Rajiv Malik
President at Viatris
Thanks, Scott, and good morning, everyone. As we close Phase 1 of our strategy, I'm incredibly proud of all that we have accomplished. We simplified but more importantly stabilized the base business. We continue to deliver on our strong pipeline and are in the final stages of reshaping the company with remaining divestitures being on track. We believe that the stability of our core business and our deep pipeline positions the company very well for continued growth into '24 and beyond.
Let me talk to you a bit more about what we believe makes our core business stable. It is driven by the consistent and steady performance of our brand business, the sustainability of our generics portfolio and our ability to continue to bring to market our organic pipeline consisting of high margin, durable and complex products.
Let me further expand this into three elements. First, our brand business, which makes up about two thirds of our portfolio, grew 1% in '23 supported by brands like YUPELRI and Effexor. We expect our branded portfolio to continue to build upon the success of 2023 and show a moderate growth. Next is our generics business, which now also includes our complex generics and makes up the remaining one third of our revenue. This business was flat in 2023 and is expected to show slight growth in 2024. The geographic and portfolio diversity, which includes a number of high value complex products such as Wixela, Breyna and Xulane render this portfolio inherent stability.
The third driver of our stable base is our ability to execute on our pipeline. This is the third consecutive year that Viatris has delivered at least $450 million in new product launches. In 2023, we made significant progress across our complex injectables, select novel and complex products and eye care pipelines. We launched Breyna, the first generic Symbicort, and Lisdexamfetamine and several others. FDA accepted our NDA filing application for glatiramer acetate depot injection. We received FDA approval of Ryzumvi eye drops for the treatment of pharmacologically induced mydriasis and we received positive topline results for our phase three trials of YUPELRI in China. We also received positive top line results for our phase three trial of Tyrvaya in China and subsequent NMPA acceptance of our NDA.
For 2024, we are excited to continue to deliver on our deep pipeline and execute on several key launches that will expand access to patients. For example, from our complex injectables portfolio, we expect to be an early entrant with our Sandostatin LAR product, liraglutide a generic for Victoza, as well as iron sucrose, a generic for Venofer. From our eye care pipeline we expect to launch Ryzumvi and from our novel and 505(b)(2) pipeline we are excited to bring to market our once monthly glatiramer acetate depot for patients with multiple sclerosis, and we are pleased to present our latest data this week at a key medical conference.
We also continue to be laser focused on progressing our other pipeline assets, many of which are in Phase 3 stages such as Xulane Low Dose, Meloxicam and Effexor GAD. We are especially excited about advancing our eye care pipeline that has several programs in our Phase 3 aimed at addressing vision related disorders such as presbyopia, night vision disturbances and blepharitis.
Let me now turn to the commercial segments and our expectations for 2024. In '24, we expect total revenues to grow approximately 2%, which includes approximately $450 million to $550 million in new product revenue. Starting with developed markets. In '23, developed markets declined by 1%. Our European business for the third consecutive year demonstrated operational net sales growth led by Italy and Spain as well as contributions from new product launches. This helped us offset the decline in North America due to the expected impact of increased generic entrants to performance and higher competitive pressures on certain complex products, including Wixela and Xulane in the first half of the year.
For 2024, we expect this segment to grow with both Europe and North America expected to grow 3%. Europe's growth is expected to be led by our strong brand portfolio, including Brufen, EpiPen and products from our thrombosis portfolio. In addition, we anticipate further growth in key markets including Italy and France and strong generic performance aided by new product launches.
North America is expected to grow by 3% driven by the exciting new launches of GA Depot, Liraglutide and Sandostatin LAR. In addition, we expect to further strengthen our position of respiratory products like Wixela and Breyna. Yupelri is expected to continue its growth trajectory and grow by double digits.
For the eye care portfolio, we expect further gains in 2024 resulting from the continued prescription growth in Tyrvaya as we expand through patient fulfillment coupled with the launch of new product, Ryzumvi. The Tyrvaya DTC campaign launched in October has shown early indications of both increased patient responsiveness and performance as quarter four non-bridged prescriptions were up 18% quarter over quarter. Emerging markets had another strong year, delivering 7% year-over-year operational growth in '23. These better than expected results benefited from strength across our broader generics portfolio and stronger than expected performance from brands like Dymista and Viagra, led by markets such as Turkey, South Korea and Southeast Asia. Going into 2024, we are projecting this segment to grow by 6% year over year, primarily driven by our branded business.
Moving to Jan, full year '23 came in below our expectations due to the continued impacts from the government driven price regulations in this region, which we expect to continue into 2024. We anticipate to partially offset the pricing dynamics with the ongoing strong volume growth from our three brands including Amitiza, Creon and Effexor, as well as optimizing our generics business. This segment is expected to decline by 8% in 2024.
Greater China performed ahead of our expectations for the full year 2023, delivering 2% growth driven by strong performance of a retail channel in China. This is a result of our ability to adopt our business model to the evolving market dynamics. Going forward, we will leverage our investments to further expand the self-pay patient market and our brand equity in this channel, which we expect will help to absorb some of the impacts from the government implemented healthcare policy regulations. With these dynamics in mind, we have modeled a 2% year-over-year decline for 2024.
Before I conclude, I want to take the opportunity to thank the management team for their partnership over the years and all our employees who have helped us build a strong global platform. I'm very pleased with where we are today in Viatris's journey and the strength as well as stability of our core business, which is now nicely set up for continued growth from here onwards.
With that, I'll hand the call over to Sanjeev.