Alvotech Reports Financial Results for Full Year 2023 and Provides a Business Update
- Total revenues in 2023 reached $93.4 million, up by 10% compared to the previous year.
- Product revenues surged to $48.7 million in 2023, a significant increase from $24.8 million in 2022.
- Q4 2023 product revenues stood at $18.9 million, marking a 37% growth from the same period in the previous year.
- Alvotech's Simlandi™ biosimilar to Humira® received FDA approval in the U.S. with interchangeable status.
- Sales of Jamteki™ biosimilar to Stelara® commenced in Canada, with launches planned in Japan in Q2 and Europe in Q3.
- Positive top-line results were announced from a confirmatory efficacy study for Alvotech's proposed biosimilar to Eylea® and PK studies for proposed biosimilars to Prolia®/Xgeva® and Simponi®/Simponi Aria®.
- Alvotech's commercialization partner, Teva Pharmaceuticals, secured FDA approval for AVT02, an interchangeable biosimilar to Humira, under the tradename Simlandi.
- AVT04, a biosimilar to Stelara, was approved in Canada and the EEA, with launches in Japan and Europe expected in Q2 and Q3 respectively.
- Positive results were reported from a PK study for AVT05, a biosimilar candidate to Simponi® and Simponi Aria®.
- None.
Insights
The reported 10% increase in total revenues and a significant 96% rise in product revenues for Alvotech are strong indicators of the company's growth trajectory. The financial performance is particularly noteworthy in the context of the biotech sector, where product development and market penetration are key drivers of revenue. The substantial revenue growth from the biosimilar segment signals a successful strategy in capturing market share from originator biologics. This positions Alvotech favorably in the competitive landscape, potentially impacting its stock valuation positively.
Investors should be aware of the potential for increased operational costs associated with the global launch of new products. While these costs could pressure short-term margins, the strategic expansion into new markets like Japan and Europe is likely to bolster long-term revenue streams. The exclusivity granted to Simlandi™ in the U.S. market is another pivotal factor, as it could provide a temporary competitive edge and contribute to a stronger market presence before the entry of additional competitors.
The U.S. FDA's approval of Simlandi™ as the first high-concentration biosimilar with interchangeable status is a significant milestone in the biosimilars market. This not only enhances the credibility of Alvotech's product but also simplifies pharmacy-level substitution, which could lead to increased adoption and market penetration. The clinical development milestones, including positive top-line results from efficacy and pharmacokinetic studies, support the company's robust R&D capabilities and may reduce regulatory hurdles for future product approvals.
From a medical perspective, biosimilars provide a cost-effective alternative to expensive biologics, which can lead to broader healthcare access and potential savings for healthcare systems. Alvotech's focus on biosimilars like those for Eylea® and Prolia®/Xgeva® addresses significant markets with unmet needs, potentially driving further revenue growth and benefiting patients by increasing treatment options.
Alvotech's strategic positioning in the biosimilar market is underscored by the recent approval and launch of its products in various global markets. The biosimilar industry is rapidly evolving and Alvotech's early entry into the space with products like Simlandi™ and Jamteki™ provides a competitive advantage. The timing of these launches is critical as it coincides with the patent expiries of reference products, allowing Alvotech to capture market share early on.
The company's pipeline highlights, including the anticipated FDA approval for its biosimilar to Stelara® in the U.S., suggest a forward-thinking approach to product development and market entry strategies. The positive results from pharmacokinetic studies further indicate a promising future for the company's pipeline products, which could lead to sustained growth and diversification of revenue sources in the long term.
- Total Revenues in 2023 were
$93.4 million , up10% from previous year - Product Revenues in 2023 were
$48.7 million , compared to$24.8 million in 2022, with Q4 2023 product revenues of$18.9 million , up by37% from the same period last year - Alvotech’s Simlandi™ biosimilar to Humira® (adalimumab) was approved in the U.S. as the first high-concentration biosimilar with interchangeable status
- Sales of Alvotech’s Jamteki™ biosimilar to Stelara® (ustekinumab) started in Canada with launches expected in Japan in Q2 and Europe in Q3
- Positive top-line results were announced from a confirmatory efficacy study for Alvotech’s proposed biosimilar to Eylea® (aflibercept) and PK studies for proposed biosimilars to Prolia®/Xgeva® (denosumab) and Simponi®/Simponi Aria® (golimumab)
Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported financial results for full year 2023 and provided a summary of recent pipeline and corporate highlights. Management will conduct a business update conference all and live webcast on March 21, 2024 at 8:00 am ET (12:00 pm GMT).
