Kvartalsrapport Q1 2025

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Q1 2025 Earnings and 
Business Update
May 8, 2025

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Disclaimer
2
This presentation (“Presentation”) does not contain or 
constitute an offer to sell, a solicitation of an offer to buy, or a 
recommendation to purchase any security of Alvotech (the 
“Company”) to any person in the United States or in any 
jurisdiction to whom or in which such offer or solicitation is 
unlawful.  Any trademarks, servicemarks, trade names and 
copyrights of the Company and other companies contained in 
this Presentation are the property of their respective owners.
Forward-Looking Statements
This Presentation contains forward-looking statements within 
the meaning of the Private Securities Litigation Reform Act of 
1995, as amended. Forward-looking statements generally relate 
to future events or future financial or operating performance of 
the Company and may include, for example, the Company’s 
expectations regarding capitalization through equity or debt 
financing, Alvotech’s ability to maintain listing requirements, 
future growth, results of operations, performance, projections 
of future revenue and cash runway, competitive advantages, 
business prospects and opportunities including pipeline product 
development, future plans and intentions, results, level of 
activities, performance, goals or achievements or other future 
events, the re-inspection of the Company’s manufacturing site 
by the FDA, the expectation that the FDA’s facility inspection in 
March 2023 will also serve as the pre-license inspection for 
AVT04,  potential approval, including for AVT02 and AVT04, by 
the FDA and other regulatory agencies, commercial launch of 
the Company’s products and product candidates, including 
AVT02 in the U.S., the timing and progress of the 
announcement of clinical study results, the commencement of 
patient studies, regulatory approvals and market launches, the 
Company’s partnerships, including with Teva and information 
about the market opportunity of the Company’s pipeline 
products. In some cases, you can identify forward-looking 
statements by terminology such as “may”, “should”, “expect”, 
“intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, 
“potential” or “continue”, or the negatives of these terms or 
variations of them or similar terminology. Such forward-looking 
statements are subject to risks, uncertainties, and other factors 
which could cause actual results to differ materially from those 
expressed or implied by such forward-looking statements. 
These forward-looking statements are based upon estimates 
and assumptions that, while considered reasonable by the 
Company and its management, are inherently uncertain and 
are inherently subject to risks, variability and contingencies, 
many of which are beyond the Company’s control. Factors that 
may cause actual results to differ materially from current 
expectations include, but are not limited to: (1) the outcome of 
any legal proceedings that may be instituted against the 
Company or others following the business combination 
between Alvotech Holdings S.A., Oaktree Acquisition Corp. II 
and Alvotech; (2) the ability to maintain stock exchange listing 
standards; (3) changes in applicable laws or regulations; (4) the 
possibility that the Company may be adversely affected by 
other economic, business, and/or competitive factors; (5) the 
Company’s estimates of expenses and profitability; (6) the 
Company’s ability to develop, manufacture and commercialize 
the products and product candidates in its pipeline; (7) the 
ability of Alvotech or its partners to respond to inspection 
findings and resolve deficiencies to the satisfaction of the 
regulators; (8) actions of regulatory authorities, which may 
affect the initiation, timing and progress of clinical studies or 
future regulatory approvals or marketing authorizations; (9) the 
ability of the Company or its partners to enroll and retain 
patients in clinical studies; (10) the ability of the Company or its 
partners to gain approval from regulators for planned clinical 
studies, study plans or sites; (11) the ability of the Company’s 
partners to conduct, supervise and monitor existing and 
potential future clinical studies, which may impact 
development timelines and plans; (12) the Company’s ability to 
obtain and maintain regulatory approval or authorizations of its 
products, including the timing or likelihood of expansion into 
additional markets or geographies; (13) the success of the 
Company’s current and future collaborations, joint ventures, 
partnerships or licensing arrangements; (14) the Company’s 
ability, and that of its commercial partners, to execute their 
