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Alvotech (ALVO) stock

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NASDAQ: ALVO Nasdaq Pharmaceuticals Next results ~November 11, 2026

C Fundamentals grade

Alvotech is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.6

Valuation models combined (2)

Base case. Range ~$2.0–$3.8. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Alvotech valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds43 adding, 26 cuttingOf 15 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Alvotech files

Where Alvotech stands after its latest Filing

Revenue for the twelve months was $586m, up 19.7% on a year earlier, slower than the 435.6% growth a quarter earlier. Free-cash-flow margin rose to -19.6% from -676.1% a year earlier. Operating margin widened to 13.3% from -640.3%. The diluted share count is up 8.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 5 financial-health checks. Our valuation models combined value is $2.59 a share, against a share price of $4.65.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Alvotech's trailing-twelve-month revenue grew 19.7% year on year, with a free-cash-flow margin of -19.6%. Where it lags: change in growth rate of -415.8pp ranks 73 of 74 pharmaceuticals companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 19.7% (-415.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.7% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.

Things to watch

  • Growth slowing. The growth rate is 415.8 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -19.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 8.7% in a year.
  • High debt. Long-term debt exceeds cash by $1.1bn, more than 1.5 times annual revenue.
  • Gross margin slipping. Gross margin is down 2.3 points on a year ago.
  • Weak cash conversion. Free cash flow was -411% of net income over the last 12 months.

Latest results

Earnings per share
-$0.11 against an average estimate of -$0.08: missed by 30.2%
Next report
November 11, 2026; average EPS estimate -$0.05

Alvotech's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.7%
  • 1 week-3.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$586M
Operating margin
13.3%
Net margin
4.8%
EPS (TTM, diluted)
$0.10

Growth

Revenue growth
+19.7%
Change in growth rate
−415.8 pts
Share count change
+8.7%

Cash

Free cash flow (TTM)
-$115M
FCF margin
-19.6%
Stock pay % of revenue
1.3%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ALVO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alvotech valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Alvotech as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.0 ~$2.1–$3.9 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.8 ~$3.2–$9.6 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.8 Left out: out of range vs price (0.17x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.6 ~$2.0–$3.8 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alvotech with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close. Analysts expect revenue of $138m and EPS of −$0.05 (range −$0.07 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.03 +72% $653m +11%
Next $0.23 +913% $786m +20%

Next year's EPS estimate has moved −2.0% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −205.5% on 90 days ago. In the last 30 days, 1 analyst raised Alvotech's forecast and 2 cut it.

Consensus EPS forecast Alvotech, last 90 days
−$0.10 $0.00 $0.10 $0.20 $0.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.03 Current fiscal year, 60 days ago: −$0.02 Current fiscal year, 30 days ago: −$0.02 Current fiscal year, 7 days ago: −$0.02 Current fiscal year, Now: −$0.03 −$0.03 Next fiscal year, 90 days ago: $0.23 Next fiscal year, 60 days ago: $0.23 Next fiscal year, 30 days ago: $0.23 Next fiscal year, 7 days ago: $0.23 Next fiscal year, Now: $0.23 $0.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.03$0.23
60 days ago −$0.02$0.23
30 days ago −$0.02$0.23
7 days ago −$0.02$0.23
Now −$0.03$0.23

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.08 −$0.11 −30.2%
Mar 2026 −$0.07 −$0.09 −28.6%
Dec 2025 −$0.01 $0.01 +190.8%
Sept 2025 −$0.03 −$0.11 −230.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Nov 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Nov 20262316
  2. Oct 20262417
  3. Sep 202614117

