AAlvotech develops and manufactures biosimilar medicines, which are lower-cost versions of biologic drugs used to treat a range of diseases. Its biosimilars are produced through a vertically integrated process, controlling cell line development, manufacturing, and final product steps to ensure quality and efficiency. The company differentiates itself by owning and coordinating the full value chain, enabling tighter cost control, scalable production, and faster delivery of biosimilars to global markets. Alvotech aims to improve lives by making biologic medicines more accessible and affordable, continually evaluating new pipeline opportunities to expand its portfolio and revenue streams.
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Industries
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Reykjavík, Iceland
Founded
2013
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Total Funding
$2.6B
Above
Industry Average
Funded Over
17 Rounds
Alvotech shares have fallen 50.9% over five years, but the biosimilar maker may now trade at a discount. Its price-to-sales (P/S) ratio is 3.5x, below the biotech industry average of 9.7x and a peer group average of 20.8x. A fair P/S ratio based on Alvotech's growth, margins, size, and risk sits higher than the current level, which suggests the stock is undervalued on this measure. Investors remain split. Bulls point to upcoming biosimilar launches in large reference markets. Bears cite thin margins and funding pressure, including about $165 million in external equity and a $75 million term loan at 12.5% interest. The bears also note quarterly net interest payments of roughly $37 million and a net loss of about $65.8 million in the first half of 2026.
Alvotech shares jump 8% after Barclays doubles price target. Alvotech shares rose about 8% on Wednesday after Barclays upgraded the Icelandic biosimilar developer and doubled its price target from $4 to $8. The move marked the stock's largest single-day gain since December, according to Dow Jones Market Data. Barclays analyst Glen Santangelo moved Alvotech from Underweight to Overweight. The shares were trading near $5.42 after the rally, still below their 52-week high of $9.25. FDA closes Iceland facility inspection. The upgrade followed a favorable regulatory development. In July, the U.S. Food and Drug Administration closed its inspection of Alvotech's manufacturing facility in Reykjavik, Iceland, with a "Voluntary Action Indicated" classification, the agency's most favorable inspection outcome. Earlier inspections had identified manufacturing and facility-compliance deficiencies, delaying approvals for some of Alvotech's products. The company said the issues were related to the facility rather than the medicines themselves. After the inspection was closed, Alvotech resubmitted biologics license applications in June for three biosimilar products. FDA decisions on all three are scheduled for December 4, 2026. Three biosimilars await FDA decisions. The applications cover products targeting several major treatment areas. AVT05 is a biosimilar to Johnson & Johnson's Simponi, which is used to treat inflammatory joint conditions. AVT06 is a biosimilar version of Eylea, the retinal disease treatment developed by Regeneron and Bayer. AVT03 is designed to replicate Amgen's Prolia and Xgeva, which are used in bone-health treatment. The FDA has also authorized a biologics license application for AVT16, Alvotech's biosimilar to Entyvio. A decision on that product is expected in early 2027. Manufacturing expansion supports 2026 outlook. Alvotech said full-scale manufacturing resumed in the second quarter of 2026 and reaffirmed its fiscal 2026 revenue guidance of $650 million to $700 million. The company is also expanding production capacity outside Iceland through a partnership with Fujifilm Biotechnologies in the United States. Additional capacity from that facility is expected to come online in 2027. Alvotech's gain outpaced the broader market on Wednesday, when the S&P 500 rose 0.2% and the Nasdaq advanced 0.4%. The upcoming FDA decisions and the resolution of the Iceland facility issues remain key milestones for the company.
We specialize in making biosimilars - to improve lives by expanding access to affordable biologic medicines.
We specialize in making biosimilars - to improve lives by expanding access to affordable biologic medicines.
