Business
Alvotech Reports Record Revenues and Adjusted EBITDA for the Second Quarter and First Six Months of 2024
Record Total Revenues of $236 million for the first six months of 2024, an over ten-fold increase compared to same period in 2023Product revenues for the
About this update from Alvotech
[{"type":"text","content":"Record Total Revenues of $236 million for the first six months of 2024, an over ten-fold increase compared to same period in 2023Product revenues for the first six months were $66 million, a 190% increase from the same period last year, with Q2 product revenues contributing $53 millionLicense and other revenues for the first six months increased to $170 million, with Q2 license and other revenues contributing $145 millionAdjusted EBITDA in the first six months was $64 million, compared to negative ($147) million for the same period last year, with Q2 adjusted EBITDA contributing $102 millionAchieved numerous development and performance milestones including the recent filing acceptance of EU marketing application for AVT06, biosimilar candidate to Eylea® (aflibercept)Alvotech will conduct a business update conference call and live webcast on Friday August 16, 2024, at 8:00 am ET (12:00 pm GMT) Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first six months of 2024 and provided a summary of recent corporate highlights. “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, both for the second quarter and the first half of the year. Product revenues are growing rapidly, as we launch multiple products globally, backed by exceptionally strong milestone revenues in the second quarter,” said Robert Wessman, Chairman and CEO of Alvotech. “Our order book for biosimilar Humira in the U.S. for 2024 has already grown from the initial 1 million units previously announced, to approximately 1.3 million units today. Revenues generated from these U.S. orders will be predominantly recognized in the second half of the year. Our recent launch of Stelara in Canada, Japan, and Europe highlights our global, multiproduct strategy. As we enter the second half of the year, we are already receiving replenishment orders in certain markets.” Recent Highlights Commercial and Development MilestonesAlvotech announced positive topline results from a confirmatory patient study for AVT03, a proposed biosimilar ...