Alvotech (NASDAQ:ALVO) Announces Earnings Results, Beats Estimates By $0.40 EPS

Key Points

• Alvotech (NASDAQ:ALVO) reported earnings of $0.14 EPS, exceeding analysts' expectations of ($0.26) by $0.40.
• The company generated $116.02 million in revenue for the quarter, falling short of the anticipated $120.51 million.
• UBS Group downgraded Alvotech's price target from $16.00 to $14.00 while maintaining a "buy" rating on the stock.

Alvotech (NASDAQ:ALVO - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.40, Zacks reports. The company had revenue of $116.02 million during the quarter, compared to analysts' expectations of $120.51 million. Alvotech had a negative return on equity of 33.48% and a net margin of 11.26%.

Alvotech Price Performance

NASDAQ ALVO traded down $0.48 during trading hours on Thursday, reaching $8.48. The company's stock had a trading volume of 1,544,126 shares, compared to its average volume of 288,053. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 36.87 and a beta of 0.11. Alvotech has a 1-year low of $7.35 and a 1-year high of $13.70. The company's 50-day moving average is $9.10 and its two-hundred day moving average is $9.99.

Analyst Ratings Changes

Separately, UBS Group reduced their price target on Alvotech from $16.00 to $14.00 and set a "buy" rating for the company in a report on Friday, July 18th.

Hedge Funds Weigh In On Alvotech

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in shares of Alvotech by 0.7% during the second quarter. Geode Capital Management LLC now owns 230,291 shares of the company's stock valued at $2,100,000 after acquiring an additional 1,574 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Alvotech by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 36,444 shares of the company's stock valued at $352,000 after acquiring an additional 10,573 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Alvotech by 37.3% during the second quarter. Invesco Ltd. now owns 32,398 shares of the company's stock valued at $295,000 after acquiring an additional 8,794 shares during the last quarter.

Alvotech Company Profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.

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