0001628280-24-037389 | 6-K | XBRL Viewer

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Schedule of quantitative information about right-of-use assets

The carrying amounts of the Group’s right-of-use assets and the movements during the six months ended 30 June 2024 are as follows:


			2024
Right-of-use assets
Balance at 1 January			119,802
Adjustments for indexed leases			4,590
New leases			20,647
Cancelled leases			(32)
Depreciation			(6,245)
Translation difference			(652)
Balance at 30 June			138,110

Schedule of detailed information about lease liabilities

The Group’s lease liabilities and the movements during the six months ended 30 June 2024 are as follows:


			2024
Lease liabilities
Balance at 1 January			115,315
Adjustments for indexed leases			4,606
New leases			20,647
Cancelled leases			(31)
Installment payments			(4,908)
Foreign currency adjustment			(2,577)
Translation difference			(535)
Balance at 30 June			132,517
Current liabilities			(10,644)
Non-current liabilities			121,873

Schedule of detailed information about lease cost

The amounts recognized in the unaudited condensed consolidated interim statements of profit or loss and other comprehensive income or loss during the six months ended 30 June 2024 and 2023 in relation to the Group’s lease arrangements are as follows:


	30 June
	2024	2023
Total depreciation expense from right-of-use assets	6,245	3,742
Interest expense on lease liabilities	3,279	1,362
Foreign currency difference on lease liability	(2,577)	(1,338)
Loss from extinguishment of lease agreement	1	8
Total amount recognized in profit and loss	6,948	3,774

Schedule of detailed information about maturity analysis for lease liabilities

The maturity analysis of undiscounted lease payments as of 30 June 2024 is as follows:


			2024
Less than one year			15,615
One to five years			55,429
Thereafter			97,304
			168,348

Inventories

6 Months Ended

Jun. 30, 2024

Classes of current inventories [abstract]

Inventories

The Group’s inventory balances as of 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Raw materials and supplies	42,366	51,524
Work in progress	57,616	33,068
Finished goods	59	244
Inventory reserves	(3,467)	(10,403)
Total Balance	96,574	74,433

The Group recognised $32.0 million and $16.5 million of cost of inventory within cost of goods sold during the six months ended 30 June 2024 and 2023, respectively.

General Information - Additional Information (Details)				1 Months Ended	3 Months Ended	6 Months Ended
General Information - Additional Information (Details)	Jul. 01, 2024 USD ($) $ / shares shares	Feb. 26, 2024 USD ($) $ / shares shares	Feb. 26, 2024 kr / shares	Feb. 29, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jul. 11, 2024 USD ($)	Jun. 07, 2024 USD ($) tranche	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
General Information About Financial Statements [Line Items]
Net loss						$ 153,504,000	$ 86,854,000
Accumulated deficit						(2,359,349,000)				$ (2,205,845,000)
Cash and cash equivalents						10,944,000	60,466,000			$ 11,157,000	$ 66,427,000
Current assets less current liabilities						(917,300,000)
Proceeds from the issuance of common stock						144,000,000
Proceeds from warrants						$ 4,841,000	$ 6,365,000
Facility Due June 2029
General Information About Financial Statements [Line Items]
Maximum borrowing capacity									$ 965,000,000
Number of tranches \| tranche									2
Conversion price (in dollars per share) \| $ / shares	$ 10.00
Entering into significant commitments or contingent liabilities \| Facility Due June 2029
General Information About Financial Statements [Line Items]
Number of shares issued \| shares	22,100,000
Maximum borrowing capacity								$ 965,000,000
Conversion price (in dollars per share) \| $ / shares	$ 10.00
Issue of convertible instruments	$ 221,100,000
Aztiq Pharma Partners Sarl
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary						36.20%
Alvogen
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary						32.20%
Other Subsidiaries
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary						31.60%
Maximum percentage of ownership interest held by each shareholder						2.4
OACB Warrants
General Information About Financial Statements [Line Items]
Proceeds from the issuance of common stock						$ 4,800,000
Number of shares issued \| shares					419,660	419,660
Ordinary shares
General Information About Financial Statements [Line Items]
Increase (decrease) in shares issued (in shares) \| shares		10,127,132				9,213,333
Vested earn-out shares		$ 166,000,000		$ 166,000,000		$ 150,500,000
Weighted average share price (in dollar per share) \| (per share)		$ 16.41	kr 2,250
Ordinary shares \| OACB Warrants
General Information About Financial Statements [Line Items]
Increase (decrease) in shares issued (in shares) \| shares					419,660
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares					$ 11.50
Number of shares called by each warrant or right \| shares					1
Proceeds from warrants					$ 4,800,000

Significant changes in the current reporting period	6 Months Ended
Significant changes in the current reporting period	Jun. 30, 2024
Corporate information and statement of IFRS compliance [abstract]
Significant changes in the current reporting period	General information Alvotech (the “Parent” or the “Company” or “Alvotech”) is a Luxembourg public limited company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Trade and Companies’ Register under number B 258884. The Company was incorporated on 23 August 2021. These consolidated financial statements were approved by the Group’s Board of Directors, and authorized for issue, on 15 August 2024. The Company and its subsidiaries (collectively referred to as the “Group”) are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules. 1.2 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.à r.l. (Aztiq) and Alvogen Lux Holdings S.à r.l. (Alvogen), with 36.2% and 32.2% ownership interest as of 30 June 2024, respectively. The remaining 31.6% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 30 June 2024. 1.3 Going concern The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group has also incurred recurring losses since its inception, including net losses of $153.5 million and $86.9 million for the six months ended 30 June 2024 and 2023, respectively, and had an accumulated deficit of $2,359.3 million as of 30 June 2024 and $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts. As of 30 June 2024, the Group had cash and cash equivalents, excluding restricted cash, of $10.9 million and current assets less current liabilities of ($917.3) million. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech´s subsidiary Alvotech Manco. As of 30 June 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million. During the first quarter 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. On 17 April 2024, the Company signed an agreement with Quallent Pharmaceuticals whereby Alvotech will manufacture AVT02, its high-concentration interchangeable biosimilar to Humira, for Quallent Pharmaceuticals, in alignment with its U.S. commercialization agreement with Teva. The interchangeable biosimilar will be distributed under Quallent's private label. On 21 May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, for the commercialization of AVT03, a biosimilar candidate to Prolia and Xgeva in the U.S., Europe and UK. Dr. Reddy’s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. On 7 June 2024, the Company entered into a senior secured first lien term loan facility of $965 million in two tranches, led by GoldenTree Asset Management (the "Facility"), with participation from other institutional investors, enabling the Company to improve cost capital, address upcoming debt maturities in 2025 and add incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. On 11 June 2024, the Company extended its partnership with Stada to cover AVT03, its clinical-stage biosimilar candidate for Prolio and Xgeva. Stada will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In parallel with the commercial agreement for AVT03, the two partners have agreed to extend Stada’s commercial rights to AVT02 and AVT04, the biosimilars to Humira and Stelara, to Commonwealth of Independent States (CIS) countries in Central Asia. Alvotech will also regain commercial rights from Stada to AVT06, a proposed biosimilar to Eylea. On 18 June 2024, the Company entered into an exclusive partnership agreement with Advanz Pharma regarding the supply and commercialization of AVT06, its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. On 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $221.1 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds that did not exercised their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility. Based on the cash on hand, funding received, and projected future cash flows, management concluded that the Group has the ability to continue as a going concern for at least one year after the date that the unaudited consolidated interim financial statements are issued. As such, the consolidated financial statements have been prepared on a going concern basis. Management continues to pursue the funding plans as described above, however there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all. If financing is obtained, the terms of such financing may adversely affect the holdings or the rights of the Group’s shareholders. The ability to obtain funding, therefore, is outside of management’s control and is a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Significant changes in the current reporting period The financial position and performance of the Group was impacted by the following events and transactions during the six months ended 30 June 2024: On 15 February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the EEA for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. The FDA approved AVT04 for the U.S. in April 2024 enabling a commercialization starting on or after 21 February 2025. Alvotech's commercialization partner in Canada, Jamp Pharma, launched AVT04 in Canada on March 1, 2024. Launch of AVT04 in Japan started in May 2024, after the upcoming round of National Health Insurance reimbursement price listings. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate (SPC) for Stelara, which is in late July 2024. On 23 February 2024, the Company announced that the FDA has approved SIMLANDI (adalimumab) injection, the AVT02 interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. In 2023, Humira was one of the highest-grossing pharmaceutical products in the world, with sales in the U.S. of nearly $12.2 billion. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech´s subsidiary Alvotech Manco. As of 30 June 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million. On 12 February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. On 12 February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. During the first quarter 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,501,599 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. During the first quarter 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. In April 2024, the Company signed an agreement with Quallent Pharmaceuticals whereby Alvotech will manufacture AVT02, its high-concentration interchangeable biosimilar to Humira for Quallent Pharmaceuticals, in alignment with its U.S. commercialization agreement with Teva. The interchangeable biosimilar will be distributed under Quallent's private label. On 16 April 2024, the Company announced the FDA approval of SELARSDI, its AVT04 biosimilar to Stelara, which is expected to be marketed in the U.S. on or after 21 February 2025, following a settlement agreement with Johnson & Johnson, the manufacturer of Stelara. On 24 April 2024, the Company announced positive topline results from a confirmatory clinical study for AVT05, a proposed biosimilar for Simponi and Simponi Aria. On 21 May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, for the commercialization of AVT03, a biosimilar candidate to Prolia and Xgeva in the U.S., Europe and UK. Dr. Reddy’s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. On 7 June 2024, the Company entered into a $965 million Facility, enabling the Company to improve cost capital, address upcoming debt maturities in 2025 and add incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. Upon the closing of the Facility, the Company was required to settle its existing debt obligations. On 11 June 2024, the Company extended its partnership with Stada to cover AVT03, its clinical-stage biosimilar candidate for Prolio and Xgeva. Stada will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In parallel with the commercial agreement for AVT03, the two partners have agreed to extend Stada’s commercial rights to AVT02 and AVT04, the biosimilars to Humira and Stelara, respectively, to Commonwealth of Independent States (CIS) countries in Central Asia. Alvotech will also regain commercial rights from Stada to AVT06, a proposed biosimilar to Eylea. On 18 June 2024, the Company entered into an exclusive partnership agreement with Advanz Pharma regarding the supply and commercialization of AVT06, its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. On 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $221.1 million of aggregate value of these bonds with accrued interests. The holders of the 2022 Convertible Bonds that did not exercise their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility.

