Alvotech reports record revenues of $236 million in first half of year.

From GlobeNewswire: 2024-08-15 16:15:00

In the first half of the year, Alvotech’s revenues reached $236 million, more than ten times higher than the same period last year. Product sales revenue in the first half of the year increased by 190% to $66 million, with $53 million in revenue coming from other quarters. Adjusted EBITDA reached $64 million in the first half.

Key milestones were achieved in drug development and sales, including approval for AVT06 by the European Medicines Agency. An investor presentation on the latest results and updates in operation will be live-streamed on Friday, August 16 at 12 pm Icelandic time. Alvotech saw record revenues and adjusted EBITDA profitability in the first half of the year, driven by rapid sales growth and successful development collaborations.

Alvotech introduced AVT03, a biosimilar to Prolia and Xgeva, with positive results from a clinical study. Additionally, a partnership was expanded with STADA for the marketing of AVT03 in Europe, Switzerland, UK, and exclusive rights in select regions. Alvotech also teamed up with Advanz Pharma for the marketing of an Eylea biosimilar.

The company successfully secured financing through a new loan totaling $965 million, reducing overall funding costs. This financial restructuring led to a simplified debt structure and lower interest rates. Investors, led by GoldenTree Asset Management, exchanged convertible bonds for common shares, enhancing Alvotech’s financial position.

Alvotech reported total cash of $36.9 million, along with $25 million in restricted cash. The company’s total debt amounted to $1,055.9 million, including $999 million in next year’s repayments. With debt refinancing in early July, Alvotech had pro forma cash of $153 million and total debts of $1.035 billion. Revenue from product sales increased to $65.9 million, mainly from AVT02 and AVT04 sales in various regions.

Other revenue sources, including licensing fees and milestones, totaled $169.7 million, driven by positive results from clinical trials and approvals. With cost savings in sales and production, the company’s operating profit improved significantly to $43.4 million. Alvotech is on track for continued growth and innovation in the global biosimilars market.



Read more at GlobeNewswire:: Alvotech skilar mettekjum og metframlegð á öðrum