Kvartalsrapport Q3 2025

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Q3 2025
Earnings 
Presentation
12 NOVEMBER 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. This Presentation is strictly confidential to the 
recipient, it is being distributed to a limited range of invited 
persons solely for their own information, may not be 
distributed to the press or any other person, and may not be 
reproduced or published, in whole or in part, in any form. 
Failure to comply with this restriction may constitute a 
violation of applicable securities laws.
Forward-Looking Statements
Certain statements in this communication may be 
considered “forward-looking statements” within the 
meaning of the Private Securities Litigation Reform Act of 
1995, as amended. Forward-looking statements include, for 
example, Alvotech’s expectations regarding competitive 
advantages, business prospects and opportunities including 
pipeline product development, future plans and intentions, 
regulatory submissions, review and interactions, the 
potential approval and commercial launch of its product 
candidates, the timing of regulatory approval, market 
launches and financial projections. 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 Alvotech and its management, are inherently 
uncertain and are inherently subject to risks, variability, and 
contingencies, many of which are beyond Alvotech’s control. 
Factors that may cause actual results to differ materially 
from current expectations include, but are not limited to 
factors set forth in the sections entitled “Risk Factors” and 
“Cautionary Note Regarding Forward-Looking Statements” in 
documents that Alvotech may from time-to-time file or 
furnish with the SEC. There may be additional risks that 
Alvotech does not presently know or that Alvotech currently 
believes are immaterial that could also cause actual results 
to differ from those contained in the forward-looking 
statements. These forward-looking statements are provided 
for illustrative purposes only and are not intended to serve 
as, and must not be relied on by an investor as, a guarantee, 
assurance, prediction or definitive statement of a fact or 
probability. Alvotech 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 
communication. Alvotech disclaims any and all liability for 
any loss or damage (whether foreseeable or not) suffered or 
incurred by any person or entity as a result of anything 
contained or omitted from this communication and such 
liability is expressly disclaimed.
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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Róbert
Wessman
CHAIRMAN AND 
CHIEF EXECUTIVE OFFICER
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Alvotech is a leading pure play biotech company
© Alvotech. All rights reserved 4
INVESTED
IN THE 
PLATFORM 
AND 
PORTFOLIO
~$2bn
1 Launches reflect a specific molecule into a single market; 2 Expected approvals reflect approval in a major market (US or Europe)
BIOSIMILAR 
LAUNCHES1
>60
(across both 
AVT02 and AVT04)
COMMERCIAL 
PARTNERSHIPS
19
>$185bn
TOTAL 
ADDRESSABLE 
MARKET
APPROVED 
BIOSIMILARS
5
OUR VISION
”Our vision is to build a leading 
global biosimilar company, focused 
on improving the quality of life for 
patients around the world”
Vertically
Integrated
Infrastructure
Multi-
Product
Portfolio
Global
Reach 
Strategy
Pure Play
Biosimilar
Platform
+420%
REVENUE 
GROWTH 2024

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5© Alvotech. All rights reserved
Update on 
FDA process 
and pipeline
Revised
outlook
for FY25Key
Topics
→ FDA issuance of a CRL for 
AVT05 only cited 
unresolved issues 
identified during 
inspection in July
→ Reykjavik manufacturing 
facility remains approved 
for commercialized 
products, i.e. bHumira 
and bStelara
→ Approvals and/or positive 
CHMP opinions already 
received for AVT06, 
AVT05, and AVT03 by 
EMA and Japan’s PMDA
→ As announced previously,  
outlook was revised for 
revenues at $570m-
$600m and Adj. EBITDA 
at $130m-$150m, with
strong licencing revenues 
expected in 4Q25 to 
support margin expansion
→ Impact on product 
revenues and operating 
expenses expected to 
continue into 4Q25 
FDA: U.S. Food and Drug Administration; CRL: Complete Response Letter; EMA: European Medicines Agency; CHMP: Committee for Me dicinal Products for 
Human Use; AVT03: biosimilar to Prolia®/Xgeva®; AVT05: biosimilar to Simponi®/Simponi Aria®; AVT06: biosimilar to Eylea®
Update on 
marketed 
products
→ Holding market share 
in Humira U.S. market 
as share of originator 
continues to fall and 
growing share of E.U. 
Humira market
→ Continue adding 
formulary coverage for 
bStelara in U.S. and 
holding a leading 
position for bStelara in 
Europe

