Alvotech SA ALVO

Health CareBiotechnology & Medical ResearchLuxembourg

Last close 4.48 USD on Nov 2, 2026, −12.7% year to date

Quant rating

Quant rating C Rank 87 of 211 in Health Care

Growth A 2 of 211
Valuation D 176 of 211
Quality C 91 of 211
Revisions B 70 of 211
Momentum C 123 of 211

Wall Street consensus Buy (1.86)Average target 7.58 USD +69.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 2.9B
52-week range: 2.94 – 6.53
3-year range: 2.94 – 17.27
Dividend yield: –
Beta (5 years): 0.23
Shares outstanding: 357M
Next earnings: Nov 11, 2026

About the company

Alvotech SA is a biotechnology company. The Company is focused on the development and manufacture of biosimilar medicines for patients globally. It is engaged in developing a pipeline of monoclonal antibodies that target a variety of therapeutic areas including inflammatory diseases, oncology, and ophthalmology. The Company’s pipeline contains eight biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Its products pipeline includes AVT02, AVT04, AVT23, AVT03, AVT05, AVT06, AVT16, and AVT33. Its AVT02 is a monoclonal antibody and a biosimilar to Humira (adalimumab). AVT04 is a monoclonal antibody and a biosimilar candidate to Stelara (ustekinumab). It has formed a network of strategic commercial partnerships to provide global reach and leverage expertise in markets that include the United States (U.S.), Europe, Japan, China, and other Asian countries and large parts of South America, Africa, and the Middle East.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	589	492	93.4	85.0	39.7	–
Revenue growth	19.7%	426.8%	9.8%	114.2%	−42.9%	53.3%
EPS (basic, normalized)	0.07	−0.87	−2.43	−2.60	–	–
EPS growth	–	–	–	–	–	–
Gross margin	60.0%	62.3%	−72.3%	24.6%	–	18.7%
Net margin	4.7%	−47.1%	−590.8%	−604.1%	−255.8%	−298.6%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	143
Current ratio	1.65x
Long-term debt (mil)	1,398
Net debt (mil)	1,309
Total equity (mil)	−191
Net debt / equity	−6.84x
Net debt / EBITDA	11.28x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	589	+19.7%	4.9x	116	−8.0%	25.1x	0.07	+108.0%	64.0x
2026	652	+10.7%	4.5x	191	+64.3%	15.3x	−0.02	−131.4%	−203.6x
2027	795	+21.9%	3.7x	269	+40.9%	10.8x	0.21	+1,054.5%	21.3x
2028	967	+21.7%	3.0x	379	+41.1%	7.7x	0.46	+119.0%	9.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	652	−1.1%	+1.1%	−0.3%	−0.02	−57.1%	−269.2%	−138.8%
2027	795	+1.3%	+3.4%	+2.4%	0.21	+1.9%	−7.4%	−27.6%
2028	967	+2.6%	+2.2%	−0.2%	0.46	+2.2%	−0.4%	−10.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	36.9	199	103	153	133	173	114	169	106	106
Sales mean (mil)	45.0	199	89.0	115	95.0	121	117	160	141	111
Surprise	−18.0%	−0.1%	+15.7%	+33.0%	+39.8%	+43.8%	−2.9%	+5.6%	−24.8%	−4.5%
EPS reported	−0.89	0.28	−0.02	−0.24	0.35	0.14	−0.05	−0.37	−0.09	−0.11
EPS mean	−0.08	0.00	−0.06	−0.39	−0.11	–	−0.02	−0.04	0.02	−0.03
Surprise	−1,012.5%	+9,233.3%	+64.3%	+37.7%	−418.2%	–	−150.0%	−722.2%	−639.9%	−307.4%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ALVO Alvotech SA	1.6B	11.28x	4.7%	−8.35x	−203.6x	21.3x	15.3x	10.8x
EXEL Exelixis Inc	17.1B	−0.99x	33.7%	9.36x	20.5x	17.6x	14.9x	13.2x
PCVX Vaxcyte, Inc.	9.2B	1.64x	–	3.18x	−7.3x	−9.2x	−6.4x	−8.0x
PTGX Protagonist Therapeutics, Inc.	9.0B	4.99x	−282.8%	10.71x	29.6x	−151.4x	27.3x	−99.3x
ARWR Arrowhead Pharmaceuticals, Inc.	8.4B	−2.79x	−0.2%	18.06x	−17.8x	−12.4x	−19.7x	−11.9x
IONS Ionis Pharmaceuticals, Inc.	6.9B	0.38x	−40.4%	15.53x	−11.5x	−19.1x	−11.2x	−20.1x
Mean		2.42x	−57.0%	8.08x	−31.7x	−25.5x	3.4x	−19.2x
Median		1.01x	−0.2%	10.03x	−9.4x	−10.8x	4.3x	−10.0x