“We are pleased with the recent launch of our second product, our biosimilar to Stelara® (ustekinumab) as Jamteki™ in Canada and look forward to further expected market launches globally in Q2 and Q3 this year. U.S. FDA approval of Simlandi™, our high-concentration citrate-free biosimilar to Humira® with interchangeable status and exclusivity, was another major milestone. We remain convinced that Simlandi’s product characteristics have the potential to change the dynamics of the rapidly developing U.S. adalimumab market,” said Robert Wessman, Chairman and CEO of Alvotech. “We also met several major clinical development milestones, with positive top-line results from the confirmatory efficacy study for our proposed biosimilar to Eylea® (aflibercept) and from the pharmacokinetic studies for our biosimilar candidate to Simponi® and Simponi Aria® (golimumab) as well as our biosimilar candidate to Prolia® and Xgeva® (denosumab), further illustrating the advantage of Alvotech’s portfolio strategy and integrated biosimilars development and manufacturing platform.”
Recent Highlights
Pipeline
Alvotech and its commercialization partner in the U.S., Teva Pharmaceuticals, announced that the U.S. Food and Drug Administration (FDA) approved AVT02 (adalimumab-ryvk) for marketing in the U.S. an interchangeable biosimilar to Humira, under the tradename Simlandi. Simlandi is the first high-concentration, citrate-free biosimilar to Humira that has been granted interchangeability status by the FDA and will qualify for interchangeable exclusivity for the 40mg/0.4ml injection.
Alvotech and its respective commercialization partners announced approval of AVT04, a biosimilar to Stelara (ustekinumab) in Canada and the European Economic Area (EEA). AVT04 was launched in Canada by JAMP Pharma on March 1, 2024, under the tradename Jamteki. Launch of AVT04 in Japan is expected in May 2024 and in Europe in Q3 2024. The market entry date for the U.S. is February 21, 2025, pending FDA approval which is expected by April 16, 2024.
Alvotech announced positive top-line results from a pharmacokinetic (PK) study for AVT05, a biosimilar candidate to Simponi® and Simponi Aria® (golimumab). The study, which assessed the PK, safety and tolerability of AVT05 compared to Simponi in healthy adult subjects, met its primary endpoints. In 2023, combined worldwide revenues from sales of Simponi and Simponi Aria were about
Alvotech announced positive top-line results from a confirmatory study for AVT06, a proposed biosimilar to Eylea® (aflibercept). The confirmatory clinical study that compared AVT06 with Eylea in patients with neovascular (wet) Age-related Macular Degeneration (AMD) met its primary endpoint, with results demonstrating therapeutic equivalence with Eylea. In 2023 cumulative global sales of Eylea were about
Alvotech announced positive top-line results from a PK study for AVT03, a biosimilar candidate to Prolia® and Xgeva®, which both contain denosumab. The PK study met its primary endpoints. A confirmatory efficacy study for AVT03 in patients is currently underway, as well as a PK study comparing AVT03 to Xgeva® in healthy adult subjects. In 2023 cumulative global sales of Prolia and Xgeva were approximately
Corporate
Alvotech accepted an offer from a group of domestic and international investors for the sale of 10,127,132 of its ordinary shares for an approximate value of
Alvotech announced the appointment of Christina Siniscalchi as interim Chief Quality Officer. Christina has for over ten years served in senior quality positions for Alvogen and its manufacturing site in Norwich, NY, most recently as Alvogen’s Chief Quality Officer, and previously worked at Mallinckrodt Pharmaceuticals.
Financial Results for Full Year 2023
Cash Position and Sources of Liquidity: As of December 31, 2023, the Company had cash and cash equivalents of
Product Revenue: Product revenue was
License and Other Revenue: License and other revenue decreased by
Cost of product revenue: Cost of product revenue was
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative (G&A) Expenses: G&A expenses were
Share of net loss of joint venture and impairment loss on investment in joint venture: The increase by
Finance income: Finance income was
Finance costs: Finance costs amounted to
Exchange rate differences: Exchange rate differences resulted in a loss of
Income tax benefits: The income tax benefit increased by
Loss for the Period: Loss for the period was
Business Update and Conference Call
Alvotech will conduct a business update conference call and live webcast on Thursday, March 21, 2024, at 8:00 am ET (12:00 pm GMT). A live webcast of the call will be available on Alvotech’s website in the Investors Section of the Company’s website under News and Events – Events and Presentations, where you will also be able to find a replay of the webcast, following the call for 90 days. In order to listen to the webcast please register in advance using the link on Alvotech’s Investor Relations website under News and Events – Events and Presentations.
