Alvotech Reports Financial Results for the First Nine Months of 2024
Alvotech (NASDAQ: ALVO) reported strong financial results for the first nine months of 2024. Total revenues increased by $300 million to $339 million compared to 2023. Product revenues grew over four-fold to $128 million, while license and other revenues rose by $203 million to $211 million. The company achieved positive adjusted EBITDA of $87 million, compared to negative $225 million in 2023. Marketing applications were accepted in Europe for biosimilar candidates to Prolia®/Xgeva® and Simponi®. The company initiated a confirmatory clinical study for AVT16, a biosimilar candidate to Entyvio®.
Alvotech (NASDAQ: ALVO) ha riportato risultati finanziari solidi per i primi nove mesi del 2024. Le entrate totali sono aumentate di 300 milioni di dollari, raggiungendo i 339 milioni rispetto al 2023. Le entrate da prodotto sono cresciute di oltre quattro volte, arrivando a 128 milioni, mentre le entrate da licenze e altre fonti sono aumentate di 203 milioni, raggiungendo i 211 milioni. L'azienda ha registrato un EBITDA rettificato positivo di 87 milioni, rispetto a un EBITDA negativo di 225 milioni nel 2023. Le domande di marketing sono state accettate in Europa per i candidati biosimilari a Prolia®/Xgeva® e Simponi®. L'azienda ha avviato uno studio clinico confermativo per AVT16, un candidato biosimilare a Entyvio®.
Alvotech (NASDAQ: ALVO) reportó resultados financieros sólidos para los primeros nueve meses de 2024. Los ingresos totales aumentaron en 300 millones de dólares, alcanzando 339 millones en comparación con 2023. Los ingresos de productos crecieron más de cuatro veces, llegando a 128 millones, mientras que los ingresos por licencias y otros aumentaron en 203 millones, alcanzando los 211 millones. La compañía logró un EBITDA ajustado positivo de 87 millones, en comparación con un EBITDA negativo de 225 millones en 2023. Las solicitudes de marketing fueron aceptadas en Europa para candidatos biosimilares a Prolia®/Xgeva® y Simponi®. La empresa inició un estudio clínico confirmatorio para AVT16, un candidato biosimilar a Entyvio®.
Alvotech (NASDAQ: ALVO)는 2024년 첫 9개월 동안 강력한 재무 결과를 보고했습니다. 총 수익은 2023년에 비해 3억 달러 증가하여 3억 3천9백만 달러에 달했습니다. 제품 수익은 1억 2천8백만 달러로 4배 이상 증가했으며, 라이선스 및 기타 수익은 2억 3백만 달러 증가하여 2억 1천1백만 달러가 되었습니다. 회사는 2023년에 비해 2억 2천5백만 달러의 적자가 아닌 8천7백만 달러의 긍정적인 조정 EBITDA를 달성했습니다. 마케팅 신청이 유럽에서 Prolia®/Xgeva®와 Simponi®의 바이오시밀러 후보에 대해 승인되었습니다. 회사는 Entyvio®의 바이오시밀러 후보인 AVT16에 대한 확인 임상 연구를 시작했습니다.
Alvotech (NASDAQ: ALVO) a annoncé de solides résultats financiers pour les neuf premiers mois de 2024. Les revenus totaux ont augmenté de 300 millions de dollars, atteignant 339 millions par rapport à 2023. Les revenus de produits ont été multipliés par plus de quatre, s'élevant à 128 millions, tandis que les revenus provenant des licences et autres ont augmenté de 203 millions, atteignant 211 millions. L'entreprise a réalisé un EBITDA ajusté positif de 87 millions, contre un EBITDA négatif de 225 millions en 2023. Les demandes de marketing ont été acceptées en Europe pour des candidats biosimilaires à Prolia®/Xgeva® et Simponi®. L'entreprise a lancé une étude clinique confirmatoire pour AVT16, un candidat biosimilaire à Entyvio®.
Alvotech (NASDAQ: ALVO) hat für die ersten neun Monate des Jahres 2024 starke finanzielle Ergebnisse gemeldet. Die Gesamterlöse stiegen um 300 Millionen Dollar auf 339 Millionen im Vergleich zu 2023. Die Produktumsätze wuchsen auf über das Vierfache und erreichten 128 Millionen, während die Lizenz- und sonstigen Erlöse um 203 Millionen auf 211 Millionen stiegen. Das Unternehmen erreichte ein positives bereinigtes EBITDA von 87 Millionen, im Vergleich zu einem negativen von 225 Millionen im Jahr 2023. Die Marketinganträge wurden in Europa für biosimilare Kandidaten zu Prolia®/Xgeva® und Simponi® akzeptiert. Das Unternehmen hat eine bestätigende klinische Studie für AVT16, einen biosimilaren Kandidaten zu Entyvio®, initiiert.
