Alvotech Posts 21% Revenue Growth in 2025, Eyes U.S. Approvals in Late 2026
Event summary
- Q4 2025 revenues hit $173M, up 13% YoY, with adjusted EBITDA of $69M and gross margin at 66%.
- Full-year 2025 revenues reached $593M, a 21% YoY increase, with adjusted EBITDA up 27% to $137M.
- Two new biosimilars (AVT05 and AVT03) approved in the UK and EEA, with EMA review for AVT23.
- Strategic partnerships with Sandoz for Canada, Australia, and New Zealand biosimilar distribution.
- Lisa Graver appointed as new CEO, with leadership team now fully onsite in Iceland.
The big picture
Alvotech’s strong 2025 financial performance underscores its position as a key player in the biosimilars market, with strategic acquisitions and partnerships expanding its global reach. The company’s focus on regulatory approvals and operational scaling will be critical as it competes in an increasingly crowded biosimilars landscape. With $593M in full-year revenue and a robust pipeline of 30 biosimilars, Alvotech is positioning itself for sustained growth, though regulatory hurdles and execution risks remain.
What we're watching
- Regulatory Momentum
- Whether Alvotech can secure FDA approvals for four BLA submissions by late 2026, addressing past regulatory observations.
- Execution Risk
- The pace at which new biosimilar launches in Europe, the UK, and Japan will drive revenue growth in 2026.
- Leadership Transition
- How new CEO Lisa Graver will steer Alvotech’s global expansion and operational efficiency under her leadership.
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