# Alvotech (ALVO.US)

Canonical: https://gigainvestors.com/s/ALVO

Analysis as of: 2026-10-16T07:26:25.792Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.31 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 6

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.93×

- FY2020: -2.06×

- FY2021: -6.40×

- FY2022: -4.17×

- FY2023: -3.88×

- FY2024: 0.14×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -26.0%

- ROIC, second-lowest year: -168.3%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 62.2%

- Recent gross margin (lower of latest and 3-year median): 59.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 25.2%

- ROIC including acquisitions, ten-year median: -33.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 0.0%

- FY2021: -52.0%

- FY2022: -168.3%

- FY2023: -234.1%

- FY2024: 7.7%

- FY2025: 5.2%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.4B

- Net income, five-year total: -$1.4B

- Working capital / revenue, annual change: -10.8 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$124M

- FY2022: -$514M

- FY2023: -$552M

- FY2024: -$232M

- FY2025: $28M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: -0.92 to -0.87 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 25.5%

- Diluted shares, 5-year annual growth: 25.5%

- Per-share value change: $0.05

- Per-share value, starting three-year median: -$0.92

- Per-share value, ending three-year median: -$0.87

- Average buyback yield: 0.5%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 5.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.86

- FY2020: -$1.82

- FY2021: -$0.92

- FY2022: -$2.60

- FY2023: -$2.43

- FY2024: -$0.87

- FY2025: $0.10

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 5.3%

- Receivables to sales index (DSRI): 0.51×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.80×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2020: -20.2%

- FY2021: 21.2%

- FY2022: -24.3%

- FY2023: -25.2%

- FY2024: 0.4%

- FY2025: 5.3%

## Holders

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 66% since Jan 2024 · "Alvotech Shares Plunge As FDA Declines To Approve AVT05, A Biosimilar To Simponi" (nasdaq.com, Nov 2025) · sales +19.7%

Story as of 2026-10-16T09:58:17.273Z; price observation 2026-10-15.

- 2025-11-03: Alvotech stock slides as FDA issues CRL for AVT05, company cuts EBITDA outlook ([seekingalpha.com](https://seekingalpha.com/news/4512768-alvotech-stock-slides-as-fda-issues-crl-for-avt05-company-cuts-ebitda-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-29: Alvotech resolves global patent disputes with Regeneron and Bayer over Eylea biosimilar ([seekingalpha.com](https://seekingalpha.com/news/4544003-alvotech-resolves-global-patent-disputes-with-regeneron-and-bayer-over-eylea-biosimilar?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-06-05: ALVO Stock Gains 19% on FDA Resubmission of Biosimilar BLAs ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/alvo-stock-gains-19-fda-173100873.html))

- 2026-08-29: Why Alvotech (ALVO) Is Up 11.7% After Expanding Biosimilar Deal With Lotus Pharmaceutical ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/why-alvotech-alvo-11-7-110717587.html))

### Sales · FY2024–2025

sales +19.7%; source https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm; observed 2026-03-31.

- FY2019: $32M 

- FY2020: $67M 

- FY2021: $37M 

- FY2022: $83M 

- FY2023: $91M 

- FY2024: $490M 

- FY2025: $586M 

### Gross margin · FY2025

gross margin 59.8%; source https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm; observed 2026-03-31.

- FY2022: 22.8% 

- FY2024: 62.2% 

- FY2025: 59.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 586.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm (filed 2026-03-31); FY2025: revenue 586321000; grossProfit 350763000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALVO.US: Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company provides AVT02, a high concentration, low-volume adalimumab formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ankylosing spondylitis ulcerative colitis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass. In addition, it offers AVT05, a biosimilar to Simponi and Simponi Aria to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, ulcerative colitis, and other indications; AVT16, a biosimilar to an Entyvio product for the treatment of adult patients with moderate to severe ulcerative colitis and moderate to severely active Crohn's disease; AVT23, a biosimilar to Xolair to treat allergic asthma, chronic spontaneous urticaria (CSU), and nasal polyp; and AVT33, a biosimilar to Keytruda product which is in early phase development. Alvotech was founded in 2013 and is based in Luxembourg, Luxembourg.

### Why customers stay

It lost 26% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2023: grossProfit / revenue = -75.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); FY2024: grossProfit / revenue = 62.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm (filed 2026-03-31); FY2025: grossProfit / revenue = 59.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); 7-year return on capital observations [[2020,0],[2021,-0.5202850781503485],[2022,-1.6830396762926156],[2023,-2.3407260825275955],[2024,0.076980860688366],[2025,0.05190037612408419]]; median -0.26014253907517426. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 7 years.

