H1 2026
Filed Aug 19, 2026Alvotech reported H1 2026 adjusted total revenue of $211.9 million and adjusted EBITDA of $46.9 million, while maintaining 2026 guidance for total revenues of $650-$700 million and adjusted EBITDA of $180-220 million.
Revenue and adjusted EBITDA declined year over year as the manufacturing improvement program reduced output and product availability, while gross margin remained broadly level and the company cited restored planned operating levels, confirmed demand, regulatory progress and new financing.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product and Service Revenuenon-GAAP | $105.9 million | – | -48.3% |
| License and Other Revenuenon-GAAP | $105.7 million | – | 4.4% |
| Other Incomenon-GAAP | $0.2 million | – | 49.7% |
| Total revenuenon-GAAP | $211.9 million | – | -30.8% |
| Gross marginnon-GAAP | 54% | – | – |
| Adjusted EBITDAnon-GAAP | $46.9 million | – | -12.7% |
| Cash-balance at the end of the periodother | $142.8 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product and Service RevenueThe manufacturing improvement program affected output and product availability during the first half. | $105.9 million | – | -48.3% |
| License and Other RevenueNo specific revenue driver was reported. | $105.7 million | – | 4.4% |
2026 full year outlook
- Revenue$650-$700 million
- NoteAdjusted EBITDA: $180-220 million
What drove it
- Manufacturing returned to planned operating levels at the end of the second quarter.
- The company is building supply to meet confirmed demand.
- Underlying commercial demand for products remains strong, both in the U.S. and Europe.
- Five biosimilars are now contributing to product revenue.
- FDA confirmed review completion goal dates for AVT05, AVT06 and AVT03 in alignment with the standard 6-month process, with decisions anticipated in the fourth quarter of 2026.
- FDA closed its inspection of the Reykjavik manufacturing facility and confirmed a VAI classification.
Concerns
- Product and Service Revenue declined -48.3% year over year to $105.9 million.
- Adjusted total revenue declined -30.8% year over year to $211.9 million.
- Adjusted EBITDA declined -12.7% year over year to $46.9 million.
- The manufacturing improvement program affected output and product availability during the first half.
- Cash-balance at the end of the period was $142.8 million, compared to $172.4 million on December 31, 2025.
What to watch
- FDA decisions for AVT05, AVT06 and AVT03 anticipated in the fourth quarter of 2026.
- Whether manufacturing output and supply building support strengthening financial performance through the second half of the year.
- Progress toward 2026 total revenues of $650-$700 million and adjusted EBITDA of $180-220 million.
- FDA acceptance of the AVT16 BLA and EMA validation of the European applications for AVT16 and AVT80.
Balance sheet and cash flow
- Cash-balance at the end of the period was $142.8 million compared to $172.4 million on December 31, 2025.
- Alvotech closed an underwritten public offering and private placement, generating gross proceeds of approximately $165 million.
- Liquidity was further strengthened by a new term loan facility of $75 million with funds managed by GoldenTree Asset Management LP.
Analysis
Alvotech reported adjusted total revenue of $211.9 million for H1 2026, compared to $306.1 million in the same period last year, a -30.8% change. The principal pressure was Product and Service Revenue, which declined -48.3% to $105.9 million. License and Other Revenue increased 4.4% to $105.7 million, making it a substantially larger reported component of adjusted revenue than product and service revenue in the period.
Management attributed the first-half revenue and adjusted EBITDA outcome to its manufacturing improvement program, which affected output and product availability. Adjusted EBITDA was $46.9 million, compared to $53.7 million in H1 2025, while gross margin was 54% versus 55%. The broadly level gross margin indicates that the reported operational disruption coincided with lower revenue and EBITDA without a material reported change in gross-margin percentage.
Management said manufacturing returned to planned operating levels at the end of the second quarter and that the company is building supply to meet confirmed demand. It also stated that underlying commercial demand remains strong in the U.S. and Europe, with five biosimilars contributing to product revenue. The key execution issue for the second half is whether resumed manufacturing output and supply availability translate into the strengthening financial performance management expects.
The company reported a cash-balance of $142.8 million at period end, compared to $172.4 million on December 31, 2025. During the period, it closed an underwritten public offering and private placement that generated gross proceeds of approximately $165 million and established a new $75 million term loan facility. The stated uses of the equity proceeds are continued pipeline development, working capital and general corporate purposes.
Regulatory progress remains an important catalyst. Alvotech resubmitted U.S. applications for AVT05 and AVT06, while Dr. Reddy’s Laboratories resubmitted AVT03; FDA decisions are anticipated in the fourth quarter of 2026. Management maintained 2026 full-year total-revenue guidance of $650-$700 million and adjusted EBITDA guidance of $180-220 million. The release provides no prior outlook for comparison, so there is no reported basis to assess changes from prior guidance.
Management, verbatim
The manufacturing improvement program affected output and product availability during the first half, which was reflected in our revenues and adjusted EBITDA.
Lisa Graver, CEO
Manufacturing returned to planned operating levels at the end of the second quarter, and we are building supply to meet confirmed demand.
Lisa Graver, CEO
Importantly, underlying commercial demand for products remains strong, both in the U.S. and Europe.
Lisa Graver, CEO
Not in the filing
stated, not guessed- Period-end date for H1 2026.
- IFRS revenue, gross profit, operating income, net income and earnings per share.
- GAAP or IFRS reconciliation for adjusted total revenue, gross margin and adjusted EBITDA.
- Operating cash flow and free cash flow.
- Debt balance, maturity, interest rate and amounts drawn under the new term loan facility.
- Share repurchases, dividends or other capital-return figures.
- Quarterly Q2 2026 financial results.
- Prior-quarter comparisons for reported financial metrics.
- Full-year 2026 guidance for gross margin, operating expenses and tax rate.
- Prior guidance or previous outlook for comparison.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.