Alvotech
ALVOHealthcare|Drug Manufacturers - Specialty & Generic|LU
$4.86
+0.31 (+6.81%)
Cash / Share
$0.40
Financials
Financial Snapshot
Market Cap
$1.73B
Enterprise Value
$3.04B
Revenue (TTM)
$492.0M
Net Income (TTM)
-$179.6M
Cash & Investments
$142.8M
Net Cash
-$1.31B
Free Cash Flow (TTM)
-$300.2M
Operating CF (TTM)
-$198.7M
Debt/Equity
-7.58
Cash Runway & Burn Rate
Cash on Hand
$142.8M
Quarterly Burn
$49.7M
Monthly Burn
$16.6M
Est. Runway
~2.9 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $31.7M | $17.6M | $66.4M | $11.2M | $51.4M | $172.4M | $142.8M | |
| Operating Cash Flow | -$88.5M | -$74.3M | -$228.2M | -$312.4M | -$312.2M | -$236.8M | -$50.2M | -$198.7M | |
| Free Cash Flow | -$96.6M | -$86.3M | -$268.8M | -$361.4M | -$358.7M | -$293.8M | -$114.7M | -$300.2M | |
| Capital Expenditure | -$8.1M | -$12.0M | -$40.6M | -$49.0M | -$46.5M | -$57.0M | -$64.5M | -$101.5M | |
| Financing Cash Flow | $116.4M | $55.4M | $254.8M | $424.9M | $301.3M | $297.3M | $270.8M | $335.9M |
R&D Spending
R&D (TTM)
$137.7M
R&D Intensity
28.0%
R&D Growth vs Prior
-25.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.9M | $66.6M | $36.8M | $83.0M | $91.4M | $489.7M | $586.3M | $492.0M | |
| R&D Expense | $95.6M | $148.1M | $191.0M | $180.6M | $210.8M | $171.3M | $184.2M | $137.7M | |
| R&D % of Revenue | 299.4% | 222.3% | 519.4% | 217.5% | 230.6% | 35.0% | 31.4% | 28.0% | |
| SG&A | $48.6M | $58.9M | $84.1M | $186.7M | $73.0M | $61.5M | $90.9M | $114.8M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.9M | $66.6M | $36.8M | $83.0M | $91.4M | $489.7M | $586.3M | $492.0M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $64.1M | $160.9M | $185.3M | $235.6M | $194.6M | |
| Gross Profit | $31.9M | $66.6M | $36.8M | $18.9M | -$69.4M | $304.4M | $350.8M | $297.4M | |
| R&D | $95.6M | $148.1M | $191.0M | $180.6M | $210.8M | $171.3M | $184.2M | $137.7M | |
| SG&A | $48.6M | $58.9M | $84.1M | $186.7M | $73.0M | $61.5M | $90.9M | $114.8M | |
| Operating Income | -$61.4M | -$137.5M | -$235.5M | -$346.4M | -$354.9M | $69.6M | $78.2M | $47.3M | |
| Interest Expense | $95.8M | $97.5M | $113.0M | $91.4M | $134.8M | $157.6M | $149.2M | $158.8M | |
| Pretax Income | -$209.4M | -$291.8M | -$149.2M | -$551.6M | -$651.0M | -$217.6M | $136.3M | -$32.2M | |
| Net Income | -$209.9M | -$170.0M | -$101.5M | -$513.6M | -$551.7M | -$231.9M | $27.9M | -$179.6M | |
| EPS (Diluted) | -0.86 | -5.44 | -3.25 | -2.60 | -2.43 | -0.87 | 0.10 | -0.63 | |
| EBITDA | -$99.0M | -$177.9M | -$18.0M | -$439.8M | -$493.7M | -$32.3M | $323.4M | $6.5M | |
| Shares Out. (M) | 243.65 | 31.25 | 31.25 | 197.72 | 227.26 | 267.92 | 279.19 | 356.82 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $31.7M | $17.6M | $66.4M | $11.2M | $51.4M | $172.4M | $142.8M | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | $86.2M | $119.8M | $230.7M | $194.8M | $455.0M | $574.0M | $545.0M | |
