Alvotech vs Innoviva
Alvotech is the larger business, with $586m of revenue in fiscal 2025 against $411m for Innoviva (1.4 times as much). Alvotech grew faster (19.7% against 14.7%). Innoviva kept more of each dollar of sales as profit: a net margin of 65.9% against 4.8%.
| Latest fiscal year | AlvotechALVO, 2025 | InnovivaINVA, 2025 |
|---|---|---|
| Revenue | $586m | $411m |
| Revenue growth | 19.7% | 14.7% |
| Net income | $27.9m | $271m |
| Operating margin | 13.3% | 39.8% |
| Net margin | 4.8% | 65.9% |
| Return on equity | — | 29.1% |
| Free cash flow | −$115m | $196m |
| Cash | $172m | $551m |
| Total debt | $1.30bn | $261m |
| Debt to equity | — | 22.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $4.5m |
| Employees | — | 159 |
| Market value | $1.42bn | $1.53bn |
| Price vs our value range | — | Below our value range |
| Moat score | — | 80 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |