Alvotech reports record revenue, swings to profit in Q2

REYKJAVIK - Alvotech (NASDAQ:ALVO), a global biotech company specializing in biosimilar medicines, reported record total revenues of $236 million for the first six months of 2024, a significant increase from the same period last year. The company also swung to a profit of $65.2 million in Q2, compared to a loss in the prior year period.

For the first six months of 2024, Alvotech's total revenues were more than ten times higher than the same period in 2023. Product revenues for the first half were $66 million, up 190% YoY, with Q2 contributing $53 million. License and other revenues surged to $170 million in the first half, with Q2 accounting for $145 million.

The company reported adjusted EBITDA of $64 million for the first six months, compared to negative $147 million in the same period last year. Q2 adjusted EBITDA was $102 million.

However, Alvotech's Q2 earnings per share came in at -$0.61, missing analyst estimates of -$0.02. The company attributed the loss primarily to finance costs related to fair value changes in derivative liabilities and early debt redemption.

"These are truly exciting times for Alvotech. In the first half of the year, Alvotech generated record results, with an over ten-fold increase in total revenues compared to the same period in 2023 and positive Adjusted EBITDA for the first time," said Robert Wessman, Chairman and CEO of Alvotech.

Alvotech noted that its order book for biosimilar Humira in the U.S. for 2024 has grown from the initial 1 million units to approximately 1.3 million units. The company expects revenues from these U.S. orders to be predominantly recognized in the second half of the year.

The company also highlighted recent milestones, including positive topline results from studies for its proposed biosimilar to Prolia and Xgeva, and the launch of Uzpruvo, a biosimilar to Stelara, in Europe.

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Source: Investing.com