Alvotech: 2Q Preview: Expecting More Modest Revenue as Production Slowdown Lingered in 2Q

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Alvotech: 2Q Preview: Expecting More Modest Revenue as Production Slowdown Lingered in 2Q

Equity Research

U.S. Specialty Pharmaceuticals

21 July 2026

Alvotech

2Q Preview: Expecting More

Modest Revenue as Production

ALVO UNDERWEIGHTSlowdown Lingered in 2Q

Unchanged

We are lowering estimates to better reflect the rev cadence U.S. Specialty NEUTRAL Pharmaceuticals

Unchangedover the balance of the year as slower production levels

returned to normal by the end of 2Q. FY26 guide now implies Price Target USD 4.00 Unchanged

a steeper 2H26 ramp w/ a potential 3Q step-up representing a Price (20-Jul-26) USD 3.41

Potential Upside/Downside +17.3%positive catalyst to support the FY expectations.

Source: Bloomberg, Barclays Research

Adjusted 2Q revenue to reflect the production slowdown in 1H26. As a reminder, the

Market Cap (USD mn) 1153

company's 1Q results were impacted by the production slowdown related to ongoing facility

Shares Outstanding (mn) 338.22

improvements following the CRLs in FY25. While the company called out a return to normal

Free Float (%) 37.19

production through 2Q, we are incorporating lingering slowdowns and reducing our 2Q revenue

52 Wk Avg Daily Volume (mn) 0.6

estimates. The company has maintained its $650-700M revenue outlook for the full year, which

Dividend Yield (%) N/A

implies a steeper ramp than we previously expected due to the 1H slowdown. We would note

Return on Equity TTM (%) N/A

that three newly approved products, AVT03 (biosimilar to Prolia and Xgeva), AVT05 (biosimilar

Current BVPS (USD) -0.91

to Simponi) and AVT06 (biosimilar to Eylea) began contributing incremental product revenues Source: Bloomberg

as launches expanded across Europe, the U.K., and Japan.