Alvotech (ALVO) Barclays 27th Annual Global Healthcare Conference 2025 summary

Company overview and strategy

• Focused exclusively on biosimilars since 2013, with $2 billion invested and all R&D and production in-house, supporting a portfolio through 2030 and beyond.

• Global reach established via 20 commercial partners, covering over 90 countries, with a flexible business-to-business model and risk-sharing agreements.

• Positioned to compete in over 95% of the global addressable market for branded biologics.

• Ex-US business represents roughly a third of product revenues and is expected to grow proportionally.

• Capacity investments ensure ability to supply global demand, with a state-of-the-art facility in Iceland supporting future pipeline launches.

Financial outlook and growth drivers

• On track for $600–$800 million in 2025 revenue, with growth expected in both top and bottom lines.

• Milestone revenues from regulatory and partnership achievements are significant contributors to both revenue and margin.

• International markets, especially Europe, are key to driving growth, with strong performance in recent launches.

• Three new biosimilars are set to launch by year-end, further boosting product revenue.

• Ongoing discussions for new partnerships and regulatory milestones are expected to provide additional upside.

Product performance and market dynamics

• Humira biosimilar (Simlandi) achieved 1.3 million units shipped in the US, representing about 12% market share, with expectations for conversion rates to reach at least 50% by year-end.

• Private label and formulary placements are both important, with two of three major PBMs now including the product.

• Stelara biosimilar is expected to reach 20–25% market share, with the majority of volume outside the US due to faster conversion in Europe and other regions.

• Interchangeability is a key factor for retail products, with final approval expected after Amgen exclusivity expires.

• Ex-US markets provide diversification and risk balancing, with performance varying by geography but overall contributing to growth.