Q2 2024 Alvotech SA Earnings Call Transcript
Key Points
- Alvotech (ALVO) reported record total revenues of $235.6 million for the first half of 2024, a tenfold increase compared to the same period in 2023.
- The company achieved positive EBITDA for both the second quarter ($102 million) and the first half of the year ($63.5 million).
- Alvotech (ALVO) has a substantial order book for its biosimilar to Humira in the US market, reaching approximately 1.3 million units for 2024.
- The company successfully launched its biosimilar to Stelara in Canada, Japan, and Europe, with replenishment orders already received from partners.
- Alvotech (ALVO) has a strong pipeline with multiple biosimilar applications expected to be submitted by the end of 2024, and anticipated revenues from new markets starting as early as the end of 2025.
- The company's revenue guidance for 2024 remains at $400 million to $500 million, indicating potential volatility in achieving higher revenue targets.
- Alvotech (ALVO) expects milestone revenue contributions to decrease in the second half of 2024, which may impact overall revenue growth.
- The company faces competition in the biosimilar market, particularly from other brands and biosimilars, which could affect market share and pricing.
- Alvotech (ALVO) has significant debt, with $1.35 billion in gross borrowings as of June 30, 2024, which could impact financial flexibility.
- The company's operating results are expected to be lumpy from one quarter to the next, indicating potential fluctuations in financial performance.
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Thank you and good morning or afternoon to everyone joining us on this call today. Yesterday evening, the company issued a press release that can be found on our Investor Portal investors.alvotech.com. The release reported financial results for the first half of 2024 and provides a business update.
Additionally, presentation slides that cover our call today have been posted on our investor website, and you'll hear our speakers referring to the slide presentation during their comments. You'll find all material posted for this earnings call on our Investor Portal investors.alvotech.com, under the News and Events menu earnings calendar Q2 2024 earnings.
Please note that our presentation materials and some of our statements that we make today may include forward looking statements. These statements do not ensure future performance and are subject to risks and uncertainties that are outlined in Company filings with the Securities and Exchange Commission. These risks and
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