| Total Assets | — | $474.4M | $598.0M | $828.4M | $950.1M | $1.22B | $1.49B | $1.59B | |
| Total Current Liabilities | — | $51.0M | $111.8M | $167.3M | $260.9M | $193.4M | $304.1M | $331.2M | |
| Long-Term Debt | — | $565.4M | $398.1M | $744.7M | $922.1M | $1.04B | $1.26B | $1.26B | |
| Total Liabilities | — | $1.34B | $733.6M | $1.39B | $1.88B | $1.63B | $1.77B | $1.78B | |
| Stockholders' Equity | — | -$867.2M | -$135.6M | -$564.4M | -$932.5M | -$412.8M | -$284.5M | -$191.5M | |
| Retained Earnings | — | -$1.04B | -$1.14B | -$1.65B | -$2.21B | -$2.44B | -$2.41B | -$2.48B |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$88.5M | -$74.3M | -$228.2M | -$312.4M | -$312.2M | -$236.8M | -$50.2M | -$198.7M | |
| Capital Expenditure | -$8.1M | -$12.0M | -$40.6M | -$49.0M | -$46.5M | -$57.0M | -$64.5M | -$101.5M | |
| Free Cash Flow | -$96.6M | -$86.3M | -$268.8M | -$361.4M | -$358.7M | -$293.8M | -$114.7M | -$300.2M | |
| Investing Cash Flow | -$12.9M | -$16.9M | -$40.6M | -$63.5M | -$46.3M | -$18.9M | -$104.2M | -$146.2M | |
| Financing Cash Flow | $116.4M | $55.4M | $254.8M | $424.9M | $301.3M | $297.3M | $270.8M | $335.9M | |
| Issuance of Stock | $30.7M | $34.4M | $185.9M | $9.8M | $136.9M | $150.5M | $78.7M | $156.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $85.7M | $21.0M | $69.0M | $257.8M | $171.2M | $152.0M | $202.5M | $189.5M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $10.3M | $18.0M | $7.6M | $17.4M | $16.1M | |
| Net Change in Cash | $15.2M | -$35.7M | -$14.1M | $48.9M | -$55.3M | $40.3M | $120.9M | -$8.7M |
Dilution Tracker
Shares outstanding grew 793.4% over 5 years — significant dilution
Shares Outstanding
357M
5-Year Share Growth
+793.4%
Stock Issuance (TTM)
$156.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 243.65 | 31.25 | 31.25 | 197.72 | 227.26 | 267.92 | 279.19 | 356.82 | |
| Change vs Prior % | — | -87.2% | 0.0% | 532.7% | 14.9% | 17.9% | 4.2% | 27.8% | |
| Stock Issuance | $30.7M | $34.4M | $185.9M | $9.8M | $136.9M | $150.5M | $78.7M | $156.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $10.3M | $18.0M | $7.6M | $17.4M | $16.1M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 22.8% | -75.9% | 62.2% | 59.8% | 60.4% | |
| Operating Margin % | -192.5% | -206.5% | -640.3% | -417.3% | -388.1% | 14.2% | 13.3% | 9.6% | |
| Net Margin % | -657.5% | -255.3% | -276.0% | -618.6% | -603.4% | -47.3% | 4.8% | -36.5% | |
| EBITDA Margin % | -310.2% | -267.0% | -49.0% | -529.7% | -539.9% | -6.6% | 55.2% | 1.3% | |
| FCF Margin % | -302.7% | -129.5% | -731.0% | -435.3% | -392.3% | -60.0% | -19.6% | -61.0% | |