Financial instruments - Summary of Material Differences Between the Fair Value and Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	$ 965,872	$ 862,544
Fair Value	975,253	944,102
Senior Bonds
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	550,429	549,411
Fair Value	553,674	559,867
Aztiq Convertible Bond
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	95,437	80,663
Fair Value	97,719	84,756
2022 Convertible Bonds
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	236,677	155,914
Fair Value	240,449	217,419
Alvogen Facility
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	83,329	76,556
Fair Value	$ 83,411	$ 82,060

Related parties (Details) - USD ($) $ in Thousands	6 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Purchased service / interest	$ 18,380	$ 12,670
Sold service	242	287
Receivables	46		$ 896
Payables/ borrowings	235,620		217,956
Alvogen Lux Holdings S.à r.l. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	6,773	5,683
Sold service	0	0
Receivables	0		0
Payables/ borrowings	98,330		76,556
ATP Holdings ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	4,637	3,138
Sold service	0	0
Receivables	0		0
Payables/ borrowings	25,921		49,560
Aztiq Fjárfestingar ehf. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	32	5
Receivables	0		0
Payables/ borrowings	0		0
Aztiq Consulting ehf. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	113	100
Sold service	0	55
Receivables	0		0
Payables/ borrowings	56		54
Flóki-Art ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	52	50
Sold service	0	0
Receivables	0		0
Payables/ borrowings	465		422
Alvogen Iceland ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	25	24
Sold service	0	0
Receivables	0		0
Payables/ borrowings	509		484
Alvogen ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	55	73
Receivables	17		16
Payables/ borrowings	0		0
Alvogen UK - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	110	31
Sold service	0	0
Receivables	0		0
Payables/ borrowings	111		581
Alvogen Finance B.V. - Sister Company
Disclosure of transactions between related parties [line items]
Purchased service / interest	195	194
Sold service	0	0
Receivables	0		0
Payables/ borrowings	97		65
Lotus Pharmaceuticals Co. Ltd. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	0	0
Receivables	26		29
Payables/ borrowings	7,440		7,440
Lotus International Pte. Ltd. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		0
Sold service		2
Receivables			0
Payables/ borrowings			0
Alvogen Emerging Markets - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		102
Sold service		0
Receivables			0
Payables/ borrowings			0
Alvogen Inc. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	213	159
Sold service	0	0
Receivables	0		0
Payables/ borrowings	497		284
Alvotech and CCHT Biopharmaceutical Co., Ltd.
Disclosure of transactions between related parties [line items]
Purchased service / interest		0
Sold service		0
Receivables			758
Payables/ borrowings			539
Adalvo Limited - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	138	30
Sold service	155	103
Receivables	3		86
Payables/ borrowings	28		337
L41 ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	52	0
Sold service	0	49
Receivables	0		0
Payables/ borrowings	14		0
Flóki Invest ehf - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	419	319
Sold service	0	0
Receivables	0		0
Payables/ borrowings	327		251
Alvogen Malta Sh. Services - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		0
Sold service		0
Receivables			7
Payables/ borrowings			0
Alvogen Spain SL - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	0	0
Receivables	0		0
Payables/ borrowings	15		15
Norwich Clinical Services Ltd - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	369	257
Sold service	0	0
Receivables	0		0
Payables/ borrowings	243		170
Fasteignafélagið Eyjólfur ehf - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	4,127	1,636
Sold service	0	0
Receivables	0
Payables/ borrowings	90,791		69,732
Flóki fasteignir ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,157	947
Sold service	0	$ 0
Receivables	0		0
Payables/ borrowings	$ 10,776		$ 11,466

Loss per share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Summary of Basic and Diluted Loss Per Share

The calculation of basic and diluted loss per share for the six months ended 30 June 2024 and 2023 is as follows (in thousands, except for share and per share amounts):


	30 June
	2024	2023
Earnings
Loss for the period	(153,504)	(86,854)
Number of shares
Weighted average number of ordinary shares outstanding	252,218,456	225,523,805
Basic and diluted loss per share	(0.61)	(0.39)

Revenue - Summary Of Reconciliation Of Contract Assets And Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract Assets
Contract Assets
Beginning balance asset	$ 46,049
Contract asset additions	90,926
Amounts transferred to trade receivables	(63,588)
Foreign currency adjustment	(159)
Ending balance asset	73,228	$ 27,400
Contract Liabilities
Foreign currency adjustment	(159)
Contract Liabilities
Contract Assets
Foreign currency adjustment	(2,119)
Contract Liabilities
Beginning balance liabilities	132,444
Amounts transferred to trade receivables	0
Customer prepayments	43,031
Revenue recognized	(78,752)	(2,500)
Foreign currency adjustment	(2,119)
Ending balance liabilities	$ 94,604	$ 116,400

Other current liabilities

6 Months Ended

Jun. 30, 2024

Other Current Liabilities [Abstract]

Other current liabilities

The composition of other current liabilities as of 30 June 2024 and 31 December 2023 is as follows:


	30 June 2024	31 December 2023
Unpaid salary and salary related expenses	24,199	31,340
Accrued interest	3,040	3,333
Accrued vacation leave	5,717	6,075
Employee incentive plan	—	659
Accrued expenses	29,507	21,313
	62,463	62,720

Interests in joint ventures

6 Months Ended

Jun. 30, 2024

Disclosure of joint ventures [abstract]

Interests in joint ventures

In September 2018, Alvotech hf., a subsidiary of the Group, entered into a joint venture agreement with Changchun High & New Technology Industries (Group) Inc. (the “joint venture partner”, "CCHN") to form a newly created joint venture entity, Alvotech & CCHN Biopharmaceutical Co., Ltd. (the “joint venture” or “JVCO”). The purpose of the JVCO is to develop, manufacture and sell biosimilar products in the Chinese market. The JVCO’s place of business is also the country of incorporation.

In June 2024, Alvotech hf. sold its share in the joint venture for a gross proceeds of $18.0 million (less of $1.3 million in transaction costs). The sale resulted in a net loss of $3.0 million recognized during the six months ended 30 June 2024. The total gross proceeds of $18.0 million is included among other assets, thereof $6.0 million are classified as long-term.

The following table provides the change in the Group’s investment in a joint venture during the six months ended 30 June 2024 and 2023:


	2024	2023
Balance at 1 January	18,494	48,568
Share in losses	—	(2,706)
Sale of shares in joint venture	(18,494)	—
Translation difference	—	(2,249)
Balance at 30 June	—	43,613

Share capital (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Summary of Movements in Ordinary Shares, Share Capital and Share Premium

Movements in the Group’s Ordinary shares, share capital and share premium during the six months ended 30 June 2024 are as follows (in thousands, except for share amounts):


	Ordinary Shares	Share capital	Share premium	Total
Balance at 1 January 2024	266,821,844	2,279	1,229,690	1,231,969
Capital contribution (Note 3)	9,213,333	92	144,547	144,639
Vested earn-out shares	—	198	310,703	310,901
Penny warrants (Note 21)	1,501,599	15	17,695	17,710
Public warrants (Note 21)	419,660	4	6,691	6,695
Settlement of RSUs with shares (Note 17)	1,442,455	14	7,174	7,188
Settlement of options with shares	9,127	—	105	105
Balance at 30 June 2024	279,408,018	2,602	1,716,605	1,719,207

Interests in joint ventures (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of joint ventures [abstract]

Schedule of Changes in Groups Investment in a Joint Venture

The following table provides the change in the Group’s investment in a joint venture during the six months ended 30 June 2024 and 2023:


	2024	2023
Balance at 1 January	18,494	48,568
Share in losses	—	(2,706)
Sale of shares in joint venture	(18,494)	—
Translation difference	—	(2,249)
Balance at 30 June	—	43,613

Basis of preparation	6 Months Ended
Basis of preparation	Jun. 30, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Basis of preparation	Basis of preparation The unaudited condensed consolidated interim financial statements of the Group as of and for the six months ended 30 June 2024 have been prepared in accordance and in accordance and in compliance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) as issued by the International Accounting Standards Board (IASB). Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Group’s audited annual consolidated financial statements for the year ended 31 December 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the IASB and as adopted by the European Union (the “EU”). The accounting policies and basis of preparation adopted in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements issued for the year ended 31 December 2023, except for the adoption of new and amended accounting standards effective as of 1 January 2024 set out below. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective. The unaudited condensed consolidated interim financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand unless otherwise indicated. In the opinion of the Group’s management, these unaudited condensed consolidated interim financial statements contain all normal recurring adjustments necessary to present fairly the financial position and results of operations of the Group for each of the periods presented. The condensed consolidated statement of financial position as of 31 December 2023 was derived from the consolidated financial statements at that date. In preparing these unaudited condensed consolidated interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the Group´s consolidated financial statements issued for the year ended 31 December 2023.

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from contracts with customers [Abstract]

Summary Of The Groups' Revenue From Contracts With Customers

The following table summarizes the Group’s revenue from contracts with customers, disaggregated by the type of good or service and timing of transfer of control of such goods and services to customers during the six months ended 30 June 2024 and 2023:


	30 June
	2024	2023
Product revenue (point in time revenue recognition)	65,912	22,715
License revenue (point in time revenue recognition)	68,058	7,635
Performance revenue (point in time revenue recognition)	30,735	—
Development and other service revenue (over time revenue recognition)	70,885	(10,095)
	235,590	20,255

Summary Of Reconciliation Of Contract Assets And Contract Liabilities

Contract assets and liabilities

A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below:


	Contract Assets	Contract Liabilities
1 January 2024	46,049	132,444
Contract asset additions	90,926	—
Amounts transferred to trade receivables	(63,588)	—
Customer prepayments	—	43,031
Revenue recognized	—	(78,752)
Foreign currency adjustment	(159)	(2,119)
30 June 2024	73,228	94,604

Significant changes in the current reporting period (Details)				1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2024 USD ($) $ / shares shares	Feb. 26, 2024 USD ($) $ / shares shares	Feb. 12, 2024 shares	Feb. 29, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 20, 2024 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 11, 2024 USD ($)	Jun. 07, 2024 USD ($)	Feb. 26, 2024 kr / shares
Disclosure of objectives, policies and processes for managing capital [line items]
Sale of stock issue price (in dollars per share) \| (per share)		$ 16.41										kr 2,250
Proceeds from the issuance of common stock \| $							$ 144,000,000
Proceeds from warrants \| $							4,841,000	$ 6,365,000
Facility Due June 2029
Disclosure of objectives, policies and processes for managing capital [line items]
Maximum borrowing capacity \| $											$ 965,000,000
Conversion price (in dollars per share) \| $ / shares	$ 10.00
Facility Due June 2029 \| Entering into significant commitments or contingent liabilities
Disclosure of objectives, policies and processes for managing capital [line items]
Maximum borrowing capacity \| $										$ 965,000,000
Conversion price (in dollars per share) \| $ / shares	$ 10.00
Number of shares issued \| shares	22,100,000
Issue of convertible instruments \| $	$ 221,100,000
Senior Bond Warrants
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares					1,501,599
OACB Warrants
Disclosure of objectives, policies and processes for managing capital [line items]
Proceeds from the issuance of common stock \| $							$ 4,800,000
Number of shares issued \| shares					419,660		419,660
Ordinary shares
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares		10,127,132					9,213,333
Vested earn-out shares \| $		$ 166,000,000		$ 166,000,000			$ 150,500,000
Ordinary shares \| Senior Bond Warrants
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares						1,501,599
Ordinary shares \| OACB Warrants
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares					419,660
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares					$ 11.50
Number of shares called by each warrant or right \| shares					1
Proceeds from warrants \| $					$ 4,800,000
Ordinary shares \| Tranche two \| OACB Earn Out Shares
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares			625,000
Ordinary shares \| Tranche one \| OACB Earn Out Shares
Disclosure of objectives, policies and processes for managing capital [line items]
Increase (decrease) in shares issued (in shares) \| shares			19,165,000
Humira
Disclosure of objectives, policies and processes for managing capital [line items]
Revenue \| $									$ 12,200,000,000

