Financial Performance - Product revenue for the six months ended June 30, 2024, was $65.9 million, a significant increase from $22.7 million for the same period in 2023[7]. - License and other revenue rose to $169.7 million for the six months ended June 30, 2024, compared to a loss of $2.5 million in the same period of 2023, driven by multiple R&D milestones[8]. - Operating profit for the six months ended June 30, 2024, was $43,447 thousand, a turnaround from an operating loss of $189,101 thousand in the prior year[28]. - The Group's revenue for the six months ended 30 June 2024 was $235.6 million, a significant increase from $20.3 million in the same period of 2023[53]. - Product revenue recognized in 2024 was $65.9 million, compared to $22.7 million in 2023, while license revenue surged to $68.1 million from $7.6 million[53]. - The total comprehensive loss for the six months ended June 30, 2024, was $153.4 million, reflecting the company's ongoing operational challenges[44]. Expenses and Losses - Research and development expenses decreased slightly to $97.5 million for the six months ended June 30, 2024, from $99.6 million in the same period of 2023[11]. - General and administrative expenses were reduced to $29.6 million for the six months ended June 30, 2024, down from $41.9 million in the same period of 2023[12]. - The net loss for the six months ended June 30, 2024, was $153.5 million, or $(0.61) per share, compared to a net loss of $86.6 million, or $(0.39) per share, for the same period in 2023[12]. - The company reported a loss for the period of $(153,504) thousand for the first half of 2024, compared to a loss of $(86,854) thousand in the same period of 2023[28]. - For the six months ended June 30, 2024, the company reported a net loss of $153.5 million, compared to a net loss of $86.9 million for the same period in 2023, reflecting an increase in losses of approximately 76.7%[44]. Cash and Borrowings - As of June 30, 2024, Alvotech had $10.9 million in cash and cash equivalents and borrowings of $1,055.9 million, including $999.0 million in current borrowings[7]. - The company entered into a $965 million Facility in June 2024 to improve capital costs and address upcoming debt maturities[17]. - The Group's total outstanding borrowings increased to $1,055,913 million as of June 30, 2024, compared to $960,159 million at the end of 2023, reflecting a 10% increase[83]. - Cash used in operating activities was $(126,000) thousand for the six months ended June 30, 2024, slightly improved from $(128,002) thousand in the same period of 2023[37]. - The company had cash and cash equivalents of $10.9 million as of June 30, 2024, with current assets less current liabilities amounting to ($917.3) million[44]. Assets and Equity - Total assets increased to $1,068,478 thousand as of June 30, 2024, up from $950,090 thousand at the end of 2023, reflecting a growth of approximately 12.4%[31]. - The total equity position improved to $(605,922) thousand as of June 30, 2024, compared to $(932,493) thousand at the end of 2023, indicating a reduction in accumulated deficit[34]. - The accumulated deficit reached $2,359.3 million, up from $2,205.8 million as of December 31, 2023, indicating ongoing financial challenges[44]. Share Issuance and Financing - Alvotech issued approximately 22.1 million new shares on July 1, 2024, corresponding to approximately $221.1 million from the conversion of 2022 Convertible Bonds[20]. - The company recognized a capital contribution of $144.6 million during the first half of 2024, contributing to its equity position[44]. - The Group issued approximately 22.1 million new shares from the conversion of 2022 Convertible Bonds, corresponding to an aggregate value of approximately $221.1 million[50]. Regulatory Approvals and Collaborations - Alvotech's AVT04 biosimilar to Stelara received FDA approval in April 2024, with commercialization expected to start on or after February 21, 2025[13]. - The company announced a collaboration with Dr. Reddy's Laboratories for the commercialization of AVT03, a biosimilar candidate to Prolia and Xgeva, with exclusive rights in the U.S.[45]. - The FDA also approved SIMLANDI, an interchangeable biosimilar to Humira, which had U.S. sales of nearly $12.2 billion in 2023[49]. Inventory and Costs - The Group's inventory balance increased to $96,574 million as of June 30, 2024, up from $74,433 million at the end of 2023, representing a 30% increase[77]. - The Group recognized $32.0 million in cost of inventory within cost of goods sold during H1 2024, compared to $16.5 million in H1 2023, indicating a 94% increase[76]. Financial Ratios and Tax - The effective tax rate for the six months ended 30 June 2024 was (3.5)%, compared to 36.5% in the same period of 2023, reflecting a tax charge and a tax benefit, respectively[60]. - The weighted-average interest rate of outstanding borrowings was 12.80% for H1 2024, slightly up from 12.73% for the twelve months ended 31 December 2023[82].

