After years of substantial operating losses, Alvotech swung to a net profit in 2025 driven by commercial launches of key biosimilars and milestone revenues. The company’s portfolio includes several FDA- and EMA-approved biosimilars, with regulatory and manufacturing challenges ongoing. Capital structure improvements via debt refinancing and equity raises have strengthened liquidity while the firm remains reliant on partnerships for commercialization. Risks persist around regulatory approvals and competitive pressures, but pipeline breadth supports continuing growth ambitions.