Nasdaq Nordic · interim-report
Kvartalsrapport Q3 2023
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Omsättning
- Product revenue .............................................................................................. 29,800 11,060 | License and other revenue ............................................................................ 8,244 48,111
- Product revenue .............................................................................................. 29,800 11,060 | License and other revenue ............................................................................ 8,244 48,111 | Other income .................................................................................................. 56 197
- Other income .................................................................................................. 56 197 | Cost of product revenue ................................................................................ (104,437) (35,362) | Research and development expenses .......................................................... (152,813) (133,140)
Rörelseresultat
- Non-operating profit / (loss) (64,542) 57,810
Kassaflöde
- Operating cash flow before movement in working capital (226,201) (163,511) | Increase in inventories ....................................................................................... (10,525) (28,401)
Likvida medel
- Receivables from related parties ................................................................... 1,591 1,548 | Cash and cash equivalents ............................................................................. 68,315 66,427
- Decrease in cash and cash equivalents ............................................................ (242) (4,545) | Cash and cash equivalents at the beginning of the period ........................... 66,427 17,556
- Decrease in cash and cash equivalents ............................................................ (242) (4,545) | Cash and cash equivalents at the beginning of the period ........................... 66,427 17,556 | Effect of movements in exchange rates on cash held .................................. 2,130 (167)
- Cash and cash equivalents at the end of the period .......................... 68,315 12,844
Nettoskuld
- Net cash used in operating activities (245,022) (248,014)
- Net cash used in investing activities (35,878) (53,068)
- Net cash generated from financing activities 280,658 296,537
Fulltext
===== SIDA 1 =====
Sæmundargata 15-19 Phone +354 422 4500 alvotech.media@alvotech.com
Page 1 of 5 102 Reykjavík, Iceland www.alvotech.com
Unaudited Condensed Consolidated Interim Statements of Profit or Loss and
Other Comprehensive Income or Loss
Nine months
ended
30 September
2023
Nine months
ended
30 September
2022
USD in thousands, except for per share amounts
Product revenue .............................................................................................. 29,800 11,060
License and other revenue ............................................................................ 8,244 48,111
Other income .................................................................................................. 56 197
Cost of product revenue ................................................................................ (104,437) (35,362)
Research and development expenses .......................................................... (152,813) (133,140)
General and administrative expenses .......................................................... (58,558) (156,520)
Operating loss (277,708) (265,654)
Share of net loss of joint venture ................................................................. (3,983) (1,732)
Finance income ............................................................................................... 46,383 97,299
Finance costs ................................................................................................... (107,826) (69,200)
Exchange rate differences ............................................................................. 884 13,643
Gain on extinguishment of financial liabilities ........................................... - 17,800
Non-operating profit / (loss) (64,542) 57,810
Loss before taxes (342,250) (207,844)
Income tax benefit .......................................................................................... 67,076 14,771
Loss for the period (275,174) (193,073)
Other comprehensive loss
Item that will be reclassified to profit or loss in subsequent periods:
Exchange rate differences on translation of foreign operations ........... (2,648) (8,852)
Total comprehensive loss (277,822) (201,925)
Loss per share
Basic and diluted loss for the period per share ......................................... (1.21) (1.00)
===== SIDA 2 =====
Sæmundargata 15-19 Phone +354 422 4500 alvotech.media@alvotech.com
Page 2 of 5 102 Reykjavík, Iceland www.alvotech.com
Unaudited Condensed Consolidated Interim Statement of Financial Position
USD in thousands 30 September
2023
31 December
2022
Non-current assets
Property, plant and equipment ..................................................................... 235,091 220,594
Right-of-use assets .......................................................................................... 108,371 47,501
Goodwill .......................................................................................................... 11,555 11,643
Other intangible assets ................................................................................... 20,283 25,652
Contract assets ................................................................................................ 8,111 3,286
Investment in joint venture ........................................................................... 42,035 48,568
Other long-term assets ................................................................................... 1,957 5,780
Restricted cash ................................................................................................ 25,187 25,187
Deferred tax assets ......................................................................................... 277,838 209,496
Total non-current assets 730,428 597,707
Current assets
Inventories ....................................................................................................... 81,995 71,470
Trade receivables ............................................................................................ 21,945 32,972
Contract assets ................................................................................................ 18,514 25,370
Other current assets ....................................................................................... 36,031 32,949
Receivables from related parties ................................................................... 1,591 1,548
Cash and cash equivalents ............................................................................. 68,315 66,427
Total current assets 228,391 230,736
Total assets 958,819 828,443
===== SIDA 3 =====
Sæmundargata 15-19 Phone +354 422 4500 alvotech.media@alvotech.com
Page 3 of 5 102 Reykjavík, Iceland www.alvotech.com
Unaudited Condensed Consolidated Interim Statement of Financial Position
USD in thousands 30 September
2023
31 December
2022
Equity
Share capital ...................................................................................................... 2,271 2,126
Share premium ................................................................................................. 1,224,844 1,058,432
Other reserves ................................................................................................. 45,411 30,582
Translation reserve .......................................................................................... (4,090) (1,442)
