Alvotech Reports Financial Results For 9-Months Of 2023 And Provides A Business Update; 9-Month EPS $(1.21); Revenue $29.8M
Portfolio Pulse from Benzinga Newsdesk
Alvotech reported a net loss of $275.2 million for the first nine months of 2023, with a loss per share of ($1.21). Revenue increased to $29.8 million, driven by sales of AVT02 in Europe and Canada. R&D expenses rose to $152.8 million due to new biosimilar candidates and termination charges for AVT23. G&A expenses decreased to $58.6 million, primarily due to lower non-cash share listing and transaction costs. Finance costs increased to $107.8 million due to additional borrowings and convertible bonds. The company's cash position was $68.3 million, excluding restricted cash, with borrowings of $912.1 million.
November 28, 2023 | 9:28 pm
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Alvotech's net loss widened to $275.2 million with a loss per share of ($1.21) for the first nine months of 2023. Revenue growth and increased R&D expenses reflect ongoing investment in biosimilar candidates. The company's cash position remains solid, but high borrowings may concern investors.
The widened net loss and increased borrowings are likely to negatively impact investor sentiment in the short term, despite revenue growth. The high R&D expenses indicate investment in future growth but may also raise concerns about current profitability. The solid cash position provides some cushion, but the high level of debt could overshadow this positive aspect.
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IMPORTANCE 90
RELEVANCE 100