Alvotech Q4 Revenues Rise 13% to $173M, Full-Year Sales Up 21% to $593M
Alvotech reported Q4 2025 revenues of $173 million, up 13% year-on-year, and adjusted EBITDA of $69 million with 66% gross margin. Full-year 2025 revenues reached $593 million, up 21% YoY, adjusted EBITDA climbed 27% to $137 million, and cash ended at $172 million.
1. Q4 2025 Financial Results
In Q4 2025 Alvotech achieved total revenues of $173 million, marking a 13% increase year-on-year. Adjusted EBITDA reached $69 million with a 66% gross margin, reflecting continued operational efficiency and higher volumes of commercialized products.
2. Full-Year 2025 Performance and Cash Position
For the full year 2025, revenues climbed 21% to $593 million and adjusted EBITDA rose 27% to $137 million, with gross margin at 61%. The company ended the year with a cash balance of $172 million and saw the U.S. launch of Selarsdi referencing Stelara by partner Teva.
3. Pipeline Approvals and Commercial Partnerships
During 2025 Alvotech secured UK and EEA approvals for its biosimilars AVT05 (Simponi®) and AVT03 (Prolia®/Xgeva®), while the EMA accepted its AVT23 application referencing Xolair®. Post-quarter the company expanded its commercial reach through supply agreements with Sandoz in Canada, Australia and New Zealand.
4. 2026 Outlook
Management reaffirmed its 2026 outlook, targeting $650–700 million in revenues and $180–220 million in adjusted EBITDA. The company anticipates FDA approval for four biologics license applications by late 2026, supporting future launches and margin expansion.