Alvotech Reports Record Results for 2024 and Provides Business Update

Core Insights - Alvotech reported record financial results for 2024, achieving total revenues of $492 million, a 427% increase from the previous year, and positive EBITDA for the first time in its history [5][12][24] - The company successfully diversified its revenue streams and improved product margins through higher utilization and process efficiencies [2][5] - Alvotech's development pipeline is expanding rapidly, with three new biosimilar submissions accepted in major global markets [4][5][8] Financial Performance - Total revenues for 2024 reached$ 492 million, a 427% increase compared to the prior year [5][12] - Product revenues amounted to $273 million, representing a 462% increase year-over-year [5][13] - Adjusted EBITDA was$ 108.3 million, a significant improvement from a negative $291 million in 2023 [5][24] - Operating profit was$ 69.6 million, compared to a loss of $354.9 million in the previous year [5][18] - Reported net loss for the year was$ 231.9 million, or ( $0.87) per share, an improvement from a net loss of$ 551.8 million, or ( $2.42) per share, in 2023 [5][24] Business Developments - Alvotech's stock was added to the Nasdaq Biotechnology Index, meeting various eligibility requirements [3] - The company announced the acceptance of U.S. Biologics License Applications for multiple proposed biosimilars, including AVT05 and AVT06 [4][5][8] - Alvotech launched SELARSDI™, a biosimilar to Stelara®, in the U.S., which will be interchangeable with the reference biologic following the expiration of exclusivity for the first interchangeable biosimilar on April 30, 2025 [7] - The acquisition of Xbrane's R&D operations enhances Alvotech's capabilities and pipeline [10] Research and Development - Alvotech completed the development of 18 additional cell lines, expanding its R&D capabilities [2] - The company has a pipeline of nine disclosed biosimilar candidates targeting various diseases, including autoimmune disorders and cancer [35] Cash Position and Liquidity - As of December 31, 2024, Alvotech had cash and cash equivalents of$ 51.4 million and total borrowings of $1,068.6 million [12][40]