Alvotech

ALVO

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$3.46

+0.09 (+2.67%)

Market Cap

$1.17B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+793.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 31.3M (2021) → 279.2M (2025)

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 biosim

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-72.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$184M/ year

↑ Rising (+8% vs prior year)

31.4% of revenue

1.7x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

63.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~7 months

$172M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Alvotech is putting 31% of revenue into R&D and that number is rising. That's 1.7x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

63.2%

Premium pricing power — 63.2% gross margin

Operating Margin

29.0%

Excellent — 29.0% operating margin

ROCE

4.8%

Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+19.7%

Fast-growing sales (19.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-180%

Weak — only -180% of profit becomes cash

FCF Margin

-19.6%

Burning cash (-19.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

0.52x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

33.7x

Pricey — P/E 33.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+26.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.7 → 6.9)

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Dividends

Not applicable for this business.

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