$ALVO

Alvotech

CIK:0001898416|SEC Filings

Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Product and service revenue	$ 276,271	$ 273,472	$ 48,699
License and other revenue	310,050	216,210	42,735
Other income	2,583	2,296	1,948
Cost of product and service revenue	(235,558)	(185,309)	(160,856)
Research and development expenses	(184,193)	(171,312)	(210,827)
General and administrative expenses	(90,946)	(65,713)	(76,559)
Operating profit	78,207	69,644	(354,860)
Share of net loss of joint venture	0	0	(7,153)
Impairment loss on investment in joint venture	0	0	(21,519)
Loss on sale of interest in joint venture	0	(2,970)	0
Effects resulting from business combination	7,977	0	0
Finance income	198,492	80,145	4,823
Finance costs	(149,190)	(303,165)	(267,157)
Exchange rate differences	(16,841)	8,161	(5,183)
Net gain / (loss) on modification and extinguishment of financial liabilities	17,703	(69,378)	0
Non-operating profit / (loss)	58,141	(287,207)	(296,189)
Profit / (loss) before taxes	136,348	(217,563)	(651,049)
Income tax (expense) benefit	(108,429)	(14,301)	99,318
Profit / (loss) for the year	27,919	(231,864)	(551,731)
Item that will be reclassified to profit or loss in subsequent periods:
Exchange rate differences on translation of foreign operations	3,570	(690)	(86)
Total comprehensive profit / (loss)	$ 31,489	$ (232,554)	$ (551,817)
Profit / (loss) per share
Basic profit / (loss) for the period per share (in dollars per share)	$ 0.10	$ (0.87)	$ (2.43)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit / (loss) for the year	$ 27,919	$ (231,864)	$ (551,731)
Adjustments for non-cash items:
Long-term incentive plan expense	0	0	78
Depreciation, amortization and impairment	37,851	31,301	24,210
Impairment of other intangible assets	0	0	1,779
Impairment loss on investment in joint venture	0	0	21,519
Change in allowance for receivables	703	(946)	18,500
Change in inventory reserves	646	(3,483)	8,341
Share-based payments	7,378	7,626	18,033
Loss on disposal of property, plant and equipment	0	0	365
Effects resulting from business combination	(7,977)	0	0
Loss on sale of interest in joint venture	0	2,970	0
Share of net loss of joint venture	0	0	7,153
Finance income	(198,492)	(80,145)	(4,823)
Finance costs	149,190	303,165	267,157
Exchange rate difference	16,841	(8,161)	5,183
Net (gain) / loss on modification and extinguishment of financial liabilities	(17,703)	69,378	0
Income tax expense / (benefit)	108,429	14,301	(99,318)
Operating cash flow before movement in working capital	124,785	104,142	(283,554)
Increase in inventories	(90,129)	(49,973)	(11,304)
Decrease / (increase) in trade receivables	93,182	(119,063)	(8,320)
(Decrease) increase in receivables with related parties	(320)	20	881
Increase in contract assets	(94,947)	(45,192)	(17,393)
Increase in other assets	(4,244)	(7,125)	(802)
Increase / (decrease) in trade and other payables	45,312	(13,695)	31,772
(Decrease) / increase in contract liabilities	(69,334)	(31,446)	35,396
(Decrease) / increase in liabilities with related parties	(2,233)	(7,871)	1,280
Increase / (decrease) in other liabilities	5,074	(14,299)	(5,182)
Cash from (used in) operations	7,146	(184,502)	(257,226)
Interest received	2,387	4,617	3,649
Interest paid	(58,950)	(54,921)	(57,254)
Income tax paid	(780)	(2,037)	(1,354)
Net cash used in operating activities	(50,197)	(236,843)	(312,185)
Cash flows from investing activities
Acquisition of property, plant and equipment	(64,470)	(53,661)	(33,234)
Disposal of property, plant and equipment	0	0	133
Acquisition of intangible assets	(31,659)	(3,339)	(13,239)
Restricted cash in connection with debt extinguishment	0	26,132	0
Net cash outflow on acquisition of subsidiary	(14,036)	0	0
Proceeds from the sale in joint venture	5,950	12,000	0
Net used in investing activities	(104,215)	(18,868)	(46,340)
Cash flows from financing activities
Repayments of borrowings	(25,419)	(749,082)	(99,367)
Repayments of principal portion of lease liabilities	(10,368)	(10,197)	(8,269)
Proceeds from new borrowings	233,482	896,263	278,831
Transaction cost from new borrowings	(5,585)	(4,236)	(9,004)
Gross proceeds from equity offering	82,481	150,451	136,879
Fees from equity offering	(3,759)	(5,812)	(4,141)
Proceeds from warrants	0	4,843	6,390
Stock options exercised	0	76	0
Proceeds from loans from related parties	0	24,500	0
Repayment of loans from related parties	0	(9,500)	0
Net cash generated from financing activities	270,832	297,306	301,319
(Decrease) increase in cash and cash equivalents	116,420	41,595	(57,206)
Cash and cash equivalents at the beginning of the year	51,428	11,157	66,427
Effect of movements in exchange rates on cash held	4,511	(1,324)	1,936
Cash and cash equivalents at the end of the year	$ 172,359	$ 51,428	$ 11,157

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Property, plant and equipment	$ 356,398	$ 284,546
Right-of-use assets	138,294	125,198
Goodwill	12,835	11,330
Other intangible assets	81,834	20,621
Contract assets	122,934	22,710
Other long-term assets	8,578	3,615
Deferred tax assets	192,211	298,360
Total non-current assets	913,084	766,380
Current assets
Inventories	220,054	127,889
Trade receivables	69,740	160,217
Contract assets	64,440	67,304
Other current assets	46,984	48,064
Receivables from related parties	438	118
Cash and cash equivalents	172,359	51,428
Total current assets	574,015	455,020
Total assets	1,487,099	1,221,400
Equity
Share capital	2,929	2,826
Share premium	2,105,691	2,007,058
Other reserves	15,331	17,272
Translation reserve	1,352	(2,218)
Accumulated deficit	(2,409,790)	(2,437,709)
Total equity	(284,487)	(412,771)
Non-current liabilities
Borrowings	1,262,147	1,035,882
Derivative financial liabilities	53,994	210,224
Lease liabilities	137,999	112,137
Contract liabilities	5,500	80,721
Deferred tax liability	7,868	1,811
Total non-current liabilities	1,467,508	1,440,775
Current liabilities
Trade and other payables	126,124	67,126
Lease liabilities	12,078	9,515
Current maturities of borrowings	36,921	32,702
Liabilities to related parties	3,325	8,465
Contract liabilities	30,364	15,980
Taxes payable	1,041	204
Other current liabilities	94,225	59,404
Total current liabilities	304,078	193,396
Total liabilities	1,771,586	1,634,171
Total equity and liabilities	$ 1,487,099	$ 1,221,400