Alvotech · NASDAQ:ALVO
Alvotech — FY2025 Earnings Presentation
36 slides from Alvotech's earnings presentation, Mar 19, 2026
Slide 1: Full Year and Q4 2025 Earnings Presentation
Full Year and Q4 2025 z z Earnings Presentation 19 MARCH 2026
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) does not contain or uncertain and are inherently subject to risks, variability, and Company’s financial results. Therefore, these measures constitute an offer to sell, a solicitation of an offer to buy, or contingencies, many of which are beyond Alvotech
Slide 3: Agenda
Agenda RÓBERT WESSMAN Executive Chairman of the Board 1 OVERVIEW LISA GRAVER Chief Executive Officer Designate z 2 BUSINESS UPDATE JOSEPH MCCLELLAN Chief Operating Officer 3 R&D AND PLATFORM UPDATE LINDA JÓNSDÓTTIR 4 FINANCIAL UPDATE Chief Financial Officer BALAJI PRASAD 5 SUMMARY AND Q&A Chief Stra
Slide 4: Overview
z zz Overview ROBERT WESSMAN, Executive Chairman
Slide 5: The long-term biosimilars opportunity
The long-term biosimilars opportunity • 118 biologics expected to lose patent protection in next decade1 • ~60% of phase 2 and phase 3 assets are potential biologic medicines1 BIOLOGICS SALES GROW BIOSIMILAR BIOLOGICS AT 10-19% VS 0-5% FOR UNITS GROW AT 20% EXPENDITURE NON-BIOLOGICS (WW, YoY, ’21-’2
Slide 6: Alvotech's strategic advantage
Alvotech’s strategic advantage PURE PLAY BIOSIMILAR PLATFORM 5 20 90 APPROVED GLOBAL COUNTRIES VERTICALLY INTEGRATED BIOSIMILARS PARTNERS WORLDWIDE INFRASTRUCTURE z MULTI-PRODUCT PORTFOLIO 30 >$185bn $2bn BIOSIMILAR TOTAL INVESTED GLOBAL CANDIDATES ADDRESSABLE REACH STRATEGY MARKET © Alvotech. All r
Slide 7: Strengthening the Corporate Leadership Team
Strengthening the Corporate Leadership Team Key operational roles now all onsite in Iceland z 40% 40% 40% 40% 40% Lisa Linda Joseph Anthony M. Dr. Balaji V. Graver Jonsdottir McClellan Maffia III Prasad, MD CHIEF EXECUTIVE CHIEF CHIEF CHIEF QUALITY CHIEF OFFICER FINANCIAL OPERATING AND REGULATORY ST
Slide 8: Adjusted financial results
Adjusted financial results 2025 2025 PERFORMANCE GUIDANCE Total Gross Revenues Within guidance Margin +21% $593m $570-$600m 61% z vs. $492m in 2024 vs. 63% in 2024 Adjusted Cash balance EBITDA Within guidance at year end +27% $137m $130-$150m $172m vs. $108m in 2024 vs. $51m at YE 2024 © Alvotech. A
Slide 9: Business update
zz z Business update LISA GRAVER, Chief Executive Officer Designate
Slide 10: Continued execution in 2025 alongside improvement program
Continued execution in 2025 alongside improvement program APPROVALS & PIPELINE & DEVELOPMENT & FINANCING & LAUNCHES PARTNERSHIPS MANUFACTURING CAPITAL MARKETS ✓ Selarsdi ✓ AVT23 (omalizumab) ✓ Acquisition of Xbrane’s ✓ Completed listing on (ustekinumab-aekn) filed in UK and EU R&D organization Nasda
Slide 11: Continued momentum of on-market products
Continued momentum of on-market products AVT02 referencing Humira® (adalimumab) AVT04 referencing Stelara® (ustekinumab) → U.S. market share of originator fell from → Partner Teva continued to secure U.S. 70% to ~45% by end 2025, reflecting formulary coverage for Selarsdi strong payer support for bi
Slide 12: ROW launches underway for biosimilars approved in 2025
ROW launches underway for biosimilars approved in 2025 AVT05 referencing AVT06 referencing Eylea® AVT03 referencing Prolia®/ Simponi® (golimumab) (aflibercept) Xgeva® (denosumab) → First approved Simponi® → Approved in UK, → Approved in UK, biosimilar in UK, Europe EEA and Japan EEA and Japan and Ja
Slide 13: R&D and platform update
zz z R&D and platform update JOSEPH MCCLELLAN, Chief Operating Officer
Slide 14: U.S. regulatory update
