Alvotech Announces Q2 Preliminary Revenue Of $196M-$201M Vs $160M Est, Preliminary Adj EBITDA Of $98M-$103M

Alvotech (NASDAQ:ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced certain preliminary, unaudited key financial information for the second quarter and six months ended June 30, 2024, as follows:
 

• Strong preliminary revenue growth with total revenues for the second quarter between $196 - $201 million. Preliminary total revenues for the first six months are $233 - $238 million, an approximately 10-fold increase compared to total revenues for the same period in 2023.
• Preliminary product revenues, from global sales of Alvotech's biosimilars to Humira® (adalimumab) and Stelara® (ustekinumab), for the second quarter are $51 – $54 million. Preliminary growth in the first half of approximately 180% year-over-year compared to the same period in 2023, with product revenues of $63 - $66 million for the first six months of this year.
• Preliminary milestone revenues in the second quarter are $145 - $147 million or $169 - $171 million for the first six months of 2024, primarily due to the achievement of top-line clinical results for certain clinical programs and multiple global product launches in the second quarter.
• Record quarter in terms of preliminary adjusted EBITDA. Preliminary adjusted EBITDA is $98 - $103 million for the second quarter or $60 - $65 million for the first six months of the year. This compares to an adjusted EBITDA loss of ($178) million for the first half of 2023.