commercialization strategy for approved products; (15) the 
Company’s ability to manufacture sufficient commercial supply 
of its approved products; (16) the outcome of ongoing and 
future litigation regarding the Company’s products and product 
candidates; (17) the potential impact of the ongoing COVID-19 
pandemic on the FDA’s review timelines, including its ability to 
complete timely inspection of manufacturing sites; and (18) the 
impact of worsening macroeconomic conditions, including 
rising inflation and interest rates and general market 
conditions, war in Ukraine and global geopolitical tension, and 
the ongoing and evolving COVID-19 pandemic on the 
Company’s business, financial position, strategy and anticipated 
milestones; and (19) other risks and uncertainties set forth in 
the sections entitled “Risk Factors” and “Cautionary Note 
Regarding Forward-Looking Statements” in documents that the 
Company may from time to time file or furnish with the SEC. 
There may be additional risks that the Company does not 
presently know or that the Company currently believes are 
immaterial that could also cause actual results to differ from 
those contained in the forward-looking statements. This 
presentation also contains estimates and other statistical data 
made by independent parties and by the Company relating to 
market size and growth and other data about the Company’s 
industry. This data involves a number of assumptions and 
limitations, and you are cautioned not to give undue weight to 
such estimates. In addition, projections, assumptions, and 
estimates of the future performance of the markets in which 
the Company operates are necessarily subject to a high degree 
of uncertainty and risk. Nothing in this Presentation should be 
regarded as a representation by any person that the forward-
looking statements set forth herein will be achieved or that any 
of the contemplated results of such forward-looking statements 
will be achieved. You should not place undue reliance on 
forward-looking statements, which speak only as of the date 
they are made. The Company does not undertake any duty to 
update these forward-looking statements or to inform the 
recipient of any matters of which any of them becomes aware 
of which may affect any matter referred to in this Presentation.
Non-IFRS Financial Measures
This Presentation may include projections of certain financial 
measures not presented in accordance with International 
Financial Reporting Standards (“IFRS”) including, but not limited 
to, Adjusted EBITDA and certain ratios and other metrics 
derived therefrom. These non-IFRS financial measures are not 
measures of financial performance in accordance with IFRS and 
may exclude items that are significant in understanding and 
assessing the Company’s financial results. Therefore, these 
measures should not be considered in isolation or as an 
alternative to net income, cash flows from operations or other 
measures of profitability, liquidity or performance under IFRS. 
You should be aware that the Company’s presentation of these 
measures may not be comparable to similarly-titled measures 
used by other companies. The Company believes these non-
IFRS measures of financial results provide useful information to 
management and investors regarding certain financial and 
business trends relating to the Company’s financial condition 
and results of operations. The Company believes that the use of 
these non-IFRS financial measures provide an additional tool for 
investors to use in evaluating ongoing operating results and 
trends and in comparing the Company’s financial measures 
with other similar companies, many of which present similar 
non-IFRS financial measures to investors. These non-IFRS 
financial measures are subject to inherent limitations as they 
reflect the exercise of judgments by management about which 
expense and income are excluded or included in determining 
these non-IFRS financial measures. Due to the high variability 
and difficulty in making accurate forecasts and projections of 
some of the information excluded from these projected 
measures, together with some of the excluded information not 
being ascertainable or accessible, the Company is unable to 
quantify certain amounts that would be required to be included 
in the most directly comparable IFRS financial measures 
without unreasonable effort. Consequently, no disclosure of 
estimated comparable IFRS measures is included and no 
reconciliation of the forward-looking non-IFRS financial 
measures is included. For the same reasons, the Company is 
unable to address the probable significance of the unavailable 
information, which could be material to future results.