- Total revenues increased by $300 million to $339 million
- Product revenues grew over four-fold to $128 million
- License revenues increased by $203 million to $211 million
- Adjusted EBITDA turned positive at $87 million from -$225 million
- Operating profit reached $56.2 million vs -$277.7 million in 2023
- Product gross margins more than doubled due to improved manufacturing utilization
- Net loss of $164.9 million for the period
- Total borrowings of $1,028.2 million as of September 30, 2024
- Loss on extinguishment of financial liabilities of $69.0 million
- Finance costs increased to $237.7 million from $107.8 million
Insights
The financial results demonstrate significant operational progress with
While operating profit reached
The pipeline developments are particularly strong, with EMA accepting marketing applications for biosimilars to Prolia®/Xgeva® and Simponi. The initiation of the confirmatory study for AVT16 (Entyvio® biosimilar) targets a significant market opportunity, given Entyvio's
- Total Revenues in the first nine months of 2024 increased by
$300 million compared to same period in 2023, to$339 million , with Q3 revenues contributing$103 million - Product revenues in the first nine months of 2024 increased over four-fold compared to the same period last year, to
$128 million , with Q3 product revenues contributing$62 million - License and other revenues for the first nine months of 2024 increased by
$203 from the same period last year, to$211 million , with Q3 license and other revenues contributing$41 million - Adjusted EBITDA was
$87 million in the first nine months of 2024, compared to negative ($225) million for the same period last year, with Q3 adjusted EBITDA contributing$23 million - Marketing applications were accepted in Europe for biosimilar candidates to Prolia®/Xgeva® (denosumab) and Simponi (golimumab) and Alvotech initiated a confirmatory clinical study for AVT16, a biosimilar candidate to Entyvio® (vedolizumab)
- Alvotech will conduct a business update conference call and live webcast on Thursday, November 14, 2024, at 8:00 am ET (13:00 GMT)
REYKJAVIK, Iceland, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first nine months of 2024 and provided a summary of recent corporate highlights.
“We are delighted by the results in the quarter and the first nine months of 2024. The third quarter marked our second consecutive quarter with positive adjusted EBITDA and operating profit. Not only did we see growth in product revenue compared to the previous quarter, but we also experienced a more than doubling of product gross margins, primarily due to improved utilization and scale at our manufacturing site,” said Robert Wessman, Chairman and CEO of Alvotech. “We are also pleased with the steady progress of our pipeline, which included multiple filing acceptances in Europe and the initiation of our confirmatory clinical study for AVT16, our proposed biosimilar to Entyvio. The continued execution of our research and development activities not only contributes to our topline through milestone revenues but also provides further opportunities for the company to grow and diversify in the future.”
Product development highlights
Alvotech announced that the European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for AVT03, a proposed biosimilar to Prolia® and Xgeva® (denosumab) and an MAA for AVT05, a proposed biosimilar to Simponi® (golimumab). For European markets, Alvotech has partnership agreements for commercialization of AVT03 with STADA and Dr. Reddy’s Laboratories and for AVT05 with Advanz Pharma.
Alvotech announced the initiation of a confirmatory patient study for AVT16, a proposed biosimilar to Entyvio® (vedolizumab). Entyvio, which generated approximately
Alvotech and Teva Pharmaceuticals announced that the U.S. FDA has approved a new presentation of SELARSDI™ (ustekinumab-aekn), a biosimilar to Stelara® (ustekinumab), in a 130 mg/26 mL single-dose vial for intravenous infusion. This approval also expands SELARSDI's label to include treatment for adults with Crohn’s disease and ulcerative colitis, aligning it with the reference product's indications. The U.S. launch of SELARSDI is expected in February 2025.
Summary of the Financial Results for First Nine Months of 2024
Cash position and sources of liquidity: As of September 30, 2024, the Company had cash and cash equivalents of
Product Revenue: Product revenue was
License and Other Revenue: License and other revenue was
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
Operating profit: Operating profit was
Share of net loss of joint venture and loss on interest in joint venture: In June 2024, Alvotech sold its share in the joint venture for gross proceeds of
Finance income: Finance income was
Finance costs: Finance costs were
Exchange rate differences: Exchange rate differences resulted in a gain of
Loss on extinguishment of financial liabilities: On June 7, 2024, the Company entered into a
Income tax benefit: Income tax benefit was
Loss for the Period: Reported net loss was
Business Update Conference Call
Alvotech will conduct a business update conference call and live webcast on Thursday, November 14, at 8:00 am ET (13:00 pm GMT). Registration for the conference call and access to the live webcast is found on https://investors.alvotech.com/events/event-details/q3-2024-earnings, where you will also be able to find a replay of the webcast, following the call for 90 days.