About AVT02 (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., 27 member states of the European Union, Norway, Lichtenstein, Iceland, the UK, Switzerland, Canada, Australia, Egypt, Saudi Arabia and South Africa. It is currently marketed in multiple European countries as Hukyndra™ and Libmyris™, in Canada as Simlandi and in Australia as Adalacip. Dossiers are also under review in multiple countries globally.
About AVT04 (ustekinumab)
AVT04 is a monoclonal antibody and a biosimilar to Stelara® (ustekinumab). Ustekinumab binds to two cytokines, IL-12 and IL-23, that are involved in inflammatory and immune responses [4]. AVT04 has been launched in Canada as Jamteki and has received market authorization in Japan as Ustekinumab BS (F) and in the EEA as Uzpruvo™. Dossiers are also under review in multiple countries globally, including in the U.S.
About AVT03 (denosumab)
AVT03 is a human monoclonal antibody and a biosimilar candidate to Prolia® and Xgeva® (denosumab). Denosumab targets and binds with high affinity and specificity to the RANK ligand membrane protein, preventing the RANK ligand/RANK interaction from occurring, resulting in reduced osteoclast numbers and function, thereby decreasing bone resorption and cancer-induced bone destruction [5]. AVT03 is an investigational product and has not received regulatory approval in any country. Biosimiliarity has not been established by regulatory authorities and is not claimed.
About AVT05 (golimumab)
AVT05 is a biosimilar candidate for Simponi® and Simponi Aria® (golimumab). Golimumab is a monoclonal antibody that inhibits tumor necrosis factor alpha. Elevated TNF alpha levels have been implicated in several chronic inflammatory diseases such as rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis [6]. AVT05 is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.
About AVT06 (aflibercept)
AVT06 is a recombinant fusion protein and a biosimilar candidate to Eylea® (aflibercept), which binds vascular endothelial growth factors (VEGF), inhibiting the binding and activation of VEGF receptors, neovascularization, and vascular permeability [7]. AVT06 is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.
Sources
[1] Based on Johnson & Johnson’s Q4 and Full-Year 2023 Results
[2] Based on Regeneron’s Fourth Quarter and Full Year 2023 Financial and Operating Results
[3] Based on Amgen’s Fourth Quarter and Full Year 2023 Financial Results
[4] https://www.ema.europa.eu/en/documents/product-information/uzpruvo-epar-product-information_en.pdf
[5] https://www.pi.amgen.com/-/media/Project/Amgen/Repository/pi-amgen-com/Prolia/prolia_pi.pdf
[6] https://www.janssenlabels.com/package-insert/product-monograph/prescribing-information/SIMPONI-pi.pdf
[7] https://www.regeneron.com/downloads/eylea_fpi.pdf
Use of trademarks
Humira is a registered trademark of AbbVie Inc. Stelara is a registered trademark of Johnson & Johnson Inc. Prolia and Xgeva are registered trademarks of Amgen Inc. Stelara, Simponi and Simponi Aria are registered trademarks of Johnson & Johnson Inc. Elyea is a registered trademark of Regeneron Pharmaceuticals Inc.
About Alvotech
Alvotech is a biotech 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-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline contains eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa, and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.
Forward Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech’s estimates of expenses and profitability; (6) Alvotech’s ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech’s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech’s ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech’s current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech’s ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech’s ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech’s products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication.
ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS
Benedikt Stefansson, Senior Director
alvotech.ir@alvotech.com
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Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the years ended 31 December 2023, 2022 and 2021
USD in thousands, except for per share amounts
| 2023 | 2022 | 2021 | |
| Product revenue | 48,699 | 24,836 | — |
| License and other revenue | 42,735 | 58,193 | 36,772 |
| Other income | 1,948 | 1,988 | 2,912 |
| Cost of product revenue | (160,856) | (64,095) | — |
| Research and development expenses | (210,827) | (180,622) | (191,006) |
| General and administrative expenses | (76,559) | (186,742) | (84,134) |
| Operating loss | (354,860) | (346,442) | (235,456) |
| Share of net loss of joint venture | (7,153) | (2,590) | (2,418) |
| Impairment loss on investment in joint venture | (21,519) | — | — |
| Finance income | 4,823 | 2,549 | 51,568 |
| Finance costs | (267,157) | (188,419) | (117,361) |
| Exchange rate differences | (5,183) | 10,566 | 2,681 |
| (Loss) / gain on extinguishment of financial liabilities | — | (27,311) | 151,788 |
| Non-operating (loss) / profit | (296,189) | (205,205) | 86,258 |
| Loss before taxes | (651,049) | (551,647) | (149,198) |
| Income tax benefit | 99,318 | 38,067 | 47,694 |
| Loss for the year | (551,731) | (513,580) | (101,504) |
| Other comprehensive income / (loss) | |||
| Item that will be reclassified to profit or loss in subsequent periods: | |||
| Exchange rate differences on translation of foreign operations | (86) | (6,111) | (305) |
| Total comprehensive loss | (551,817) | (519,691) | (101,809) |
| Loss per share | |||
| Basic and diluted loss for the year per share | (2.43) | (2.60) | (0.92) |
Consolidated Statement of Financial Position as of 31 December 2023 and 2022
USD in thousands
| Non-current assets | 31 December 2023 | 31 December 2022 |
| Property, plant and equipment | 236,779 | 220,594 |
| Right-of-use assets | 119,802 | 47,501 |
| Goodwill | 12,058 | 11,643 |
| Other intangible assets | 19,076 | 25,652 |
| Contract assets | 10,856 | 3,286 |
| Investment in joint venture | 18,494 | 48,568 |
| Other long-term assets | 2,244 | 5,780 |
| Restricted cash | 26,132 | 25,187 |
| Deferred tax assets | 309,807 | 209,496 |
| Total non-current assets | 755,248 | 597,707 |
| Current assets | ||
| Inventories | 74,433 | 71,470 |
| Trade receivables | 41,292 | 32,972 |
| Contract assets | 35,193 | 25,370 |
| Other current assets | 31,871 | 32,949 |
| Receivables from related parties | 896 | 1,548 |
| Cash and cash equivalents | 11,157 | 66,427 |
| Total current assets | 194,842 | 230,736 |
| Total assets | 950,090 | 828,443 |
Consolidated Statement of Financial Position as of 31 December 2023 and 2022
USD in thousands
Equity | 31 December 2023 | 31 December 2022 |
| Share capital | 2,279 | 2,126 |
| Share premium | 1,229,690 | 1,058,432 |
| Other reserves | 42,911 | 30,582 |
| Translation reserve | (1,528) | (1,442) |
| Accumulated deficit | (2,205,845) | (1,654,114) |
| Total equity | (932,493) | (564,416) |
| Non-current liabilities | ||
| Borrowings | 922,134 | 744,654 |
| Derivative financial liabilities | 520,553 | 380,232 |
| Other long-term liability to related party | — | 7,440 |
| Lease liabilities | 105,632 | 35,369 |
| Long-term incentive plan | — | 544 |
| Contract liabilities | 73,261 | 57,017 |
| Deferred tax liability | 53 | 309 |
| Total non-current liabilities | 1,621,633 | 1,225,565 |
| Current liabilities | ||
| Trade and other payables | 80,563 | 49,188 |
| Lease liabilities | 9,683 | 5,163 |
| Current maturities of borrowings | 38,025 | 19,916 |
| Derivative financial liabilities | — | — |
| Liabilities to related parties | 9,851 | 1,131 |
| Contract liabilities | 59,183 | 36,915 |
| Taxes payable | 925 | 934 |
| Other current liabilities | 62,720 | 54,047 |
| Total current liabilities | 260,950 | 167,294 |
| Total liabilities | 1,882,583 | 1,392,859 |
| Total equity and liabilities | 950,090 | 828,443 |
Consolidated Statements of Cash Flows for the years ended 31 December 2023, 2022 and 2021
USD in thousands
| Cash flows from operating activities | 2023 | 2022 | 2021 |
| Loss for the year | (551,731) | (513,580) | (101,504) |
| Adjustments for non-cash items: | |||
