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Develops and manufactures biosimilar versions of major biologic drugs for global markets.
Develops and manufactures biosimilar versions of major biologic drugs for global markets.
Sells through marketing partners in each region instead of building its own sales force: it supplies the drug and shares in the sales, and also receives milestone payments when products are approved or launched. Its manufacturing is based in Reykjavik, Iceland. Founded by Robert Wessman, linked to Alvogen.
Moat: narrow (regulatory licence, scale, process know-how). In-house biosimilar manufacturing at scale, but competes on price against multiple approved biosimilars.
Headquarters: Reykjavik, Iceland · Founded: 2013 · Employees: 1,460
Size Alvotech (ALVO) is a United States Health Care company (Biotechnology) with a market value of $1.90B, the 1834th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.86 on 6 Nov 2026.
Performance Over six months the shares gained 49.1%, against +20.6% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 12.2% over the last twelve months (peer median +15.8%); the operating margin is 9.1% (peer median -13.4%).
Valuation It trades at 51.5× forward earnings against a peer median of 94.1× (3rd cheapest of 8).
Capital Return on invested capital runs 2.8 points below its cost of capital (6.0% WACC).
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $492M | $586M | $490M | $91.4M | $83.0M |
| Revenue growth | — | +20% | +436% | +10% | — |
| Gross profit | $297M | $335M | $292M | -$78.0M | $8.58M |
| EBITDA | $86.2M | $113M | $98.6M | -$331M | -$325M |
| Net income | -$180M | $27.9M | -$232M | -$552M | -$514M |
| Free cash flow | -$261M | -$115M | -$291M | -$345M | -$350M |
| Capital expenditure | $135M | $96.1M | $57.0M | $46.5M | $49.0M |
| Total debt | $1.45B | $1.45B | $1.19B | $1.08B | $805M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Alvotech ALVO | $1.90B | +49% | -12% | 9% | 51.5× | n/a |
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% |
| Celltrion 068270.KS | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALVO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.3% | +4.3% | 5th lowest of 20 |
| 6-month return | +49.1% | +20.6% | 6th highest of 20 |
| Distance from 52-week high | -25.6% | -27.9% | 9th highest of 20 |
| Revenue growth (TTM) | -12.2% | +15.8% | 6th lowest of 18 |
| Operating margin | 9.1% | -13.4% | 4th highest of 18 |
| Forward P/E | 51.5× | 94.1× | 3rd cheapest of 8 |
| ROIC minus cost of capital | -2.8 pp | -6.6 pp | 3rd highest of 12 |
| EV / EBITDA | 37.2× | n/a | — |
| Net debt / EBITDA | 15.2× | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 51.5× | n/a | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | n/a | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | n/a | n/a | n/a |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | n/a | n/a | n/a |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 11.6× | -10.6% | +117.9% |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | n/a | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 58.7× | 35.7% | +24.8% |
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | n/a | n/a | n/a |
| Trevi Therapeutics TRVI | United States | $2.04B | -1% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 29.7× | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Replimune REPL | United States | $2.05B | +547% | n/a | n/a | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | n/a | n/a | n/a |
| Vir Biotechnology VIR | United States | $2.07B | +34% | +1,496% | -92% | n/a | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | n/a | n/a | n/a |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 245.0× | n/a | n/a |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 166.7× | 45.1% | -2.5% |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | n/a | n/a | n/a |
| Shenzhen Kangtai Biological Products 300601.SZ | China | $2.11B | -9% | -9% | 6% | 119.7× | 25.3% | +3.4% |
| Hitgen 688222.SS | China | $2.12B | +23% | +42% | 27% | 94.1× | 38.7% | +16.8% |