Alvotech (ALVO)

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company provides AVT02, a high concentration, low-volume adalimumab formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ankylosing spondylitis ulcerative colitis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass. In addition, it offers AVT05, a biosimilar to Simponi and Simponi Aria to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, ulcerative colitis, and other indications; AVT16, a biosimilar to an Entyvio product for the treatment of adult patients with moderate to severe ulcerative colitis and moderate to severely active Crohn's disease; AVT23, a biosimilar to Xolair to treat allergic asthma, chronic spontaneous urticaria (CSU), and nasal polyp; and AVT33, a biosimilar to Keytruda product which is in early phase development. Alvotech was founded in 2013 and is based in Luxembourg, Luxembourg.

Ticker
ALVO
Exchange
Nasdaq
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Market cap
$1.52B
52-week range
$2.94 - $6.53

Valuation

Share price
$4.86 (close of Nov 6, 2026)
P/E (TTM)
48.60x
Price to book
-5.33x
Price to free cash flow
-13.22x
Enterprise value
$2.79B
Book value per share
$-0.91

Price performance

PeriodChange
1 day+6.81%
5 days+4.52%
1 month-20.85%
3 months+27.89%
6 months+36.13%
Year to date-5.26%
1 year-3.95%
3 years-43.55%
All time-56.57%

Short interest

As of
Oct 15, 2026
Short % of float
3.96%
Shares short
6.36M
Days to cover
5.66
Change since prior report
+0.18%
Source
FINRA consolidated short interest

Profitability and growth

Return on invested capital
3.36%
Return on assets
1.88%
Return on capital employed
6.61%
Gross margin
59.82%
Net margin
4.76%
EBITDA margin
19.79%
Revenue growth
19.74%

Cash flow and balance sheet

Free cash flow yield (TTM)
-7.56%
Current ratio
1.89x
Net debt to EBITDA
4.10x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$586.32M
Cost of revenue
$235.56M
Gross profit
$350.76M
EBITDA
$116.06M
Net income
$27.92M
Earnings per share
$0.10
Research and development
$184.19M
Interest expense
$149.19M
Shares outstanding
289.73M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$586.32M$350.76M$27.92M$0.10
2024-12-31$489.68M$304.37M-$231.86M-$0.87
2023-12-31$91.43M-$69.42M-$551.73M-$2.43
2022-12-31$83.03M--$513.58M-$2.60
2021-12-31$36.77M--$101.50M-$0.92
2020-12-31$66.62M--$170.04M-$1.82
2019-12-31$31.92M--$209.88M-

Margins and returns by year

Period endGross marginNet marginReturn on capital
2025-12-3159.82%4.76%3.36%
2024-12-3162.16%-47.35%7.12%
2023-12-31-75.93%-603.42%-178.72%
2022-12-31--618.55%-128.12%
2021-12-31--276.04%-48.46%
2020-12-31--255.26%-
2019-12-31--657.55%-

Cash and debt by year

Period endCashDebt
2025-12-31$172.36M$1.26B
2024-12-31$51.43M$1.04B
2023-12-31$11.16M$922.13M
2022-12-31$66.43M$744.65M
2021-12-31$17.56M$398.14M
2020-12-31$31.69M$559.92M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$114.67M$7.38M
2024-12-31-$290.50M$7.63M
2023-12-31-$345.42M$18.03M
2022-12-31-$350.27M$10.32M
2021-12-31-$248.63M-
2020-12-31-$81.78M-
2019-12-31-$96.60M-

Investor relations

Next earnings report

Next confirmed report
Nov 11, 2026
Consensus EPS estimate
$-0.01

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-19Jun 2026-$0.06
2026-05-06Mar 2026-$0.07
2026-03-18Dec 2025$0.13
2025-11-12Sep 2025$0.05
2025-08-13Jun 2025-$0.26
2025-05-07Mar 2025-$0.17
2025-03-26Dec 2024-
2024-11-13Sep 2024-$0.15

Filings and sources

Company website
alvotech.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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