| Gain on extinguishment of SARs liability | — | (4,803) | — |
| Share-listing expense | — | 83,411 | — |
| Long-term incentive plan expense | 78 | 5,492 | 17,955 |
| Depreciation and amortization | 24,210 | 20,409 | 18,196 |
| Impairment of property, plant and equipment | — | — | 2,092 |
| Impairment of other intangible assets | 1,779 | 2,755 | 3,993 |
| Change in allowance for receivables | 18,500 | — | — |
| Change in inventory reserves | 8,341 | — | — |
| Loss on disposal of property, plant and equipment | 365 | — | — |
| Impairment loss on investment in joint venture | 21,519 | — | — |
| Share of net loss of joint venture | 7,153 | 2,590 | 2,418 |
| Finance income | (4,823) | (2,549) | (51,568) |
| Finance costs | 267,157 | 188,419 | 117,361 |
| Loss/(Gain) on extinguishment of financial liabilities | — | 27,311 | (151,788) |
| Share-based payments | 18,033 | 10,317 | — |
| Exchange rate difference | 5,183 | (10,566) | (2,681) |
| Income tax benefit | (99,318) | (38,067) | (47,694) |
| Operating cash flow before movement in working capital | (283,554) | (228,861) | (193,220) |
| Increase in inventories | (11,304) | (32,412) | (29,412) |
| Increase in trade receivables | (8,320) | (3,576) | (28,813) |
| Increase / (decrease) in liabilities with related parties | 2,161 | 56 | (453) |
| (Increase) / decrease in contract assets | (17,393) | (9,218) | 15,286 |
| Increase in other assets | (802) | (17,194) | (4,363) |
| Increase in trade and other payables | 31,772 | 16,442 | 14,318 |
| Increase in contract liabilities | 35,396 | 19,396 | 21,470 |
| (Decrease) / increase in other liabilities | (5,182) | (21,384) | 5,160 |
| Cash used in operations | (257,226) | (276,751) | (200,027) |
| Interest received | 3,649 | 568 | 16 |
| Interest paid | (57,254) | (35,372) | (28,004) |
| Income tax paid | (1,354) | (834) | (155) |
| Net cash used in operating activities | (312,185) | (312,389) | (228,170) |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment | (33,234) | (37,880) | (20,462) |
| Disposal of property, plant and equipment | 133 | 379 | — |
| Acquisition of intangible assets | (13,239) | (11,122) | (20,171) |
| Restricted cash in connection with amended bond agreement | — | (14,914) | — |
| Net cash used in investing activities | (46,340) | (63,537) | (40,633) |
| Cash flows from financing activities | |||
| Repayments of borrowings | (99,367) | (34,714) | (37,496) |
| Repayments of principal portion of lease liabilities | (8,269) | (11,147) | (7,350) |
| Proceeds from new borrowings | 278,831 | 193,678 | 113,821 |
| Transaction cost from new borrowings | (9,004) | — | — |
| Gross proceeds from private placement equity offering | 136,879 | — | — |
| Gross private placement equity offering fee | (4,141) | — | — |
| Proceeds from warrants | 6,390 | — | — |
| Proceeds on issue of equity shares | — | — | 185,856 |
| Transaction costs for amended borrowing agreements | — | (12,102) | — |
| Gross proceeds from the PIPE Financing | — | 174,930 | — |
| Gross PIPE Financing fees paid | — | (5,562) | — |
| Proceeds from the Capital Reorganization | — | 9,827 | — |
| Proceeds from loans from related parties | — | 160,000 | — |
| Repayment of loans from related parties | — | (50,000) | — |
| Net cash generated from financing activities | 301,319 | 424,910 | 254,831 |
| Increase / (decrease) in cash and cash equivalents | (57,206) | 48,984 | (13,972) |
| Cash and cash equivalents at the beginning of the year | 66,427 | 17,556 | 31,689 |
| Effect of movements in exchange rates on cash held | 1,936 | (113) | (161) |
| Cash and cash equivalents at the end of the year | 11,157 | 66,427 | 17,556 |
Attachments
FAQ
What were Alvotech's total revenues in 2023?
Which biosimilar of Alvotech received FDA approval in the U.S.?
What is the tradename for Alvotech's biosimilar to Stelara® in Canada?
When is the expected launch date for Alvotech's biosimilar to Stelara® in Europe?
What positive results were announced for Alvotech's proposed biosimilar to Eylea®?
Which biosimilar candidate of Alvotech showed positive results in a PK study?
Who is Alvotech's commercialization partner for the U.S. market?
What was the growth percentage of Q4 2023 product revenues compared to the same period last year?
