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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% decrease from $420.0 million in the prior year period.
  • Adjusted EBITDA increased 15.1% to $78.3 million for the nine months ended September 30, 2026, compared to $68.0 million in the same period last year.
  • Gross margin declined to 54% from 59% in the prior year period, while product and service revenue rose 78.3% year-over-year to $58.2 million in the third quarter.
  • Reported cash balance at the end of the period was $61.5 million, down from $172.4 million on December 31, 2025.
  • The FDA accepted Alvotech's 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 in partnership with Advanz Pharma.
  • An agreement was signed with Lotus Pharmaceuticals for commercialization rights to AVT34 (Imfinzi biosimilar) and AVT87 (Hemlibra biosimilar) in the U.S. and select Asian markets.
  • Alvotech partnered with LOTTE Biologics to manufacture drug substance for multiple biosimilars at a new facility in Syracuse, New York.
  • The FDA approved a new manufacturing process for Simlandi at the Reykjavik facility that more than doubles output per batch, alongside approval for a second production suite.
  • Alvotech maintains full-year 2026 guidance of $650-$700 million in total revenue and $180-$220 million in EBITDA, though performance is now expected toward the lower end of these ranges.
  • The company reported a net loss of $140.7 million for the nine months ended September 30, 2026, compared to a profit of $136.5 million in the prior year period.
  • Research and development expenses decreased to $63.6 million for the nine months ended September 30, 2026, from $144.5 million in the same period last year.
  • A management webcast and Q&A session are scheduled for November 12, 2026, at 8:00 AM EST.
Company
Alvotech
Keywords
Nasdaq:ALVO, Alvotech