Alvotech (NASDAQ:ALVO) Releases Quarterly Earnings Results, Beats Estimates By $0.50 EPS

Alvotech (NASDAQ:ALVO) released its earnings results on Wednesday. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.50, Zacks reports. The company had revenue of $153.34 million during the quarter, compared to analyst estimates of $97.99 million.

Alvotech Stock Performance

Shares of ALVO stock opened at $10.36 on Friday. Alvotech has a 52-week low of $9.15 and a 52-week high of $14.76. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -5.60 and a beta of -0.16. The firm’s 50-day moving average is $12.05 and its 200-day moving average is $12.16.

Wall Street Analyst Weigh In

Separately, UBS Group started coverage on Alvotech in a research report on Friday, February 14th. They set a “buy” rating and a $18.00 price target on the stock.

About Alvotech

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.