Iceland's Alvotech H1 revenue falls 31% on manufacturing program

Alvotech said underlying commercial demand for its products remains strong in the U.S. and Europe.

The current average analyst rating on the shares is "buy", with a breakdown of 4 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell".

The average consensus recommendation for the biotechnology and medical research peer group is "buy".

Wall Street's median 12-month price target for Alvotech SA is $6.00, about 51.9% above its August 18 closing price of $3.95.

The stock recently traded at 28 times the next 12-month earnings versus a P/E of 25 three months ago.

Iceland biosimilar medicines developer Alvotech said its H1 revenue fell 31% year over year due to its manufacturing program.

Adjusted EBITDA declined as manufacturing output and product availability were impacted.

The company raised in equity and secured a term loan to strengthen liquidity.