Share-based payments (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Of Share Based Payment Arrangements [Abstract]

Summary of Movements in RSUs

Movements in RSUs during the six months ended 30 June 2024 are as follows:


	2024
	RSUs	Weighted Average Fair Value
Outstanding at 1 January	3,745,781	$7.04
New grants during the period	299,910	$11.02
Forfeited during the period	(519,953)	$7.85
Vested during the period	(815,940)	$7.00
Outstanding at 30 June	2,709,798	$7.33

Summary of Share-based payment expense

The Group recognized $5.3 million and $11.9 million of share-based payment expense during the six months ended 30 June 2024 and 2023, respectively, as follows:


	30 June
	2024	2023
Cost of product revenue	508	1,769
Research and development expenses	1,443	2,625
General and administrative expenses	3,343	7,517
	5,294	11,911

Share-based payments - Summary of Share-based Payment Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 5,294	$ 11,911
Cost of product revenue
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	508	1,769
Research and development expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	1,443	2,625
General and administrative expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 3,343	$ 7,517

Share-based payments - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	Dec. 01, 2022	Jun. 30, 2024	Jun. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Expense from share-based payment transactions		$ 5,294	$ 11,911
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	4 years

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024
Document Information [Line Items]
Document Type	6-K
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Entity File Number	001-41421
Entity Registrant Name	Alvotech
Entity Address, Address Line One	9
Entity Address, Address Line Two	Rue de Bitbourg
Entity Address, Postal Zip Code	1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
Entity Central Index Key	0001898416
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2024

Share capital - Additional information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of classes of share capital [abstract]
Dividends	$ 0	$ 0

Unaudited Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Loss for the period	$ (153,504)	$ (86,854)
Adjustments for non-cash items:
Depreciation and amortization	14,748	10,934
Change in allowance for receivables	0	18,500
Change in inventory reserves	(6,936)	0
Loss on disposal of property, plant and equipment	0	323
Loss on sale of investment in joint venture	2,970	0
Share of net loss of joint venture	0	2,706
Finance income	(80,823)	(122,480)
Finance costs	277,414	64,300
Share-based payments	5,294	11,911
Exchange rate difference	(7,742)	3,081
Income tax expense / (benefit)	5,132	(49,854)
Operating cash flow before movement in working capital	56,553	(147,433)
Increase in inventories	(15,205)	(7,896)
(Increase) / decrease in trade receivables	(52,229)	16,665
Increase / (decrease) in liabilities with related parties	16,769	(102)
(Increase) / decrease in contract assets	(27,179)	1,215
Decrease in other assets	369	3,711
Decrease in trade and other payables	(21,758)	(6,182)
(Decrease) / increase in contract liabilities	(35,881)	37,679
(Decrease) / increase in other liabilities	(6,056)	4,395
Cash used in operations	(84,617)	(97,948)
Interest received	26	25
Interest paid	(41,037)	(29,427)
Income tax paid	(372)	(652)
Net cash used in operating activities	(126,000)	(128,002)
Cash flows from investing activities
Acquisition of property, plant and equipment	(10,271)	(22,594)
Disposal of property, plant and equipment	0	133
Acquisition of intangible assets	(1,430)	(2,764)
Restricted cash in connection with amended bond agreement	1,132	0
Net cash used in investing activities	(10,569)	(25,225)
Cash flows from financing activities
Repayments of borrowings	(75,059)	(84,507)
Repayments of principal portion of lease liabilities	(4,815)	(3,700)
Proceeds from new borrowings	67,500	93,561
Gross proceeds from equity offering	150,451	136,877
Fees from equity offering	(5,812)	(4,141)
Proceeds from warrants	4,841	6,365
Proceeds from exercise of options	76	0
Net cash generated from financing activities	137,182	144,455
Increase / (decrease) in cash and cash equivalents	613	(8,772)
Cash and cash equivalents at the beginning of the year	11,157	66,427
Effect of movements in exchange rates on cash held	(826)	2,811
Cash and cash equivalents at the end of the period	$ 10,944	$ 60,466

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from contracts with customers [Abstract]

Revenue

Disaggregated revenue


	30 June
	2024	2023
Product revenue (point in time revenue recognition)	65,912	22,715
License revenue (point in time revenue recognition)	68,058	7,635
Performance revenue (point in time revenue recognition)	30,735	—
Development and other service revenue (over time revenue recognition)	70,885	(10,095)
	235,590	20,255

Reassessment of variable consideration

Subsequent changes to the estimate of the transaction price are generally recorded as adjustments to revenue in the period of change. The Group updates variable consideration estimates on a quarterly basis. The quarterly changes in estimates did not result in material adjustments to the Group’s previously reported revenue or trade receivables during the six months ended 30 June 2024 and 2023.

Contract assets and liabilities

A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below:


	Contract Assets	Contract Liabilities
1 January 2024	46,049	132,444
Contract asset additions	90,926	—
Amounts transferred to trade receivables	(63,588)	—
Customer prepayments	—	43,031
Revenue recognized	—	(78,752)
Foreign currency adjustment	(159)	(2,119)
30 June 2024	73,228	94,604

The net increase in contract assets as of 30 June 2024 is due to the revenue recognized when the performance obligation has been met which is offset by transfer of amounts to trade receivables on the basis that the Group’s right to that consideration is no longer contingent on its performance. The net decrease in contract liabilities as of 30 June 2024 is due to revenue recognized when the performance obligation has been met which is offset by customer prepayments in advance of the Group’s performance. As of 30 June 2024, $33.5 million and $39.8 million are recorded as non-current contract assets and current contract assets, respectively. Non-current contract assets will materialize over the next 2 to 3 years. As of 30 June 2024, $90.1 million and $4.5 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 6 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates.

Contract assets and contract liabilities as of 30 June 2023 were $27.4 million and $116.4 million, respectively. The Group recognised $(2.5) million of revenue during the six months ended 30 June 2023.

Borrowings - Schedule of Maturities of Outstanding Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 1,055,913	$ 960,159
Within one year
Disclosure of detailed information about borrowings [line items]
Borrowings	999,036
Within two years
Disclosure of detailed information about borrowings [line items]
Borrowings	5,523
Within three years
Disclosure of detailed information about borrowings [line items]
Borrowings	5,736
Within four years
Disclosure of detailed information about borrowings [line items]
Borrowings	5,970
Thereafter
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 39,648

Related parties

6 Months Ended

Jun. 30, 2024

Related parties

Related party transactions as of and for the six months ended 30 June 2024 are as follows:


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	6,773	—	—	98,330
ATP Holdings ehf. - Sister company (a)	4,637	—	—	25,921
Aztiq Fjárfestingar ehf. – Sister company	—	32	—	—
Aztiq Consulting ehf. – Sister company	113	—	—	56
Flóki-Art ehf. - Sister company	52	—	—	465
Alvogen Iceland ehf. - Sister company	25	—	—	509
Alvogen ehf. - Sister company	—	55	17	—
Alvogen UK - Sister company	110	—	—	111
Alvogen Finance B.V. - Sister Company	195	—	—	97
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	—	26	7,440
Alvogen Inc. - Sister company	213	—	—	497
Adalvo Limited - Sister company	138	155	3	28
L41 ehf. - Sister company	52	—	—	14
Flóki Invest ehf - Sister company	419	—	—	327
Alvogen Spain SL - Sister company	—	—	—	15
Norwich Clinical Services Ltd - Sister company	369	—	—	243
Fasteignafélagið Eyjólfur ehf - Sister company	4,127	—	—	90,791
Flóki fasteignir ehf. - Sister company	1,157	—	—	10,776
	18,380	242	46	235,620

(a)The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities (see Note 16).

(b)Payables to Lotus Pharmaceuticals Co. Ltd. consists of an other current liability. This other current liability is presented as “Liabilities to related party” on the unaudited condensed consolidated interim statements of financial position.

Related party transactions for the six months ended 30 June 2023 and as of 31 December 2023 are as follows:


	30 June 2023		31 December 2023
	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	5,683	—	—	76,556
ATP Holdings ehf. - Sister company (a)	3,138	—	—	49,560
Aztiq Fjárfestingar ehf. - Sister company	—	5	—	—
Aztiq Consulting ehf. - Sister company	100	55	—	54
Flóki-Art ehf. - Sister company	50	—	—	422
Alvogen Iceland ehf. - Sister company	24	—	—	484
Alvogen ehf. - Sister company	—	73	16	—
Alvogen UK - Sister company	31	—	—	581
Alvogen Finance B.V. - Sister company	194	—	—	65
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	—	29	7,440
Lotus International Pte. Ltd. - Sister company	—	2	—	—
Alvogen Emerging Markets - Sister company	102	—	—	—
Alvogen Inc. - Sister company	159	—	—	284
Alvotech and CCHT Biopharmaceutical Co., Ltd. (c)	—	—	758	539
Adalvo Limited - Sister company	30	103	86	337
Adalvo UK - Sister company	—	49	—	—
Flóki Invest ehf. - Sister company	319	—	—	251
Alvogen Malta Sh. Services - Sister company	—	—	7	—
Alvogen Spain SL - Sister Company	—	—	—	15
Norwich Clinical Services Ltd - Sister company	257	—	—	170
Fasteignafélagið Eyjólfur ehf - Sister company	1,636	—		69,732
Flóki fasteignir ehf. - Sister company	947	—	—	11,466
	12,670	287	896	217,956

(a)The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities including discount and accretion (see Note 16).

(c)The amount receivable from Alvotech & CCHN Biopharmaceutical Co., Ltd. relates to amounts due for reference drugs used in research and development studies and certain consulting fees incurred by the Group.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Basis of preparation	The unaudited condensed consolidated interim financial statements of the Group as of and for the six months ended 30 June 2024 have been prepared in accordance and in accordance and in compliance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) as issued by the International Accounting Standards Board (IASB). Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Group’s audited annual consolidated financial statements for the year ended 31 December 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the IASB and as adopted by the European Union (the “EU”). The accounting policies and basis of preparation adopted in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements issued for the year ended 31 December 2023, except for the adoption of new and amended accounting standards effective as of 1 January 2024 set out below. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective. The unaudited condensed consolidated interim financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand unless otherwise indicated. In the opinion of the Group’s management, these unaudited condensed consolidated interim financial statements contain all normal recurring adjustments necessary to present fairly the financial position and results of operations of the Group for each of the periods presented. The condensed consolidated statement of financial position as of 31 December 2023 was derived from the consolidated financial statements at that date. In preparing these unaudited condensed consolidated interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the Group´s consolidated financial statements issued for the year ended 31 December 2023.
New accounting standards	New accounting standards New Standards and Interpretations, which became effective as of 1 January 2024, did not have a material impact on our unaudited condensed consolidated interim financial statements.

