Alvotech Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Alvotech has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

Alvotech (ALVOW) filed a Foreign Annual Report (20-F) with the SEC on March 20, 2024. Alvotech filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located at 9, Rue de Bitbourg, Luxembourg, L-1273. Alvotech's IRS number is 981629342. The company was incorporated in N4.

Why It Matters

For investors and stakeholders tracking Alvotech, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Alvotech's financial position and business activities for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The filing includes detailed financial statements and risk factors, offering insights into the company's operational health and potential challenges in the biopharmaceutical sector.

Risk Assessment

Risk Level: medium — Alvotech shows moderate risk based on this filing. The company operates in the biopharmaceutical industry, which is subject to significant regulatory scrutiny and market volatility, as indicated by the nature of its business (Biological Products).

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Alvotech's financial health and strategic direction for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-20 — Filing Date (Filed as of date)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)
• 2836 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Alvotech (company) — Filer name
• Alvotech (company) — Former company name
• Alvotech Lux Holdings S.A.S. (company) — Former company name
• 9, Rue de Bitbourg (address) — Business and mailing address
• Luxembourg (location) — City for business and mailing address
• L-1273 (postal_code) — ZIP code for business and mailing address
• 354 422-4500 (phone_number) — Business phone number
• 001-41421 (filing_number) — SEC file number

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The biopharmaceutical industry is subject to extensive regulation by health authorities worldwide, which can impact product development, approval, manufacturing, and marketing.
• Market Competition [high — market]: Alvotech faces competition from established pharmaceutical companies and other biosimilar developers, which could affect market share and pricing.
• Manufacturing and Supply Chain [medium — operational]: Disruptions in manufacturing processes or the supply chain could lead to delays in product delivery and impact revenue.
• Funding and Liquidity [medium — financial]: The company's ability to fund its operations, research and development, and capital expenditures depends on its access to capital markets and its financial performance.

Key Dates

• 2024-03-20: Filing of 20-F — Annual report submission for fiscal year 2023.

Key Financial Figures

• $0.01 — rdinary shares, with a nominal value of $0.01 per share ("Ordinary Shares "), or warr
• $551.7 m — inception in 2013, including losses of $551.7 million, $513.6 million, and $101.5 milli
• $513.6 m — 13, including losses of $551.7 million, $513.6 million, and $101.5 million for the years
• $101.5 million — of $551.7 million, $513.6 million, and $101.5 million for the years ended 31 December 2023, 2
• $2,205.8 million — ively. We had an accumulated deficit of $2,205.8 million as of 31 December 2023. We have devote

Filing Documents

• alvo-20231231.htm (20-F) — 4220KB
• alvo-20231231xexx121.htm (EX-12.1) — 10KB
• alvo-20231231xexx122.htm (EX-12.2) — 10KB
• alvo-20231231xexx131.htm (EX-13.1) — 5KB
• alvo-20231231xexx151.htm (EX-15.1) — 2KB
• alvo-20231231xexx97.htm (EX-97) — 42KB
• alvo-20231231_g1.jpg (GRAPHIC) — 23KB
• alvo-20231231_g2.jpg (GRAPHIC) — 20KB
• image_0.jpg (GRAPHIC) — 15KB
• image_1.jpg (GRAPHIC) — 6KB
• 0001628280-24-012230.txt (&nbsp;) — 19779KB
• alvo-20231231.xsd (EX-101.SCH) — 210KB
• alvo-20231231_cal.xml (EX-101.CAL) — 119KB
• alvo-20231231_def.xml (EX-101.DEF) — 760KB
• alvo-20231231_lab.xml (EX-101.LAB) — 1436KB
• alvo-20231231_pre.xml (EX-101.PRE) — 1087KB
• alvo-20231231_htm.xml (XML) — 3419KB

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 4 A. [Reserved] 4 B. Capitalization and indebtedness 4 C. Reasons for the offer and use of proceeds 4 D.