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., Europe, Canada, Australia, Egypt, Saudi Arabia and South Africa. It is currently marketed in the U.S. as SIMLANDI and under private label (adalimumab-ryvk), in Europe as HUKYNDRA, in Canada as SIMLANDI and in Australia as ADALACIP. Dossiers are also under review in multiple countries globally.
About AVT03
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 [3]. 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 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, in the EEA as UZPRUVO, and in Japan as USTEKINUMAB BS (F). It has been approved in the U.S. as SELARSDI (ustekinumab-aekn). Dossiers are also under review in multiple countries globally.
About AVT06/AVT29
AVT06/AVT29 is a recombinant fusion protein and a biosimilar candidate to Eylea® (aflibercept) 2 mg and 8 mg dose, which binds vascular endothelial growth factors (VEGF), inhibiting the binding and activation of VEGF receptors, neovascularization, and vascular permeability [5]. AVT06/AVT29 are investigational products and have not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.
About AVT16
AVT16 is a human monoclonal antibody and a biosimilar candidate to Entyvio® (vedolizumab). AVT16 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.
Sources
[1] IQVIA
[2] Entyvio product information
[3] Prolia product information
[4] Uzpruvo product information
[5] Eylea product information
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. Elyea is a registered trademark of Regeneron Pharmaceuticals Inc. and Bayer AG. Entyvio is a registered trademark of Millenium 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 has launched two biosimilars. The current development pipeline includes nine disclosed 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), Dr. Reddy’s (EEA, UK and US), Biogaran (FR), 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.
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Alvotech 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, VP
alvotech.ir@alvotech.com
| Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss | ||
| USD in thousands, except for per share amounts | Nine months ended 30 September 2024 | Nine months ended 30 September 2023 |
| Product revenue | 128,018 | 29,800 |
| License and other revenue | 210,459 | 8,244 |
| Other income | 160 | 56 |
| Cost of product revenue | (104,979) | (104,437) |
| Research and development expenses | (131,050) | (152,813) |
| General and administrative expenses | (46,435) | (58,558) |
| Operating profit / (loss) | 56,173 | (277,708) |
| Share of net loss of joint venture | — | (3,983) |
| Loss on sale of investment in joint venture | (2,970) | — |
| Finance income | 79,079 | 46,383 |
| Finance costs | (237,683) | (107,826) |
| Exchange rate differences | 1,657 | 884 |
| Loss on extinguishment of financial liabilities | (69,378) | — |
| Non-operating loss | (229,295) | (64,542) |
| Loss before taxes | (173,122) | (342,250) |
| Income tax benefit | 8,225 | 67,076 |
| Loss for the period | (164,897) | (275,174) |
| Other comprehensive (loss) | ||
| Item that will be reclassified to profit or loss in subsequent periods: | ||
| Exchange rate differences on translation of foreign operations | 1,347 | (2,648) |
| Total comprehensive loss | (163,550) | (277,822) |
| Loss per share | ||
| Basic and diluted loss for the year per share | (0.63) | (1.21) |
| Unaudited Condensed Consolidated Interim Statements of Financial Position USD in thousands | ||
Non-current assets | 30 September 2024 | 30 September 2023 |
| Property, plant and equipment | 255,838 | 236,779 |
| Right-of-use assets | 153,044 | 119,802 |
| Goodwill | 12,201 | 12,058 |
| Other intangible assets | 20,538 | 19,076 |
| Contract assets | 28,828 | 10,856 |
| Interest in joint venture | — | 18,494 |
| Other long-term assets | 9,524 | 2,244 |
| Restricted cash | — | 26,132 |
| Deferred tax assets | 320,369 | 309,807 |
| Total non-current assets | 800,342 | 755,248 |
| Current assets | ||
| Inventories | 125,014 | 74,433 |
| Trade receivables | 77,420 | 41,292 |
| Contract assets | 68,128 | 35,193 |
| Other current assets | 43,729 | 31,871 |
| Receivables from related parties | 41 | 896 |
| Cash and cash equivalents | 118,274 | 11,157 |
| Total current assets | 432,606 | 194,842 |