Supplemental cash flow information (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

Supplement cash flow information for the six months ended 30 June 2024 and 2023 is included below.


	30 June
Non-cash investing and financing activities	2024	2023
Acquisition of property, plant and equipment in trade payables and other current liabilities	3,292	1,082
Acquisition of intangibles in trade payables and other current liabilities	615	4,201
Right-of-use assets obtained through new operating leases	20,647	53,920
Sale of joint venture	17,950	—
Settlement of RSUs with shares	4,613	84
Settlement of SARs with shares	—	13,768

Property, plant and equipment (Details) - USD ($)	6 Months Ended
Property, plant and equipment (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss recognised in profit or loss, property, plant and equipment	$ 0	$ 0
Property, plant and equipment, pledged as security	124,500,000		$ 119,400,000
Gross carrying amount \| Facility Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Additions other than through business combinations, property, plant and equipment	11,300,000
Accumulated depreciation and amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	$ 8,300,000	$ 6,800,000

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Summary of Cash and Cash Equivalents

Cash and cash equivalents as of 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Cash and cash equivalents denominated in US dollars	818	1,466
Cash and cash equivalents denominated in other currencies	10,126	9,691
	10,944	11,157

Summary of Restricted Cash

Movements in restricted cash balances during the periods ended 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Balance at 1 January	26,132	25,187
Withdrawals during the period	(1,132)	—
Interest income	—	945
	25,000	26,132

Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Borrowings [abstract]

Summary of consolidated statements of financial position

The Group’s debt consists of interest-bearing borrowings from financial institutions, related parties and third parties. Outstanding borrowings, net of transaction costs and debt discounts, presented on the consolidated statements of financial position as current and non-current as of 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Senior Bonds	550,429	549,411
2022 Convertible Bonds	236,677	155,914
Aztiq Convertible Bond	95,437	80,663
Alvogen Facility	83,329	76,556
Other borrowings	90,041	97,615
Total outstanding borrowings, net of debt issue costs	1,055,913	960,159
Less: current portion of borrowings	(999,036)	(38,025)
Total non-current borrowings	56,877	922,134

Summary of movements in the group's outstanding borrowings

Movements in the Group’s outstanding borrowings during the six months ended 30 June 2024 are as follows:


			2024
Borrowings, net at 1 January			960,159
Accretion/derecognition of borrowings discount			13,127
Loss on remeasurement of bonds			63,127
Proceeds from new borrowings			67,500
Repayments of borrowings			(75,059)
Accrued interest			28,646
Amortization of deferred debt issue costs			762
Foreign currency exchange difference			(2,349)
Borrowings, net at 30 June			1,055,913

Schedule of maturities of outstanding borrowings

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 30 June 2024 are as follows:


			30 June 2024
Within one year			999,036
Within two years			5,523
Within three years			5,736
Within four years			5,970
Thereafter			39,648
			1,055,913

Revenue - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets	$ 33,457		$ 10,856
Current contract assets	39,771		35,193
Non-current contract liabilities	90,120		73,261
Current contract liabilities	4,484		59,183
Contract Liabilities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities	94,604	$ 116,400	132,444
Revenue recognized	(78,752)	(2,500)
Contract Assets
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract assets	$ 73,228	$ 27,400	$ 46,049
Bottom of range
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period	2 years
Noncurrent contract liabilities revenue recognition period	2 years
Top of range
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period	3 years
Noncurrent contract liabilities revenue recognition period	6 years

Loss per share

6 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Loss per share

The calculation of basic and diluted loss per share for the six months ended 30 June 2024 and 2023 is as follows (in thousands, except for share and per share amounts):


	30 June
	2024	2023
Earnings
Loss for the period	(153,504)	(86,854)
Number of shares
Weighted average number of ordinary shares outstanding	252,218,456	225,523,805
Basic and diluted loss per share	(0.61)	(0.39)

Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Acquisition of property, plant and equipment in trade payables and other current liabilities	$ 3,292	$ 1,082
Acquisition of intangibles in trade payables and other current liabilities	615	4,201
Right-of-use assets obtained through new operating leases	20,647	53,920
Sale of joint venture	17,950	0
RSUs
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Settlement of liability with shares	4,613	84
SARs
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Settlement of liability with shares	$ 0	$ 13,768

General Information	6 Months Ended
General Information	Jun. 30, 2024
General information about financial statements [Abstract]
General information	General information Alvotech (the “Parent” or the “Company” or “Alvotech”) is a Luxembourg public limited company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Trade and Companies’ Register under number B 258884. The Company was incorporated on 23 August 2021. These consolidated financial statements were approved by the Group’s Board of Directors, and authorized for issue, on 15 August 2024. The Company and its subsidiaries (collectively referred to as the “Group”) are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules. 1.2 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.à r.l. (Aztiq) and Alvogen Lux Holdings S.à r.l. (Alvogen), with 36.2% and 32.2% ownership interest as of 30 June 2024, respectively. The remaining 31.6% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 30 June 2024. 1.3 Going concern The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group has also incurred recurring losses since its inception, including net losses of $153.5 million and $86.9 million for the six months ended 30 June 2024 and 2023, respectively, and had an accumulated deficit of $2,359.3 million as of 30 June 2024 and $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts. As of 30 June 2024, the Group had cash and cash equivalents, excluding restricted cash, of $10.9 million and current assets less current liabilities of ($917.3) million. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech´s subsidiary Alvotech Manco. As of 30 June 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million. During the first quarter 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. On 17 April 2024, the Company signed an agreement with Quallent Pharmaceuticals whereby Alvotech will manufacture AVT02, its high-concentration interchangeable biosimilar to Humira, for Quallent Pharmaceuticals, in alignment with its U.S. commercialization agreement with Teva. The interchangeable biosimilar will be distributed under Quallent's private label. On 21 May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, for the commercialization of AVT03, a biosimilar candidate to Prolia and Xgeva in the U.S., Europe and UK. Dr. Reddy’s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. On 7 June 2024, the Company entered into a senior secured first lien term loan facility of $965 million in two tranches, led by GoldenTree Asset Management (the "Facility"), with participation from other institutional investors, enabling the Company to improve cost capital, address upcoming debt maturities in 2025 and add incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. On 11 June 2024, the Company extended its partnership with Stada to cover AVT03, its clinical-stage biosimilar candidate for Prolio and Xgeva. Stada will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In parallel with the commercial agreement for AVT03, the two partners have agreed to extend Stada’s commercial rights to AVT02 and AVT04, the biosimilars to Humira and Stelara, to Commonwealth of Independent States (CIS) countries in Central Asia. Alvotech will also regain commercial rights from Stada to AVT06, a proposed biosimilar to Eylea. On 18 June 2024, the Company entered into an exclusive partnership agreement with Advanz Pharma regarding the supply and commercialization of AVT06, its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. On 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $221.1 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds that did not exercised their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility. Based on the cash on hand, funding received, and projected future cash flows, management concluded that the Group has the ability to continue as a going concern for at least one year after the date that the unaudited consolidated interim financial statements are issued. As such, the consolidated financial statements have been prepared on a going concern basis. Management continues to pursue the funding plans as described above, however there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all. If financing is obtained, the terms of such financing may adversely affect the holdings or the rights of the Group’s shareholders. The ability to obtain funding, therefore, is outside of management’s control and is a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Significant changes in the current reporting period The financial position and performance of the Group was impacted by the following events and transactions during the six months ended 30 June 2024: On 15 February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the EEA for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. The FDA approved AVT04 for the U.S. in April 2024 enabling a commercialization starting on or after 21 February 2025. Alvotech's commercialization partner in Canada, Jamp Pharma, launched AVT04 in Canada on March 1, 2024. Launch of AVT04 in Japan started in May 2024, after the upcoming round of National Health Insurance reimbursement price listings. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate (SPC) for Stelara, which is in late July 2024. On 23 February 2024, the Company announced that the FDA has approved SIMLANDI (adalimumab) injection, the AVT02 interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. In 2023, Humira was one of the highest-grossing pharmaceutical products in the world, with sales in the U.S. of nearly $12.2 billion. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech´s subsidiary Alvotech Manco. As of 30 June 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million. On 12 February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. On 12 February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. During the first quarter 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,501,599 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. During the first quarter 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. In April 2024, the Company signed an agreement with Quallent Pharmaceuticals whereby Alvotech will manufacture AVT02, its high-concentration interchangeable biosimilar to Humira for Quallent Pharmaceuticals, in alignment with its U.S. commercialization agreement with Teva. The interchangeable biosimilar will be distributed under Quallent's private label. On 16 April 2024, the Company announced the FDA approval of SELARSDI, its AVT04 biosimilar to Stelara, which is expected to be marketed in the U.S. on or after 21 February 2025, following a settlement agreement with Johnson & Johnson, the manufacturer of Stelara. On 24 April 2024, the Company announced positive topline results from a confirmatory clinical study for AVT05, a proposed biosimilar for Simponi and Simponi Aria. On 21 May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, for the commercialization of AVT03, a biosimilar candidate to Prolia and Xgeva in the U.S., Europe and UK. Dr. Reddy’s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. On 7 June 2024, the Company entered into a $965 million Facility, enabling the Company to improve cost capital, address upcoming debt maturities in 2025 and add incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. Upon the closing of the Facility, the Company was required to settle its existing debt obligations. On 11 June 2024, the Company extended its partnership with Stada to cover AVT03, its clinical-stage biosimilar candidate for Prolio and Xgeva. Stada will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In parallel with the commercial agreement for AVT03, the two partners have agreed to extend Stada’s commercial rights to AVT02 and AVT04, the biosimilars to Humira and Stelara, respectively, to Commonwealth of Independent States (CIS) countries in Central Asia. Alvotech will also regain commercial rights from Stada to AVT06, a proposed biosimilar to Eylea. On 18 June 2024, the Company entered into an exclusive partnership agreement with Advanz Pharma regarding the supply and commercialization of AVT06, its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. On 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $221.1 million of aggregate value of these bonds with accrued interests. The holders of the 2022 Convertible Bonds that did not exercise their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility.

