Alvotech Reports Financial Results for First Quarter of 2024 and Provides a Business Update

Financial Performance - Total revenues in Q1 2024 increased to $37 million compared to $16 million in the same period last year [1] - Gross margin in Q1 2024 increased to $17 million, up by $40 million compared to the same period last year [1] - Product revenue was $12.4 million for the three months ended March 31, 2024, compared to $15.7 million for the same period in 2023 [8] - License and other revenue was $24.4 million for the three months ended March 31, 2024, with no license and other revenue recognized in the same period of 2023 [9] - Reported net loss was $218.7 million, or ($0.89) per share for Q1 2024, compared to a net loss of $276.2 million, or ($1.24) per share for the same period in 2023 [14] Business Developments - Alvotech signed new commercialization agreements for its high concentration interchangeable biosimilar to Humira® in the U.S. and for its proposed biosimilar to Prolia® and Xgeva® in the U.S. and Europe [1] - The FDA approved AVT04, a biosimilar to Stelara®, for marketing in the U.S. under the tradename Selarsdi, with launches planned in Canada, Japan, Europe, and the U.S. [5] - Alvotech announced a strategic partnership with Quallent Pharmaceuticals for the distribution of its high-concentration interchangeable biosimilar to Humira [5] - A commercial partnership agreement was signed with Dr. Reddy's Laboratories for the commercialization of AVT03, a biosimilar candidate to Prolia® and Xgeva® [6] Guidance and Future Outlook - Alvotech raised topline revenue guidance for 2024 to $400-$500 million and tightened guidance for EBITDA to $100-$150 million for the full year [1][4] - Management will conduct a business update conference call on May 22, 2024, to discuss further developments [1][15]