Alvotech(US:ALVO)2023-02-28 16:00Revenue and Financial Performance - Total revenue for full year 2022 increased by 114% to $85.0 million, compared to $39.7 million in 2021, driven by milestone and product revenue from AVT02 commercialization [3]. - Product revenue from AVT02 sales in selected European countries and Canada was $24.8 million, with license and other revenue totaling $58.2 million [7]. - Product revenue for 2022 was $24.836 million, with no revenue reported in 2021 and 2020 [24]. - License and other revenue increased to $58.193 million in 2022 from $36.772 million in 2021, but decreased from $66.616 million in 2020 [24]. - The company reported a loss for the year of $(513,580) thousand, compared to $(101,504) thousand in 2021, indicating a significant increase in losses [30]. - Basic and diluted loss per share for 2022 was $(2.60), compared to $(0.92) in 2021 [24]. Expenses - R&D expenses for 2022 were $180.6 million, a decrease from $191.0 million in 2021, primarily due to costs being recognized as product revenue following the first commercial launch [9]. - G&A expenses rose to $186.7 million in 2022, up from $84.1 million in 2021, largely due to a non-cash share listing expense of $83.4 million [10]. - Research and development expenses were $180.622 million in 2022, slightly down from $191.006 million in 2021 [24]. - General and administrative expenses rose significantly to $186.742 million in 2022 from $84.134 million in 2021 [24]. - Finance costs rose to $188,419 thousand from $117,361 thousand in 2021, indicating higher borrowing costs [30]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2022, were $66.4 million, with total borrowings of $764.6 million [6]. - Cash and cash equivalents increased to $66.427 million in 2022 from $17.556 million in 2021 [26]. - Operating cash flow before movement in working capital was $(228,861) thousand, worsening from $(193,220) thousand in the previous year [30]. - Net cash used in operating activities increased to $(312,389) thousand from $(228,170) thousand in 2021 [30]. - Net cash used in investing activities was $(63,537) thousand, up from $(40,633) thousand in 2021, reflecting increased capital expenditures [31]. - The company generated net cash from financing activities of $424,910 thousand, compared to $254,831 thousand in the previous year, driven by new borrowings [31]. - Cash and cash equivalents at the end of the year increased to $66,427 thousand from $17,556 thousand in 2021, showing improved liquidity [31]. Assets and Liabilities - Total assets increased to $828.443 million in 2022 from $597.977 million in 2021 [26]. - Total liabilities rose to $1.392859 billion in 2022, up from $733.589 million in 2021 [28]. - The accumulated deficit reached $1.654114 billion in 2022, compared to $1.140534 billion in 2021 [28]. Development and Regulatory Updates - The FDA confirmed a new goal date for AVT02's BLA of April 13, 2023, with a reinspection of the Reykjavik facility scheduled for March 6, 2023 [2]. - Alvotech advanced three biosimilar candidates into clinical development in 2022: AVT03, AVT05, and AVT06 [3]. - Alvotech's product pipeline includes eight biosimilar candidates targeting various diseases, with strategic partnerships established for global market reach [19]. Other Financial Information - The company incurred share listing expenses of $83,411 thousand, which were not present in the previous year [30]. - The company reported an income tax benefit of $(38,067) thousand, an improvement from $(47,694) thousand in the previous year [30]. - The company experienced an increase in inventories and trade receivables, leading to a cash outflow of $(32,412) thousand and $(3,576) thousand respectively [30].