Borrowings - Summary of Movements in the Group's Outstanding Borrowings (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Borrowings [Roll Forward]
Beginning Borrowings	$ 960,159
Accretion/derecognition of borrowings discount	13,127
Loss on remeasurement of bonds	63,127	$ 0
Proceeds from new borrowings	67,500
Repayments of borrowings	(75,059)
Accrued interest	28,646
Amortization of deferred debt issue costs	762
Foreign currency exchange difference	(2,349)
Ending Borrowings	$ 1,055,913

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Classes of current inventories [abstract]

Summary of Inventories

The Group’s inventory balances as of 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Raw materials and supplies	42,366	51,524
Work in progress	57,616	33,068
Finished goods	59	244
Inventory reserves	(3,467)	(10,403)
Total Balance	96,574	74,433

Financial instruments

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Financial instruments

Accounting classification and carrying amounts

It is management’s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of the Senior Bonds, Aztiq Convertible Bond, 2022 Convertible Bonds, and Alvogen Facility, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. The fair values as of 30 June 2024 are based on the following considerations:

–the communication on 7 June 2024, that the Company entered into a $965 million Facility in two tranches, enabling the Company to improve cost capital, address upcoming debt maturities in 2025 and add incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. Upon the closing of the Facility, the Company was required to settle its existing debt obligations;

–The settlement of the existing debt obligations resulted in a change in cash flow of these obligations and the acceleration of previously deferred debt issue costs and debt discounts resulting in $63.1 million loss on remeasurement for the six months ended 30 June 2024 (see Note 6); and

–the announcement on 26 June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. The holders of the 2022 Convertible Bonds that did not exercised their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility.

Material differences between the fair values and carrying amounts of these borrowings are identified as follows:


	30 June 2024
	Carrying Amount	Fair Value
Senior Bonds	550,429	553,674
Aztiq Convertible Bond	95,437	97,719
2022 Convertible Bonds	236,677	240,449
Alvogen Facility	83,329	83,411
	965,872	975,253


	31 December 2023
	Carrying Amount	Fair Value
Senior Bonds	549,411	559,867
Aztiq Convertible Bond	80,663	84,756
2022 Convertible Bonds	155,914	217,419
Alvogen Facility	76,556	82,060
	862,544	944,102

Fair value measurements

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 30 June 2024 and 31 December 2023:


	30 June 2024
	Level 1	Level 2	Level 3	Total
Senior Bond Warrants	2,640	—	—	2,640
Tranche A Conversion Feature	—	—	39,714	39,714
Predecessor Earn Out Shares	—	169,300	—	169,300
OACB Warrants	29,731	—	—	29,731
	32,370	169,300	39,714	241,384


	31 December 2023
	Level 1	Level 2	Level 3	Total
Senior Bond Warrants	19,715	—	—	19,715
Tranche A Conversion Feature	—	—	118,830	118,830
Predecessor Earn Out Shares	—	349,900	—	349,900
OACB Earn Out Shares	—	6,200	—	6,200
OACB Warrants	25,908	—	—	25,908
	45,623	356,100	118,830	520,553

The following table provides a reconciliation of Level 3 financial instruments:


			Tranche A Conversion Feature
1 January 2024			118,830
Issuance			—
Revaluation			(79,116)
Transfer to Level 1			—
Extinguishment			—
30 June 2024			39,714

The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the six months ended 30 June 2024.

Senior Bond Warrants

As noted in Note 3, during the first quarter 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,501,599 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and will recognize the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss.

The fair value of the Senior Bond Warrants was derived from the publicly quoted trading price of the Ordinary Shares at the valuation date. As of 30 June 2024, the Company had 217,246 warrants with an exercise price of $0.01, representing the 1.5% tranche of Senior Bond Warrants. The Senior Bond Warrants had a fair value of $

$2.6 million as of 30 June 2024. The change in fair value resulted in $0.6 million of finance cost for the six months ended 30 June 2024.

Tranche A Conversion Feature

The conversion feature had a fair value of $39.7 million as of 30 June 2024, classified as current a financial liability due to the conversion of the Tranche A of the 2022 Convertible Bonds on 1 July. The change in fair resulted in $79.1 million of finance income for the six months ended 30 June 2024.

The fair value of the Tranche A Conversion Feature was determined using a lattice model that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date.

The following table presents the assumptions and inputs that were used for the model in valuing the Tranche A Conversion Feature:


	30 June 2024		31 December 2023
Stock price	$12.16		$11.48
Conversion price	$10.00		$10.00
Volatility rate*	-		57.5	%
Risk-free interest rate*	-		4.2	%
Dividend yield	0.0	%	0.0	%
Risky yield	17.8	%	16.3	%

*Not used for the 30 June 2024 valuation based on the fact that all the Tranche A 2022 Convertible Bonds were converted on 1 July 2024.

Predecessor Earn Out Shares

As noted in Note 3, on 12 February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss.

The Predecessor Earn Out Shares had a fair value of $169.3 million as of 30 June 2024, resulting in $120.5 million of finance costs for the six months ended 30 June 2024.

The fair value of the Predecessor Earn Out Shares was determined using Monte Carlo analysis that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date.

The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares:


	30 June 2024		31 December 2023
Number of shares	19,165,000		38,330,000
Share price	$12.16		$11.48
Volatility rate	55.0	%	55.0	%
Risk-free rate	4.53	%	3.97	%

OACB Earn Out Shares

On 12 February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss.

OACB Warrants

During the six months ended 30 June 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss.

The OACB warrants had a fair value of $29.7 million as of 30 June 2024. The fair value of the warrants was derived from the publicly quoted trading price at the valuation date. The change in fair value of the OACB Warrants resulted in $5.7 million of finance costs for the six months ended 30 June 2024.

Share-based payments

6 Months Ended

Jun. 30, 2024

Disclosure Of Share Based Payment Arrangements [Abstract]

Share-based payments

On 1 December 2022, the Renumeration Committee authorized and the Group granted RSUs to employees, executives, and directors granting rights to Ordinary Shares once vesting conditions are met. Compensation expense for RSUs is determined based upon the market price of the Ordinary Shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a 1 to 4-year period, with a 1-year cliff vesting period and subsequent monthly vesting, resulting from participants completing a service condition. Movements in RSUs during the six months ended 30 June 2024 are as follows:


	2024
	RSUs	Weighted Average Fair Value
Outstanding at 1 January	3,745,781	$7.04
New grants during the period	299,910	$11.02
Forfeited during the period	(519,953)	$7.85
Vested during the period	(815,940)	$7.00
Outstanding at 30 June	2,709,798	$7.33

The Group recognized $5.3 million and $11.9 million of share-based payment expense during the six months ended 30 June 2024 and 2023, respectively, as follows:


	30 June
	2024	2023
Cost of product revenue	508	1,769
Research and development expenses	1,443	2,625
General and administrative expenses	3,343	7,517
	5,294	11,911

Cash and cash equivalents - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Roll Forward]
Beginning balance	$ 26,132	$ 25,187
Withdrawals during the period	(1,132)	0
Interest income	0	945
Ending balance	$ 25,000	$ 26,132

Other current assets

6 Months Ended

Jun. 30, 2024

Other Current Assets [Abstract]

Other current assets

The composition of other current assets as of 30 June 2024 and 31 December 2023 is as follows:


	30 June 2024	31 December 2023
Value-added tax	8,050	8,801
Prepaid expenses	22,162	22,035
Proceeds receivable from sale of joint venture (Note 20)	12,000	—
Other short-term receivables	2,125	1,035
	44,337	31,871

Finance income and finance costs

6 Months Ended

Jun. 30, 2024

Disclosure Of Finance Income [Abstract]

Finance income and finance costs

Finance income earned for the six months ended 30 June 2024 and 2023 are as follows:


	30 June
	2024	2023
Changes in the fair value of derivatives (see Note 21)	79,116	119,528
Interest income from cash and cash equivalents	1,683	2,927
Other interest income	24	25
	80,823	122,480

Finance costs incurred for the six months ended 30 June 2024 and 2023 are as follows:


	30 June
	2024	2023
Changes in the fair value of derivatives (see Note 21)	(130,412)	(5,906)
Interest on debt and borrowings	(79,834)	(56,631)
Loss on remeasurement of bonds (see Note 21)	(63,127)	—
Interest on lease liabilities (see Note 10)	(3,279)	(1,362)
Amortization of deferred debt issue costs	(762)	(401)
	(277,414)	(64,300)

Other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Current Liabilities [Abstract]
Unpaid salary and salary related expenses	$ 24,199	$ 31,340
Accrued interest	3,040	3,333
Accrued vacation leave	5,717	6,075
Employee incentive plan	0	659
Accrued expenses	29,507	21,313
Total	$ 62,463	$ 62,720

Financial instruments - Schedule of Provides a Reconciliation of Level 3 Financial Instruments (Details) - Level 3 - Tranche A Conversion Feature $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Financial Liabilities [Roll Forward]
Beginning balances	$ 118,830
Issuance	0
Revaluation	(79,116)
Transfer to Level 1	0
Extinguishment	0
Ending balances	$ 39,714

Supplemental cash flow information

6 Months Ended

Jun. 30, 2024

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

Supplement cash flow information for the six months ended 30 June 2024 and 2023 is included below.


	30 June
Non-cash investing and financing activities	2024	2023
Acquisition of property, plant and equipment in trade payables and other current liabilities	3,292	1,082
Acquisition of intangibles in trade payables and other current liabilities	615	4,201
Right-of-use assets obtained through new operating leases	20,647	53,920
Sale of joint venture	17,950	—
Settlement of RSUs with shares	4,613	84
Settlement of SARs with shares	—	13,768

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	Subsequent events The Group evaluated subsequent events through 15 August 2024, the date that the unaudited condensed consolidated interim financial statements were available to be issued. As detailed in Note 3, the Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $221.1 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds that did not exercised their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Facility. On 2 July 2024, the Company announced positive topline results from a confirmatory patient study for AVT03, a proposed biosimilar to Prolia (denosumab) and Xgeva (denosumab). The Company expects to file marketing applications for AVT03 later this year for major global markets. On 11 July 2024, the Company announced the closing of its previously executed Facility. The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. The Facility, for $965 million in aggregate principal amount, matures in June 2029. The first tranche is a first lien $900 million term loan which bears an interest rate of SOFR plus 6.5% per annum. The second tranche is a $65 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum. This resulted in the concurrent settlement of its existing debt obligations. On 22 July 2024, the Company announced the launch with STADA of Uzpruvo, the first approved AVT04 biosimilar to Stelara in Europe, across select European countries. This includes the largest markets in the region, where pricing and reimbursement approvals have been secured for market entry. The pioneering launch comes immediately upon expiry of exclusivity rights linked to the European reference molecule patent, offering patients, physicians and payers expanded access at the earliest possible opportunity to a life-altering medicine used in certain indications within gastroenterology, dermatology and rheumatology. Launches in further European countries are scheduled over the coming months, following national price approvals, via a fully European supply chain.

