Alvotech (ALVO), a biotechnology company, on Wednesday released the first quarter financial results, and provided business updates and an outlook for the year 2026.
The company is involved in the development and manufacturing of biosimilar drugs through its subsidiaries, for the treatment of autoimmune, bone, and eye disorders, and cancers.
Q1 2026:
Alvotech recorded net revenues of $105.9 million in Q1 2026, 20.2% lower than the $132.8 million reported a year ago, hurt by a slowdown in production related to its facility improvements.
Operational expenses were $25.4 million, 36.1% lower than the $39.8 million spent in the first quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $24.4 million in the first quarter, 19% higher than the EBITDA of $20.5 million in the previous year.
Gross margins were at 57%, supported by higher licensing revenues.
Cash, cash equivalents, and marketable securities held by the company on March 31, 2026, amounts to $63.83 million.
Outlook For 2026:
The company estimates net revenues of $650 million to $700 million for the financial year of 2026, considerably higher than the net revenues of $593 million gained in 2025. The Adjusted EBITDA is forecast at $180 million to $200 million, while the reported EBITDA in 2025 was $137 million.
Business Updates:
Alvotech filed a marketing authorization application (MAA) with the European medicines agency (EMA) for AVT16 and AVT80, which are biosimilars of Entyvio (vedolizumab).
The pivotal safety and efficacy study for AVT29, a biosimilar of Eylea HD, was initiated, with a U.S. submission anticipated for 2028.
The company also entered a strategic manufacturing agreement with FUJIFILM Biotechnologies to establish a U.S.-based second source of supply.
ALVO closed Wednesday at $3.57, up 2%.
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