Alvotech (NASDAQ:ALVO) Releases Earnings Results, Misses Estimates By $0.17 EPS

Key Points

• Alvotech missed quarterly earnings expectations: It reported a loss of $0.22 per share, $0.17 worse than analysts’ expected loss of $0.05. Revenue reached $105.77 million, exceeding the $103 million consensus estimate.
• The stock remains under pressure: Shares traded around $3.99, well below the 52-week high of $9.25, while the company posted a negative net margin of 14.36% and negative return on equity of 11.92%.
• Analyst sentiment is mixed: Alvotech has an average “Hold” rating and a consensus price target of $7.60, with three Buy, two Hold and two Sell ratings. Several institutional investors, including Vanguard and Millennium Management, recently increased their positions.

Alvotech (NASDAQ:ALVO - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.17), FiscalAI reports. Alvotech had a negative net margin of 14.36% and a negative return on equity of 11.92%. The business had revenue of $105.77 million during the quarter, compared to analysts' expectations of $103.00 million.

Alvotech Price Performance

NASDAQ ALVO traded up $0.04 during trading hours on Wednesday, hitting $3.99. The company had a trading volume of 534,259 shares, compared to its average volume of 637,739. Alvotech has a fifty-two week low of $2.94 and a fifty-two week high of $9.25. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -15.96 and a beta of 0.18. The firm's 50 day moving average is $3.66 and its 200 day moving average is $3.76.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ALVO shares. Weiss Ratings downgraded Alvotech from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 9th. Evercore started coverage on shares of Alvotech in a report on Friday, August 14th. They issued an "outperform" rating for the company. Finally, Wall Street Zen cut shares of Alvotech from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $7.60.

Institutional Investors Weigh In On Alvotech

A number of hedge funds have recently bought and sold shares of ALVO. Vanguard Group Inc. raised its holdings in shares of Alvotech by 2.7% during the third quarter. Vanguard Group Inc. now owns 4,348,151 shares of the company's stock worth $35,481,000 after purchasing an additional 114,255 shares during the period. Millennium Management LLC increased its position in Alvotech by 1,707.7% in the 4th quarter. Millennium Management LLC now owns 357,176 shares of the company's stock valued at $1,832,000 after acquiring an additional 337,417 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Alvotech by 88.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,536 shares of the company's stock valued at $1,331,000 after purchasing an additional 122,089 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Alvotech by 10.7% in the 4th quarter. Geode Capital Management LLC now owns 254,921 shares of the company's stock worth $1,308,000 after acquiring an additional 24,667 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Alvotech in the second quarter worth approximately $1,782,000.

About Alvotech

Alvotech NASDAQ: ALVO is a global biopharmaceutical company specializing in the development, manufacturing and commercialization of biosimilar medicines. The company focuses on creating high‐quality, cost‐effective alternatives to established biologic therapies in areas such as immunology, oncology and other specialty care fields. By leveraging in‐house research and a vertically integrated manufacturing platform, Alvotech aims to bring approved biosimilars to market more rapidly and with greater cost efficiency than many traditional biosimilar developers.

Since its founding in 2013, Alvotech has built a diversified pipeline of monoclonal antibody biosimilars, targeting blockbuster reference products including adalimumab (originally branded Humira), bevacizumab (Avastin) and ustekinumab (Stelara).

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