Alvotech Q1 revenues drop 20% to $105.9m, secures FUJIFILM supply deal
ALVO•Alvotech reported Q1 revenues of $105.9m versus $132.8m a year earlier, with adjusted EBITDA of $24.4m and 57% gross margin following production slowdowns. It filed EMA applications for AVT16/80, started an AVT29 study for Eylea, secured a FUJIFILM U.S. supply deal, guiding 2026 revenues of $650m–$700m with EBITDA of $180m–$220m.
1. Q1 Financial Performance
Alvotech reported Q1 total revenues of $105.9m compared with $132.8m in Q1 2025. Adjusted EBITDA reached $24.4m and gross margin was 57%, reflecting a production slowdown driven by planned facility improvements to de-risk operations and support future FDA resubmission requirements.
2. Pipeline Progress and Regulatory Filings
During the quarter, Alvotech submitted Marketing Authorization Applications to the European Medicines Agency for AVT16 and AVT80, proposed biosimilars to vedolizumab. The company also commenced a pivotal efficacy and safety study for AVT29, its high-dose Eylea biosimilar, targeting a U.S. submission in 2028.
3. Strategic Manufacturing Agreement
Alvotech entered a strategic manufacturing agreement with FUJIFILM Biotechnologies to establish a U.S.-based second source of commercial supply. This partnership is designed to diversify and strengthen the company’s manufacturing network ahead of future product launches.
4. 2026 Outlook
Management guided full-year 2026 revenues of $650m–$700m and adjusted EBITDA of $180m–$220m. The lower end of the revenue range assumes no new U.S. product launches, highlighting the impact of pending FDA approvals on near-term growth.
