Alvotech

Alvotech reported FY2025 revenue of $593M, up 21% year-over-year, with adjusted EBITDA of $137M (+27%). Q4 2025 alone delivered $173M revenue (+13%) and $69M adj. EBITDA. The 2026 guidance is $650–700M revenue and $180–220M adj. EBITDA, meaningful double-digit growth on top of an already consequential base.

The product portfolio behind the numbers is five approved on-market biosimilars (Humira, Stelara, Simponi, Eylea, Prolia/Xgeva) sold into 90 countries via partners, with a 30-asset development pipeline behind them. Most growth in 2025 came from ex-US launches, particularly in Europe, the UK and Japan.

The 2025 risk story sits inside a single building. Following a July 2025 FDA inspection of the Reykjavik facility, Alvotech received Complete Response Letters on four BLAs (Simponi, Simponi Aria, Prolia/Xgeva, Eylea biosimilars). The company plans to resubmit in Q2 2026 and expects four US approvals by late 2026. The non-obvious read: Alvotech is essentially a single-site manufacturer for a global biosimilars business, which means one Form 483 from one facility can cascade into multiple US approvals being held simultaneously. That is exactly what happened.

For investors the question is whether the second manufacturing site comes online before the next inspection cycle. For Iceland specifically, this is the country’s largest biotech operator at scale, and the sustained ex-US growth is the read-through that the rest of the Nordic life-science cluster should be paying attention to.

Cross-reference: Alvotech is the only Nordic healthcare company in the directory currently operating at half-billion-dollar revenue. The peer group is Kerecis on regenerative medicine and Sidekick Health on digital therapeutics, both at roughly an order of magnitude smaller. The Reykjavik corridor is, quietly, one of the densest concentrations of healthcare operating leverage in the region.