Information on the Company

Item 4. Information on the Company 67 A. History and Development of the Company 67 B . Business Overview 68 C. Organizational Structure 98 D. Property, Plants and Equipment 98

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 100

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 100 A. Operating Results 104 B. Liquidity and Capital Resources 115 C. Research and Development, Patents and Licenses, etc. 119 D. Trend Information 119 E. Critical Accounting Policies and Estimates 119

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 121 A. Directors and senior management 121 B. Compensation 123 C. Board Practices 126 D. Employees 128 E. Share Ownership 129 F. Disclosure of a registrant's action to recover erroneously awarded compensation 129

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 129 A. Major Shareholders 129 B. Related Party Transactions 131 C. Interests of Experts and Counsel 132

Financial Information

Item 8. Financial Information 132 A. Consolidated Statements and Other Financial Information 132 B. Significant Changes 133

The Offer and Listing

Item 9. The Offer and Listing 133 A. Offer and Listing Details 133 B. Plan of Distribution 133 C. Markets 133 D. Selling Shareholders 133 E.

Dilution

Dilution 134 F. Expenses of the Issue 134

Additional Information

Item 10. Additional Information 134 A. Share Capital 134 i Table of Contents B. Memorandum and Articles of Association 134 C. Material Contracts 134 D. Exchange Controls 136 E. Taxation 136 F. Dividends and Paying Agents 141 G. 141 H. Documents on Display 141 I. Subsidiary Information 142 J. Annual Report to Security Holders 142

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 142

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 143 A. Debt Securities 143 B. Warrants and Rights 143 C. Other Securities 143 D. American Depositary Shares 143 PART II 144

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 144

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 144

Controls and Procedures

Item 15. Controls and Procedures 144 A. Disclosure Controls and Procedures 144 B. Management's Annual Report on Internal Control Over Financial Reporting 144 C. Attestation Report of the Registered Public Accounting Firm 146 D. Changes in Internal Control Over Financial Reporting 146

[Reserved]

Item 16. [Reserved] 146

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 146

Code of Ethics

Item 16B. Code of Ethics 146

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 146

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 147

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 147

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 147

Corporate Governance

Item 16G. Corporate Governance 147

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 148

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 148

In sider Tra ding P olicy

Item 16J. In sider Tra ding P olicy 148

. Cybersecurity

Item 16K . Cybersecurity 148 PART III 150

Financial Statements

Item 17. Financial Statements 150

Financial Statements

Item 18. Financial Statements 150

Exhibits

Item 19. Exhibits 150 ii Table of Contents GENERAL INFORMATION Unless context otherwise requires, all references in this Annual Report on Form 20-F ("Annual Report") to "Alvotech," the "Company," "we," "us" and "our" refer to Alvotech and, where appropriate, its consolidated subsidiaries. This Annual Report includes trademarks, tradenames and service marks, certain of which belong to us and others that are the property of other organizations. Solely for convenience, trademarks, tradenames and service marks referred to in this Annual Report appear without the , and SM symbols, but the absence of those symbols is not intended to indicate, in any way, that we will not assert our rights or that the applicable owner will not assert its rights to these trademarks, tradenames and service marks to the fullest extent under applicable law. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 20-F (including information incorporated by reference herein, the "Annual Report") contains or may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking operations or our performance. Words such as "may," "might," "will," "could," "would," "should," "expects," "intends," "plans," "believes," "anticipates," "estimates," "potential," "continue," "ongoing," "targets", "possible," "project," and "predict" and variat

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers. Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable. Not applicable.

Key Information

Item 3. Key Information. A. [Reserved] B. Capitalization and indebtedness. Not applicable. C. Reasons for the offer and use of proceeds. Not applicable. D. Risk factors. An investment in our securities carries a significant degree of risk. In addition to the other information contained in this Annual Report on Form 20-F, including the matters addressed under the heading "Forward-Looking Statements," you should carefully consider the following risk factors in deciding whether to invest in our securities. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect relating to our business, financial condition, and results of operations and future prospects, in which event the market price of our securities could decline, and you could lose part or all of your investment. Additional risks and uncertainties of which we are not presently aware or that we currently deem immaterial could also affect our business operations and financial condition. Summary Risk Factors Our business is subject to a number of risks and uncertainties. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected. You should carefully review and consider the full discussion of our risk factors in this section titled " Risk Factors " in Part I, Item 3.D. of this Annual Report. Set forth below is a summary list of the principal risk factors as of the date of the filing of this Annual Report: We have a limited operating history in a highly regulated environment on which to assess our business, have incurred significant losses since inception and anticipate that we may continue to incur significant losses for the immediate future. We have substantial indebtedness and expect to continue to use leverage in executing our business strategy, which could have important consequenc

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View this 20-F filing on SEC EDGAR