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Alvotech Brings in $40 Million in Revenue for First Half of 2022
Thanks to the success of its adalimumab biosimilar in Canadian and European markets, Alvotech’s revenues reached over $40 million during the first 6 months of 2022, nearly 20 times more than its revenue from the same period in 2021.
In its earnings report for the first half of 2022, Alvotech announced that revenues reached $40.1 million, largely due to the Canadian and European launches of the company’s adalimumab biosimilar (AVT02) referencing Humira.
The period lasted from January 1, 2022, to June 30, 2022. During the same time period the previous year, the pureplay biosimilars company generated $2.0 million in revenues.
The revenue from AVT02 represented $3.9 million of the total revenue. The other $36.2 million came from license and milestone payments related to the main clinical programs for AVT04, a ustekinumab biosimilar referencing Stelara.
Compared with the first 6 months of 2021 ($90.4 million), research and development costs were $86.9 million during the same period in 2022. Alvotech said that the decrease was due to pre-commercial manufacturing costs that are now classified under cost of product revenue. Cost of product revenue for the first half of 2022 was $17.8 million.
AVT02 was approved for the Canadian market in January 2022, where it is marketed under the name Simlandi. In early June 2022, Alvotech, through its partnership with STADA Arzneimittel, launched AVT02 under the Hukyndra name in France, Germany, Finland, and Sweden. Biologics license applications for approval and interchangeability for AVT02 are currently under review with the FDA.
Also in June, shares of Alvotech officially debuted on the public Icelandic and American stock markets.
“We have achieved a number of pivotal milestones since we first announced our intention to enter the public markets; launching our first biosimilar in Europe and Canada, advancing multiple biosimilar candidates into clinical trials and transitioning from being a privately held company to being publicly listed both in the U.S. and Iceland,” Robert Wessman, found and executive chairman of Alvotech, said in a statement.
In addition to AVT02 and AVT04, Alvotech is publicly working on 3 other biosimilars: an aflibercept biosimilar referencing Eylea (AVT06), a denosumab biosimilar referencing Prolia/Xgeva (AVT03), and an omalizumab biosimilar referencing Xolair (AVT23).
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