Alvotech Announces Financial Results for the First Half of 2026 and Provides a Business Update

Alvotech (NASDAQ: ALVO; ALVO-SDB), founded by Robert Wessman, reported adjusted total revenue of $211.9 million for the first half of 2026, down from $306.1 million a year earlier. Adjusted EBITDA fell to $46.9 million from $53.7 million, while gross margin was broadly stable at 54%, compared with 55%. Period-end cash was $142.8 million, versus $172.4 million on December 31, 2025. Product and Service Revenue declined 48.3% to $105.9 million, while License and Other Revenue increased 4.4% to $105.7 million. Other income rose 49.7% to $0.2 million. Regulatory progress provides the principal near-term catalysts. Alvotech resubmitted U.S. Biologics License Applications for AVT05, a proposed biosimilar to Simponi and Simponi Aria, and AVT06, a proposed biosimilar to Eylea, after responding to the FDA’s Post-Application Action Letter. Partner Dr. Reddy’s Laboratories resubmitted AVT03, a proposed biosimilar to Prolia/Xgeva. The FDA confirmed standard six-month review goal dates, with decisions anticipated in the fourth quarter of 2026. The FDA also closed its April-May 2026 inspection of Alvotech’s Reykjavik manufacturing facility with a Voluntary Action Indicated (VAI) classification. Management said manufacturing and quality-system improvements enabled the June submissions. Five biosimilars now contribute to product revenue. Alvotech raised approximately $165 million through an underwritten public offering and private placement to fund pipeline development, working capital and general corporate purposes. A new $75 million term loan facility managed by GoldenTree Asset Management LP further strengthened liquidity. Management forecasts 2026 total revenue of $650 million to $700 million and adjusted EBITDA of $180 million to $220 million. Approved and marketed biosimilars include Humira, Stelara, Simponi, Eylea and Prolia/Xgeva. Strategic commercial partnerships provide reach across the United States, Europe, Japan, China, other Asian markets, South America, Africa and the Middle East. Key risks include regulatory delays, approval and launch uncertainty, competition, financing requirements and the limitations of non-IFRS measures. Forward-looking statements are estimates, not guarantees, and actual results may differ materially.