Revenue remains highly erratic, fluctuating between $36.9 million and $198.8 million over the last ten quarters, while gross margins have swung from a negative 5.7% to a peak of 77.3%.
| Sales/Revenue | 559.42M | 586.32M | 489.68M | 91.43M | 83.03M | 36.77M | 66.62M |
| Revenue Growth % | -4.47% | 19.74% | 435.56% | 10.12% | 125.79% | -44.8% | - |
| Cost of Goods Sold | 216.2M | 235.56M | 185.31M | 160.86M | 64.09M | 0 | 0 |
| COGS % of Revenue | - | 40.18% | 37.84% | 175.93% | 77.2% | - | - |
| Gross Profit | 343.22M | 350.76M | 304.37M | -69.42M | 18.93M | 36.77M | 66.62M |
| Gross Margin % | 61.35% | 59.82% | 62.16% | -75.93% | 22.8% | 100% | 100% |
| Gross Profit Growth % | - | 15.24% | 538.44% | -466.65% | -48.51% | -44.8% | - |
| Operating Expenses | 266M | 272.56M | 234.73M | 285.44M | 365.38M | 272.23M | 204.15M |
| OpEx % of Revenue | - | 46.49% | 47.94% | 312.18% | 440.06% | 740.31% | 306.46% |
| Selling, General & Admin | 98.01M | 90.95M | 61.45M | 73.04M | 186.74M | 84.13M | 58.91M |
| SG&A % of Revenue | - | 15.51% | 12.55% | 79.88% | 224.91% | 228.8% | 88.44% |
| Research & Development | 170.53M | 184.19M | 171.31M | 210.83M | 180.62M | 191.01M | 148.07M |
| R&D % of Revenue | - | 31.41% | 34.98% | 230.58% | 217.54% | 519.43% | 222.28% |
| Other Operating Expenses | -1.1M | -2.58M | 1.96M | 1.57M | -1.99M | -2.91M | -2.83M |
| Operating Income | 77.22M | 78.21M | 69.64M | -354.86M | -346.44M | -235.46M | -137.54M |
| Operating Margin % | 13.8% | 13.34% | 14.22% | -388.11% | -417.25% | -640.31% | -206.46% |
| Operating Income Growth % | - | 12.3% | 119.63% | -2.43% | -47.14% | -71.19% | - |
| EBITDA | 109.14M | 116.06M | 100.94M | -330.65M | -326.03M | -217.26M | -121.12M |
| EBITDA Margin % | 19.51% | 19.79% | 20.61% | -361.63% | -392.67% | -590.83% | -181.82% |
| EBITDA Growth % | -32.22% | 14.97% | 130.53% | -1.42% | -50.07% | -79.38% | - |
| D&A (Non-Cash Add-back) | 31.92M | 37.85M | 31.3M | 24.21M | 20.41M | 18.2M | 16.42M |
| EBIT | 19.91M | 285.54M | -63.58M | -517.88M | -460.21M | -36.23M | -194.3M |
| Net Interest Income | -48.86M | 49.3M | -152.98M | -130M | -90.53M | -112.95M | -100.51M |
| Interest Income | 105.6M | 198.49M | 4.62M | 4.82M | 912K | 19K | 0 |
| Interest Expense | 154.46M | 149.19M | 157.6M | 134.82M | 91.44M | 112.97M | 97.47M |
| Other Income/Expense | -33.31M | 58.14M | -287.21M | -296.19M | -205.21M | 86.26M | -154.23M |
| Pretax Income | 43.91M | 136.35M | -217.56M | -651.05M | -551.65M | -149.2M | -291.77M |
| Pretax Margin % | 7.85% | 23.25% | -44.43% | -712.04% | -664.4% | -405.74% | -437.99% |
| Income Tax | 124.64M | 108.43M | 14.3M | -99.32M | -38.07M | -47.69M | -121.73M |
| Effective Tax Rate % | 283.84% | 79.52% | -6.57% | 15.26% | 6.9% | 31.97% | 41.72% |
| Net Income | -80.73M | 27.92M | -231.86M | -551.73M | -513.58M | -101.5M | -170.04M |
| Net Margin % | -14.43% | 4.76% | -47.35% | -603.42% | -618.56% | -276.04% | -255.26% |
| Net Income Growth % | -183.62% | 112.04% | 57.98% | -7.43% | -405.97% | 40.31% | - |
| Net Income (Continuing) | -80.73M | 27.92M | -231.86M | -551.73M | -513.58M | -101.5M | -170.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | 0.10 | -0.87 | -2.43 | -2.60 | -3.25 | -5.44 |
| EPS Growth % | -201.47% | 111.49% | 64.2% | 6.54% | 20% | 40.26% | - |
| EPS (Basic) | - | 0.10 | -0.87 | -2.43 | -2.60 | -3.25 | -5.44 |
| Diluted Shares Outstanding | 330.28M | 279.19M | 267.92M | 227.26M | 197.72M | 31.25M | 31.25M |