Leases - Summary of Maturity Analysis For Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 168,348
Less than one year
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	15,615
One to five years
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	55,429
Thereafter
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 97,304

Unaudited Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Property, plant and equipment	$ 239,535	$ 236,779
Right-of-use assets	138,110	119,802
Goodwill	11,692	12,058
Other intangible assets	19,901	19,076
Contract assets	33,457	10,856
Investment in joint venture	0	18,494
Other long-term assets	8,952	2,244
Restricted cash	25,000	26,132
Deferred tax assets	306,638	309,807
Total non-current assets	783,285	755,248
Current assets
Inventories	96,574	74,433
Trade receivables	93,521	41,292
Contract assets	39,771	35,193
Other current assets	44,337	31,871
Receivables from related parties	46	896
Cash and cash equivalents	10,944	11,157
Total current assets	285,193	194,842
Total assets	1,068,478	950,090
Equity
Share capital	2,602	2,279
Share premium	1,716,605	1,229,690
Other reserves	35,627	42,911
Translation reserve	(1,407)	(1,528)
Accumulated deficit	(2,359,349)	(2,205,845)
Total equity	(605,922)	(932,493)
Non-current liabilities
Borrowings	56,877	922,134
Derivative financial liabilities	201,670	520,553
Lease liabilities	121,873	105,632
Contract liabilities	90,120	73,261
Deferred tax liability	1,394	53
Total non-current liabilities	471,934	1,621,633
Current liabilities
Trade and other payables	58,566	80,563
Lease liabilities	10,644	9,683
Current maturities of borrowings	999,036	38,025
Derivative financial liabilities	39,714	0
Liabilities to related parties	26,528	9,851
Contract liabilities	4,484	59,183
Taxes payable	1,031	925
Other current liabilities	62,463	62,720
Total current liabilities	1,202,466	260,950
Total liabilities	1,674,400	1,882,583
Total equity and liabilities	$ 1,068,478	$ 950,090

Other current liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other Current Liabilities [Abstract]

Schedule of composition of other current liabilities

The composition of other current liabilities as of 30 June 2024 and 31 December 2023 is as follows:


	30 June 2024	31 December 2023
Unpaid salary and salary related expenses	24,199	31,340
Accrued interest	3,040	3,333
Accrued vacation leave	5,717	6,075
Employee incentive plan	—	659
Accrued expenses	29,507	21,313
	62,463	62,720

Revenue - Summary Of The Groups' Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 235,590	$ 20,255
Product revenue (point in time revenue recognition) \| Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	65,912	22,715
License revenue (point in time revenue recognition) \| Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	68,058	7,635
Performance revenue (point in time revenue recognition) \| Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	30,735	0
Development and other service revenue (over time revenue recognition) \| Goods or services transferred over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 70,885	$ (10,095)

Finance income and finance costs (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Of Finance Income [Abstract]

Summary of Detailed Information About Finance Income

Finance income earned for the six months ended 30 June 2024 and 2023 are as follows:


	30 June
	2024	2023
Changes in the fair value of derivatives (see Note 21)	79,116	119,528
Interest income from cash and cash equivalents	1,683	2,927
Other interest income	24	25
	80,823	122,480

Summary of Detailed Information About Finance Cost

Finance costs incurred for the six months ended 30 June 2024 and 2023 are as follows:


	30 June
	2024	2023
Changes in the fair value of derivatives (see Note 21)	(130,412)	(5,906)
Interest on debt and borrowings	(79,834)	(56,631)
Loss on remeasurement of bonds (see Note 21)	(63,127)	—
Interest on lease liabilities (see Note 10)	(3,279)	(1,362)
Amortization of deferred debt issue costs	(762)	(401)
	(277,414)	(64,300)

Other current assets (Tables)

6 Months Ended

Jun. 30, 2024

Other Current Assets [Abstract]

Summary of Other Current Assets

The composition of other current assets as of 30 June 2024 and 31 December 2023 is as follows:


	30 June 2024	31 December 2023
Value-added tax	8,050	8,801
Prepaid expenses	22,162	22,035
Proceeds receivable from sale of joint venture (Note 20)	12,000	—
Other short-term receivables	2,125	1,035
	44,337	31,871

Financial instruments - Summary of Assumptions and Inputs (Details)	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Number of shares (in shares)	279,408,018	266,821,844
Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Number of shares (in shares)	19,165,000	38,330,000
Stock price \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	12.16	11.48
Stock price \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	12.16	11.48
Conversion price \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10.00	10.00
Volatility rate \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0	0.575
Volatility rate \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.550	0.550
Risk-free interest rate \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0	0.042
Risk-free interest rate \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.0453	0.0397
Dividend yield \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.000	0.000
Risky yield \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.178	0.163

Cash and cash equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 10,944	$ 11,157	$ 60,466	$ 66,427
Cash and cash equivalents denominated in US dollars
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	818	1,466
Cash and cash equivalents denominated in other currencies
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 10,126	$ 9,691

New accounting standards	6 Months Ended
New accounting standards	Jun. 30, 2024
Disclosure Of New Accounting Standards [Abstract]
New accounting standards	New accounting standards New Standards and Interpretations, which became effective as of 1 January 2024, did not have a material impact on our unaudited condensed consolidated interim financial statements.

Finance income and finance costs - Summary of Detailed Information About Finance Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Details Of Finance Income [Abstract]
Changes in the fair value of derivatives	$ 79,116	$ 119,528
Interest income from cash and cash equivalents	1,683	2,927
Other interest income	24	25
Finance income	$ 80,823	$ 122,480

Share capital

6 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Share capital

Movements in the Group’s Ordinary shares, share capital and share premium during the six months ended 30 June 2024 are as follows (in thousands, except for share amounts):


	Ordinary Shares	Share capital	Share premium	Total
Balance at 1 January 2024	266,821,844	2,279	1,229,690	1,231,969
Capital contribution (Note 3)	9,213,333	92	144,547	144,639
Vested earn-out shares	—	198	310,703	310,901
Penny warrants (Note 21)	1,501,599	15	17,695	17,710
Public warrants (Note 21)	419,660	4	6,691	6,695
Settlement of RSUs with shares (Note 17)	1,442,455	14	7,174	7,188
Settlement of options with shares	9,127	—	105	105
Balance at 30 June 2024	279,408,018	2,602	1,716,605	1,719,207

No dividends were paid or declared during the six months ended 30 June 2024 and 2023.

Borrowings

6 Months Ended

Jun. 30, 2024

Borrowings [abstract]

Borrowings


	30 June 2024	31 December 2023
Senior Bonds	550,429	549,411
2022 Convertible Bonds	236,677	155,914
Aztiq Convertible Bond	95,437	80,663
Alvogen Facility	83,329	76,556
Other borrowings	90,041	97,615
Total outstanding borrowings, net of debt issue costs	1,055,913	960,159
Less: current portion of borrowings	(999,036)	(38,025)
Total non-current borrowings	56,877	922,134

The weighted-average interest rates of outstanding borrowings for the six months ended 30 June 2024 and the twelve months ended 31 December 2023 are 12.80% and 12.73%, respectively.

Movements in the Group’s outstanding borrowings during the six months ended 30 June 2024 are as follows:


			2024
Borrowings, net at 1 January			960,159
Accretion/derecognition of borrowings discount			13,127
Loss on remeasurement of bonds			63,127
Proceeds from new borrowings			67,500
Repayments of borrowings			(75,059)
Accrued interest			28,646
Amortization of deferred debt issue costs			762
Foreign currency exchange difference			(2,349)
Borrowings, net at 30 June			1,055,913

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 30 June 2024 are as follows:


			30 June 2024
Within one year			999,036
Within two years			5,523
Within three years			5,736
Within four years			5,970
Thereafter			39,648
			1,055,913

The movements in the Group's outstanding borrowings during the six months ended 30 June 2024 and the maturity of principal amounts as of 30 June 2024 included above are based on the following considerations:

incremental cash to the balance sheet. The Facility matures in June 2029 and was funded in July 2024. Upon the closing of the facility, the Company was required to settle its existing debt obligations;

Share capital - Summary of Movements in Ordinary Shares, Share Capital and Share Premium (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Issue of Shares Capital [Roll Forward]
Beginning Balance (in shares)	266,821,844
Beginning Balance	$ (932,493)	$ (564,416)
Capital contribution (in shares)	9,213,333
Vested earn-out shares (in shares)	0
Ending Balance (in shares)	279,408,018
Ending Balance	$ (605,922)	(478,540)
Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued (in shares)	1,501,599
Public Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued (in shares)	419,660
RSUs
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued (in shares)	1,442,455
Options
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued (in shares)	9,127
Share capital
Issue of Shares Capital [Roll Forward]
Beginning Balance	$ 2,279	2,126
Capital contribution (Note 3)	92
Vested earn-out shares	198
Ending Balance	2,602	2,271
Share capital \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	15
Share capital \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	4
Share capital \| RSUs
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	14
Share capital \| Options
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	0
Share premium
Issue of Shares Capital [Roll Forward]
Beginning Balance	1,229,690	1,058,432
Capital contribution (Note 3)	144,547
Vested earn-out shares	310,703
Ending Balance	1,716,605	$ 1,224,814
Share premium \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	17,695
Share premium \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	6,691
Share premium \| RSUs
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	7,174
Share premium \| Options
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	105
Issued capital and share premium
Issue of Shares Capital [Roll Forward]
Beginning Balance	1,231,969
Capital contribution (Note 3)	144,639
Vested earn-out shares	310,901
Ending Balance	1,719,207
Issued capital and share premium \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	17,710
Issued capital and share premium \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	6,695
Issued capital and share premium \| RSUs
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	7,188
Issued capital and share premium \| Options
Issue of Shares Capital [Roll Forward]
Increase (decrease) in shares issued	$ 105

Other Intangible assets	6 Months Ended
Other Intangible assets	Jun. 30, 2024
Disclosure of detailed information about intangible assets [abstract]
Other Intangible assets	Other Intangible assets During the six months ended 30 June 2024, the Group acquired $1.1 million of intangible assets. The Group recognized $0.2 million and $0.4 million of amortization expense for the six months ended 30 June 2024 and 2023, respectively.