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Agenda RÓBERT WESSMAN
Chairman and Chief Executive Officer
ANIL OKAY
Chief Commercial Officer
JOEL MORALES
Chief Financial Officer
BALAJI PRASAD
Chief Strategy Officer
BENEDIKT STEFÁNSSON
VP of IR and Global Communication
1
2
3
4
OVERVIEW
COMMERCIAL UPDATE
FINANCIAL UPDATE
Q&A

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Róbert
Wessman
Chairman and 
Chief Executive Officer

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5
2025 Revised Outlook
‖ Adjusted EBITDA
 $200-280m
‖ CAPEX & Intangibles 2
$60-70m
‖ Taxes 1
~20%
‖ Debt Service Payments 3
$55-60m
2025
Outlook
‖ Revenues
 $600-700m
Product Revenue $340-410m
Milestone Revenues $260-290m
1) Post utilization of NOLs; $1.579m as of March 31, 2025
2) CAPEX includes capitalized intangibles, including co-development arrangements.
3) Debt Service Payments includes net interest and principal payments.
AVT04 US launch in Q1
Three additional biosimilar launches
Ongoing significant contributions from milestone revenues
‖ Product Margin
 38-41%
‖ Gross Margin
 65-66%

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CIMZIA® – Unique biologic in the immunology space
High-barrier asset with stable sales and first-to-market opportunity
Only anti-TNF indicated for women of childbearing age during pregnancy and breastfeeding
Expect to be the first biosimilar development to enter the clinical stage1
Synergy with Alvotech immunology basket
64% 63% 61%
19% 20% 21%
17% 17% 19%
$2.3 Bn $2.3 Bn $2.3 Bn
2022 2023 2024
STABLE WW MARKET SALES1 WW MARKET VOLUME GROWS AT 11%2
38% 38% 38%
38% 38% 38%
24% 24% 24%
3.4 Mn 3.7 Mn 3.8 Mn
2022 2023 2024
US
EU
RoW
US
EU
RoW
1Based on public info and GlobalData CI tool
2Reported Cimzia® sales. Source GlobalData
3MIDAS IQVIA

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Forward Momentum Continues
7
STRONG FINANCIAL 
PERFORMANCE
GROWING IN US AND EX-
US MARKETS
NEAR-TERM LAUNCHES 
AND PIPELINE GROWTH
Triple digit % increases in total 
revenues and product revenues 
compared to same quarter last year
Fourth consecutive quarter of 
positive adjusted EBIDTA and 
operating profits
Positive cash flow from operations 
and expecting to be internally 
funded and free cash flow positive 
in 2025
Marketing applications for three 
biosimilar candidates under review 
in major markets and for fourth 
biosimilar in the UK, with filing in 
Europe pending
Six biosimilars on the market by 
2026, contributing to 
diversification of product revenues
Moving 6 new biosimilar 
candidates into process 
development in 2025
Stelara® biosimilar SELARSDI
  
launched in U.S. on February 21 
after successful 2024 launches in 
Europe, Canada and Japan
SELARSDI approved by FDA for 
interchangeability with all 
presentations of Stelara® as of 
April 30, 2025
Expecting continuing growth in 
both U.S. and ex-US markets for 
both Humira® and Stelara® 
biosimilars

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Anil Okay
Chief Commercial Officer

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Most Valuable R&D Pipeline of Biosimilars Developers
9
BIOSIMILAR 
CANDIDATE
REFERENCE 
BIOLOGIC
THERAPEUTIC 
AREA
EARLY
PHASE
PRE-
CLINICAL
CLINICAL TRIAL(S) FILING1 APPROVAL LAUNCHPK STUDY PATIENT TRIAL
AVT02 adalimumab HUMIRA® Immunology
AVT04 ustekinumab STELARA® Immunology
AVT03 denosumab PROLIA®/ 
XGEVA® Bone Disease
AVT05 golimumab SIMPONI®/
SIMPONI ARIA® Immunology
AVT06 aflibercept EYLEA® Ophthalmology
AVT232 omalizumab XOLAIR® Respiratory
AVT16/803 vedolizumab ENTYVIO® Immunology
AVT29 aflibercept EYLEA® HD Ophthalmology
AVT33 pembrolizumab KEYTRUDA® Oncology
AVT19 dupilumab DUPIXENT® Immunology
AVT28 ixekizumab TALTZ® Immunology
AVT41 guselkumab TREMFYA® Immunology
AVT48 canakinumab ILARIS® Immunology
AVT65 ofatumumab KESIMPTA® Immunology
1Filing status reflects filing acceptance in at least one major market  2AVT23 rights licensed from Kashiv BioSciences for EU, UK, Australia, Canada, and New Zealand , 3Represent vial and PFS presentations of Entyvio, respecitvely
31 MARKETS
27 MARKETS
64 MARKETS
48 MARKETS
74 MARKETS
70 MARKETS
ONGOING
ONGOING
ONGOING
HUMIRA is a registered trademark of AbbVie Inc.; STELARA, SIMPONI, SIMPONI ARIA and TREMFYA are  registered trademarks of Johnson & Johnson Inc.;  XOLAIR, ILARIS  and KESIMPTA are a registered trademarks of Novartis AG; PROLIA AND XGEVA are registered 
trademarks of Amgen, Inc.; EYLEA is a registered trademark of Regeneron Pharmaceuticals, Inc.; ENTYVIO is a registered trademark  of Millennium Pharmaceuticals, Inc.; KEYTRUDA is a registered trademark  of Merck Sharp & Dohme Corp; DUPIXENT is a trademark and 
brand of Sanofi Biotechnology; TALTZ is a registered trademark of Eli Lilly and Company
In addition to these named programs, Alvotech has developed 15 cell lines, providing a range of opportunities
Launched
Launching in 2025
Late-stage development
Early-stage development
37 MARKETS
37 MARKETS
37 MARKETS
1 MARKETPOSITIVE RESULTS