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Approval of AVT05 BLA delayed by CRL, but facility remains approved
6© Alvotech. All rights reserved
FDA’s complete response 
letter for AVT05
→ FDA issued a CRL for AVT05 in PFS and 
AI presentations, only citing unresolved 
issues identified during inspection in 
July
→ The FDA did not identify any other 
deficiencies with this BLA
→ Alvotech submitted a comprehensive 
response to the FDA detailing its 
Corrective and Preventive Action 
(CAPA) plan in July 2025
U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) for Alvotech’s biosimilar 
candidate to Simponi® (golimumab) in prefilled syringe (PFS) and autoinjector (AI). Manufacturing facility 
remains approved for on-market products.
→ Reykjavik manufacturing facility remains 
FDA approved for commercialized 
products
→ Production continues for on-market 
products, bHumira (AVT02) and 
bStelara (AVT04) for all approved 
markets, including the U.S.
→ Approvals and/or positive opinions 
already received from Japan and EU for 
bEylea (AVT06), bSimponi (AVT05), and 
bEyela/bXgeva (AVT03); UK approvals 
for bSimponi (AVT05) and bEylea 
(AVT06)
→ Once the FDA provides clarity later this 
month on the specific issues identified 
during the inspection, Alvotech will 
address them in a timely manner
→ Statutory review time for a CRL 
response is 6 months
→ Alvotech expects to be first to launch a 
bSimponi in EU, UK, and Japan
→ Alvotech anticipates being one of the 
first, if not the only, approved biosimilar 
to Simponi in the US and other global 
markets
Reykjavik facility 
remains FDA approved
Next steps for FDA 
approval of AVT05

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Robust revenue 
growth YoY
› Revised outlook for FY2025 for topline 
revenues to $570-600m (vs $600-700m prior) 
and EBITDA revised to $130-150m (vs $200-
280m prior)
› Product Revenues have been gaining 
momentum since launch of first biosimilar 
AVT02 in 2022
› Significant step-up in product revenues in 
2024 following first market launch of 
bHumira, Simlandi (AVT02) in the US, as well 
as the market launch of the Company’s 
second biosimilar bStelara, Selarsdi, (AVT04) 
in early 2025
› Three new biosimilars coming to market in 
coming months – AVT03, AVT05 and AVT06 - 
approvals and positive opinions already 
received from the UK, the EU Committee for 
Medicinal Products for Human Use (CHMP), 
and Japan’s PMDA
› Licensing Revenues expected to continue as a 
significant revenue contributor and deliver 
$250-300m annually until 2030 driven by 
strong development pipeline and 
contributions from new launches
© Alvotech. All rights reserved
7
Proven record of strong sales potential for on-market 
products and solid performance-based licencing revenues
Total revenues for full-year 2025 expected in the range of $570-600 million
USD m
42
60 49
219 189
25 45
273
231
FY21 FY22 FY23 FY24 9M25 2025F
85 94
492
420
570-600
Product revenues Licensing & other revenues
Notes: 1 CAGR calculations for 2021-2025 assume an estimated revenue mid -point of $585m.

