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Alvotech Announces Financial Results for the Nine Months to September 30, 2026, with a Business Update

ALVO
  • Alvotech reported adjusted total revenue of $323.4 million for the nine months ended September 30, 2026, a 23.0% decrease from $420.0 million in the same period of 2025.
  • Gross margin was 54% for the nine-month period, down from 59% in the prior year, while adjusted EBITDA rose to $78.3 million from $68.0 million.
  • Reported cash balance decreased to $61.5 million at the end of the period from $172.4 million on December 31, 2025.
  • Product and service revenue increased 78.3% year-over-year to $58.2 million in the third quarter, reaching $164.2 million for the nine months.
  • The FDA accepted a Biologics License Application for AVT80, a biosimilar to Entyvio, with Teva holding U.S. commercial rights.
  • Alvotech submitted the first global regulatory application for a biosimilar to Eylea HD to the European Medicines Agency.
  • An agreement was signed with Lotus Pharmaceuticals for commercial rights to AVT34 (Imfinzi biosimilar) and AVT87 (Hemlibra biosimilar) in the U.S. and selected Asian markets.
  • A long-term manufacturing partnership was established with LOTTE Biologics to produce drug substance for multiple biosimilars in Syracuse, New York.
  • The FDA approved a new manufacturing process for Simlandi (Humira biosimilar) at the Reykjavik facility that more than doubles output per batch.
  • FDA approval was also granted for drug substance production in a second suite at the Reykjavik site, increasing manufacturing flexibility.
  • Alvotech maintains full-year 2026 guidance of $650-$700 million in total revenue and $180-$220 million in EBITDA, with performance expected toward the lower end of these ranges.
  • The company plans to execute product deliveries in the fourth quarter following the completion of its manufacturing improvement program.
  • Management will host a live audio webcast on November 12, 2026, at 8:00 AM EST to discuss financial results.
  • Five biosimilars are currently approved and marketed globally, with a pipeline focused on autoimmune, eye, and cancer disorders.
Company
Alvotech
Keywords
Nasdaq:ALVO, Alvotech