| Basic Shares Outstanding | 330.28M | 279.19M | 267.92M | 227.26M | 197.72M | 31.25M | 31.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Regulatory and milestone dependency
As reported in financial statements, Alvotech's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $36.9 million and $198.8 million over the last ten quarters, reflecting a business model heavily reliant on non-recurring milestone payments rather than consistent, predictable product-driven sales growth.
The significant quarter-over-quarter revenue swings suggest that top-line performance is currently tethered to clinical and regulatory milestones rather than steady-state commercial volume. Investors should monitor whether the company can transition toward a more stable revenue base as its biosimilar portfolio moves from development into broader market adoption.
Based on reported figures, Alvotech's gross margins have exhibited extreme variance, ranging from a negative 5.7% in 2023Q4 to a peak of 77.3% in 2024Q2, indicating that the company's manufacturing efficiency is not yet optimized for consistent, high-margin biosimilar production at scale.
The wide margin fluctuations appear to be driven by the interplay between high fixed-cost manufacturing overhead and the timing of revenue recognition from partnership agreements. Until the company achieves consistent utilization of its Reykjavik facility, investors should expect continued margin instability as the business attempts to absorb its significant fixed-cost base.
According to recent SEC filings, Alvotech's operating income remains inconsistent, with R&D expenses frequently consuming a substantial portion of gross profit, which suggests that the company has yet to achieve the operating leverage necessary to sustain profitability through its core commercial activities.
The persistent high level of R&D spending relative to gross profit indicates that the company is still in a heavy investment phase, prioritizing pipeline expansion over immediate operational efficiency. This structure implies that operating margins will likely remain sensitive to the timing of clinical trial costs and regulatory approval cycles.
As indicated by the provided data, Alvotech's net income has swung from a $276.6 million loss in 2023Q4 to a $109.7 million profit in 2025Q1, highlighting that reported earnings are heavily influenced by non-operating items and accounting adjustments rather than core operational performance.
The extreme variance in net income suggests that investors should focus on cash-based metrics rather than GAAP earnings, which appear distorted by the timing of milestone recognition and potential non-cash charges. The lack of consistent profitability warrants further investigation into the sustainability of the company's current earnings profile.
Quick answers to the most common questions about buying ALVO stock.
For fiscal year 2025, Alvotech (ALVO) reported total revenue of $586.3M. This represents a 780.2% increase compared to $66.6M in 2020.
Alvotech (ALVO) is profitable, generating $27.9M in net income for the fiscal year ending 2025 with a net profit margin of 4.8%.
Alvotech (ALVO) reported an operating income of $78.2M, resulting in an operating profit margin of 13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Alvotech (ALVO) generated $350.8M in gross profit for the year, representing a gross profit margin of 59.8%. This demonstrates the company's core pricing power and production efficiency.