On 15 August 2024, Alvotech announced its financial results for the first half of 2024, reporting total revenues of US$236 million, a more than 10-fold increase compared to 1H 2023, and product revenues of US$66 million, up 190% from 1H 2023. Its EBITDA was positive for the first time for both Q2 and 1H 2024.
Alvotech’s product revenue is attributed to sales of AVT02, high-concentration biosimilar adalimumab, in select European countries (first launched in June 2022 as Hukyndra®) and Canada (launched in April 2022 as Simlandi™), the launch of AVT02 (as Simlandi®) in the US in May 2024, the launch of AVT04, biosimilar ustekinumab, in Canada (approved as Jamteki™ in November 2023) and Japan (approved in September 2023) and pre-launch sales of AVT04 for select European markets (approved in January 2024 as Uzpruvo®).
Other highlights are reported to include positive topline results from a confirmatory clinical study and a PK study for AVT03 (biosimilar to Amgen’s Prolia® and Xgeva® (denosumab)), the June 2024 expansion of Alvotech’s partnership with STADA to include AVT03, and Alvotech’s June 2024 agreement with Advanz Pharma in relation to European commercialisation of AVT06 and AVT29 (biosimilars to Regeneron’s Eylea® (aflibercept) in low and high doses).