olivLaw · European equity research
Alvotech ALVO.IC
Iceland · Nasdaq Iceland · Vertical: Listed companies from Iceland
Alvotech is a global biotech company focused on developing and manufacturing biosimilar medicines for patients worldwide. In fiscal 2025 its license and other revenue rose sharply and the company reported a positive net profit after the losses of the prior year, which keeps its trajectory under close watch.
At the close of 05 Nov 2026, Alvotech (ALVO.IC) stock was 562.00 ISK (+0.72% on the day), with beta 0.82, 52-week range 370.50–754.00 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 523.27 – 692.23
- in the lower half of the band · %B 0.23 · band width 27.8%
- SMA 50 / 200
- 645.82 / 521.97
- mixed trend
- MACD (12, 26, 9)
- -26.13 / -20.61
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.7% | +0.4% | −25.0 pp | — |
| 3 months | +19.8% | −3.3% | +23.1 pp | — |
| 6 months | +43.4% | +4.0% | +39.4 pp | — |
| Year to date | −11.1% | +8.1% | −19.2 pp | — |
| 1 year | −11.6% | +10.7% | −22.3 pp | −6.8% |
| 3 years | −54.1% | +50.1% | −104.2 pp | +17.9% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 42.7 m | 216.2 m | 310.1 m |
| Revenue YoY | unavailable | +405.9% | +43.4% |
| Net income | -551.7 m | -231.9 m | 27.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.43 | -0.87 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1,291.1% | -107.2% | 9.0% |
| Free cash flow | -345.4 m | -290.5 m | -114.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 172.4 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 1.1 bn USD
- Equity
- -284.5 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.89x
- ROE
- unavailable
- ROA
- 2.1%
- FCF margin
- -37.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 42.7 m | 216.2 m | 310.1 m | esef· 07 Apr 2026verified |
| Research & development | 210.8 m | 171.3 m | 184.2 m | esef· 07 Apr 2026verified |
| Operating income | -354.9 m | 69.6 m | 78.2 m | esef· 07 Apr 2026verified |
| Interest expense | 267.2 m | 303.2 m | 149.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | -651.0 m | -217.6 m | 136.3 m | esef· 07 Apr 2026verified |
| Income tax | -99.3 m | 14.3 m | 108.4 m | esef· 07 Apr 2026verified |
| Net income | -551.7 m | -231.9 m | 27.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | -2.43 | -0.87 | 0.10 | esef· 07 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.2 m | 51.4 m | 172.4 m | esef· 07 Apr 2026verified |
| Inventories | 74.4 m | 127.9 m | 220.1 m | esef· 07 Apr 2026verified |
| Current assets | 194.8 m | 455.0 m | 574.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 236.8 m | 284.5 m | 356.4 m | esef· 07 Apr 2026verified |
| Goodwill | 12.1 m | 11.3 m | 12.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 19.1 m | 20.6 m | 81.8 m | esef· 07 Apr 2026verified |
| Total assets | 950.1 m | 1.2 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Long-term debt | 922.1 m | 1.0 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Current liabilities | 261.0 m | 193.4 m | 304.1 m | esef· 07 Apr 2026verified |
| Total liabilities | 1.9 bn | 1.6 bn | 1.8 bn | esef· 07 Apr 2026verified |
| Equity | -932.5 m | -412.8 m | -284.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 227.0 m | 266.5 m | 279.2 m | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -312.2 m | -236.8 m | -50.2 m | esef· 07 Apr 2026verified |
| Capex | 33.2 m | 53.7 m | 64.5 m | esef· 07 Apr 2026verified |
| Free cash flow | -345.4 m ≈ | -290.5 m ≈ | -114.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -46.3 m | -18.9 m | -104.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | 301.3 m | 297.3 m | 270.8 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.73 – 2.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.73 – 2.05 (Mid 1.74)5 companies used · median multiple 17.4x · quartiles 17.3x – 20.5xASAR.IC, BERA.IC, FESTI.IC, HAGA.IC, NOVA.IC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.0% | 67 (vs peers) | 27% |
| FCF conversion · Quality | -410.7% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.9x | 91 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALVOTECH (ALVO.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 310.1 m USD in 2025; YoY growth 43.4%; net margin 9.0%.
The estimated value range is 1.73–2.05 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- FCF conversion: -410.7%
- Interest coverage: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for ALVO.IC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alvotech is a global biotech company focused on developing and manufacturing biosimilar medicines for patients worldwide. In fiscal 2025 its license and other revenue rose sharply and the company reported a positive net profit after the losses of the prior year, which keeps its trajectory under close watch.
SWOT
Strengths
- A portfolio of biosimilar molecules at different development stages and a business model focused exclusively on this segment.
- A significant rise in license revenue and a return to net profit in fiscal 2025.