Technical analysis

1M−17.8%
3M+8.7%
1Y−41.4%
3Y−49.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alvotech SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	589	492	93.4	85.0	39.7	69.4
Cost of revenue	236	185	161	64.1	–	–
Gross profit	353	307	−67.5	20.9	39.7	69.4
Selling, general & administrative expenses	80.3	61.5	73.0	183	81.6	56.7
Research & development	174	163	204	171	169	132
Depreciation/amortization	15.9	12.6	10.4	13.1	24.3	18.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−21.1	69.4	21.5	27.3	−152	0
Other operating expenses	0	0	0	0	0	0
Operating income	104	0.3	−376	−374	−83.7	−138
Net interest income (expense)	40.9	−214	−273	−164	−63.9	−151
Gain (loss) on sale of assets	0.8	–	–	–	–	–
Other non-operating income (expense)	−9.2	−3.6	−1.7	−14.0	−1.6	−3.3
Net income before taxes	136	−218	−651	−552	−149	−292
Provision for taxes	108	14.3	−99.3	−38.1	−47.7	−122
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	27.9	−232	−552	−514	−102	−170
Extraordinary items	–	–	–	–	–	–
Net income	27.9	−232	−552	−514	−102	−170
EBIT, normalized	92.0	69.6	−353	−344	−229	−135
EBITDA, normalized	130	101	−327	−321	−205	−117
Basic EPS, normalized	0.07	−0.87	−2.43	−2.60	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Alvotech SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	172	51.4	11.2	66.4	17.6	31.7
Receivables	154	252	87.2	71.4	53.9	38.9
Total inventory	220	128	74.4	71.5	39.1	9.6
Prepaid expenses	27.8	24.0	22.0	20.6	9.3	5.9
Other current assets	0	0	0	0.9	0	0
Total current assets	574	455	195	231	120	86.2
Property, plant & equipment	495	410	357	268	205	177
Goodwill	12.8	11.3	12.1	11.6	12.4	13.4
Intangibles	81.8	20.6	19.1	25.7	21.5	6.3
Long-term investments	–	0	18.5	48.6	55.3	56.7
Note receivable	123	22.7	10.9	3.3	1.5	2.2
Other long-term assets	201	302	338	240	182	133
Total assets	1,487	1,221	950	828	598	474
Liabilities
Accounts payable	126	67.1	80.6	49.2	28.6	12.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	94.2	59.4	62.7	54.0	42.0	16.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	49.0	42.2	47.7	25.1	10.1	8.0
Other current liabilities	34.7	24.6	70.0	39.0	31.2	14.6
Total current liabilities	304	193	261	167	112	51.0
Long-term debt	1,400	1,148	1,028	780	513	669
Minority interest	–	–	–	–	–	–
Other liabilities	67.4	293	594	446	109	622
Total liabilities	1,772	1,634	1,883	1,393	734	1,342
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.9	2.8	2.3	2.1	0.1	0.1
Additional paid-in capital	2,106	2,007	1,230	1,058	1,000	167
Retained earnings (accumulated deficit)	−2,410	−2,420	−2,163	−1,624	−1,141	−1,039
Treasury stock	–	–	–	–	–	–
Other equity	16.7	−2.2	−1.5	−1.4	4.7	5.0
Total equity	−284	−413	−932	−564	−136	−867
Total liabilities & shareholders' equity	1,487	1,221	950	828	598	474

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alvotech SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	27.9	−232	−552	−514	−102	−170
Depreciation, depletion & amortization	37.9	31.3	24.2	20.4	18.2	16.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	59.0	305	244	264	−110	52.7
Changes in working capital	−175	−341	−28.6	−83.5	−35.0	26.6
Cash from operations	−50.2	−237	−312	−312	−228	−74.3
Investing activities
Capital expenditures	−96.1	−57.0	−46.5	−49.0	−40.6	−12.0
Other investing cash flows	−8.1	38.1	0.1	−14.5	0	−4.9
Cash from investing	−104	−18.9	−46.3	−63.5	−40.6	−16.9
Financing activities
Financing cash flow items	73.1	140	124	157	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	198	157	178	268	255	55.4
Cash from financing	271	297	301	425	255	55.4
Foreign exchange effects	4.5	−1.3	1.9	−0.1	−0.2	0.1
Net change in cash	121	40.3	−55.3	48.9	−14.1	−35.7
Free cash flow	−146	−294	−359	−361	−269	−86.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.