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8© Alvotech. All rights reserved
AVT02 Biosimilar to Humira® (adalimumab) AVT04 Biosimilar to Stelara® (ustekinumab)
Continued momentum of on-market products
→ Alvotech’s biosimilar to Humira continues 
holding 2nd largest market share of Humira 
biosimilars in the U.S.
→ U.S. market share of originator falling and 
reaching 50% of original volume at year end 
with most patients transitioning to biosimilars
→ European volumes of our Humira biosimilar in 
Europe continue growing
→ Hukyndra holds top position in several of 
EU10 markets and experienced 12% QoQ 
growth for last four consecutive quarters
→ Seeing positive impact of our steadfast 
strategy to grow U.S. business for our Stelara 
biosimilar
→ Partner Teva has continued to secure 
formulary coverage for our Stelara biosimilar 
→ In Europe, in leading position across markets 
where launched with overall share of total 
Stelara market around 10% 
→ Expect 50% of Stelara market in Europe to 
transition to biosimilars by year end
IMMUNOLOGY
Filing Approval Launch
72 markets 68 markets 34 markets
Filing Approval Launch
70 markets 51 markets 30 markets
IMMUNOLOGY

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Joseph 
McClellan
CHIEF OPERATING OFFICER
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10© Alvotech. All rights reserved
AVT05 referencing 
Simponi®
Upcoming product launches in Europe on track
→ Already approved in 
Japan, UK and European 
Economic Area
→ Regeneron’s injunction 
request rejected by UK High 
Court
→ Market growth in Europe has 
been steady at single digits 
YoY
→ Expect to be in first wave of 
entrants in Europe with 
strong partners 
→ Have received orders for 
10% of overall Eylea market 
in Europe from partners
Total addressable market (TAM)[1]: Global $10.2 / ex-US $3.9 bn
→ Already approved in Japan 
and UK, EMA’s CHMP 
recommends EEA approval
→ Launch in Japan expected in 
first half of 2026 and 
expected in Europe in Q425
→ Expect to be first to launch 
Simponi biosimilar in Japan 
and Europe
→ Expect to be only Simponi 
biosimilar for some months 
after launch 
Filing Approval Launch
38 markets 2 markets 0 markets
Total addressable market (TAM) [2]: Global $3.5 bn / ex-US $2.4 bn
AVT06 Referencing 
Eylea®
OPHTHALMOLOGY
Filing Approval Launch
38 markets 36 markets 0 markets
IMMUNOLOGY
AVT03 referencing 
Prolia®/ Xgeva®
→ Approved in Japan, CHMP 
recommended EEA approval
→ Launch in Japan expected in 
H126 and in Europe in Q425
→ YoY market growth in Europe 
mid/high single digits 
→ Expect to be in first wave of 
European launches with 
strong partners STADA and 
Dr. Reddy’s Laboratories
Total addressable market (TAM): Global $7bn / ex-US $2.6 bn
Filing Approval Launch
38 markets 1 markets 0 markets
BONE DISEASE
[1] TAM refers to global and ex-US peak annual sales of the originator. Source: Globaldata. [2] US sales include combined sales of Simponi and Simponi Aria. Simponi Aria is only approved in the US. Source: Globaldata.