REYKJAVIK, Iceland, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, will release financial results for first half of the year ended June 30, 2024, after U.S. markets close on Thursday, August 15, 2024, and will conduct a conference call with analysts to present the financial results and recent business highlights on Friday August 16, 2024, at 8:00 am EDT (12 noon GMT).   Live aud ...

REYKJAVIK, Iceland, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide, will release financial results for first half of the year ended June 30, 2024, after U.S. markets close on Thursday, August 15, 2024, and will conduct a conference call with analysts to present the financial results and recent business highlights on Friday August 16, 2024, at 8:00 am EDT (12 noon GMT).   Live au ...

STADA and Alvotech launch Uzpruvo, the first approved ustekinumab biosimilar to Stelara, across Europe Launch of European-made Uzpruvo in Europe comes immediately upon expiry of exclusivity rights for the molecule used to treat certain conditions in gastroenterology1, dermatology and rheumatologyCreates competition at earliest opportunity, enabling straightforward switching to broaden patient access and control costs in a growing market, with accessible indications currently estimated at approximately €2.4 ...

Launch of European-made Uzpruvo in Europe comes immediately upon expiry of exclusivity rights for the molecule used to treat certain conditions in gastroenterology1, dermatology and rheumatologyCreates competition at earliest opportunity, enabling straightforward switching to broaden patient access and control costs in a growing market, with accessible indications currently estimated at approximately €2.4 billionUstekinumab is the second immunology biosimilar brought to market through the partnership betwee ...

REYKJAVIK, Iceland, July 11, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced the closing of its previously announced senior secured first lien term loan facility (the “Facility”). The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. Following the closing of the Facility, whic ...

Core Viewpoint - Alvotech has successfully closed a senior secured first lien term loan facility, allowing the company to refinance existing debt, reduce capital costs, and enhance its debt maturity profile [1][2][3]. Financial Summary - Following the closing of the facility, Alvotech's total gross borrowings stand at $1,035 million, with a cash balance of $185 million, which includes $18 million in cash on hand, $25 million in restricted cash, and estimated net proceeds of $142 million [2]. - The facility financing amounts to $965 million, maturing in June 2029, with the first tranche being a $900 million term loan at an interest rate of SOFR plus 6.5% per annum, and the second tranche being a $65 million term loan at SOFR plus 10.5% per annum [2]. Strategic Initiatives - The refinancing transaction provides Alvotech with additional flexibility to pursue its long-term growth strategy, as stated by the Chief Finance Officer [3]. - Alvotech aims to advance its existing development pipeline and support working capital for upcoming biosimilars launches [2]. Company Overview - Alvotech is a biotech company focused on developing and manufacturing biosimilar medicines globally, with a goal to become a leader in the biosimilar market [4]. - The company has launched two biosimilars and has a development pipeline that includes nine disclosed biosimilar candidates targeting various diseases [4]. - Alvotech has established strategic commercial partnerships across multiple regions, including the United States, Europe, Japan, and parts of Asia and South America [4].

Positive topline results demonstrate clinical similarity between AVT03 and the reference biologic, Prolia® (denosumab) Two additional studies comparing the pharmacokinetics, safety, and tolerability of AVT03 to Prolia and Xgeva, respectively, have also met their primary endpointAlvotech expects to file marketing applications for AVT03 later this year for major global markets REYKJAVIK, Iceland, July 02, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specialized in the development ...

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued new shares to holders of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, with maturity on December 20, 2025 (the “Convertible Bonds”). Today, Alvotech issued 22,073,578 new ordinary shares in exchange for Convertible Bonds, at the fixed price of US$10.00 per share. The majority of the holders ...

Group 1 - Alvotech issued 22,073,578 new ordinary shares at a fixed price of US$10.00 per share in exchange for subordinated convertible bonds [1] - Following the conversion, the total number of issued shares in Alvotech is 324,801,040, with 301,944,470 outstanding shares [1] - The newly issued shares will be delivered to their owners no later than seven business days from the announcement [1] Group 2 - Alvotech is focused on developing and manufacturing biosimilar medicines, aiming to be a global leader in the biosimilar space [2] - The company has launched two biosimilars and has a development pipeline that includes nine disclosed biosimilar candidates targeting various diseases [2] - Alvotech has established strategic commercial partnerships across multiple regions, including the US, Europe, Japan, and parts of Asia and South America [2]