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Commercialization Update
10
Biosimilar 
to Stelara®
SELARSDI®  approved in the U.S. as interchangeable 
biosimilar to Stelara®, for all presentations
First U.S. formulary inclusion for SELARSDI® (ESI) and 
private label deals announced, robust order book. 
UZPRUVO® with highest or second highest market 
share for Stelara® biosimilars in each market launched
Expecting double digit market share of overall Stelara® 
market in Europe at year end 2025
Biosimilar 
to Humira®
All major PBMs have announced that they will 
exclude Humira® from formulary this year
Expecting >50% of the U.S. Humira® market to 
convert to biosimilars before the end of  2025
SIMLANDI® fastest growing Humira® biosimilar in 
the Canadian market
High single digit market share for HUKYNDRA® in 
over 15 European markets

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Late Stage Pipeline Update
Established anti-TNF with 
significant market in 
immunology disease
Only one other company 
has completed a clinical 
trial for biosimilar 
candidate to the 
reference biologic
Partnership with Teva in 
the U.S. and Advanz 
Pharma in Europe.
Expected approval in Q4 
2024 and launch in 
Europe and U.S. ASAP 
after approval
AVT05
AVT03
Leading biologic in 
osteoporosis and bone 
disease
Partnership with Dr. 
Reddy’s Laboratories for 
the U.S.,  Dr. Reddy’s and 
STADA in European market
Expected approval in Q4 
2024 with anticipated 
launch in Europe in Q4 
2024 and in U.S. ASAP after 
approval
AVT23
Important biologic in 
respiratory disease, 
growing market with limited 
competition
Licensed from Kashiv 
BioSciences. Partnered 
with Advanz in EU, UK, 
Australia, Canada and New 
Zealand
Expected UK approval in 
Q4 with launch in 2026 and 
filing in Europe later this 
year
11
Leading biologic for 
retinal diseases
Alvotech has developed 
both vial and pre-filled 
syringe presentations
Partnership with Teva in 
the U.S. and Advanz 
Pharma, STADA and 
Biogaran in Europe
Expected approval in Q3 
in US and Q4 in Europe 
with launch ASAP after 
approval
AVT06
SIMPONI and SIMPONI ARIA registered trademarks of Johnson & Johnson Inc.;  XOLAIR is a registered trademarks of Novartis AG; PROLIA AND XGEVA are registered trademarks of Amgen, Inc.; EYLEA is a registered trademark of Regeneron Pharmaceuticals, Inc.

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Joel 
Morales
Chief Financial Officer

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13
Top and Bottom-line Growth 
Demonstrating Operating Leverage 
Product revenues growth driven by:
› US launch of biosimilars to HUMIRA® in Q2’24 and STELARA® in Q1’25
› EU/ROW launch of biosimilar to STELARA® in Q3’24
› Increased EU sales for of biosimilars to HUMIRA® 
License revenues driven by new launches and performance 
basted milestones from recent launches 
› Successful US in-market launch of biosimilar to STELARA®
› Performance milestone achieved for biosimilar to STELARA® in EU
Positive Product Margin driven by new launches and 
manufacturing efficiencies 
› Manufacturing at higher scale and improved production processes 
resulting in lower unit costs
Positive Gross Margin driven by product revenue contribution
Positive EBITDA driven by increased Gross Profit and lower OPEX
Adjusted Results Change
Q1 2025 USD %
USD Millions
Product Revenue $110 $12 $97 784%
Licensing  and Other Revenue $23 $24 ($2) -6%
Total Revenue $133 $37 $96 260%
Gross Profit $68 $17 $51 N/A
Product Margin 41% -62%
Gross Margin 51% 45%
EBITDA $21 ($38) $59 N/A
EBITDA Margin 15% -104%
Q1 2024