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BIOSIMILAR CANDIDATE REFERENCE 
BIOLOGIC
THERAPEUTIC 
AREA EARLY PHASE PRE-CLINICAL CLINICAL STUDIES FILING APPROVAL
AVT03 denosumab PROLIA®/ XGEVA® Bone Disease
AVT05 golimumab SIMPONI®/
SIMPONI ARIA® Immunology
AVT06 aflibercept EYLEA® Ophthalmology
AVT231 omalizumab XOLAIR® Respiratory
AVT16/802 vedolizumab ENTYVIO® Immunology
AVT29 aflibercept EYLEA® HD Ophthalmology
AVT323 pembrolizumab KEYTRUDA® Oncology
AVT10 certolizumab pegol CIMZIA® Immunology
AVT28 ixekizumab TALTZ® Immunology
AVT48 canakinumab ILARIS® Immunology
AVT41 guselkumab TREMFYA® Immunology
AVT65 ofatumumab KESIMPTA® Immunology
AVT19 dupilumab DUPIXENT® Immunology
AVT87 emicizumab HEMLIBRA® Hematology
AVT34 durvalumab IMFINIZI® Oncology
Continued advancement in development pipeline
11
1AVT23 rights licensed from Kashiv BioSciences for EU, UK, Australia, Canada, and New Zealand, 2Represents vial and PFS presentations of Entyvio, respectively, 3AVT32 is co-developed with Dr Reddy’s 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; CIMZIA is a registered trademark of UCB Pharma S.A.; DUPIXENT is a trademark and brand of Sanofi Biotechnology; TALTZ is a registered trademark of Eli Lilly and Company; HEMLIBRA is a 
registered trademark of Chugai Pharmaceutical Co.; IMFINZI is a registered trademark of the AstraZeneca group of companies
Launching in 2025
Late-stage development
Early-stage development
37 MARKETS
37 MARKETS
38 MARKETS
31 MARKETS
36 MARKETS
1 MARKET
2 MARKETS
In addition to these named programs, Alvotech has created over 15 cell lines for further development
38 MARKETS
38 MARKETS
38 MARKETS

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Linda
Jónsdottir
CHIEF FINANCIAL OFFICER
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Executive 
summary 3Q25
→ 3Q25 in line with expectations
→ Product revenues and product margin 
impacted by timing of orders, portfolio mix 
and investments in facility improvements
→ Continued momentum in demand appetite 
for on-market products of bHumira and 
bStelara, albeit more competitive pricing 
environment
→ Licencing revenues driving strong gross 
margin of 69% because of revenue mix
→ Total revenues include revenues of $7m and 
EBITDA of $1m from bolt-on acquisition of 
Ivers Lee in July 2025 
→ Adj.EBITDA at $14m, representing a 13% 
margin, impacted by costs associated with 
improvements in operations to support new 
launches 
→ Operating cash flow impacted by lower 
revenue collection in the quarter and high 
inventory level related to build up for 
upcoming launches
© Alvotech. All rights reserved
13
Q3 2025 Financial highlights
Total revenues
USD m
Gross margin
% of revenues
Product margin
% of revenues
Adj. EBITDA 
USD m
Adj. EBITDA margin
% of revenues
Operating cash flow
USD m
62
47 51
58
69
3Q24 4Q24 1Q25 2Q25 3Q25
-61
-39
17
59
-41
3Q24 4Q24 1Q25 2Q25 3Q25
23 22 21
33
14
3Q24 4Q24 1Q25 2Q25 3Q25
-37% 22
14 15
19
13
3Q24 4Q24 1Q25 2Q25 3Q25
37
45 41
23
-7
3Q24 4Q24 1Q25 2Q25 3Q25
103
153
133
173
114
3Q24 4Q24 1Q25 2Q25 3Q25
+11%

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Executive 
summary 9M25 
© Alvotech. All rights reserved
14
9M 2025 Financial highlights
Total revenues
USD m
Gross margin
% of revenues
Product margin
% of revenues
Adj. EBITDA 
USD m
Adj. EBITDA margin
% of revenues
Cash balance
USD m
85 93
492
339
420
FY22 FY23 FY24 9M24 9M25
+24%
-145
-220
33 19 27
FY22 FY23 FY24 9M24 9M25
+42%
-205
-291
108 87 68
FY22 FY23 FY24 9M24 9M25
28
-67
63 69 59
FY22 FY23 FY24 9M24 9M25
66
11
51
118
43
FY22 FY23 FY24 9M24 9M25
→ Total revenues at $420m in 9M25, YoY 
revenue growth 24% compared to same 
period 2024
→ Revenue growth reflects the continued 
commercial momentum after U.S. launch of 
bHumira (AVT02) and early traction for 
bStelara (AVT04) in 2025
→ Gross margin at 59% underscores the 
strength of our licensing model
→ Product margin at 27% reflects softness in 
3Q25
→ Adj. EBITDA of $68m, or 16% margin, 
impacted by softness in 3Q25, margin was 
comparatively higher in 9M24 due to higher 
licensing revenues following FDA facility and 
product approvals
→ Cash balance was $43m at end of 
September 2025, reflects inventory build-up 
ahead of upcoming product launches, 
CAPEX and bolt-on acquisition of Ivers-Lee 
and asset purchase from Xbrane
-241
-312
22 26 16
FY22 FY23 FY24 9M24 9M25

