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, double-digit growth on a base that is already large.

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 is 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 part: Alvotech is essentially a single-site manufacturer for a global biosimilars business, so one Form 483 from one facility can hold up multiple US approvals at once. That is exactly what happened.

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

One more comparison. 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 holds one of the densest concentrations of healthcare operating leverage in the region.