| Total assets | 1,232,948 | 950,090 |
| Unaudited Condensed Consolidated Interim Statements of Financial Position USD in thousands | ||
| Equity | 30 September 2024 | 30 September 2023 |
| Share capital | 2,825 | 2,279 |
| Share premium | 2,007,784 | 1,229,690 |
| Other reserves | 16,607 | 42,911 |
| Translation reserve | (181) | (1,528) |
| Accumulated deficit | (2,370,742) | (2,205,845) |
| Total equity | (343,707) | (932,493) |
| Non-current liabilities | ||
| Borrowings | 1,005,940 | 922,134 |
| Derivative financial liabilities | 182,361 | 520,553 |
| Lease liabilities | 140,762 | 105,632 |
| Contract liabilities | 85,502 | 73,261 |
| Deferred tax liability | 1,541 | 53 |
| Total non-current liabilities | 1,416,106 | 1,621,633 |
| Current liabilities | ||
| Trade and other payables | 57,720 | 80,563 |
| Lease liabilities | 11,584 | 9,683 |
| Current maturities of borrowings | 22,217 | 38,025 |
| Liabilities to related parties | 1,387 | 9,851 |
| Contract liabilities | 16,024 | 59,183 |
| Taxes payable | 1,106 | 925 |
| Other current liabilities | 50,511 | 62,720 |
| Total current liabilities | 160,549 | 260,950 |
| Total liabilities | 1,576,655 | 1,882,583 |
| Total equity and liabilities | 1,232,948 | 950,090 |
| Unaudited Condensed Consolidated Interim Statements of Cash Flows | ||
| USD thousands Cash flows from operating activities | Nine months ended 30 September 2024 | Nine months ended 30 September 2023 |
| Loss for the period | (164,897) | (275,174) |
| Adjustments for non-cash items: | ||
| Depreciation and amortization | 23,146 | 17,485 |
| Change in allowance for receivables | — | 18,500 |
| Change in inventory reserves | (3,531) | — |
| Share-based payments | 7,881 | 15,199 |
| Loss on disposal of property, plant and equipment | 184 | 323 |
| Loss on sale of interest in joint venture | 2,970 | — |
| Share of net loss of joint venture | — | 3,983 |
| Finance income | (79,079) | (46,383) |
| Finance costs | 237,683 | 107,826 |
| Exchange rate difference | (1,657) | (884) |
| Loss on extinguishment of financial liabilities | 69,378 | — |
| Income tax benefit | (8,225) | (67,076) |
| Operating cash flow before movement in working capital | 83,853 | (226,201) |
| Increase in inventories | (47,050) | (10,525) |
| (Increase) / decrease in trade receivables | (36,128) | 11,027 |
| (Decrease) / increase in liabilities with related parties | (8,367) | 15 |
| (Increase) / decrease in contract assets | (50,907) | 2,031 |
| Increase in other assets | (9,853) | (15) |
| Decrease in trade and other payables | (27,937) | (566) |
| (Decrease) / increase in contract liabilities | (30,474) | 32,182 |
| Decrease in other liabilities | (18,721) | (21,737) |
| Cash used in operations | (145,584) | (213,789) |
| Interest received | 97 | 46 |
| Interest paid | (51,583) | (30,582) |
| Income tax paid | (571) | (697) |
| Net cash used in operating activities | (197,641) | (245,022) |
| Cash flows from investing activities | ||
| Acquisition of property, plant and equipment | (24,091) | (29,440) |
| Disposal of property, plant and equipment | — | 133 |
| Acquisition of intangible assets | (1,857) | (6,571) |
| Restricted cash in connection with debt extinguishment | 26,132 | — |
| Proceeds from the sale in joint venture | 12,000 | — |
| Net cash generated from (used in) investing activities | 12,184 | (35,878) |
| Cash flows from financing activities | ||
| Repayments of borrowings | (745,448) | (97,538) |
| Repayments of principal portion of lease liabilities | (7,669) | (5,838) |
| Proceeds from new borrowings | 900,805 | 244,908 |
| Transaction cost from new borrowings | (4,236) | — |
| Gross proceeds from equity offering | 150,451 | 136,877 |
| Fees from equity offering | (5,812) | (4,141) |
| Proceeds from warrants | 4,843 | 6,390 |
| Stock options exercised | 76 | — |
| Net cash generated from financing activities | 293,010 | 280,658 |
| Increase / (decrease) in cash and cash equivalents | 107,553 | (242) |
| Cash and cash equivalents at the beginning of the year | 11,157 | 66,427 |
| Effect of movements in exchange rates on cash held | (436) | 2,130 |
| Cash and cash equivalents at the end of the period | 118,274 | 68,315 |
FAQ
What were Alvotech's (ALVO) total revenues for the first nine months of 2024?
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