Alvotech Reports Record-Breaking First Half of 2025 Amid Strong Biosimilar Sales

Alvotech, an Iceland-based biosimilar-focused biotech company, marked a significant financial milestone in the first half of 2025, swinging from a substantial loss to a net profit, driven by the strong commercial performance of its key biosimilar products.1 The company's financial results pointed to a more than 200% year-on-year increase in product revenues, which fueled its first-ever quarterly positive cash flow from operations.

For the first 6 months of the year, Alvotech reported a net profit of $141.7 million, a stark reversal from the $153.5 million net loss it experienced during the same period in 2024. Total revenue for the period was $306 million, a 30% increase from the $236 million reported in the first half of 2024. This growth was largely attributed to a massive jump in product revenue, which surged to $204.7 million from just $65.9 million a year prior.

Alvotech Chairman and Chief Executive Officer Robert Wessman noted the momentum, stating that the results "confirm our business momentum and the opportunities that lie ahead." He added that new and expanded partnerships reflected the company's increased development activity. The company's cash and cash equivalents stood at $151.5 million as of June 30, 2025, bolstered by the robust operational performance.

The company's financial success was fueled primarily by the market expansion of its 2 approved biosimilars, a high-concentration adalimumab (Humira) biosimilar and an ustekinumab (Stelara) biosimilar. The adalimumab biosimilar, marketed as Simlandi in the US and Hukyndra in Europe, continued its strong sales trajectory. Simlandi received FDA approval as the first high-concentration, citrate-free interchangeable biosimilar to Humira in February 2024, a key advantage in the competitive US market.2

The ustekinumab biosimilar, known as Selarsdi in the US and Uzpruvo in Europe, also contributed significantly to the revenue surge.1 After gaining interchangeable status from the FDA in April 2025, the product's market share in the US reached more than 20% of the overall Stelara market in July 2025, meeting the company's internal projections.1,3

Beyond its launched products, Alvotech maintains a pipeline of biosimilar candidates for various therapeutic areas, including autoimmune disorders, eye disorders, and oncology. Several programs progressed this year, with some transitioning out of the clinical phase. The company's biologics license applications (BLA) for proposed biosimilars to Prolia/Xgeva (denosumab) and Eylea (aflibercept) were accepted by the FDA. The aflibercept biosimilar, now named Mynzepli, recently secured European approval, marking a critical step toward commercialization.

Alvotech also broadened its strategic partnerships, licensing European rights to 3 new biosimilar—referencing Ilaris (canakinumab), Kesimpta (ofatumumab), and an undisclosed biologic—from Advanz Pharma.4 A collaboration agreement was also established with Dr. Reddy's for AVT32, a biosimilar candidate to Keytruda (pembrolizumab).5

To further bolster its research and development capabilities, Alvotech acquired Xbrane Biopharma’s research and development operations in Sweden in March 2025 for SEK 275 million (approximately $28.9 million).1 The acquisition also included a biosimilar candidate to Cimzia (certolizumab pegol), now designated as AVT10. The company’s strategic moves and financial performance underscore its ambition to become a global leader in the biosimilar space.

References

1. Alvotech reports results for the first six months of 2025 and provides a business update. News release. Alvotech. August 13, 2025. Accessed August 26, 2025. https://investors.alvotech.com/news-releases/news-release-details/alvotech-reports-results-first-six-months-2025-and-provides

2. Jeremias S. Eye on pharma: Simlandi US launch; ranibizumab partnership; expanded access for adalimumab biosimilars. The Center for Biosimilars®. May 27, 2024. Accessed August 26, 2025. https://www.centerforbiosimilars.com/view/eye-on-pharma-simlandi-us-launch-ranibizumab-partnership-expanded-access-for-adalimumab-biosimilars

3. Jeremias S. 3 Ustekinumab biosimilars launch on US market. The Center for Biosimilars. February 24, 2025. Accessed August 26, 2025. https://www.centerforbiosimilars.com/view/3-ustekinumab-biosimilars-launch-on-us-market

4. Jeremias S. Eye on pharma: interchangeability labels and expanded biosimilar partnerships. The Center for Biosimilars. May 29, 2025. Accessed August 26, 2025. https://www.centerforbiosimilars.com/view/eye-on-pharma-interchangeability-labels-and-expanded-biosimilar-partnerships

5. Jeremias S. Eye on pharma: Keytruda biosimilar deal; German court bans Imraldi; new biosimilars for Japan. The Center for Biosimilars. June 17, 2025. Accessed August 26, 2025. https://www.centerforbiosimilars.com/view/eye-on-pharma-keytruda-biosimilar-deal-german-court-bans-imraldi-new-biosimilars-for-japan