Alvotech is a pure-play biosimilars company that develops and manufactures biologic medical products intended to be highly similar to existing approved biologics. The company's business model is vertically integrated, encompassing cell line development, process development, clinical development, and commercial-scale manufacturing entirely in-house at its facilities in Iceland. Rather than marketing products directly, Alvotech generates revenue through a network of strategic commercial partnerships with major pharmaceutical companies, such as Teva in the US, STADA in Europe, and Fuji Pharma in Japan. Revenue is derived from two primary sources: product sales of its approved biosimilars and milestone/licensing income from its commercial partners. Its flagship product, AVT02, is a high-concentration, citrate-free biosimilar to Humira (adalimumab), which has achieved interchangeability status in the US. The company's pipeline also includes biosimilar candidates for Stelara (ustekinumab), Simponi (golimumab), Prolia/Xgeva (denosumab), and Eylea (aflibercept). By focusing exclusively on biosimilars, Alvotech aims to reduce global healthcare costs and improve patient access to critical biologic therapies.
