===== 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