Alvotech (ALVO) SEB Nordic Seminar presentation summary

Strategic vision and market opportunity

• Mission centers on building a global biosimilar company to improve patient quality of life, with ~$2bn invested in platform and portfolio and a total addressable market exceeding $185bn.

• Over 60 biosimilar launches achieved, with a vertically integrated infrastructure and global reach through 19 commercial partners in 90+ markets.

• Biologics market is expanding rapidly, with 118 biologics expected to lose patent protection in the next decade and biosimilar units growing at 20% YoY globally.

• US and EU account for 85% of the global biologics market, highlighting significant regional opportunities.

Financial performance and outlook

• Total revenues grew 5x from 2023 to 2024, driven by the US launch of bHumira (AVT02) and early traction for bStelara (AVT04); 9M25 revenues reached $420m, up 24% YoY.

• Gross margin at 59% in 9M25, with product margin at 27% and adjusted EBITDA of $68m (16% margin), impacted by temporary margin softness.

• 2025 revenues expected at $570-600m, with 2026 guidance of $650-700m and adjusted EBITDA of $180-220m, targeting cash flow positivity in Q4 2026.

• Revenue growth supported by new product launches, licensing revenues, and expanded geographic reach.

Operational execution and pipeline

• Robust R&D pipeline with 30 biosimilar candidates under development, including late-stage and early-stage assets across immunology, oncology, ophthalmology, and other therapeutic areas.

• Recent approvals for AVT03, AVT05, and AVT06 in EEA, UK, and Japan, with launches in Europe and Japan expected in late 2025 and early 2026.

• Strategic acquisitions of Xbrane's R&D operations and Ivers-Lee Group to expand R&D capacity and improve cost structure.

• Continued investment in R&D, with $250m planned for 2026 to accelerate pipeline growth and maintain leadership in biosimilars.