Alvotech (ALVO) financial statements
Alvotech reported revenue of $586M in fiscal 2025, up 54.5% a year over 5 years.
Net income was $28M and the operating margin 13.3%, against -206.5% in 2020.
Free cash flow was -$146M.
The diluted share count rose 211% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alvotech's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $67M | $37M | $83M | $91M | $490M | $586M |
| Cost of revenue | — | $0 | $64M | $161M | $185M | $236M |
| Gross profit | — | $37M | $19M | -$69M | $304M | $351M |
| Research and development | $148M | $191M | $181M | $211M | $171M | $184M |
| Selling, general and admin | $59M | $84M | $187M | $77M | $66M | $91M |
| Operating income | -$138M | -$235M | -$346M | -$355M | $70M | $78M |
| Interest expense | $162M | $117M | $188M | $267M | $303M | $149M |
| Pre-tax income | -$292M | -$149M | -$552M | -$651M | -$218M | $136M |
| Income tax | -$122M | -$48M | -$38M | -$99M | $14M | $108M |
| Net income | -$170M | -$102M | -$514M | -$552M | -$232M | $28M |
| EPS (diluted) | -$1.82 | -$0.92 | -$2.60 | -$2.43 | -$0.87 | $0.10 |
| Diluted shares | 94M | 111M | 198M | 227M | 268M | 291M |
| Gross margin | — | 100.0% | 22.8% | -75.9% | 62.2% | 59.8% |
| Operating margin | -206.5% | -640.3% | -417.3% | -388.1% | 14.2% | 13.3% |
| Net margin | -255.3% | -276.0% | -618.6% | -603.4% | -47.3% | 4.8% |
Balance sheet
Fiscal years, from Alvotech's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $32M | $18M | $66M | $11M | $51M | $172M |
| Receivables | — | $29M | $33M | $41M | $160M | $70M |
| Inventory | — | $39M | $71M | $74M | $128M | $220M |
| Total current assets | — | $120M | $231M | $195M | $455M | $574M |
| Property, plant and equipment | — | $79M | $221M | $237M | $285M | $356M |
| Goodwill | $13M | $12M | $12M | $12M | $11M | $13M |
| Total assets | — | $598M | $828M | $950M | $1.2B | $1.5B |
| Total current liabilities | — | $112M | $167M | $261M | $193M | $304M |
| Long-term debt | — | $398M | $745M | $922M | $1.0B | $1.3B |
| Total liabilities | — | $734M | $1.4B | $1.9B | $1.6B | $1.8B |
| Shareholders' equity | -$867M | -$136M | -$564M | -$932M | -$413M | -$284M |
| Net debt | -$32M | $381M | $698M | $911M | $984M | $1.1B |
Cash flow
Fiscal years, from Alvotech's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$74M | -$228M | -$312M | -$312M | -$237M | -$50M |
| Capital spending | $12M | $41M | $49M | $46M | $57M | $96M |
| Free cash flow | -$86M | -$269M | -$361M | -$359M | -$294M | -$146M |
| Stock-based compensation | — | $0 | $10M | $18M | $8M | $7M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 |
| Net borrowing | $27M | $76M | $159M | $179M | $147M | $208M |
| Free cash flow margin | -129.5% | -731.0% | -435.3% | -392.3% | -60.0% | -25.0% |
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Open ALVO in InvestinglyQuestions
What was Alvotech's revenue in 2025?
$586M in fiscal 2025, from its 10-K filing.
How much free cash flow does Alvotech generate?
-$146M in fiscal 2025 (operating cash flow minus capital spending).
From Alvotech's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.