Slide 1: Supplemental Business Update Q4 and Full-Year 2025 Results
Supplemental Business Update Q4 and Full - Year 2025 Results This supplemental document provides selected unaudited financial and operational information for the three months ended December 31, 2025. As a foreign private issuer, Alvotech does not prepare or publish quarterly IFRS financial statement
Slide 2: Disclaimer
Disclaimer 2 constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of Alvotech (the “Company”) to any person in the United States or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Any trademarks, servicemarks, tr
Slide 3: Message from the Executive Chairman and CEO Designate
3 The biosimilars opportunity remains large and durable. We believe Alvotech is well positioned to capture that opportunity. Lisa Graver CEO Designate Róbert Wessman Executive Chairman I’m excited to help maximize the full potential of the robust pipeline Alvotech has built and is continuing to buil
Slide 4: Significant events during the fourth quarter 2025
4 Significant events during the fourth quarter 2025 Products and pipeline • The European Commission (EC) and UK Medicines and Healthcare products Regulatory Agency (UK MHRA) approved AVT05, a biosimilar to Simponi® • Commercial partner Advanz Pharma initiated first launches of AVT05 across Europe fo
Slide 5: Adjusted financial highlights 2025 and Q4 2025
5 Adjusted financial highlights 2025 and Q4 2025 Q4 2025 FINANCIAL HIGHLIGHTS FY 2025 FINANCIAL HIGHLIGHTS • Q4 2025 in line with guidance for a strong close to the year and several new product milestones across markets in Europe and Japan • Licencing and other revenues totalled at $128m in 4Q25, or
Slide 6: Financial summary: FY25 and 4Q25 results
6 Definitions: Gross debt includes borrowings and current maturities of borrowings as well as lease liabilities. Net debt is defined as gross debt less cash on hand. Leverage ratio is calculated as net debt (including lease liabilities) / LTM adj. EBITDA. Revenues Product and Service Revenue License
Slide 7: Total revenues
7 Total revenues: Total revenues up 20% YoY at $589 million in 2025 (FY24: 492m), split 48% from product revenues and 52% from licencing and other revenues. Of total revenues, 41% is derived from the U.S., 53% from Europe and 6% from other geographies. Diversification of revenue base increasing in l
Slide 8: Cost of revenue, R&D and G&A expenses
8 Cost of product and service revenue (COGS): Cost of product revenue was $236 million in FY25 (FY24: $185m). This increase was primarily driven by increased overall volume, product mix and non - recurring manufacturing costs which increased overall cost levels without a corresponding increase in re
Slide 9: Cash position and sources of liquidity
9 Cash position and sources of liquidity: As of 31 December 2025, the Group had cash and cash equivalents of $172 million and current assets less current liabilities of $276 million. Operating cash flow 1 was positive at $7m in FY25 and reflects commercial inflection point in 2024 - 25, although neg
Slide 10: Outlook 2026
10 Outlook 2026 Continued focus on robust cash flow and margin expansion by delivering solid sales growth and driving operational efficiencies across the company. Anticipate total revenues in the range of $650 - 700 million in 2026, reflecting continued double - digit sales growth Adj.EBITDA expecte
Slide 11: Unaudited Condensed Consolidated Statements of Profit or Loss
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the years ended 31 December 2025 and 2024 11 P&L Statement 2024 2025 USD in thousands, except for per share amounts 273,472 276,271 Product and service revenue 216,210 310,050 License and other r
Slide 12: Unaudited Condensed Consolidated Statements of Financial Position (assets)
Unaudited Condensed Consolidated Statements of Financial Position as of 31 December 2025 and 2024 12 Balance Sheet Assets USD in thousands Non - current assets 31 December 2025 31 December 2024 284,546 356,398 Property, plant and equipment 125,198 138,294 Right - of - use assets 11,330 12,835 Goodwi
Slide 13: Unaudited Condensed Consolidated Statements of Financial Position (equity and liabilities)
Unaudited Condensed Consolidated Statements of Financial Position as of 31 December 2025 and 2024 2,826 2,929 Share capital 2,007,058 2,105,691 Share premium 17,272 15,331 Other reserves (2,218) 1,352 Translation reserve (2,437,709) (2,409,790) Accumulated deficit (412,771) (284,487) Total equity 1,
Slide 14: Unaudited Condensed Consolidated Statements of Cash Flows
Unaudited Condensed Consolidated Statements of Cash Flows for the years 31 December 2025 and 2024 14 Cash Flow USD in thousands 2024 2025 Cash flows from operating activities (231,864) 27,919 Profit / (loss) for the year Adjustments for non - cash items: 31,301 37,851 Depreciation, amortization and
Slide 15: Unaudited Condensed Consolidated Statements of Cash Flows (continued)
Unaudited Condensed Consolidated Statements of Cash Flows for the years 31 December 2025 and 2024 15 Cash Flow USD in thousands Cash flows from investing activities (53,661) (64,470) Acquisition of property, plant and equipment (3,339) (31,659) Acquisition of intangible assets 26,132 — Restricted ca
Slide 16: Reported to adjusted reconciliation 12M 2025
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 $1.3m charge related to long - term incentive plan (non - cash) $2.2m cost re
Slide 17: Biosimilar product descriptions: AVT02, AVT03 and others
17 AVT02 Biosimilar to Humira® (adalimumab) AVT02 is a monoclonal antibody and has been approved as a biosimilar to Humira® (adalimumab) in over 50 countries globally, including the U.S., Europe, Canada, Australia, Egypt, Saudi Arabia and South Africa. It is currently marketed in the U.S. as SIMLAND
Slide 18: About Alvotech
Q4 2025 Earnings Release 18 About Alvotech Alvotech is a biotechnology company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high - quality, cost
Slide 19: Additional information and contacts
Additional information and contacts We want to hear from you! Follow us and join the conversation alvotech.com investors.alvotech.com alvotech.ir@alvotech.com Balaji Prasad Chief Strategy Officer balajip@alvotech.com Patrik Ling VP of IR Scandinavia patrikl@alvotech.com Benedikt Stefansson VP of IR