Counts of recommendations published by analysts covering Alvotech, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
4.72
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
13%
of shares
Held by insiders
59.7%
of shares
Employees
1,279
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Alvotech in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alvotech
$0 $200M $400M $600M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $66.6M Revenue (TTM), FY21 Q4: $36.8M Revenue (TTM), FY22 Q4: $83M Revenue (TTM), FY23 Q4: $91.4M Revenue (TTM), FY24 Q4: $489.7M Revenue (TTM), FY25 Q4: $586.3M $586.3M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $66.6M
FY21 Q4 $36.8M
FY22 Q4 $83M
FY23 Q4 $91.4M
FY24 Q4 $489.7M
FY25 Q4 $586.3M
Revenue growth, TTM YoY Alvotech
-200% 0% 200% 400% 600% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: -44.8% Revenue growth, TTM YoY, FY22 Q4: 125.8% Revenue growth, TTM YoY, FY23 Q4: 10.1% Revenue growth, TTM YoY, FY24 Q4: 435.6% Revenue growth, TTM YoY, FY25 Q4: 19.7% 19.7%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 -44.8%
FY22 Q4 125.8%
FY23 Q4 10.1%
FY24 Q4 435.6%
FY25 Q4 19.7%
Operating margin (TTM) Alvotech
-800% -600% -400% -200% 0% 200% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: -206.5% Operating margin (TTM), FY21 Q4: -640.3% Operating margin (TTM), FY22 Q4: -417.3% Operating margin (TTM), FY23 Q4: -388.1% Operating margin (TTM), FY24 Q4: 14.2% Operating margin (TTM), FY25 Q4: 13.3% 13.3%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 -206.5%
FY21 Q4 -640.3%
FY22 Q4 -417.3%
FY23 Q4 -388.1%
FY24 Q4 14.2%
FY25 Q4 13.3%
FCF margin (TTM) Alvotech
-800% -600% -400% -200% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -122.8% FCF margin (TTM), FY21 Q4: -676.1% FCF margin (TTM), FY22 Q4: -421.9% FCF margin (TTM), FY23 Q4: -377.8% FCF margin (TTM), FY24 Q4: -59.3% FCF margin (TTM), FY25 Q4: -19.6% -19.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -122.8%
FY21 Q4 -676.1%
FY22 Q4 -421.9%
FY23 Q4 -377.8%
FY24 Q4 -59.3%
FY25 Q4 -19.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Alvotech took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $586M
  2. Cost of revenue $236M · 40.2%
  3. Gross profit $351M · 59.8%
  4. Research and development $184M · 31.4%
  5. Other operating costs $88.4M · 15.1%
  6. Operating income $78.2M · 13.3%
  7. Interest and other $50.3M · 8.6%
  8. Net income $27.9M · 4.8%

Shares of revenue. Source: Alvotech's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 67 37 83 91 490 586
Gross profit — 37 19 −69 304 351
Operating income −138 −235 −346 −355 70 78
Net income −170 −102 −514 −552 −232 28
Diluted EPS −$1.82 −$0.92 −$2.60 −$2.43 −$0.87 $0.10
Growth (year on year)
Revenue — −44.8% +125.8% +10.1% +435.6% +19.7%
Operating income — — — — — +12.3%
Margins
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%
Free-cash-flow margin −122.8% −676.1% −421.9% −377.8% −59.3% −19.6%
Cash flow
Cash from operations −74 −228 −312 −312 −237 −50
Capital spending 7 20 38 33 54 64
Free cash flow −82 −249 −350 −345 −291 −115
Stock-based pay — 0 10 18 8 7
Free cash flow after stock pay — −249 −361 −363 −298 −122
Balance sheet
Cash 32 18 66 11 51 172
Total debt 568 401 765 960 1,069 1,299
Net debt (negative = net cash) 536 383 698 949 1,017 1,127
Diluted shares 94m 111m 198m 227m 268m 291m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · December 31, 2025
What it owns · $1.5bn
Short-term assets $574mLonger-term assets $913m
What it owes, and who funded it · $1.8bn
Short-term liabilities $304mLonger-term liabilities $1.5bnShareholders' equity $-284m
  • Short-term assets cover short-term liabilities $574m of assets due within a year against $304m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $574m short-term assets against $1.5bn of longer-dated liabilities.
  • More cash than debt $172m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$50m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $78m against $137m of interest.