Inventories - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cost of product revenue
Disclosure of Inventories [Line Items]
Cost of inventories recognised as expense	$ 32.0	$ 16.5

Borrowings - Additional Information (Details)	6 Months Ended
Borrowings - Additional Information (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jul. 01, 2024 $ / shares	Jun. 07, 2024 USD ($) tranche	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Loss on remeasurement of bonds	$ 63,127,000	$ 0
Facility Due June 2029
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity				$ 965,000,000
Number of tranches \| tranche				2
Loss on remeasurement of bonds	$ 63,100,000
Conversion price (in dollars per share) \| $ / shares			$ 10.00
Weighted average
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	12.80%				12.73%

Unaudited Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	Penny Warrants	Public Warrants	RSUs	SARs	Options	Share capital	Share capital Penny Warrants	Share capital Public Warrants	Share capital RSUs	Share capital SARs	Share capital Options	Share premium	Share premium Penny Warrants	Share premium Public Warrants	Share premium RSUs	Share premium SARs	Share premium Options	Other reserves	Other reserves RSUs	Other reserves SARs	Other reserves Options	Translation reserve	Accumulated deficit
Beginning Balance at Dec. 31, 2022	$ (564,416)						$ 2,126						$ 1,058,432						$ 30,582				$ (1,442)	$ (1,654,114)
Loss for the period	(86,854)																							(86,854)
Foreign currency translation differences	(1,523)																						(1,523)
Total comprehensive loss	(88,377)																						(1,523)	(86,854)
Capital contribution	132,736						118						132,618
Vested earn-out shares					$ 8,306						$ 6						$ 8,300
Penny warrants exercised	27,184						25						27,159
Public warrants exercised	7,588						6						7,582
Recognition of share-based payments	10,909			$ (84)	(13,767)					$ 0	$ (10)					$ 249	$ (9,526)		10,909	$ (333)	$ (4,231)
Issuance	1,381																		1,381
Ending Balance at Jun. 30, 2023	(478,540)						2,271						1,224,814						38,308				(2,965)	(1,740,968)
Beginning Balance at Dec. 31, 2023	(932,493)						2,279						1,229,690						42,911				(1,528)	(2,205,845)
Loss for the period	(153,504)																							(153,504)
Foreign currency translation differences	121																						121
Total comprehensive loss	(153,383)																						121	(153,504)
Vested earn-out shares								$ 15	$ 4	14		$ 0		$ 17,695	$ 6,691	7,174		$ 105
Penny warrants exercised	17,710						15						17,695
Recognition of share-based payments	(4,613)			$ 6,695	$ 4,450	$ 76	14			$ 4			7,174			$ 6,691		$ 105	(11,801)		$ 4,450	$ (29)
Vested earn-out shares		$ 144,639	$ 310,901					$ 92	$ 198					$ 144,547	$ 310,703
Issuance	96																		96
Ending Balance at Jun. 30, 2024	$ (605,922)						$ 2,602						$ 1,716,605						$ 35,627				$ (1,407)	$ (2,359,349)

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials and supplies	$ 42,366	$ 51,524
Work in progress	57,616		$ 33,068
Finished goods	59		244
Inventory reserves	(3,467)	$ (10,403)
Total Balance	$ 96,574		$ 74,433

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings per share [abstract]
Loss for the period	$ (153,504)	$ (86,854)
Weighted average number of ordinary shares outstanding basic (in shares)	252,218,456	225,523,805
Weighted average number of ordinary shares outstanding diluted (in shares)	252,218,456	225,523,805
Basic loss per share (in dollars per share)	$ (0.61)	$ (0.39)
Diluted loss per share (in dollars per share)	$ (0.61)	$ (0.39)

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Leases - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Lease Liabilities [Roll Forward]
Balance at 1 January	$ 115,315
Adjustments for indexed leases	4,606
New leases	20,647
Cancelled leases	(31)
Installment payments	(4,908)
Foreign currency adjustment	(2,577)
Translation difference	(535)
Balance at 30 June	132,517
Current liabilities	(10,644)	$ (9,683)
Non-current liabilities	$ 121,873	$ 105,632

Financial instruments (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Summary of Material Differences Between the Fair Value and Carrying Amount

Material differences between the fair values and carrying amounts of these borrowings are identified as follows:


	30 June 2024
	Carrying Amount	Fair Value
Senior Bonds	550,429	553,674
Aztiq Convertible Bond	95,437	97,719
2022 Convertible Bonds	236,677	240,449
Alvogen Facility	83,329	83,411
	965,872	975,253


	31 December 2023
	Carrying Amount	Fair Value
Senior Bonds	549,411	559,867
Aztiq Convertible Bond	80,663	84,756
2022 Convertible Bonds	155,914	217,419
Alvogen Facility	76,556	82,060
	862,544	944,102

Summary of Fair Value on a Recurring Basis

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 30 June 2024 and 31 December 2023:


	30 June 2024
	Level 1	Level 2	Level 3	Total
Senior Bond Warrants	2,640	—	—	2,640
Tranche A Conversion Feature	—	—	39,714	39,714
Predecessor Earn Out Shares	—	169,300	—	169,300
OACB Warrants	29,731	—	—	29,731
	32,370	169,300	39,714	241,384


	31 December 2023
	Level 1	Level 2	Level 3	Total
Senior Bond Warrants	19,715	—	—	19,715
Tranche A Conversion Feature	—	—	118,830	118,830
Predecessor Earn Out Shares	—	349,900	—	349,900
OACB Earn Out Shares	—	6,200	—	6,200
OACB Warrants	25,908	—	—	25,908
	45,623	356,100	118,830	520,553

Disclosure of Fair Value Measurement of Liabilities

The following table provides a reconciliation of Level 3 financial instruments:


			Tranche A Conversion Feature
1 January 2024			118,830
Issuance			—
Revaluation			(79,116)
Transfer to Level 1			—
Extinguishment			—
30 June 2024			39,714

Summary of Assumptions and Inputs

The following table presents the assumptions and inputs that were used for the model in valuing the Tranche A Conversion Feature:


	30 June 2024		31 December 2023
Stock price	$12.16		$11.48
Conversion price	$10.00		$10.00
Volatility rate*	-		57.5	%
Risk-free interest rate*	-		4.2	%
Dividend yield	0.0	%	0.0	%
Risky yield	17.8	%	16.3	%

*Not used for the 30 June 2024 valuation based on the fact that all the Tranche A 2022 Convertible Bonds were converted on 1 July 2024.

The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares:


	30 June 2024		31 December 2023
Number of shares	19,165,000		38,330,000
Share price	$12.16		$11.48
Volatility rate	55.0	%	55.0	%
Risk-free rate	4.53	%	3.97	%

Leases - Summary of Leases Assets About Right-Of-Use Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Right Of Used Assets [Roll Forward]
Beginning balance	$ 119,802
Adjustments for indexed leases	4,590
New leases	20,647
Cancelled leases	(32)
Depreciation	(6,245)	$ (3,742)
Translation difference	(652)
Ending balance	$ 138,110

Borrowings - Summary of Consolidated Statements of Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Bonds issued	$ 965,872	$ 862,544
Other borrowings	90,041	97,615
Total outstanding borrowings, net of debt issue costs	1,055,913	960,159
Less: current portion of borrowings	(999,036)	(38,025)
Total non-current borrowings	56,877	922,134
Senior Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued	550,429	549,411
2022 Convertible Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued	236,677	155,914
Aztiq Convertible Bond
Disclosure of detailed information about borrowings [line items]
Bonds issued	95,437	80,663
Alvogen Facility
Disclosure of detailed information about borrowings [line items]
Alvogen Facility	$ 83,329	$ 76,556

Related parties (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of related party transactions

Related party transactions as of and for the six months ended 30 June 2024 are as follows:


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	6,773	—	—	98,330
ATP Holdings ehf. - Sister company (a)	4,637	—	—	25,921
Aztiq Fjárfestingar ehf. – Sister company	—	32	—	—
Aztiq Consulting ehf. – Sister company	113	—	—	56
Flóki-Art ehf. - Sister company	52	—	—	465
Alvogen Iceland ehf. - Sister company	25	—	—	509
Alvogen ehf. - Sister company	—	55	17	—
Alvogen UK - Sister company	110	—	—	111
Alvogen Finance B.V. - Sister Company	195	—	—	97
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	—	26	7,440
Alvogen Inc. - Sister company	213	—	—	497
Adalvo Limited - Sister company	138	155	3	28
L41 ehf. - Sister company	52	—	—	14
Flóki Invest ehf - Sister company	419	—	—	327
Alvogen Spain SL - Sister company	—	—	—	15
Norwich Clinical Services Ltd - Sister company	369	—	—	243
Fasteignafélagið Eyjólfur ehf - Sister company	4,127	—	—	90,791
Flóki fasteignir ehf. - Sister company	1,157	—	—	10,776
	18,380	242	46	235,620

(a)The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities (see Note 16).

Related party transactions for the six months ended 30 June 2023 and as of 31 December 2023 are as follows:


	30 June 2023		31 December 2023
	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	5,683	—	—	76,556
ATP Holdings ehf. - Sister company (a)	3,138	—	—	49,560
Aztiq Fjárfestingar ehf. - Sister company	—	5	—	—
Aztiq Consulting ehf. - Sister company	100	55	—	54
Flóki-Art ehf. - Sister company	50	—	—	422
Alvogen Iceland ehf. - Sister company	24	—	—	484
Alvogen ehf. - Sister company	—	73	16	—
Alvogen UK - Sister company	31	—	—	581
Alvogen Finance B.V. - Sister company	194	—	—	65
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	—	29	7,440
Lotus International Pte. Ltd. - Sister company	—	2	—	—
Alvogen Emerging Markets - Sister company	102	—	—	—
Alvogen Inc. - Sister company	159	—	—	284
Alvotech and CCHT Biopharmaceutical Co., Ltd. (c)	—	—	758	539
Adalvo Limited - Sister company	30	103	86	337
Adalvo UK - Sister company	—	49	—	—
Flóki Invest ehf. - Sister company	319	—	—	251
Alvogen Malta Sh. Services - Sister company	—	—	7	—
Alvogen Spain SL - Sister Company	—	—	—	15
Norwich Clinical Services Ltd - Sister company	257	—	—	170
Fasteignafélagið Eyjólfur ehf - Sister company	1,636	—		69,732
Flóki fasteignir ehf. - Sister company	947	—	—	11,466
	12,670	287	896	217,956

Property, plant and equipment	6 Months Ended
Property, plant and equipment	Jun. 30, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment During the six months ended 30 June 2024, the Group acquired items of property, plant and equipment with a cost of $11.3 million, primarily consisting of facility equipment. The Group recognized $8.3 million and $6.8 million of depreciation expense for the six months ended 30 June 2024 and 2023, respectively. During the six months ended 30 June 2024 and 2023, the Group recognized no impairments of property, plant and equipment. The Group pledged $124.5 million and $119.4 million of property, plant and equipment as collateral to secure bank loans with third parties as of 30 June 2024 and 31 December 2023, respectively.

