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Alvotech Reports Full Year Financial Results and Provides a Business Update

Mar 20, 2024

On 20 March 2024, Alvotech announced its full year financial results for 2023, highlighting increased product revenue and Alvotech’s acceptance of an offer from a group of investors for the sale of approximately 10 million ordinary shares in an Alvotech subsidiary for an approximate gross value of US$166 million, the net proceeds to be used for working capital.  (Alvotech subsequently announced on 22 March 2024 the issue of 13,000,000 new ordinary shares to that subsidiary).

The announcement also noted recent pipeline highlights including US approval of AVT02 (marketed as Simlandi®), biosimilar to Humira® (adalimumab), addressing an earlier CRL for the Reykjavik facility, approval of AVT04, biosimilar to Stelara® (ustekinumab) in Canada and Europe, and positive top-line results from studies on AVT05, biosimilar to Simponi® and Simponi Aria® (golimumab), AVT06, biosimilar to Eyelea® (aflibercept) and AVT03, biosimilar to Prolia® and Xgeva® (denosumab).  On the associated webcast Alvotech responded to a question by noting it is preparing for potential manufacturing/product changes to Keytruda®, reference product for AVT33 (pembrolizumab).