Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings z z Presentation 12 NOVEMBER 2025
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: Róbert Wessman, Chairman and CEO
Róbert zz z Wessman CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Slide 4: Alvotech is a leading pure play biotech company
Alvotech is a leading pure play biotech company OUR VISION ~$2bn >60 >$185bn ”Our vision is to build a leading global biosimilar company, focused INVESTED BIOSIMILAR TOTAL on improving the quality of life for IN THE LAUNCHES1 ADDRESSABLE PLATFORM MARKET patients around the world” AND (across both z
Slide 5: Key Topics
Key Update on FDA process and pipeline Revised outlook for FY25 Update on marketed products Topics → FDA issuance of a CRL for → As announced previously, → Holding market share AVT05 only cited outlook was revised for in Humira U.S. market unresolved issues revenues at $570m- as share of originator
Slide 6: Approval of AVT05 BLA delayed by CRL, but facility remains approved
Approval of AVT05 BLA delayed by CRL, but facility remains approved U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) for Alvotech’s biosimilar candidate to Simponi® (golimumab) in prefilled syringe (PFS) and autoinjector (AI). Manufacturing facility remains approved fo
Slide 7: Robust revenue growth YoY
Robust revenue Proven record of strong sales potential for on-market growth YoY products and solid performance-based licencing revenues › Revised outlook for FY2025 for topline Total revenues for full-year 2025 expected in the range of $570-600 million revenues to $570-600m (vs $600-700m prior) USD
Slide 8: Continued momentum of on-market products
Continued momentum of on-market products AVT02 Biosimilar to Humira® (adalimumab) AVT04 Biosimilar to Stelara® (ustekinumab) IMMUNOLOGY IMMUNOLOGY → Alvotech’s biosimilar to Humira continues → Seeing positive impact of our steadfast holding 2nd largest market share of Humira strategy to grow U.S. bu
Slide 9: Joseph McClellan, Chief Operating Officer
Joseph zz z McClellan CHIEF OPERATING OFFICER
Slide 10: Upcoming product launches in Europe on track
Upcoming product launches in Europe on track AVT06 Referencing AVT05 referencing AVT03 referencing Eylea® Simponi® Prolia®/ Xgeva® OPHTHALMOLOGY IMMUNOLOGY BONE DISEASE → Already approved in → Already approved in Japan → Approved in Japan, CHMP Japan, UK and European and UK, EMA’s CHMP recommended E
Slide 11: Continued advancement in development pipeline
Continued advancement in development pipeline In addition to these named programs, Alvotech has created over 15 cell lines for further development BIOSIMILAR CANDIDATE REFERENCE THERAPEUTIC EARLY PHASE PRE-CLINICAL CLINICAL STUDIES FILING APPROVAL BIOLOGIC AREA AVT03 denosumab PROLIA®/ XGEVA® Bone D
Slide 12: Linda Jónsdottir, Chief Financial Officer
Linda zz zz Jónsdottir CHIEF FINANCIAL OFFICER
Slide 13: Executive summary 3Q25
Executive summary 3Q25 Q3 2025 Financial highlights → 3Q25 in line with expectations Total revenues Gross margin Product margin → Product revenues and product margin USD m % of revenues % of revenues impacted by timing of orders, portfolio mix +11% 45 and investments in facility improvements 173 69
Slide 14: Executive summary 9M25
Executive summary 9M25 9M 2025 Financial highlights → Total revenues at $420m in 9M25, YoY Total revenues Gross margin Product margin revenue growth 24% compared to same USD m % of revenues % of revenues period 2024 +24% +42% 492 63 69 59 → Revenue growth reflects the continued 420 33 19 27 commerci
Slide 15: Revenues and Adj.EBITDA margin
Revenues and Revenue run rate of $571m in last twelve months and Adj.EBITDA margin continued geographical diversification of revenues → In 3Q25, total revenues at $114m, up 11% Revenues1 and adj. EBITDA margin YoY, with a run-rate of $571m in the last USD m, % of revenues twelve months (LTM) Adj.EBI
Slide 16: Cash flow
Cash flow impacted by timing of collections and inventory Cash flow build-up for upcoming launches Cash flow Operating cash flow Cash balance → Operating cash flow at -$41m impacted by USD m 59 USD m lower revenue collection in the quarter and 151 inventory build-up for new product launches 17 118 →
Slide 17: Balance sheet: Assets
Balance sheet: Unaudited condensed consolidated interim financial Assets statements as of 30 September 2025 Assets September December Assets (USD thousands) 2025 2024 Change % → Strong asset base supported by strategic acquisitions and pipeline investments Non-current assets Property, plant and equi
Slide 18: Balance sheet: Equity & liabilities
Balance sheet: Unaudited condensed consolidated interim financial Equity & liabilities statements as of 30 September 2025 Equity and liabilities September December Equity and Liabilities (USD thousands) 2025 2024 Change % → Equity position strengthened by $236m mainly driven by profit for the period
Slide 19: Revised outlook 2025
Revised Revised outlook for full-year 2025 announced for revenues outlook 2025 and EBITDA on 4 November Revised outlook announced on 4 November Financial outlook for full-year 2025 › Impact from investments in facility improvements expected to continue into 4Q25 As stated in As stated in Revised out
Slide 20: Successful execution from foundation in 2013 to a diversified revenue growth model
Successful execution from foundation in 2013 to a diversified revenue growth model based on a valuable pipeline portfolio Foundation for growth Commercial inflection point Diversification and scale Further revenue growth 2013-2023 2024 -2025 2026 2027 -2030 → Investing in R&D and building → Approval
Slide 21: 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 SEB Healthcare Conference Balaji Prasad Stockholm, November 14, 2025 World outline alvotech.com Chief Strategy Officer balajip@alvotech.com US Jefferies Healthca
Slide 22: Appendix
Aalvotech Appendix
Slide 23: Reported to Adjusted Reconciliation
Reported to Adjusted Reconciliation 9M 2025 Adjustment Entries Cost of Product Revenue − $1.4m charge related to long-term incentive plan (non-cash) 9M 2025 9M 2024 − $1.2m charge related to long-term incentive plan (non-cash) R&D − ($8.8m) IP litigation costs attributable to programs - reclassified