Biosimilars Help Alvotech Revenues Soar Over 400% Year Over Year

Thanks to its successful biosimilar portfolio, Alvotech revenues jumped 427% in 2024 compared with 2023, showing immense growth year over year and proving that biosimilars are a profitable avenue for biopharmaceutical companies.1

Alvotech is an Iceland-based biotech company that specializes in the development and manufacture of biosimilars. The company partners with larger companies that are well-established in international markets, with their partners being tasked with biosimilar commercialization and distribution.2

“We met our financial guidance for the year while successfully diversifying our revenue across both products and geographies…. This past year was transformational for Alvotech, and I couldn’t be more pleased with our operations and performance,” Joel Morales, chief financial officer at Alvotech, commented.1

In 2024, Alvotech saw significant financial growth, with product revenue reaching $273.5 million, a sharp increase from $48.7 million in the previous year. According to the company, the growth was driven by strong sales of AVT02 (adalimumab biosimilar; Hulio) in Europe, Canada, and the US, as well as the successful launches of AVT04 (ustekinumab biosimilar; Selarsdi) in Canada, Japan, and select European markets.3

License and other revenue also saw a substantial rise to $216.2 million, compared with $42.7 million in 2023, primarily due to key research and development milestones, regulatory submissions, and product launches.1

Despite these gains, the company faced high borrowing levels, ending the year with $51.4 million in cash and equivalents against $1.07 billion in total borrowings. The cost of product revenue increased to $185.3 million from $160.9 million, reflecting higher sales volumes and expanded market presence.

Alvotech's 2024 financial performance demonstrated improved operational efficiency and revenue growth, though financial challenges remain. Research and development expenses decreased to $171.3 million due to milestone completions and cost optimizations, while general and administrative expenses dropped to $65.7 million, reflecting lower service and personnel costs. Operating profit surged to $69.6 million from a prior-year loss of $354.9 million, driven by increased commercialization and milestone achievements. However, finance costs rose to $303.2 million, primarily due to debt obligations and fair value adjustments.

Alongside Alvotech’s financial results, it shared several business updates since its last report, including that the company’s stock was added to the NASDAQ Biotechnology Index in December 2024.

In January 2025, Alvotech and Teva secured US biologics license application (BLA) acceptance for AVT05, a proposed biosimilar to Simponi and Simponi Aria (golimumab), following a similar filing with the European Medicines Agency (EMA). In February 2025, the companies announced FDA’s acceptance of BLA for AVT06, a biosimilar to Eylea (aflibercept), and launched Selarsdi (ustekinumab-aekn), which will gain interchangeability in the US market after April 30, 2025.

In March 2025, Alvotech and Dr. Reddy’s Laboratories announced that the FDA accepted the Biologics License Application (BLA) for AVT03, a proposed biosimilar to Prolia/Xgeva (denosumab). Additionally, in partnership with Kashiv Biosciences and Advanz Pharma, Alvotech secured UK regulatory acceptance for AVT23, a proposed biosimilar to Xolair (omalizumab).

Alvotech also expanded its research and development (R&D) capabilities by acquiring Xbrane Biopharma’s R&D operations in Sweden, along with a biosimilar candidate referencing Cimzia (certolizumab pegol), and is considering a future listing of Swedish Depository Receipts on NASDAQ Stockholm.

Joseph McClellan, Alvotech’s chief scientific officer, championed the move, saying, “With the recent addition of XBrane’s R&D operations, we are not only enhancing our capabilities but also reinforcing our position as a global leader in biosimilar development—enabling us to run multiple development projects with greater speed, scale, and efficiency than ever before.”

References

1. Alvotech reports record results for 2024 and provides business update. Press release. Alvotech; March 26, 2025. Accessed March 27, 2025. https://investors.alvotech.com/static-files/ecedbb8b-e8bd-4441-85a2-884c57608e03

2. Jeremias S. Teva, Alvotech partner on biosimilars for US market. The Center for Biosimilars®. August 5, 2020. Accessed March 27, 2025. https://www.centerforbiosimilars.com/view/teva-alvotech-partner-on-biosimilars-for-us-

3. Biosimilar approvals. The Center for Biosimilars. Updated March 27, 2025. Accessed March 27, 2025. https://www.centerforbiosimilars.com/biosimilar-approvals