- Access to in-house manufacturing and continued investment in production capacity.
Weaknesses
- Total equity is negative, which points to a financial structure under pressure.
- Large financial debt and high interest costs that absorb cash flow.
- Dependence on a few geographic markets and on the timing of licensing receipts.
Opportunities
- New biosimilar launches could expand the base of recurring revenue.
- New licensing partnerships could bring upfront payments and longer-term revenue.
- Expiry of patent protection for several biologic products could open new markets.
Threats
- Price pressure from competitors could reduce margins on existing products.
- Changes in tax rules and drug approval conditions could affect results.
- Reliance on estimates of market share and unit prices to recognize deferred tax assets.
Risks
- Deferred tax assetshigh
Recognition of deferred tax assets depends on estimates of future taxable profits, and the auditor treated this as a key audit matter.
- High indebtednesshigh
Long-term debt and financing costs may limit the ability to fund development, especially if revenue fluctuates.
- Concentration of license revenuemedium
A significant part of revenue depends on contractual payments that could be delayed or renegotiated.
- Biosimilar price pressuremedium
New competitors entering could reduce prices and market shares of the company's products.
- Regulation and compliancelow
The company is subject to multiple reporting and oversight requirements in Luxembourg, Iceland and the United States, with a risk of penalties for breaches.
Investment thesis
What would need to be true (bull case)
- If license revenue holds and new biosimilars reach the market on time, the company could consolidate the profitability achieved in 2025.
- Reducing debt and improving the capital structure could ease financial pressure on the company.
- An extensive pipeline of molecules in development could provide diversified sources of income over the long term.
What would break the thesis
- If license revenue declines or is delayed, the net result could quickly return to losses.
- Negative equity and large debt could limit access to financing or raise its cost.
- If estimates of prices and market share prove too optimistic, deferred tax assets could be reassessed.
What to watch
- Trend in license revenue and new contractual paymentsQ1 2027
- Level of debt and interest costs2027
- Schedule of new biosimilar launches and regulatory approvals2027
- Recognition of deferred tax assets in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alvotech is a Luxembourg public limited company that develops and manufactures biosimilar medicines. According to the 2025 annual report, the group has commercialized one biosimilar product and has several biosimilar molecules in development. Its operations are global and its registered office is in the Grand Duchy of Luxembourg.
The company was incorporated on 23 August 2021 and became listed through a capital reorganization with Oaktree Acquisition Corp. II, completed on 15 June 2022. The consolidated financial statements were approved by the board of directors on 30 March 2026.
Revenue comes from two main sources: product and service revenue, and license and other revenue. In 2025 license revenue exceeded product sales, which shows a dependence on commercial agreements and development milestones.
Segments
Product and service revenue
Product and service revenue was 276.271 mil. USD in 2025, a slight increase on the prior year. This line reflects direct commercialization of biosimilars already on the market.
Research and development
Research and development expenses were 184.193 mil. USD in 2025, a high level that supports the pipeline of biosimilar molecules in development.
Market context
The biosimilar market depends on the expiry of patent protection for reference biologic medicines and on price competition after market entry. The auditor's report notes that unit price and market share estimates across two principal geographic markets directly influence profit forecasts.
The company operates globally, but the parent is subject to regulation in Luxembourg, Iceland and the United States, which shapes its reporting and capital market oversight.
Trends
- Price erosion after biosimilar entryheadwind
Price declines after competitors enter could compress margins, and the auditor reviewed historical price erosion trends following biosimilar entry.
- Expanding biosimilar pipelinetailwind
Several biosimilar molecules in development could support long-term revenue growth if approvals and launches stay on schedule.
- Licensing agreements and related paymentsmixed
License revenue rose significantly in 2025, giving financial support but making results dependent on the timing of contractual payments.
- Financing costsmixed
High financing costs and long-term debt may limit investment flexibility, though reducing the debt burden could support profitability.
Competitive position
The biosimilar market includes large producers with diversified portfolios and consolidated manufacturing capacity. Competition centres on price, manufacturing capacity and speed of approvals for new products.
Alvotech differentiates itself through its exclusive focus on biosimilars and a portfolio of molecules at different development stages, but it remains exposed to price pressure from larger competitors.
- Teva PharmaceuticalTEVA
Global pharmaceutical company with a significant biosimilar and generics portfolio, a direct competitor in the same product categories.
- Sandoz
Producer specialized in biosimilars and generics, active in the same therapeutic segments with a strong global presence.
- AmgenAMGN
Biotechnology company with reference biologic products whose position shapes competition in the biosimilar market.
- Samsung Bioepis
Biosimilar developer with an extensive portfolio, competing in launches of similar molecules.
News & filings
In the press
- Alvotech (ALVO) Gets New ‘Buy’ Reco. Should Investors Follow?Yahoo Finance — News · 24 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alvotech · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.