Alvotech (ALVO) investor relations material

Executive summary

• Five biosimilars contributed to product revenue in H1 2026, with new launches in Europe and Japan and strong commercial demand in the U.S. and Europe.

• Significant investments in manufacturing and quality systems enabled BLA resubmissions and FDA closure of Reykjavik facility inspection with a VAI classification; manufacturing returned to planned levels by end of Q2.

• Equity financing of $165 million and a $75 million term loan, totaling $240 million, were completed to support pipeline and commercial growth.

• Regulatory progress includes BLA resubmissions for Simponi, Eylea, and Prolia/Xgeva, and a robust pipeline with over 30 biosimilar candidates.

• Strategic manufacturing agreement with FUJIFILM Biotechnologies to establish a US-based second source, with product expected in late 2027.

Financial highlights

• Total/adjusted revenue for H1 2026 was $212 million, down 31% year-over-year, impacted by production slowdowns and prior year US bStelara launch.

• Adjusted EBITDA for H1 2026 was $47 million (22% margin), compared to $54 million last year.

• Gross margin for H1 2026 was 54%, consistent with prior year.

• Cash on hand at end of June was $143 million, supported by equity raise.

• Product and licensing revenues each contributed $106 million in H1 2026.

Outlook and guidance

• 2026 guidance reaffirmed: total revenue $650–700 million, adjusted EBITDA $180–220 million.

• Q4 expected to be the strongest quarter, with Q3 regaining momentum as supply normalizes.

• Anticipated strong year-on-year growth in 2026 and healthy de-leveraging in 2027.

• Management expects strengthening financial performance in H2 2026 as manufacturing normalizes and supply builds.