- Source: https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm (filed 2026-03-31); FY2025: growth capex 26619000; upkeep 37851000; cash acquisitions 8086000; owner earnings 27919000. Growth capex plus acquisitions / owner earnings = 1.243060281528708.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,184757000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALVO.US SharesStats.PercentInsiders = 59.678 percentage points; cache date 2026-10-15.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Closing price 5.31 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.012480329207061; price multiple 2.638535106622481. FY2025 cash earnings/share 0.09582880079535262. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-11: $9.90 per share

- 2020-12: $10.49 per share

- 2021-01: $10.56 per share

- 2021-02: $10.54 per share

- 2021-03: $9.89 per share

- 2021-04: $9.97 per share

- 2021-05: $9.77 per share

- 2021-06: $9.88 per share

- 2021-07: $9.82 per share

- 2021-08: $9.82 per share

- 2021-09: $9.80 per share

- 2021-10: $9.90 per share

- 2021-11: $9.91 per share

- 2021-12: $9.88 per share

- 2022-01: $9.86 per share

- 2022-02: $9.85 per share

- 2022-03: $9.95 per share

- 2022-04: $9.94 per share

- 2022-05: $9.96 per share

- 2022-06: $8.21 per share

- 2022-07: $7.95 per share

- 2022-08: $9.00 per share

- 2022-09: $6.76 per share

- 2022-10: $6.20 per share

- 2022-11: $6.30 per share

- 2022-12: $10.00 per share

- 2023-01: $12.00 per share

- 2023-02: $13.85 per share

- 2023-03: $12.90 per share

- 2023-04: $9.80 per share

- 2023-05: $8.43 per share

- 2023-06: $7.74 per share

- 2023-07: $9.80 per share

- 2023-08: $9.90 per share

- 2023-09: $9.12 per share

- 2023-10: $8.89 per share

- 2023-11: $9.50 per share

- 2023-12: $11.48 per share

- 2024-01: $15.75 per share

- 2024-02: $15.39 per share

- 2024-03: $12.22 per share

- 2024-04: $14.50 per share

- 2024-05: $13.88 per share

- 2024-06: $12.16 per share

- 2024-07: $11.70 per share

- 2024-08: $11.68 per share

- 2024-09: $11.90 per share

- 2024-10: $12.98 per share

- 2024-11: $11.75 per share

- 2024-12: $13.23 per share

- 2025-01: $12.72 per share

- 2025-02: $11.36 per share

- 2025-03: $9.67 per share

- 2025-04: $7.84 per share

- 2025-05: $11.44 per share

- 2025-06: $9.12 per share

- 2025-07: $9.06 per share

- 2025-08: $8.07 per share

- 2025-09: $8.19 per share

- 2025-10: $7.65 per share

- 2025-11: $5.10 per share

- 2025-12: $5.13 per share

- 2026-01: $5.37 per share

- 2026-02: $3.99 per share

- 2026-03: $3.43 per share

- 2026-04: $3.34 per share

- 2026-05: $3.36 per share

- 2026-06: $3.69 per share

- 2026-07: $4.12 per share

- 2026-08: $5.19 per share

- 2026-09: $5.80 per share

- 2026-10: $5.31 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1898416/000189841626000004/alvo-20251231.htm); period 2025-12-31, filed 2026-03-31.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Howard Marks](https://gigainvestors.com/oc): 97,982 ALVO shares; USD 362,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.

# ALVO — Alvotech SA

Held by 1 investor · USD 362,000 total · 2026 Q2 · reported price USD 3.69 (split-adjusted).
Page: https://gigainvestors.com/s/ALVO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 362,000 | <0.1% | reduce -59.18% |

## Total held by quarter

- 2022 Q2: USD 52,040,399 · 1 holder · USD 21.51
- 2022 Q3: USD 42,849,342 · 1 holder · USD 17.71
- 2022 Q4: USD 63,386,600 · 1 holder · USD 26.20
- 2023 Q1: USD 164,637,966 · 1 holder · USD 33.80
- 2023 Q2: USD 52,315,898 · 1 holder · USD 20.28
- 2023 Q3: USD 45,996,766 · 1 holder · USD 23.90
- 2023 Q4: USD 62,576,286 · 1 holder · USD 30.08
- 2024 Q1: USD 35,428,236 · 1 holder · USD 32.02
- 2024 Q2: USD 30,789,448 · 1 holder · USD 31.86
- 2024 Q3: USD 30,131,121 · 1 holder · USD 31.18
- 2024 Q4: USD 25,477,077 · 1 holder · USD 34.67
- 2025 Q1: USD 18,068,231 · 1 holder · USD 25.34
- 2025 Q2: USD 14,260,725 · 1 holder · USD 23.90
- 2025 Q3: USD 12,806,506 · 1 holder · USD 21.46
- 2025 Q4: USD 2,022,556 · 1 holder · USD 9.93
- 2026 Q1: USD 338,454 · 1 holder · USD 3.69
- 2026 Q2: USD 362,000 · 1 holder · USD 3.69