March 27, 2025 - 03:38
In an impressive financial performance for 2024, total revenues soared to $492 million, marking a staggering 427% increase compared to the previous year. This remarkable growth was driven by product revenues, which reached $273 million, reflecting a 462% rise year-over-year.
The company also reported a significant turnaround in its adjusted EBITDA, which stood at $108.3 million, a notable improvement from a loss of $291 million in 2023. This shift underscores the company's strategic initiatives and operational efficiencies that have positively impacted its financial health.
In addition to these financial achievements, Alvotech made significant strides in its product pipeline, submitting applications for three new proposed biosimilars in major global markets. All submissions have been accepted by the relevant regulatory authorities, paving the way for potential future growth and expansion.
As part of its commitment to transparency and stakeholder engagement, Alvotech plans to hold a business update conference call to discuss these results and future strategies.