Other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Current Assets [Abstract]
Value-added tax	$ 8,050	$ 8,801
Prepaid expenses	22,162	22,035
Proceeds receivable from sale of joint venture (Note 20)	12,000	0
Other short-term receivables	2,125	1,035
Total	$ 44,337	$ 31,871

Financial instruments - Additional Information (Details)			3 Months Ended		6 Months Ended
	Feb. 26, 2024 shares	Feb. 12, 2024 shares	Mar. 31, 2024 $ / shares shares	Mar. 20, 2024 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jul. 11, 2024 USD ($)	Jul. 01, 2024 $ / shares shares	Jun. 07, 2024 USD ($) tranche	Dec. 31, 2023 USD ($)
Disclosure of detailed information about financial instruments [line items]
Loss on remeasurement of bonds					$ 63,127,000	$ 0
Derivative financial liabilities					241,384,000					$ 520,553,000
Finance costs					277,414,000	$ 64,300,000
Proceeds from the issuance of common stock					144,000,000
Liabilities					$ 1,674,400,000					1,882,583,000
Ordinary shares
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares	10,127,132				9,213,333
Tranche two \| Ordinary shares \| OACB Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares		625,000
Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					$ 39,714,000					118,830,000
Senior Bond Warrants
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares			1,501,599
Class of warrants or rights outstanding (in shares) \| shares					217,246
Conversion price (in dollars per share) \| $ / shares					$ 0.01
Tranche of senior bond warrants percentage					1.50%
Derivative financial liabilities					$ 2,640,000					19,715,000
Finance costs					600,000
Senior Bond Warrants \| Ordinary shares
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares				1,501,599
Senior Bond Warrants \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					0					0
Tranche A Conversion Feature
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					39,714,000					118,830,000
Finance costs					79,100,000
Tranche A Conversion Feature \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					39,714,000					118,830,000
Predecessor Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					169,300,000					349,900,000
Finance costs					120,500,000
Predecessor Earn Out Shares \| Level 3
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares		19,165,000
Derivative financial liabilities					0					0
OACB Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					29,731,000					25,908,000
Finance costs					$ 5,700,000
Number of shares issued \| shares			419,660		419,660
Proceeds from the issuance of common stock					$ 4,800,000
Liabilities					29,700,000
OACB Warrants \| Ordinary shares
Disclosure of detailed information about financial instruments [line items]
Increase (decrease) in shares issued (in shares) \| shares			419,660
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares			$ 11.50
Number of shares called by each warrant or right \| shares			1
OACB Warrants \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities					0					$ 0
Facility Due June 2029
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity									$ 965,000,000
Number of tranches \| tranche									2
Loss on remeasurement of bonds					$ 63,100,000
Conversion price (in dollars per share) \| $ / shares								$ 10.00
Facility Due June 2029 \| Entering into significant commitments or contingent liabilities
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity							$ 965,000,000
Conversion price (in dollars per share) \| $ / shares								$ 10.00
Number of shares issued \| shares								22,100,000

Interests in joint ventures - Schedule of Changes in Groups Investment in a Joint Venture (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments Accounted For Using Equity Method [Roll Forward]
Balance at 1 January	$ 18,494	$ 48,568
Share in losses	0	(2,706)
Sale of shares in joint venture	(18,494)	0
Translation difference	0	(2,249)
Balance at 30 June	$ 0	$ 43,613

Share-based payments - Summary of Movements in RSUs (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 shares $ / shares
RSUs
Beginning Outstanding (in shares) \| shares	3,745,781
New grants during the period (in shares) \| shares	299,910
Forfeited during the period (in shares) \| shares	(519,953)
Vested during the period (in shares) \| shares	(815,940)
Ending Outstanding (in shares) \| shares	2,709,798
Weighted Average Fair Value
Beginning Outstanding (in dollars per share) \| $ / shares	$ 7.04
New grants during the period (in dollars per share) \| $ / shares	11.02
Forfeited during the period (in dollars per share) \| $ / shares	7.85
Vested during the period (in dollars per share) \| $ / shares	7.00
Ending Outstanding (in dollars per share) \| $ / shares	$ 7.33

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Presentation of leases for lessee [abstract]
Total depreciation expense from right-of-use assets	$ 6,245	$ 3,742
Interest expense on lease liabilities	3,279	1,362
Foreign currency difference on lease liability	(2,577)	(1,338)
Loss from extinguishment of lease agreement	1	8
Total amount recognized in profit and loss	$ 6,948	$ 3,774

Subsequent events (Details) - Facility Due June 2029 - USD ($) $ / shares in Units, shares in Millions	Jul. 01, 2024	Jul. 11, 2024	Jun. 07, 2024
Disclosure of non-adjusting events after reporting period [line items]
Conversion price (in dollars per share)	$ 10.00
Maximum borrowing capacity			$ 965,000,000
Entering into significant commitments or contingent liabilities
Disclosure of non-adjusting events after reporting period [line items]
Conversion price (in dollars per share)	$ 10.00
Number of shares issued	22.1
Issue of convertible instruments	$ 221,100,000
Maximum borrowing capacity		$ 965,000,000
Entering into significant commitments or contingent liabilities \| Component One
Disclosure of non-adjusting events after reporting period [line items]
Maximum borrowing capacity		$ 900,000,000
Borrowings, variable interest rate		6.50%
Entering into significant commitments or contingent liabilities \| Component Two
Disclosure of non-adjusting events after reporting period [line items]
Maximum borrowing capacity		$ 65,000,000
Borrowings, variable interest rate		10.50%

Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Profit or loss [abstract]
Product revenue	$ 65,912	$ 22,715
License and other revenue	169,678	(2,460)
Other income	57	45
Cost of product revenue	(65,167)	(67,909)
Research and development expenses	(97,479)	(99,582)
General and administrative expenses	(29,554)	(41,910)
Operating profit / (loss)	43,447	(189,101)
Share of net loss of joint venture	0	(2,706)
Loss on sale of investment in joint venture	(2,970)	0
Finance income	80,823	122,480
Finance costs	(277,414)	(64,300)
Exchange rate differences	7,742	(3,081)
Non-operating (loss) / profit	(191,819)	52,393
Loss before taxes	(148,372)	(136,708)
Income tax (expense) / benefit	(5,132)	49,854
Loss for the period	(153,504)	(86,854)
Item that will be reclassified to profit or loss in subsequent periods:
Exchange rate differences on translation of foreign operations	121	(1,523)
Total comprehensive loss	$ (153,383)	$ (88,377)
Loss per share
Basic (in dollars per share)	$ (0.61)	$ (0.39)
Diluted (in dollars per share)	$ (0.61)	$ (0.39)

Leases

6 Months Ended

Jun. 30, 2024

Presentation of leases for lessee [abstract]

Leases

The Group’s leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group’s right-of-use assets and the movements during the six months ended 30 June 2024 are as follows:


			2024
Right-of-use assets
Balance at 1 January			119,802
Adjustments for indexed leases			4,590
New leases			20,647
Cancelled leases			(32)
Depreciation			(6,245)
Translation difference			(652)
Balance at 30 June			138,110

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The Group’s lease liabilities and the movements during the six months ended 30 June 2024 are as follows:


			2024
Lease liabilities
Balance at 1 January			115,315
Adjustments for indexed leases			4,606
New leases			20,647
Cancelled leases			(31)
Installment payments			(4,908)
Foreign currency adjustment			(2,577)
Translation difference			(535)
Balance at 30 June			132,517
Current liabilities			(10,644)
Non-current liabilities			121,873


	30 June
	2024	2023
Total depreciation expense from right-of-use assets	6,245	3,742
Interest expense on lease liabilities	3,279	1,362
Foreign currency difference on lease liability	(2,577)	(1,338)
Loss from extinguishment of lease agreement	1	8
Total amount recognized in profit and loss	6,948	3,774

The maturity analysis of undiscounted lease payments as of 30 June 2024 is as follows:


			2024
Less than one year			15,615
One to five years			55,429
Thereafter			97,304
			168,348

Finance income and finance costs - Summary of Detailed Information About Finance Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Finance Income [Abstract]
Changes in the fair value of derivatives	$ (130,412)	$ (5,906)
Interest on debt and borrowings	(79,834)	(56,631)
Loss on remeasurement of bonds	(63,127)	0
Interest on lease liabilities	(3,279)	(1,362)
Amortization of deferred debt issue costs	(762)	(401)
Finance costs	$ (277,414)	$ (64,300)

Income tax (Details)	6 Months Ended
Income tax (Details)	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Income Tax [Abstract]
Effective tax rate	(3.50%)	36.50%

Other Intangible assets (Details) - USD ($) $ in Millions	6 Months Ended
Other Intangible assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Gross carrying amount
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Additions other than through business combinations, intangible assets other than goodwill	$ 1.1
Amortization
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation, intangible assets other than goodwill	$ 0.2	$ 0.4

Interests in joint ventures - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Disclosure of joint ventures [abstract]
Other cash receipts from sales of interests in joint ventures	$ 18.0
Proceeds from disposal of joint venture	18.0
Transaction costs	1.3
Loss on disposal of investments		$ 3.0
Other noncurrent assets from disposal of joint venture	$ 6.0

Income tax	6 Months Ended
Income tax	Jun. 30, 2024
Disclosure Of Income Tax [Abstract]
Income tax	Income tax The Group’s effective tax rate for the six months ended 30 June 2024 and 30 June 2023 was (3.5)% and 36.5%, representing a tax charge and a tax benefit, respectively. The effective tax rate for both periods is influenced by IFRS fair value adjustments which are not tax effected, losses and non-deductible interest incurred in Luxembourg for which no deferred tax asset is recognized and other permanent differences. A tax benefit for both periods arises from operational losses in Iceland which, as of 30 June 2024, is offset by a tax charge arising from the decrease of the U.S. dollar value of tax loss carry-forwards denominated in Icelandic krona. As of 30 June 2023, a further tax benefit arose from the strengthening of the Icelandic krona against the U.S. dollar which increased the U.S. dollar value of tax loss carry-forwards denominated in Icelandic krona.

Cash and cash equivalents

6 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Cash and cash equivalents

Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as of 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Cash and cash equivalents denominated in US dollars	818	1,466
Cash and cash equivalents denominated in other currencies	10,126	9,691
	10,944	11,157

Restricted cash

Restricted cash relates to cash that may only be used pursuant to certain of the Group’s borrowing arrangements. Therefore, these deposits are not available for general use by the Group. Movements in restricted cash balances during the periods ended 30 June 2024 and 31 December 2023 are as follows:


	30 June 2024	31 December 2023
Balance at 1 January	26,132	25,187
Withdrawals during the period	(1,132)	—
Interest income	—	945
	25,000	26,132

The Group’s restricted cash is available for use after one year or later.

Financial instruments - Summary of Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 241,384	$ 520,553
Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	32,370	45,623
Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	169,300	356,100
Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	39,714	118,830
Senior Bond Warrants
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	2,640	19,715
Senior Bond Warrants \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	2,640	19,715
Senior Bond Warrants \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Senior Bond Warrants \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Tranche A Conversion Feature
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	39,714	118,830
Tranche A Conversion Feature \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Tranche A Conversion Feature \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Tranche A Conversion Feature \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	39,714	118,830
Predecessor Earn Out Shares
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	169,300	349,900
Predecessor Earn Out Shares \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Predecessor Earn Out Shares \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	169,300	349,900
Predecessor Earn Out Shares \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Earn Out Shares
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		6,200
OACB Earn Out Shares \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		0
OACB Earn Out Shares \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		6,200
OACB Earn Out Shares \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		0
OACB Warrants
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	29,731	25,908
OACB Warrants \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	29,731	25,908
OACB Warrants \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Warrants \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 0	$ 0