Alvotech (ALVO)

Price$5.34Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkCurrent valuation looks reasonable, balancing a growing biosimilar portfolio against heavy leverage and execution risk.

At the latest Nasdaq quote, Alvotech’s equity value is roughly $1.8 billion. Adding about $1.31 billion of June borrowings and subtracting $142.8 million of cash puts enterprise value—the value of the operating business including net debt—near $3.0 billion. Against management’s 2026 midpoint guidance, that is roughly 4.4 times revenue and 15 times adjusted EBITDA. Those multiples are not distressed, but they also do not look aggressive given the regulatory catalysts ahead; heavy debt keeps the shares from screening clearly cheap.

Big pictureEarnings are improving operationally, but cash generation remains uneven and milestone revenue makes results lumpy.

First-half 2026 adjusted revenue fell 31% to $211.9 million and adjusted EBITDA slipped to $46.9 million, while the IFRS net loss was $65.8 million. Product and service revenue fell sharply because manufacturing and quality-system work limited availability, though production returned to planned levels by quarter-end. This is not a strongly economic-cycle-driven business: medicine demand is relatively defensive, but Alvotech’s results are cyclical around regulatory approvals, partner milestones, launches, biosimilar pricing competition and manufacturing availability.

Business strengthFive marketed biosimilars, global partners and restored manufacturing support growth, but debt sharply constrains financial flexibility.

Alvotech has five approved and marketed biosimilars and a broad partner network spanning the United States, Europe and other markets. June working capital—current assets minus current liabilities—was $213.8 million, and an additional $75 million facility was drawn in August; management said resources were sufficient for at least twelve months. The weakness is leverage: June borrowings were about $1.31 billion, with a weighted-average interest rate of 9.43%, and first-half interest paid reached $72.2 million. That makes successful launches important for cash durability.

What could change the storyApprovals and launches could lift cash earnings quickly; delays, pricing pressure or refinancing could trigger more dilution.

The bull case assumes 2026 revenue and adjusted EBITDA reach the upper ends of guidance, manufacturing remains stable, and fourth-quarter U.S. regulatory decisions unlock new launches and milestone cash. The bear case assumes results land near the lower ends, approvals slip, biosimilar price competition intensifies, or high interest costs force another financing. June’s equity raise issued 43.9 million shares, increasing the share count by roughly 14%; convertible bonds and outstanding RSUs add further dilution risk. Capital allocation currently favors pipeline development, manufacturing, commercialization and debt service rather than dividends.

AI: News

FDA accepts AVT80 filingFDA review acceptance adds another U.S. regulatory catalyst for Alvotech’s growing vedolizumab biosimilar program.

On August 31, 2026, Alvotech said the FDA accepted its Biologics License Application for AVT80, a proposed interchangeable biosimilar to Entyvio for subcutaneous use. The filing covers a prefilled syringe and autoinjector and complements AVT16, the intravenous version already under FDA review. Alvotech develops and manufactures the product while Teva handles commercialization, expanding the company’s opportunity in inflammatory bowel disease if approval is secured.

Lotus deal expands reachThe Lotus partnership adds potential milestone income and gives Alvotech more direct U.S. commercial economics.

On August 21, 2026, Alvotech signed a licensing and commercialization agreement with Lotus Pharmaceutical covering AVT34 and AVT87 in the United States and eight Asian markets. The agreement could provide up to about $150 million in upfront and milestone payments, plus future product-supply revenue. In the United States the arrangement is semi-exclusive, allowing Alvotech to retain direct commercialization rights alongside Lotus, while Alvotech remains responsible for development and serves as exclusive supplier.

Half-year outlook maintainedHalf-year results showed weaker product sales, but management kept substantial full-year revenue and EBITDA targets.

On August 19, 2026, Alvotech reported first-half adjusted revenue of $211.9 million and adjusted EBITDA of $46.9 million, with cash of $142.8 million at June-end. Management maintained 2026 guidance for $650-$700 million of revenue and $180-$220 million of adjusted EBITDA, expecting stronger second-half performance as manufacturing normalized. The company also highlighted roughly $165 million of June equity proceeds and a $75 million term loan, underscoring both improved liquidity and continued reliance on external capital.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$586.3M	$489.7M	$91.4M	$83.0M	$36.8M	$66.6M
Gross profit	$350.8M	$304.4M	−$69.4M	$18.9M	$36.8M	—
Gross margin	59.82%	62.16%	−75.93%	22.80%	100.00%	—
Research & development	$184.2M	$171.3M	$210.8M	$180.6M	$191.0M	$148.1M
Operating expenses	$272.6M	$234.7M	$285.4M	$365.4M	$272.2M	—
Operating income	$78.2M	$69.6M	−$354.9M	−$346.4M	−$235.5M	−$137.5M
Operating margin	13.34%	14.22%	−388.11%	−417.25%	−640.31%	−206.46%
EBITDA	$116.1M	$100.9M	−$330.6M	−$326.0M	−$217.3M	−$121.1M
EBITDA margin	19.79%	20.61%	−361.63%	−392.67%	−590.83%	−181.82%
Net income	$27.9M	−$231.9M	−$551.7M	−$513.6M	−$101.5M	−$170.0M
Net profit margin	4.76%	−47.35%	−603.42%	−618.55%	−276.04%	−255.26%
Basic EPSper basic share	$0.10	-$0.87	-$2.43	-$2.60	-$0.92	-$1.82
Diluted EPSper diluted share	$0.10	-$0.87	-$2.43	-$2.60	-$0.92	-$1.82

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ALVO
Holder	Shares held
Rubric Capital Management LP	15.68M
MILLENNIUM MANAGEMENT LLC	4.26M
Bracebridge Capital, LLC	4.04M
VANGUARD CAPITAL MANAGEMENT LLC	3.69M
FARALLON CAPITAL MANAGEMENT, L.L.C.	2.86M
CITADEL ADVISORS LLC	1.73M
PRICE T ROWE ASSOCIATES INC /MD/	1.42M
BlackRock, Inc.	1.33M
LITTLEJOHN & CO LLC	1.32M
VANGUARD FIDUCIARY TRUST CO	998.6K
Legal & General Group Plc	696.05K
MORGAN STANLEY	670.04K
ROYCE & ASSOCIATES LP	558.14K
JPMORGAN CHASE & CO	529.69K
SONA ASSET MANAGEMENT (US) LLC	360K
GEODE CAPITAL MANAGEMENT, LLC	297.26K
UBS Group AG	253.48K
Hudson Bay Capital Management LP	238.11K
VANGUARD ASSET MANAGEMENT, Ltd	151.94K
Lighthouse Investment Partners, LLC	125K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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