Alvotech · NASDAQ:ALVO
Alvotech — Q1 2026 Earnings Presentation
21 slides from Alvotech's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 z z Earnings Presentation MAY 7, 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 1 INTRODUCTION RÓBERT WESSMAN Executive Chairman of the Board z 2 BUSINESS UPDATE LISA GRAVER Chief Executive Officer 3 FINANCIAL UPDATE LINDA JÓNSDÓTTIR Chief Financial Officer 4 SUMMARY AND Q&A
Slide 4: Introduction
z zz Introduction ROBERT WESSMAN, Executive Chairman
Slide 5: Business update
zz z Business update LISA GRAVER, Chief Executive Officer
Slide 6: Strengthening and expanding our global manufacturing network
Strengthening and expanding our global manufacturing network Agreement with Fujifilm Biotechnologies MULTI-PRODUCT IMPLEMENTATION MANUFACTURING PARTNERSHIP UNDERWAY Expands U.S.-based manufacturing footprint Technology transfer activities initiated Supports long-term supply resilience and flexibilit
Slide 7: Scaling share in core biosimilar markets
Scaling share in core biosimilar markets Strong payer access and physician adoption accelerating uptake across key franchises bHumira® (adalimumab) - AVT02 bStelara® (ustekinumab) - AVT04 U.S. and global expansion Early leadership in launch markets MARKET DYNAMICS U.S. ACCESS Biosimilar market share
Slide 8: Next wave launches progressing across global markets
Next wave launches progressing across global markets Market entry underway across major biosimilar categories bSimponi® - AVT05 bEylea® - AVT06 bProlia®/bXgeva® - (golimumab) (aflibercept) AVT03 (denosumab) First-to-market advantage Global pathway cleared for Entering large and in key regions major
Slide 9: $6.9B TAM - AVT16/AVT80 Entyvio biosimilar
AVT16/AVT80 – proposed biosimilars to Entyvio® (vedolizumab) KEY FACTS → Targeting inflammatory bowel disease market → Potential first wave biosimilar launch $6.9B → Development includes both SC and IV presentations TAM z KEY MILESTONES → Positive results from pivotal PK study → MAA submitted to EMA
Slide 10: $3.5B TAM - AVT29 Eylea HD biosimilar
AVT29 – biosimilar to Eylea HD® (aflibercept 8 mg) KEY FACTS → One of the largest global ophthalmology markets → Rapid shift toward longer-acting, high dose regimens $3.5B → High technical and manufacturing barriers to entry → Dual low-and high-dose programs position Alvotech across TAM z the full m
Slide 11: Financial results
zz z Financial results LINDA JONSDOTTIR, Chief Financial Officer
Slide 12: Executive summary 1Q26
Executive summary 1Q26 1Q 2026 Financial highlights → Total revenues $106m, down 20% YoY, 1Q25 Total revenues Gross margin Product margin had strong product revenues due to the U.S. USD m % of revenues % of revenues launch of bStelara. -30 41 → Gross margin of 57%, up 6 bp YoY, supported -20% +6 by
Slide 13: Revenues and Adj. EBITDA margin
Revenues and Revenue run rate of $566 m in last twelve months, 1Q26 evenly Adj.EBITDA margin split between product revenue and licensing revenues → Total revenues in 1Q26 at $106m, down 20% Revenues1 and adj. EBITDA margin YoY, with a run-rate of $566m in the last USD m, % of revenues Adj.Adj. EBITD
Slide 14: Cash flow
Cash flow Cash flow in the quarter mainly impacted by working capital Cash flow Operating cash flow Cash balance → Operating cash flow negative $25m USD m 59 USD m impacted by working capital during the 172 quarter 151 17 → Working capital changes driven by reduction in accounts payable and contract
Slide 15: Balance sheet: Assets
Balance sheet: Unaudited condensed consolidated interim financial Assets statements as of March 31, 2026 Assets (USD thousands) March 2026 December 2025 Change % Assets Non-current assets → Strong asset base supported by strategic Property, plant and equipment 360,226 356,398 1% acquisitions and pip
Slide 16: Balance sheet: Equity & liabilities
Balance sheet: Unaudited condensed consolidated interim financial Equity & liabilities statements as of March 31, 2026 Equity and Liabilities (USD thousands) March 2026 December 2025 Equity and liabilities Total equity (282,312) (284,487) -1% Non-current liabilities → Derivative financial liabilitie
Slide 17: Outlook
Outlook Continued focus on margin expansion and cash flow 2026 positivity expected in Q4 2026 → Anticipate total revenues in the range of $650- Financial outlook 700 million in 2026, reflecting continued double-digit sales growth % Growth1 2025F 2025A 2026F (2025A to 2026F) → Focus on margin expansi
Slide 18: Additional information and contacts
Additional information and contacts We want Financial Follow us to hear calendar and and join the z from you! upcoming events conversation BofA Global Healthcare Conference Las Vegas, NV, May 13, 2026 Balaji Prasad World outline Chief Strategy Officer alvotech.com alvotech.ir@alvotech.com Goldman Sa
Slide 19: Appendix
A alvotech Appendix
Slide 20: Reported to Adjusted Reconciliation
Reported to Adjusted Reconciliation Q1 2026 Q1 2025 Q1 2026 Adjustment Entries Adjustment Adjustment $ millions Reported Adjusted Reported Adjusted Cost of Product Revenue − $0.1m charge related to long-term incentive plan (non-cash) Entries Entries − $0.4m cost related to restructuring and organiza
Slide 21: Capital structure
Capital Common shares outstanding and total potential dilution as structure of March 31, 2026 Shares millions March December September June March Change % 2026 2025 2025 2025 2025 (Mar-Dec) › This table reflects instruments that could potentially create dilution for EPS purposes under Number of outs