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Revenues1 by geography
%
Revenues and 
Adj.EBITDA margin
→ In 3Q25, total revenues at $114m, up 11% 
YoY , with a run-rate of $571m in the last 
twelve months (LTM)
→ Product revenues lower in the quarter at 
$33m, down by 47% YoY due to product mix 
and timing of orders
→ Product revenues expected to pick up in 4Q25 
with 3 upcoming product launches 
→ Licensing Revenues a significant revenue 
contributor at $81m in 3Q25, up 98% YoY and 
4% QoQ 
→ In 9M25, total revenues were at $420m, up 
24% YoY 
→ Product revenues at $237m, up 85% YoY and  
accounting for 56% of total revenues in 9M25
→ Licensing revenues at $183m, down 13% YoY 
in line with expectations, accounting for 44% 
of total revenues 
→ Continued geographical diversification of 
revenues as market share builds across in 
Europe and other regions outside of U.S. 
© Alvotech. All rights reserved 15
Revenue run rate of $571m in last twelve months and 
continued geographical diversification of revenues
Notes: 1 Revenues reflect product & service revenues and licensing and other revenue, other income not included in total revenues.
Revenues1 and adj. EBITDA margin
USD m, % of revenues 
62
145
110 95
33
41
78
81
0
5
10
15
20
25
0
50
100
150
200 22%
3Q24
14%
6
4Q24
15%
23
1Q25
19%
2Q25
13%
3Q25
103
151
133
173
114
Adj.EBITDA margin Product & service revenues Licensing & other revenues
12% 18%
32% 37% 50%
56% 46% 44%
FY24 9M24
6%
9M25
US
Europe
ROW
128
237
210
183
0
5
10
15
20
25
30
0
100
200
300
400
500 26%
9M24
16%
9M25
338
420

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Cash flow 
Cash flow
→ Operating cash flow at -$41m impacted by 
lower revenue collection in the quarter and 
inventory build-up for new product launches
→ Cash balance at period end 30 Sep 2025 at 
$43m, lower than end of June, driven by 
inventory build-up for new launches, CAPEX 
and bolt-on acquisitions.
→ New working capital option of $100m will be 
used for working capital needs 
→ CAPEX and intangibles at $28m in the 
quarter in support of capacity expansion and 
future product launches
→ Acquisitions related to Ivers Lee net 
payment of $14m less collected $3m due to 
sale of joint venture in 2024
→ Net interest payments at $14m, transitioning 
from PIK to cash interest from June 2025  
© Alvotech. All rights reserved
16
Cash flow impacted by timing of collections and inventory 
build-up for upcoming launches
Cash flow bridge Q3 2025
USD m
-61
-39
17
59
-41
3Q24 4Q24 1Q25 2Q25 3Q25
118
51
39
151
43
9M24 12M24 3M25 6M25 9M25
Operating cash flow
USD m
Cash balance
USD m
151
43
18
53
14
28
Cash 30 
June 2025
Operating cash 
before working 
capital
Inventories
6
Other working 
capital & 
operating items
Net interest 
payments
CAPEX and 
intangiables
11
Acquisitions
13
Net 
borrowings
Cash 30 Sep 2025

