Alvotech reports first-half 2026 revenue and earnings decline
Biotechnology company Alvotech announced its first-half 2026 financial results, showing a decrease in revenue and adjusted EBITDA compared to the previous year. The company anticipates improved performance in the latter half of the year.
Reykjavik, Iceland – Alvotech (NASDAQ: ALVO; ALVO-SDB), a biotechnology company focused on biosimilar medicines, today announced its financial results for the first half of 2026, alongside a business update. The company reported a significant decrease in revenue and adjusted EBITDA compared to the same period in 2025.
Adjusted total revenue for the first half of 2026 was $211.9 million, down from $306.1 million in the first half of 2025, a decline of 30.8%. Adjusted EBITDA also fell by 12.7% to $46.9 million, from $53.7 million a year prior. The company's cash balance decreased to $142.8 million at the end of the period, from $172.4 million on December 31, 2025.
CEO Lisa Graver stated that manufacturing improvements affected output and product availability during the first half, impacting revenues and adjusted EBITDA. She noted that manufacturing returned to planned levels by the end of the second quarter, and the company is building inventory to meet demand, expecting this to strengthen financial performance in the second half. Underlying commercial demand for products remains strong, she added.
In its business update, Alvotech reported resubmitting U.S. Biologics License Applications (BLA) for biosimilars AVT05 and AVT06 to the U.S. Food and Drug Administration (FDA). Alvotech's partner, Dr. Reddy's Laboratories, also resubmitted its BLA for AVT03. The FDA has confirmed review completion goal dates, with decisions anticipated in the fourth quarter of 2026. The FDA closed its inspection of Alvotech's Reykjavik manufacturing facility with a Voluntary Action Indicated (VAI) classification.
Alvotech projects full-year 2026 revenues to be in the range of $650 million to $700 million and adjusted EBITDA between $180 million and $220 million. The company also strengthened its financial position by raising approximately $165 million in an equity offering and securing a new $75 million term loan facility.