Alvotech revenue falls 23% in nine months, guidance kept near low end

what happened

Alvotech, a biotech company focused on biosimilar medicines, published its results for the nine months to September 30, 2026, according to a GlobeNewswire release. Adjusted total revenue reached $323.4 million, against $420.0 million a year earlier, while gross margin slipped to 54% from 59%.

Adjusted EBITDA rose to $78.3 million from $68.0 million, but reported cash at the end of the period stood at $61.5 million, down from $172.4 million on December 31, 2025. Third-quarter product and service revenue came in at $58 million, up 78% year over year.

The company kept its 2026 guidance of $650–700 million in total revenue and $180–220 million in EBITDA, but now expects results toward the lower end of those ranges. Management is focused on delivering the planned volumes in the fourth quarter as output ramps up. A management webcast is scheduled for November 12, 2026, at 8:00 AM EST.

why it matters

The market will focus on whether deliveries pick up in the fourth quarter, since falling revenue with guidance at the lower end leaves less room for error, and the sharp drop in cash keeps funding questions in view for investors.

market impact

Alvotech shares: revenue decline and guidance at the low end weigh on investor sentiment

• ▼Alvotech shares (ALVO) pressure down — nine-month revenue fell and guidance now points to the lower end

tags

instruments