Alvotech expands US biosimilar manufacturing with LOTTE. October 8, 2026 Alvotech and LOTTE will expand biosimilar manufacturing capacity in America. Multiple antibody products will use LOTTE's 40,000 litre Syracuse bioreactor infrastructure. Alvotech and LOTTE Biologics have agreed a long term manufacturing partnership that will place production of drug substance for multiple antibody biosimilars at LOTTE's Syracuse facility in New York. The agreement expands Alvotech's external production capacity in the United States while adding another biologics programme to the Syracuse operation. LOTTE will manufacture material for global supply, and the companies may extend the collaboration to further products as the initial programmes move through transfer and manufacturing. Syracuse has 40,000 litres of installed bioreactor capacity alongside process development and quality control capabilities, allowing cell culture production, process support and analytical work to operate within the same manufacturing site. That infrastructure gives Alvotech access to an established regulated facility without waiting for a separate plant to be designed, constructed and qualified. Antibody drug substance is produced biologically through engineered cells grown under controlled conditions inside bioreactors. As the cells multiply and metabolise nutrients they produce the required protein, which is subsequently separated and purified to remove cells, process residues and unwanted proteins before the material moves into later manufacturing stages. Cell culture performance depends on temperature, nutrient concentration, dissolved gases, pH and other operating conditions remaining within defined ranges. Changes in those variables can alter yield and product characteristics, while increasing vessel scale changes mixing, oxygen transfer and heat removal rather than simply reproducing a smaller process at greater volume. The 40,000 litres of installed capacity therefore describes the physical scale of the bioreactors rather than a fixed annual quantity of finished drug substance. Output depends on vessel configuration, duration of each production campaign, cell productivity, purification yield, cleaning and changeover time, and the quantity of material required for each biosimilar. Biosimilar manufacturing adds tight product quality requirements because an antibody has to remain highly similar to its established reference medicine. Large biological molecules contain structural features influenced by the manufacturing process, so producers control critical quality attributes throughout cell culture, purification and analytical testing rather than relying on chemical identity alone. Consistency consequently depends on the complete manufacturing chain from cell banks and media through bioreactor operation, purification and release testing. Each stage has to remain within validated limits across repeated batches, with LOTTE's on site quality control capability providing analytical support while material moves through the Syracuse process. Alvotech already operates large scale biosimilar manufacturing in Iceland, making Syracuse an additional production route rather than a replacement for its existing base. Geographic diversification can reduce dependence on one facility while also creating capacity for a portfolio that includes several antibody products moving through development and commercial supply. US manufacturing can also shorten part of the physical supply chain for products serving the American market, although LOTTE will produce material for global use. Biological drug substance requires controlled handling, validated logistics and regulatory release, so the location of production influences the movement of intermediates and finished material between manufacturing stages. LOTTE acquired the Syracuse site from Bristol Myers Squibb and has developed it as the basis of its US contract development and manufacturing operation. Existing bioreactors, utilities, analytical systems and regulated production infrastructure allow customer programmes to enter an operating site rather than depending on the construction schedule of a new facility. Each Alvotech product will still require process transfer into the Syracuse equipment before routine commercial manufacturing begins. Operating parameters, raw materials, analytical methods and control strategies have to be reproduced on the receiving equipment and shown to deliver product quality consistent with the validated process. Transfer work also has to account for differences in vessel geometry, control systems and supporting equipment between manufacturing locations. Mixing, gas transfer and process timing may require adjustment within validated ranges so the product remains comparable while the process is reproduced on a different production train. Neither company has disclosed the financial value of the partnership, the individual biosimilars covered or the proportion of Syracuse capacity allocated to the programme. Those variables will determine how heavily the agreement loads the facility and how much capacity remains available for other products and customers. Once transfer and qualification are complete, the manufacturing programme will be measured through repeated batch performance rather than nominal bioreactor volume. Stable cell culture, purification yield and analytical results will determine how effectively the installed capacity is converted into saleable biosimilar drug substance across the multiple antibody products covered by the agreement. Stories for you. * Manual vs Powered Lifting Equipment: Which Is Right for Your Application? Choosing suitable lifting equipment depends on more than load capacity. Manual and powered hoists offer different advantages depending on lifting frequency, available power, site conditions and operating costs. Understanding these factors helps businesses select equipment that suits the task while meeting workplace safety requirements. * Industrials remain Europe's second most distressed sector Europe's industrial companies remain among its most financially distressed sectors. The latest Weil index shows corporate pressure still above its long run average.
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Industries
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Reykjavík, Iceland
Founded
2013
Find jobs on Simplify and start your career today
Don't see your dream role? Check out thousands of other roles on Simplify.Browse all jobs