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Cash & Liquidity
14
CASH AND 
LIQUIDITY
SHARES 
OUTSTANDING
Positive cash flows from operating 
activities
Cash and cash equivalents of $39 
million as of 31 March
Total borrowings of $1,097 million, as of 
31 March
Based on current operating plans, the 
Company expects to be free cash flow 
positive in 2025
301.9 million shares outstanding as of 
31 March
Includes 39.6 million of earnout 
shares, of which 19.2 million not 
currently vested
Excludes shares to be issued for certain 
programs and arrangements that are 
not yet settled as of 31 March

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Appendix

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16
Reported to Adjusted Reconciliation
Q1 2025 Adjustment Entries
Cost of Product Revenue ⁻ $0.5m charge related to long-term incentive plan
R&D ₋ $0.3m charge related to long-term incentive plan (non-cash)​
₋ ($1.9m) IP litigation costs attributable to programs - reclassified from G&A​
G&A
₋ $0.5m charge related to long-term incentive plan (non-cash)​
₋ $1.9m IP litigation costs attributable to programs - reclassified to R&D​
₋ $0.3m one-time transaction cost​
Finance Income ₋ ($125.6m) fair value adjustment on derivatives (non-cash)​
Exchange Rate Differences ₋ $7.9m impact of exchange rate fluctuations (non-cash)​
Income Tax ₋ ($1.9m) tax impact of discrete adj. in jurisdictions where tax benefits are available​
Q1 2024 Adjustment Entries
Cost of Product Revenue ₋ ($0.2m) charge related to long-term incentive plan
R&D ₋ $0.8m charge related to long-term incentive plan (non-cash)​
₋ ($0.2m) IP litigation costs attributable to programs - reclassified from G&A​
G&A ₋ $2.2m charge related to long-term incentive plan (non-cash)​
₋ $0.2m IP litigation costs attributable to programs - reclassified to R&D​
Finance Costs ₋ $140.9m fair value adjustment on derivatives (non-cash)​
Exchange Rate Differences ₋ ($6.5m) impact of exchange rate fluctuations (non-cash)​
Income Tax ₋ $0.7m tax impact of discrete adj. in jurisdictions where tax benefits are available​

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17
Financial Guidance Summary
$ millions 2023A 2024A 2025 Guidance 2025 Revised “Target 2028”
Product Revenue (1) 49 274 340 – 410 340 – 410 80 – 85% of total revenue
Milestone Revenue (1) 45 218 230 – 260 260 – 290 15 – 20% of total revenue
(Cumulative ~$1.0b from ’25E - ’28E)
Total Alvotech Revenue $93 $492 $570 – $670 $600 – $700 ~$1.5b
COGS (156) (184) (210) - (240) (210) - (240) 30 – 40% of revenues
R&D (190) (172) (155) - (150) (165) - (160) 15 – 20% of revenues
G&A (63) (58) (60) - (55) (60) - (55) ~5% of revenues
Adjusted EBITDA ($291) $108 $180 – $260 $200 – $280 40 – 45% Margin
CapEx (2) $43m $65 $60 – $70 $60 – $70 $20-$25
(Cumulative ~$190m from ’25E - ’28E)
Taxes (3) N/A N/A 20% 20% 20%
1. Revenues represent risk adjusted revenues
2. CAPEX includes capitalized intangibles, including co-development arrangements.
3. Post utilization of NOLs; 31-Mar 2025 NOL balance of $1.579m

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Capital Structure as of 31 March 2025
18
Note: This table is intended to reflect a list of instruments that could have potential future dilutive effects and is not reflective of the IFRS diluted 
share count that is used in calculating Diluted EPS. 
1 Using the Company's average stock price of $11.35 and calculated in accordance with the Warrant Agreement dated September 21, 2020.

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Additional 
information
investors.alvotech.com
investors.alvotech.com
alvotech.com
alvotech.com
alvotech.is
alvotech.is
alvotech.ir@alvotech.com
alvotech.ir@alvotech.com