U.S. regulatory update Four U.S. BLAs submitted for Simponi, Simponi Aria, Prolia/Xgeva and Eylea CRLs received following FDA inspection of Reykjavík facility (July 2025) No issues were raised regarding the analytical, z pharmacokinetic, or clinical efficacy and safety data Comprehensive remediation
Slide 15: An industry-leading R&D pipeline
An industry-leading R&D pipeline BIOSIMILAR REFERENCE THERAPEUTIC EARLY PRE- CLINICAL → >30 biosimilar CANDIDATE BIOLOGIC AREA PHASE CLINICAL STUDIES FILING APPROVAL candidates in development AVT231 omalizumab XOLAIR® Respiratory 31 MARKETS AVT16/802 vedolizumab ENTYVIO® Immunology → Focus on large
Slide 16: $7.6B TAM: AVT16/AVT80 biosimilar to Entyvio
AVT16/AVT80 – proposed biosimilar to Entyvio® (vedolizumab) KEY FACTS → Targeting inflammatory bowel disease market → Potential first wave biosimilar launch $7.6B → Development includes both SC and IV presentations TAM z KEY MILESTONES → Positive top-line results from pivotal PK study → Regulatory s
Slide 17: $36B TAM: AVT32 biosimilar to Keytruda
AVT32 – proposed biosimilar to Keytruda® (pembrolizumab) KEY FACTS → Top-selling medicine globally → Expanding oncology indications $36B → Targeting launch shortly after loss of exclusivity TAM z KEY MILESTONES → Development partnership with Dr. Reddy’s Laboratories → Shared development costs and gl
Slide 18: Strengthening our integrated biosimilars platform
Strengthening our integrated biosimilars platform Expanded R&D Acquisition of Adding 3rd DS Expanded Process capabilities Ivers-Lee and 2nd DP perfusion improvements through strengthening production manufacturing driving Stockholm device and suites in capacity efficiency and z center of packaging Re
Slide 19: FDA draft guidance on biosimilar development
FDA draft guidance on biosimilar development Updated draft guidance issued under the BPCI Act Increasing emphasis on science-based development pathways z Reduces need clinical efficacy and safety study requirements FDA acceptance of non-U.S. reference products in studies Approach aligns with Alvotec
Slide 20: Positioned for continued biosimilar growth
Positioned for continued biosimilar growth Progress across Expanding late- and early-stage development and pipeline programs manufacturing capabilities z Continued Integrated platform regulatory supporting long- advancement in term biosimilar major markets leadership © Alvotech. All rights reserved
Slide 21: Financial results
zz z Financial results LINDA JONSDOTTIR, Chief Financial Officer
Slide 22: Adjusted FY 2025 highlights
Adjusted Total revenues of $593m and adj. EBITDA of $137m, in line FY 2025 highlights with 2025 financial outlook disclosed in November → Total revenues up 21% YoY at $593m in Total revenues1 Gross margin Product margin 2025, split 47% from product revenues and USD m % of revenues % of revenues 53%
Slide 23: Cash flow
Focus on disciplined working capital management and Cash flow improvement projects to support positive cash flow in 4Q26 FY 2025 Cash flow bridge FY 2025 → Operating cash flow1 was positive at $7m in USD m 172 FY25 and reflects commercial inflection 5 point in 2024-25, but negatively impacted by 125
Slide 24: Financing and enhanced liquidity
Financing and New financing to enhance liquidity position to continue to enhanced liquidity invest in R&D pipeline, scale and product launches → Cash balance of $172m following successful Debt instruments Adj. EBITDA completion of $108m convertible bond offering USD m at 31 December 2025 USD m +27%
Slide 25: Diversification and quality of earnings
