ALVO

MKT CAP:$1B

Alvotech

Market Cap

$1B

Healthcare·Drug Manufacturers - Specialty & Generic· IS·NASDAQ

Healthcare·Drug·NASDAQ

Stock Price

$3.44-$1.56 (-31.28%)

Apr 24, 2026

Company Details

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's lead ...

CEO

Vilhelm Robert Wessman

IPO Date

Jun 16, 2022

Website

www.alvotech.com

Key Metrics TTM

Revenue

$624M

+59.1% YoY

Net Income

-$34M

EPS (Diluted)

-$0.20

Free Cash Flow

-$110M

Revenue / Share

$2.23

Gross Margin

55.0%

Operating Margin

14.5%

Net Margin

-5.4%

FCF Margin

-17.7%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 30, 2026

$586M+19.7%EPS $0.00

Q4 2025

Mar 30, 2026

$166M+10.0%EPS -$0.43

Q2 2025

Aug 13, 2025

$173M-12.8%EPS $0.10

Q1 2025

Mar 31, 2025

$133M+260.3%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$35M	$35M	$15M
Q1 22	$452.0K	-$1M	-$72M
Q2 22	$40M	$24M	-$131M
Q3 22	$19M	-$4M	-$62M
Q4 22	$24M	-$5M	-$81M
Q1 23	$16M	-$23M	-$96M
Q2 23	$4M	-$24M	-$93M
Q3 23	$18M	-$19M	-$89M
Q4 23	$53M	-$3M	-$79M
Q1 24	$37M	$17M	-$48M
Q2 24	$199M	$154M	$92M
Q3 24	$103M	$63M	$13M
Q4 24	$151M	$71M	$13M
Q1 25	$133M	$67M	$11M
Q2 25	$173M	$99M	$18M
Q4 25	$166M	$105M	$48M

Valuation

Quarter	P/S	P/E
Q4 21	48.8x	—
Q1 22	49.8x	—
Q2 22	24.2x	—
Q3 22	17.7x	27.5x
Q4 22	37.8x	—
Q1 23	35.0x	—
Q2 23	35.7x	—
Q3 23	41.9x	—
Q4 23	36.4x	—
Q1 24	28.7x	—
Q2 24	11.3x	—
Q3 24	8.5x	—
Q4 24	8.0x	—
Q1 25	5.0x	30.2x
Q2 25	4.6x	40.5x
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$71M	-$101M
Q1 22	-$38M	-$50M
Q2 22	-$104M	-$117M
Q3 22	-$107M	-$118M
Q4 22	-$64M	-$75M
Q1 23	-$86M	-$100M
Q2 23	-$42M	-$53M
Q3 23	-$117M	-$124M
Q4 23	-$67M	-$78M
Q1 24	-$75M	-$80M
Q2 24	-$51M	-$58M
Q3 24	-$72M	-$85M
Q4 24	-$39M	-$70M
Q1 25	$13M	-$11M
Q2 25	$56M	$42M
Q4 25	-$63M	-$71M

Capital Expenditures

Quarter	CapEx
Q4 21	$31M
Q1 22	$13M
Q2 22	$14M
Q3 22	$12M
Q4 22	$10M
Q1 23	$14M
Q2 23	$11M
Q3 23	$7M
Q4 23	$10M
Q1 24	$5M
Q2 24	$7M
Q3 24	$14M
Q4 24	$31M
Q1 25	$23M
Q2 25	$14M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+108.7%	+19.8%
Q1 22	-61.6%	-17.7%
Q2 22	+3267.2%	+93.5%
Q3 22	—	+6.6%
Q4 22	-31.4%	+417.3%
Q1 23	+3409.7%	+54.2%
Q2 23	-88.9%	-43.1%
Q3 23	-6.6%	+31.1%
Q4 23	+123.8%	+26.6%
Q1 24	+132.3%	-24.0%
Q2 24	+4399.7%	+9.9%
Q3 24	+478.4%	-15.3%
Q4 24	+183.2%	+4.0%
Q1 25	+260.3%	+43.3%
Q2 25	-12.8%	+45.2%
Q4 25	+61.7%	+31.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$2M	403.1%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$10M	43.2%
Q1 23	$0	0.0%
Q2 23	$5M	123.7%
Q3 23	$3M	18.5%
Q4 23	$3M	5.3%
Q1 24	$3M	7.7%
Q2 24	$2M	1.2%
Q3 24	$0	0.0%
Q4 24	-$255.0K	-0.2%
Q1 25	$1M	1.0%
Q2 25	$0	0.0%
Q4 25	$16M	9.7%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$44M	—	—
Q1 22	$47M	$24M	—
Q2 22	$40M	$115M	—
Q3 22	$41M	—	$17M
Q4 22	$47M	$30M	—
Q1 23	$51M	$22M	—
Q2 23	$49M	$20M	—
Q3 23	$53M	$17M	—
Q4 23	$58M	$18M	—
Q1 24	$50M	$15M	—
Q2 24	$48M	$14M	—
Q3 24	$34M	$17M	—
Q4 24	$40M	$15M	—
Q1 25	$38M	$19M	—
Q2 25	$55M	$27M	—
Q4 25	$40M	$20M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$505.9K	$0	$505.9K
Q2 22	$128M	$0	$128M
Q3 22	$13M	$0	$13M
Q4 22	$66M	$0	$66M
Q1 23	$116M	$0	$116M
Q2 23	$60M	$0	$60M
Q3 23	$68M	$0	$68M
Q4 23	$11M	$0	$11M
Q1 24	$65M	$0	$65M
Q2 24	$11M	$0	$11M
Q3 24	$118M	$0	$118M
Q4 24	$51M	$0	$51M
Q1 25	$39M	$0	$39M
Q2 25	$151M	$0	$151M
Q3 25	$43M	$0	$43M
Q4 25	$172M	$0	$172M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	31M	0.0%	0.0%
Q1 22	244M	+679.7%	+679.7%
Q2 22	198M	-18.8%	+532.7%
Q3 22	198M	0.0%	+532.7%
Q4 22	249M	+25.8%	+695.7%
Q1 23	263M	+5.6%	+7.7%
Q2 23	228M	-13.0%	+15.5%
Q3 23	267M	+17.0%	+35.2%
Q4 23	267M	-0.2%	+7.3%
Q1 24	267M	-0.0%	+1.6%
Q2 24	259M	-3.1%	+13.3%
Q3 24	280M	+8.3%	+4.9%
Q4 24	302M	+7.7%	+13.1%
Q1 25	313M	+3.8%	+17.4%
Q2 25	313M	0.0%	+21.1%
Q4 25	279M	-10.9%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$25.2K	947
Q1 23	$16.8K	947
Q2 23	$4.7K	947
Q3 23	$18.8K	947
Q4 23	$52.0K	1K
Q1 24	$35.9K	1K
Q2 24	$193.7K	1K
Q3 24	$100.3K	1K
Q4 24	$146.5K	1K
Q1 25	$128.6K	1K
Q2 25	$167.9K	1K
Q4 25	$113.9K	1K

Revenue / Employee