Accumulated deficit ........................................................................................ (1,929,288) (1,654,114)
Total equity (660,852) (564,416)
Non-current liabilities
Borrowings ....................................................................................................... 898,483 744,654
Derivative financial liabilities ......................................................................... 359,861 380,232
Other long-term liability to related party ..................................................... 7,440 7,440
Lease liabilities ................................................................................................. 94,375 35,369
Long-term incentive plan ............................................................................... - 544
Contract liabilities ............................................................................................ 72,695 57,017
Deferred tax liability ........................................................................................ 63 309
Total non-current liabilities 1,432,917 1,225,565
Current liabilities
Trade and other payables ............................................................................... 52,662 49,188
Lease liabilities ................................................................................................. 8,579 5,163
Current maturities of borrowings ................................................................. 13,594 19,916
Liabilities to related parties ............................................................................ 1,189 1,131
Contract liabilities ............................................................................................ 53,419 36,915
Taxes payable ................................................................................................... 1,721 934
Other current liabilities ................................................................................... 55,590 54,047
Total current liabilities 186,754 167,294
Total liabilities 1,619,671 1,392,859
Total equity and liabilities 958,819 828,443
===== SIDA 4 =====
Sæmundargata 15-19 Phone +354 422 4500 alvotech.media@alvotech.com
Page 4 of 5 102 Reykjavík, Iceland www.alvotech.com
Unaudited Condensed Consolidated Interim Statements of Cash Flows
Nine months
ended
30 September
2023
Nine months
ended
30 September
2022
USD in thousands
Cash flows from operating activities
Loss for the period ............................................................................................ (275,174) (193,073)
Adjustments for non-cash items:
Gain on extinguishment of SARs liability....................................................... - (4,803)
Share listing expense........................................................................................... - 83,411
Share-based payment expense........................................................................... 15,199 5,686
Depreciation and amortization......................................................................... 17,485 15,084
Impairment of other intangible assets…………........................................... - 2,765
Loss on disposal of property, plant and equipment...................................... 323 -
Change in allowance for receivables................................................................ 18,500 -
Share of net loss of joint venture...................................................................... 3,983 1,732
Finance income.................................................................................................... (46,383) (97,299)
Finance costs........................................................................................................ 107,826 69,200
Gain on extinguishment of financial liabilities............................................... - (17,800)
Exchange rate difference................................................................................... (884) (13,643)
Income tax benefit............................................................................................. (67,076) (14,771)
Operating cash flow before movement in working capital (226,201) (163,511)
Increase in inventories ....................................................................................... (10,525) (28,401)
(Increase) / decrease in trade receivables ...................................................... 11,027 4,437
Increase in net liabilities with related parties ................................................. 15 1,188
(Increase) / decrease in contract assets .......................................................... 2,031 (8,286)
Increase in other assets ...................................................................................... (15) (10,297)
Increase in trade and other payables ............................................................... (566) 9,884
Increase / (decrease) in contract liabilities ..................................................... 32,182 (10,340)
Increase / (decrease) in other liabilities .......................................................... (21,737) (29,214)
Cash used in operations (213,789) (234,540)
Interest received ................................................................................................. 46 14
Interest paid ........................................................................................................ (30,582) (13,072)
Income tax paid .................................................................................................. (697) (416)
Net cash used in operating activities (245,022) (248,014)
===== SIDA 5 =====
Sæmundargata 15-19 Phone +354 422 4500 alvotech.media@alvotech.com
Page 5 of 5 102 Reykjavík, Iceland www.alvotech.com
Cash flows from investing activities
Acquisition of property, plant and equipment ............................................. (29,440) (28,942)
Disposal of property, plant and equipment .................................................. 133 379
Acquisition of intangible assets ....................................................................... (6,571) (9,591)
Restricted cash in connection with the amended bond agreement ........... - (14,914)
Net cash used in investing activities (35,878) (53,068)
Cash flows from financing activities
Repayments of borrowings ............................................................................. (97,538) (2,206)
Repayments of principal portion of lease liabilities ..................................... (5,838) (6,990)
Proceeds from new borrowings………… .................................................... 244,908 16,537
Gross proceeds from the private placement equity offering fee................. 136,877 -
Gross private placement equity offering fee paid.......................................... (4,141) -
Proceeds from warrants .................................................................................... 6,390 -
Gross proceeds from the PIPE Financing .................................................... - 174,930
Gross PIPE Financing fees paid………......................................................... - (5,561)
Proceeds from the Capital Reorganization..................................................... - 9,827
Proceeds from loans from related parties....................................................... - 110,000
Net cash generated from financing activities 280,658 296,537
Decrease in cash and cash equivalents ............................................................ (242) (4,545)
Cash and cash equivalents at the beginning of the period ........................... 66,427 17,556
Effect of movements in exchange rates on cash held .................................. 2,130 (167)
Cash and cash equivalents at the end of the period .......................... 68,315 12,844