Viatris Inc. (NASDAQ:VTRS) saw its stock surge 5.71% in pre-market trading on Thursday, following the release of its second-quarter earnings report that exceeded analysts' expectations.

The pharmaceutical company reported adjusted earnings per share of $0.62, surpassing the analyst consensus estimate of $0.55 by 11.91%. This impressive beat came despite a 10.14% decrease from the $0.69 per share reported in the same period last year. Viatris also outperformed on the revenue front, with quarterly sales of $3.582 billion beating the analyst consensus estimate of $3.467 billion by 3.31%. However, this figure represents a 5.66% decrease from the $3.797 billion reported in the same quarter of the previous year.

The market's positive reaction to Viatris's earnings report suggests that investors are encouraged by the company's ability to exceed expectations in a challenging environment. Despite the year-over-year declines in both earnings and revenue, the better-than-anticipated results appear to have boosted confidence in Viatris's performance and outlook.