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.

Symbol: ALVO
Exchange: Nasdaq
Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Market cap: $1.81B
52 week range: 2.94 - 9.25

Valuation

Share price: $5.81 (close of 2026-09-23)
P/E (TTM): 58.10x
Price to book: -6.37x
Price to free cash flow: -15.81x
Enterprise value: $3.09B
Book value per share: $-0.91

Price performance

Period	Change
1 day	-1.19%
5 days	+15.74%
1 month	+31.15%
3 months	+57.03%
6 months	+74.47%
Year to date	+13.26%
1 year	-33.22%
3 years	-36.08%
All time	-48.08%

Profitability and growth

Return on equity: -9.81%
Return on invested capital: 3.94%
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%
Net income growth: 112.04%
Free cash flow growth: 60.53%

Cash flow and balance sheet

Free cash flow yield (TTM): -6.33%
Current ratio: 1.89x
Net debt to EBITDA: 4.10x

Latest reported year

Period end: 2025-12-31
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 end	Revenue	Gross profit	Net income	EPS
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	$18.93M	$-513.58M	$-2.60
2021-12-31	$36.77M	-	$-101.50M	$-0.92
2020-12-31	$66.62M	$10.54M	$-170.04M	$-1.82

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	59.82%	4.76%	-9.81%	3.94%
2024-12-31	62.16%	-47.35%	56.17%	7.62%
2023-12-31	-75.93%	-603.42%	59.17%	-193.85%
2022-12-31	22.80%	-618.55%	90.99%	-176.96%
2021-12-31	-	-276.04%	74.85%	-50.76%
2020-12-31	15.81%	-255.26%	19.61%	-