| ROE % | 0.0% | 19.6% | 74.8% | 91.0% | 59.2% | 56.2% | -9.8% | 76.8% | |
| ROA % | 0.0% | -35.8% | -17.0% | -62.0% | -58.1% | -19.0% | 1.9% | -11.3% | |
| ROIC % | 0.0% | -18.6% | -32.3% | -47.0% | -40.8% | 6.5% | 1.3% | 3.6% | |
| R&D / Revenue % | 299.4% | 222.3% | 519.4% | 217.5% | 230.6% | 35.0% | 31.4% | 28.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 108.7% | -44.8% | 125.8% | 10.1% | 435.6% | 19.7% | |
| Gross Profit | 0.0% | 108.7% | -44.8% | -48.5% | -466.7% | 538.4% | 15.2% | |
| Operating Income | 0.0% | -123.8% | -71.2% | -47.1% | -2.4% | 119.6% | 12.3% | |
| Net Income | 0.0% | 19.0% | 40.3% | -406.0% | -7.4% | 58.0% | 112.0% | |
| EPS (Diluted) | 0.0% | -532.6% | 40.3% | 20.0% | 6.5% | 64.2% | 111.5% | |
| Operating Cash Flow | 0.0% | 16.1% | -207.1% | -36.9% | 0.1% | 24.1% | 78.8% | |
| Free Cash Flow | 0.0% | 10.7% | -211.6% | -34.4% | 0.8% | 18.1% | 61.0% | |
| R&D Expense | 0.0% | 55.0% | 29.0% | -5.4% | 16.7% | -18.7% | 7.5% | |
| SG&A Expense | 0.0% | 21.3% | 42.8% | 122.0% | -60.9% | -15.9% | 48.0% | |
| Total Assets | 0.0% | 0.0% | 26.0% | 38.5% | 14.7% | 28.6% | 21.8% | |
| Book Value / Share | 0.0% | 0.0% | 84.4% | 34.2% | -43.7% | 62.5% | 33.9% | |
| Debt | 0.0% | 0.0% | -22.7% | 53.9% | 33.6% | 10.7% | 21.8% | |
| Diluted Shares | 0.0% | -87.2% | 0.0% | 532.7% | 14.9% | 17.9% | 4.2% |
Valuation
P/E (TTM)At Loss
P/S3.52
10Y Low / Med / High2.44 / 9.51 / 85.42
P/B-9.06
EV/EBITDA465.81
EV/Revenue6.19
10Y Low / Med / High4.62 / 23.26 / 40.17
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.40
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -13.01 | -2.06 | -3.44 | -3.85 | -4.72 | -15.21 | 51.30 | -8.32 | |
| P/S Ratio | 85.42 | 5.25 | 9.51 | 23.81 | 28.53 | 7.24 | 2.44 | 3.52 | |
| P/B Ratio | 0.00 | -0.40 | -2.58 | -3.50 | -2.80 | -8.59 | -5.03 | -9.06 | |
| EV/EBITDA | 0.00 | -5.59 | -47.43 | -6.18 | -7.44 | -145.11 | 8.38 | 465.81 | |
| EV/Revenue | 0.00 | 14.93 | 23.26 | 32.71 | 40.17 | 9.56 | 4.62 | 6.19 |
Analyst Estimates & Quality
Altman Z-Score
-1.20
Distress
Piotroski F-Score
0
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $587.6M | $731.0M | $918.9M |
| Net Income | -$8.7M | $72.0M | $128.7M |
| EPS | $-0.01 | $0.23 | $0.46 |
| # Analysts (EPS) | 3 | 4 | 3 |
Revenue Segments
By Product
| Segment | 2023 |
|---|---|
| Humira | $12.20B |
By Geography
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Asia | $6.8M | — | — | — |
| Europe | $39.4M | $63.5M | $157.6M | $307.2M |
| North America | $30.8M | $18.3M | — | — |
| Other Geographical Area | $6.0M | — | — | — |
| Asia And Other | — | $9.6M | — | — |
| Rest Of The World | — | — | $59.1M | $37.7M |
| UNITED STATES | — | — | $273.0M | $241.4M |