a-kindGlobal Healthcare Gateway™

Highly engaging and inclusive performance-driven culture

• Led by an aligned and driven leadership team
• United by a shared passion for our mission
• Focused on commercial execution, operational excellence and financial discipline

Clear execution roadmap

• Integrate our organization
• Put in place the right internal conditions to maximize value creation and transparently communicate progress
• Deliver on our commitments, including achieving at least $1B in cost synergies by end of 2024, or sooner

Disciplined capital allocation approach

• Enhance free cash flow generation
• Initiate dividend and pay down debt
• Drive future growth via organic R&D and Global Healthcare Gateway™

Free cash flow defined as U.S. GAAP operating cash flow, less capital expenditures. Please see slide 3 for more information regarding free cash flow.

This document contains proprietary information of Viatris Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited.	1313
© 2021 Viatris Inc. All Rights Reserved. VIATRIS and the Viatris Logo are trademarks of Mylan Inc., a Viatris company.