Alvotech cash flow statement

In fiscal 2025, Alvotech's operations generated −$50.2m of cash; it spent $64.5m on capital projects, leaving free cash flow of −$115m.

Cash flow statement

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

Alvotech: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−74	−228	−312	−312	−237	−50
Stock-based pay	—	0	10	18	8	7
Capital spending	7	20	38	33	54	64
Free cash flow	−82	−249	−350	−345	−291	−115
Free cash flow after stock pay	—	−249	−361	−363	−298	−122

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Alvotech's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Alvotech.