Diversification and Build a diversified sales growth model focused on quality of quality of earnings earnings and accelerate pipeline progression → Continue to deliver solid sales growth and Total revenues Revenues by geography 2025 diversification of revenue base by mix, product % USD m and geograp
Slide 26: Outlook
Outlook Continued focus on robust cash flow and margin expansion, 2026 cash flow positivity expected in Q4 2026 → Anticipate total revenues in the range of $650- 700 million in 2026, reflecting continued double-digit sales growth Financial outlook → Focus on margin expansion by delivering solid % Gr
Slide 27: Balance sheet: Assets
Balance sheet: Unaudited condensed consolidated statements of financial Assets position as of 31 December 2025 and 2024 → Strong asset base supported by strategic December December Change acquisitions and pipeline investments Assets (USD thousands) 2025 2024 % → Total non-current assets up 19% drive
Slide 28: Balance sheet: Equity & liabilities
Balance sheet: Unaudited condensed consolidated statements of financial Equity & liabilities position as of 31 December 2025 and 2024 December December → Equity position strengthened by $128m Equity and Liabilities (USD thousands) 2025 2024 Change % mainly driven by profit for the period and capital
Slide 29: Adj. financial highlights
Adj. financial Strong Q4 to close 2025 with $593m in total revenues and EBITDA of highlights $137m, in line with 2025 financial guidance disclosed in November Total revenues1 Product & service revenues Licencing and other revenues Adj. EBITDA2 USD m +21% USD m +3% USD m +43% USD m +27% 593 274 281 3
Slide 30: Our priorities
Our priorities Advancing our biosimilar portfolio toward approval, including AVT03 (Prolia®/ Xgeva®) AVT05 (Simponi®/Simponi Aria®) and AVT06 (Eylea®) Launch readiness across key markets z through our global commercial partnerships Strengthening operational excellence and supply resilience across ou
Slide 31: Additional information and contacts
Additional information and contacts Investor We want Financial Follow us meeting and to hear calendar and and join the z live broadcast from you! upcoming events conversation Alvotech will conduct a business Q4 2025 and FY2025 Earnings Call Balaji Prasad World outline update conference call and live
Slide 32: Appendix
A alvotech Appendix
Slide 33: Reported to Adjusted Reconciliation
Reported to Adjusted Reconciliation 12M 2025 Adjustment Entries Product and Service Revenue − $4.3 m adjustment related to estimated liability for ongoing legal matters, excluded to reflect underlying operating performance 12M 2025 12M 2024 Cost of Product Revenue − $1.3m charge related to long-term
Slide 34: Revenues and Adj.EBITDA margin
Revenues and Total revenues up 21% resulting in $593m in 2025 and adj. Adj.EBITDA margin EBITDA at $137m, or 23% margin → Total revenues in FY25 up 21% YoY at $593m, Revenues1 and adj. EBITDA margin2 and up 13% YoY in 4Q25 at $173m USD m, % of revenues Adj.EBITDA margin Product & service revenues Li
Slide 35: Capital structure
Capital Common shares outstanding and total potential dilution as structure of 31 December 2025 › This table reflects instruments that could December September June March Change % potentially create dilution for EPS purposes Shares millions 2025 2025 2025 2025 (Dec-Sep) under IFRS › Potential shares
Slide 36: About Alvotech and shareholder structure
About Alvotech Shareholder structure As of 31 December 2025 Alvotech is a biotechnology company, founded % by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Aztiq Pharma Partners S.a. r.l. 31.2% HEADQUARTERED Alvogen Lux Holdings S.a