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Balance sheet:
Assets
Assets
→ Strong asset base supported by strategic 
acquisitions and pipeline investments
→ Non-current assets up $211m driven by 
Ivers-Lee acquisition (PPA), Xbrane AVT10 
acquisition, and higher contract assets due 
to timing of revenue recognition and 
upfront payments
→ Total current assets stable with shifts in 
inventory and trade receivables during the 
period. Inventory increased by $80m to 
build up for upcoming launches and trade 
receivables decreased by $102m due to 
high collections. 
© Alvotech. All rights reserved
17
Unaudited condensed  consolidated interim financial 
statements as of 30 September 2025
Assets (USD thousands)
September
 2025
December
 2024 Change %
Non-current assets
Property, plant and equipment 352,471 284,546 24%
Right-of-use assets 141,709 125,198 13%
Goodwill 12,803 11,330 13%
Other intangible assets 61,869 20,621 200%
Contract assets 58,696 22,710 158%
Other long-term financial assets 4,394 —
Other long-term assets 4,727 3,615 31%
Deferred tax assets 340,503 298,360 14%
Total non-current assets 977,172 766,380 28%
Current assets
Inventories 207,729 127,889 62%
Trade receivables 58,308 160,217 -64%
Contract assets 63,043 67,304 -6%
Other current assets 59,078 48,064 23%
Receivables from related parties 1,000 118 747%
Cash and cash equivalents 42,848 51,428 -17%
Total current assets 432,006 455,020 -5%
Total assets 1,409,178 1,221,400 15%

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Balance sheet:
Equity & liabilities
Equity and liabilities
→ Equity position strengthened by $236m 
mainly driven by profit for the period and 
capital contributions through Swedish 
listing
→ Derivative financial liabilities reduced by 
$167m mainly due to fair value changes on 
earnout shares 
→ Increase in borrowings mainly related to 
PIK interest in 1H25 on senior term loan 
and absorbed Ivers-Lee borrowings 
→ Overall contract liabilities decreasing due 
to recognition of licencing revenues
© Alvotech. All rights reserved
18
Unaudited condensed  consolidated interim financial 
statements as of 30 September 2025
Equity and Liabilities (USD thousands)
September 
2025
December 
2024 Change %
Total equity (176,763) (412,771) 57%
Non-current liabilities
Borrowings 1,081,626 1,035,882 4%
Derivative financial liabilities 42,702 210,224 -80%
Lease liabilities 144,516 112,137 29%
Contract liabilities 5,489 80,721 -93%
Deferred tax liability 7,539 1,811 316%
Total non-current liabilities 1,281,872 1,440,775 -11%
Current liabilities
Trade and other payables 91,628 67,126 37%
Lease liabilities 13,297 9,515 40%
Current maturities of borrowings 42,722 32,702 31%
Liabilities to related parties 4,353 8,465 -49%
Contract liabilities 49,923 15,980 212%
Taxes payable 1,769 204 767%
Other current liabilities 100,377 59,404 69%
Total current liabilities 304,069 193,396 57%
Total liabilities 1,585,941 1,634,171 -3%
Total equity and liabilities 1,409,178 1,221,400 15%

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Total revenues 9M25 and outlook FY25
USD m
Revised 
outlook 2025
Revised outlook announced on 4 November
› Impact from investments in facility 
improvements expected to continue into 
4Q25
› Licensing agreements for pipeline assets 
shifting to 2026
› Based on the committed orders for new 
launches in markets outside the U.S., 
combined with the growth momentum noted 
in currently marketed products, Alvotech is 
well positioned to deliver top-line and EBITDA 
growth in 2026
› Management will provide new future outlook 
no later than with the FY2025 results
Strategic focus in next 18 months
› Leverage platform investments to support 
pipeline progression and new product 
launches
› Deliver solid sales growth and diversification 
of revenue base by product and geography
› Drive cost optimization and operational 
efficiencies to support margin expansion
› Continued discipline in working capital 
management to achieve positive free cash 
flow
© Alvotech. All rights reserved
19
Revised outlook for full-year 2025 announced for revenues 
and EBITDA on 4 November 
Financial outlook for full-year 2025 
Adj. EBITDA 9M25 and outlook FY25
USD m
As stated in 
4Q24 results
As stated in 
1Q25 results
Revised outlook
 4 Nov 2025
Revenues $ 570-670m $ 600-700m $ 570-600m
Adj. EBITDA $ 180-260m $ 200-280m $ 130-150m
103
202
492
FY22 FY23 FY24 2025F
570-600
+96%
+144%
+19%1
-205
-291
108
FY22 FY23 FY24 2025F
130-150
+137% +30%2
Notes: 1 Revenue growth for 2025F assume an estimated revenue mid -point of $585m and 2 EBITDA growth assumes the estimated mid-point.