From Alvotech's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+8.7%
year over year
R&D spending
31.4%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated ALVO EBS TVTX AMPH PCRX INVA Median
Revenue, last 12 months $586m $649m $651m $730m $746m $440m $276m
Revenue growth, last 12 months 19.7% −17.7% 49.4% 1.0% 5.7% 18.8% 9.9%
Revenue growth, 3-year average — −16.2% 71.3% 10.5% 3.7% 14.9% 5.5%
Revenue growth, latest quarter — −52.4% 36.2% 5.4% 6.2% 19.3% 6.5%
Gross margin 59.8% 48.4% 98.5% 47.7% 79.2% 72.2% 62.0%
Operating margin 13.3% −27.7% −20.5% 15.7% 2.7% 36.9% −5.9%
Operating margin, 3-year average — −8.5% −72.3% 24.3% 0.4% 59.6% −7.4%
Net margin 4.8% −40.2% −18.7% 10.8% 2.0% 81.2% −7.3%
Cash from operations / revenue −8.6% 30.8% 27.1% 25.3% 25.2% 43.5% 10.2%
Free-cash-flow margin −19.6% 29.0% 27.1% 20.9% 24.1% 43.1% 8.6%
Free-cash-flow margin, 3-year average — 13.8% −40.1% 20.5% 22.5% 48.3% 7.4%
Stock pay / revenue 1.3% 2.8% 11.2% 4.0% 7.5% 2.8% 3.6%
Change in share count 8.7% −0.6% −1.7% −7.8% −2.8% 18.0% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 19.7% 10.0% 23 of 74
Change in growth rate Growth -415.8pp -0.3pp 73 of 74
Gross margin Profitability 59.8% 59.8% 30 of 59
Operating margin Profitability 13.3% -5.9% 18 of 67
Net margin Profitability 4.8% -7.3% 28 of 75
Free-cash-flow margin Cash generation -19.6% 10.1% 58 of 74
Stock pay as % of revenue Cash generation 1.3% 3.6% 19 of 69
Long-term debt as % of assets Balance sheet 84.9% 23.8% 52 of 53
Change in share count Balance sheet 8.7% 1.5% 47 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$157M
Institutions reporting
71
Shares held vs prior quarter
▲ 150.6%
Positions opened / closed
22 / 7

Top buyers and sellers, Q2 2026: 43 institutions bought and 26 sold ; the biggest buyer was Rubric Capital Management LP (+15.7M shares) and the biggest seller Oaktree Capital Management LP (−142K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Rubric Capital Management LP $57.8M 15.7M 36.7% New
Millennium Management LLC $15.7M 4.3M 10.0% ▲ 100.9%
Bracebridge Capital, LLC $14.9M 4.0M 9.5% ▲ 49.3%
Vanguard Capital Management LLC $14M 3.7M 8.9% ▲ 8.2%
Farallon Capital Management, L.L.C. $10.6M 2.9M 6.7% ▲ 1332.2%
Citadel Advisors LLC $6.4M 1.7M 4.1% New
Price T Rowe Associates Inc $5.2M 1.4M 3.3% ▲ 1.5%
Blackrock, Inc. $4.9M 1.3M 3.1% ▲ 6.6%
Littlejohn & Co LLC $4.9M 1.3M 3.1% 0.0%
Vanguard Fiduciary Trust Co $3.8M 999K 2.4% ▲ 2.5%
Legal & General Group PLC $2.7M 696K 1.7% ▲ 38.0%
Morgan Stanley $2.5M 670K 1.6% ▲ 175.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alvotech's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Alvotech was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alvotech in brief

What does Alvotech do?
Alvotech is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Alvotech's stock ticker?
Alvotech trades under the ticker ALVO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alvotech's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alvotech reported revenue of $586M, 19.7% higher than a year earlier, according to its SEC filings.
What is Alvotech's free cash flow?
Alvotech's free-cash-flow margin is -19.6% of revenue over the trailing twelve months, ranking 58 of the 74 pharmaceuticals companies we cover.
Who are Alvotech's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Rubric Capital Management LP, Millennium Management LLC and Bracebridge Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Alvotech's competitors?
In our Pharmaceuticals peer group, the companies closest to Alvotech are Emergent Biosolutions Inc., Travere Therapeutics, Inc., Amphastar Pharmaceuticals, Inc., Pacira Biosciences, Inc. and Innoviva, Inc. The side-by-side comparison below sets their revenue, margins and growth against Alvotech's.
When is Alvotech's next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alvotech announces its own schedule.