Alvotech Approves 2023 Financial Statements and Appoints New Board Member
Alvotech's annual general meeting approved the company's and group's financial statements for 2023, which reported a net loss of $118.7 million. Hjörleifur Pálsson was appointed to the board.
Alvotech S.A. held its annual general meeting in Luxembourg on June 7, 2024, where shareholders approved the company's and the consolidated financial statements for the fiscal year ending December 31, 2023.
The meeting also acknowledged the company's net loss of $118,704,541 for the fiscal year 2023, which will be carried forward. The board members, originally elected in June 2022 for a three-year term, were discharged from liability for the past fiscal year.
Hjörleifur Pálsson was appointed as a new member of Alvotech's board of directors, effective June 7, 2024, until the annual general meeting for the 2024 fiscal year. Deloitte Audit was reappointed as the company's independent auditor for the fiscal year ending December 31, 2024.
Shareholders also approved advisory guidance to the board concerning the remuneration report for the fiscal year ended December 31, 2023. Alvotech is a biopharmaceutical company focused on the development and manufacturing of biosimilars.