Aug 8 (Reuters) - Drugmaker Viatris beat

second-quarter profit and revenue estimates on Thursday, driven

by strong demand for the Viagra-maker's off-patent branded and

generic drugs.

Shares of the company were up 3.6% in premarket trade.

The Canonsburg, Pennsylvania-based company also raised the

2024 sales outlook for its new product range, including Breyna -

a biosimilar to Astrazeneca's ( AZN ) asthma drug Symbicort - to

between $500 million and $600 million, up from its previous

range of $450 million to $550 million.

Viatris ( VTRS ), formed by the merger of Mylan and Pfizer's ( PFE )

Upjohn business, boasts a portfolio of well-known generic

branded drugs, such as erectile dysfunction drug Viagra,

anti-anxiety medication Xanax, epilepsy treatment Lyrica, and

arthritis treatment Celebrex.

Last year, Viatris ( VTRS ) said it will

divest

from its over-the-counter (OTC) drugs, active

pharmaceutical ingredients and women's health businesses as it

wanted streamline focus on three core therapeutic areas -

ophthalmology, gastroenterology and dermatology.

However, the company has retained the rights to Viagra,

nasal spray Dymista, and select OTC products in certain markets.

Due to the OTC divestiture, it now expects 2024 revenue of

$14.6 billion to $15.1 billion versus its previous forecast of

$14.98 billion to $15.48 billion.

The company also lowered its annual profit forecast to the

range of $2.58 to $2.73 per share, down 7 cents at mid-point.

Viatris' ( VTRS ) second-quarter revenue of $3.80 billion beat Wall

Street estimates of $3.78 billion. Revenue from both its branded

and generic drug units, excluding sales from divested

businesses, increased by 2%.

On an adjusted basis, the company posted a profit of 69

cents per share, narrowly beating estimates of 68 cents per

share.