===== SIDA 20 =====

z
20© Alvotech. All rights reserved
Successful execution from foundation in 2013 to a diversified 
revenue growth model based on a valuable pipeline portfolio
Foundation for growth Diversification and scale
→ Investing in R&D and building 
up a vertically integrated 
manufacturing platform
→ Establishing high-value 
portfolio
PipelineCommercialFinancials
→ Building global partnerships 
for commercial success
→ Initial market approvals for 
bHumira® and bStelara®
→ Approvals of five biosimilars in major 
markets
→ Accelerated the pace of our pipeline 
by advancing four to six process 
development projects annually
→ Access to US market established
→ Multiple global on-market launches
→ Launch ready in Europe for AVT03, 
AVT05, and AVT06
→ Total revenues up 5x from 2023 to 2024
→ Achieved positive EBITDA in 2024
→ Bolt-on additions of Ivers-Lee in 
Switzerland and Xbrane in Sweden
→ Stock listing on Nasdaq Stockholm
→ Robust R&D efforts and FDA 
compliance
→ Leverage investments in the 
platform to support pipeline and 
future product launches
→ Multiple global product 
launches in approved markets 
outside of US and US after FDA 
approval
→ Total addressable market for 
launching biosimilars ~$20 bn1 
→ Drive operational efficiencies 
across the company 
→ Working capital optimization
→ Lowering cost base and 
improving cost discipline
→ Optimising COGS
→ Stock listing in US and 
Iceland
Commercial inflection point
→ Continued pipeline 
progression 
→ Continued expansion of 
pipeline targets and strategic 
mapping of opportunities
→ Multiple global product 
launches
→ Expanding existing 
commercial partnerships for 
local access
→ A stable revenue model with 
diversified portfolio of on-
market products
→ Leverage the integrated 
platform and optimize 
production 
2027 -2030
Further revenue growth
2013-2023 2024 -2025 2026
1Based on peak annual sale of the originator. Source: Globaldata.

===== SIDA 21 =====

z
Additional 
information 
and contacts
© Alvotech. All rights reserved 21
We want 
to hear 
from you!
Financial 
calendar and 
upcoming events
Follow us 
and join the 
conversation
investors.alvotech.com
alvotech.com
alvotech.ir@alvotech.com
alvotech.ir@alvotech.com
World outline
World outline
Envelope outline
Balaji Prasad
Chief Strategy Officer
balajip@alvotech.com
Patrik Ling
VP of IR Scandinavia
patrikl@alvotech.com
Benedikt Stefansson
VP of IR and Communications
alvotech.ir@alvotech.com
US
SE
IS
SEB Healthcare Conference
Stockholm, November 14, 2025
Jefferies Healthcare Conference, 
London,  November 18, 2025
DNB Health Care Conference, 
Oslo,  November 25, 2025
Citi Conference, 
Miami, December 2, 2025
Evercore Healthcare Conference
Miami, December 3, 2025

