Alvotech's Q4 2024 Earnings: Key Contradictions on Revenue Guidance, Stelara Launch, and Pricing Strategies

These are the key contradictions discussed in Alvotech's latest 2024Q4 earnings call, specifically including: Milestone Revenues and Revenue Guidance, Stelara Biosimilar Launch Timing, and Stelara Pricing and Private Label Deals:



Strong Financial Performance and Revenue Growth:
- Alvotech reported revenue grew over 400% to $492 million for the full year, with adjusted EBITDA reaching US $108 million, up from a US $300 million loss in 2023.
- The growth was driven by an increase in product revenues, which exceeded milestone revenues, and improved operational efficiency.

Product Launches and Market Share Expansion:
- The company delivered 2 million units of finished products in 2024 and achieved over half of this volume in the last quarter, supporting multiple launches.
- This was attributed to successful launches of AVT02 in the U.S., private label business with Quallent, and a biosimilar to Stelara in Europe.

R&D and Regulatory Success:
- Alvotech's R&D team achieved two major U.S. approvals and accepted filings for three additional projects globally, plus initiated a clinical trial for AVT16.
- The progress was driven by comprehensive R&D efforts and a focus on developing high-quality biosimilars.

Capital Market Success:
- Alvotech raised over $300 million in capital in 2024, including $150 million in new equity and refinancing all short-dated maturities.
- This success was attributed to strong investor confidence in the company's growth prospects and financial stability.