===== SIDA 22 =====

z
Appendix

===== SIDA 23 =====

z
9M 2025 Adjustment Entries
Cost of Product Revenue − $1.4m charge related to long-term incentive plan (non-cash)
R&D
− $1.2m charge related to long-term incentive plan (non-cash)
− ($8.8m) IP litigation costs attributable to programs - reclassified 
from G&A
G&A
− $3.5m charge related to long-term incentive plan (non-cash)
− $8.8m IP litigation costs attributable to programs - reclassified to 
R&D
− $4.5m one-time transaction cost
Effects from business 
comb. − ($8.0m) resulting from the acquisition of Ivers-Lee (non-cash)
Finance Income − ($167.5m) fair value adjustment on derivatives (non-cash)
Gain (Loss) on exting. of 
fin liab.
− ($17.7m) gain resulting from refinancing of Senior Secured First Lien 
Term Loan Facility (non-cash)
Exchange Rate 
Differences − $21.2m impact of exchange rate fluctuations (non-cash)
Income Tax − ($5.7m) tax impact of discrete adj. in jurisdictions where tax benefits 
are available
9M 2024 Adjustment Entries
Cost of Product Revenue − $1.2m charge related to long-term incentive plan (non-cash)
R&D
− $1.9m charge related to long-term incentive plan (non-cash)
− ($1.3m) IP litigation costs attributable to programs - reclassified 
from G&A
− ($1.1m) partial reversal of one-time AR reserve pertaining to the 
termination of AVT23 licensing agreement with Biosana (non-cash)
G&A
− $4.8m charge related to long-term incentive plan (non-cash)
− $1.3m IP litigation costs attributable to programs - reclassified to 
R&D
− $0.5m one-time transaction cost
Impairment loss on inv. in 
JV − $3.0m from sales of China JV
Finance Income − ($75.5m) fair value adjustment on derivatives (non-cash)
Finance Costs − $117.5m fair value adjustment on derivatives (non-cash)
Gain (Loss) on exting.of 
fin.liab. − $69.4m loss on remeasurement of bonds (non-cash)
Exchange Rate 
Differences − ($1.7m) impact of exchange rate fluctuations (non-cash)
Income Tax − ($1.0m) tax impact of discrete adj. in jurisdictions where tax benefits 
are available
23
Reported to Adjusted Reconciliation
9M 2025 9M 2024
$ millions Reported Adjustment
Entries Adjusted Reported Adjustment
Entries Adjusted
Product and Service Revenue 237.4 - 237.4 128.0 - 128.0
License and Other Revenue 182.4 0.3 182.6 210.5 0.2 210.6
Other Income 0.3 (0.3) - 0.2 (0.2) -
Cost of Product and Service Rev. (174.3) 1.4 (172.9) (105.0) 1.2 (103.8)
R&D (144.5) (7.6) (152.1) (131.1) (0.5) (131.6)
G&A (71.3) 16.8 (54.5) (46.4) 6.6 (39.9)
Operating Profit 30.0 10.7 40.6 56.2 7.3 63.5
Effects from business combination 8.0 (8.0) - - - -
Loss on sale of interest in JV - - - (3.0) 3.0 -
Finance Income 170.7 (167.5) 3.2 79.1 (75.5) 3.6
Finance Costs (108.4) - (108.4) (237.7) 117.5 (120.2)
Gain (Loss) on exting. of fin. liab. 17.7 (17.7) - (69.4) 69.4 -
Exchange Rate Diffrences (21.2) 21.2 - 1.7 (1.7) -
Profit (Loss) Before Taxes 96.6 (161.3) (64.7) (173.1) 119.9 (53.2)
Income Tax Benefit 39.8 (5.7) 34.1 8.2 (1.0) 7.2
Profit (Loss) For The Period 136.5 (167.0) (30.6) (164.9) 118.9 (46.0)
Basic Profit (Loss) Per Share (in $) 0.47 (0.11) (0.63) (0.18)
Diluted Profit (Loss) Per Share (in $) 0.47 (0.11) (0.63) (0.18)
EBITDA:
Operating Profit (Loss) 30.0 10.7 40.6 56.2 7.3 63.5
D&A 27.4 - 27.4 23.1 - 23.1
EBITDA 57.4 10.7 68.1 79.3 7.3 86.6