0001628280-25-015052 | 20-F | XBRL Viewer

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41421
Entity Registrant Name	ALVOTECH
Entity Incorporation, State or Country Code	N4
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
Title of 12(b) Security	Warrants
Trading Symbol	ALVOW
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	301,805,677
Class of warrants or rights outstanding (in shares)	9,943,434
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001898416
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2024
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Sæmundargata 15-19
Contact Personnel Name	Robert Wessman
Entity Address, Postal Zip Code	102
Entity Address, City or Town	Reykjavík
Entity Address, Country	IS
City Area Code	354
Local Phone Number	422 4500

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Schedule of Useful Lives of Amortization

The following useful lives are used in the calculation of amortization:


Software			3-10 years
Customer relationships			7 years
Intellectual property rights*			10 years

•From launch date

Schedule of Useful Lives of Depreciation

The following useful lives are used in the calculation of depreciation:


Facility			40 years
Facility equipment			5-20 years
Computer equipment			3 years
Leasehold improvements			3-15 years
Furniture and fixtures			5 years

General Information - Schedule of fair value of shares issued and non-cash share listing expense (Details) $ in Thousands	Jun. 15, 2022 USD ($) shares
Schedule of fair value of shares issued and non-cash share listing expense [Line Items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	7,226,505
Estimated fair market value \| $	$ 65,160
Adjusted net liabilities of OACB as of 15 June 2022 \| $	(18,251)
Difference – being the share listing expense \| $	$ 83,411
Class A Common Stock
Schedule of fair value of shares issued and non-cash share listing expense [Line Items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	976,505
Class B Common Stock
Schedule of fair value of shares issued and non-cash share listing expense [Line Items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	5,000,000

Supplemental cash flow information (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

Supplement cash flow information as of 31 December 2024, 2023, and 2022 is included below. (see Note 21 for non-cash movements in borrowings).


Non-cash investing and financing activities	2024	2023	2022
Acquisition of property, plant and equipment in trade payables and other current liabilities	13,917	2,266	4,131
Acquisition of intangibles in trade payables and other current liabilities	—	930	4,075
Right-of-use assets obtained through new leases	41,506	74,109	9,583
Sale of joint venture	5,950	—	—
Settlement of borrowings through refinancing	118,330	—	—
Settlement of transaction cost through refinancing	28,365	—	—
Equity issued through conversion of borrowings	263,969	—	32,200
Settlement of RSUs with shares	5,076	678	—
Settlement of SARs with shares	—	13,767	—
Purchase of Facility through Aztiq Convertible Bond	—	—	115,005
Non-cash issuance of Aztiq Convertible Bond	—	—	80,000

Income tax - Schedule of the Reconciling Items Between The Statutory Rate And The Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Income Tax [Abstract]
Non-recognition of tax losses	(12.20%)	(1.50%)	(3.80%)

Litigation (Details) $ in Millions	12 Months Ended
Litigation (Details) $ in Millions	Dec. 31, 2024 USD ($) litigation	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Litigation [Abstract]
Number of litigations \| litigation	4
Legal expenses \| $	$ 0.0	$ 0.0	$ 8.7

Finance income and finance costs - Schedule of Finance Costs Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Finance Income [Abstract]
Consenting fee	$ 0	$ 0	$ (7,430)
Loss on extinguishment	0	0	(6,511)
Amortization of deferred debt issue costs	$ (3,614)	$ (1,657)	$ (23)

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from contracts with customers [Abstract]

Revenue

Disaggregated revenue

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 years ended 31 December 2024, 2023, and 2022:


	2024	2023	2022
Product revenue (point in time revenue recognition)	273,472	48,699	24,836
License revenue (point in time revenue recognition)	75,813	7,775	—
Performance revenue (point in time revenue recognition)	42,391	4,402	424
Development and other service revenue (over time revenue recognition)	98,006	30,558	57,769
	489,682	91,434	83,029

Performance revenue is disaggregated from license revenue as the Company reached significant performance milestones during the year. Those were previously reported under license revenue for the years 2023 and 2022

Reassessment of measure of progress

Subsequent changes to the estimate of the transaction price are recorded as adjustments to revenue in the period of change. The Group updates the measure of progress 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 years ended 31 December 2024, 2023, and 2022.

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
31 December 2022	28,656	93,932
Contract asset additions	19,634	—
Amounts transferred to trade receivables	(2,412)	—
Derecognition of contract liability	—	(42,089)
Customer prepayments	—	100,555
Revenue recognized	—	(23,101)
Foreign currency adjustment	171	3,147
31 December 2023	46,049	132,444
Contract asset additions	133,756	—
Amounts transferred to trade receivables	(88,564)	—
Derecognition of contract liability	—	(331)
Customer prepayments	—	51,255
Revenue recognized	—	(82,454)
Foreign currency adjustment	(1,227)	(4,213)
31 December 2024	90,014	96,701

The net increase in contract assets as of 31 December 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 31 December 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 31 December 2024, $22.7 million and $67.3 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 31 December 2024, $80.7 million and $16.0 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 5 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates.

Remaining performance obligations

Due to the long-term nature of the Group’s out-license contracts, the Group’s obligations pursuant to such contracts represent partially unsatisfied performance obligations at year-end. The revenues under existing out-license contracts with original expected durations of more than one year are estimated to be $265.5 million. The Group expects to recognize the majority of these revenues over the next 5 years.

Depreciation, amortization and impairment (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Depreciation Amortization And Imapirment [Abstract]

Schedule of Depreciation, Amortization and Impairment Expenses Incurred

Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2024, 2023, and 2022 are as follows:


	2024	2023	2022
Depreciation and impairment of property, plant and equipment (see Note 12)	17,105	14,353	9,807
Depreciation of right of use assets (see Note 13)	13,377	8,913	9,869
Amortization and impairment of intangible assets (see Note 15)	819	2,723	3,488
	31,301	25,989	23,164

Schedule of Depreciation, Amortization and Impairment Expenses

Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows:


	2024	2023	2022
Cost of product revenue	18,683	15,582	10,053
Research and development expenses	8,359	6,886	9,757
General and administrative expenses	4,259	3,521	3,354
Total depreciation, amortization and impairment expense	31,301	25,989	23,164

Depreciation, amortization and impairment - Schedule of Depreciation, Amortization and Impairment Expenses Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Depreciation Amortization And Imapirment [Abstract]
Depreciation and impairment of property, plant and equipment (see Note 12)	$ 17,105	$ 14,353	$ 9,807
Amortization and impairment of intangible assets (see Note 15)	$ 819	$ 2,723	$ 3,488

Audit fees

12 Months Ended

Dec. 31, 2024

Disclosure Of Audit Fees [Abstract]

Audit fees


	2024	2023	2022
Financial Statement audit fees	3,335	2,876	2,615
Other fees, including tax services	279	462	676
Total fees	3,614	3,338	3,291

Financial Statements audit fees consist of fees for the audit of our annual financial statements and other professional services provided in connection with the statutory and regulatory filings or engagements, including fees for the review of our interim financial information.

Other fees, including tax services, include fees for review of our current and historical financial information included in our SEC registration statements, fees for tax compliance, tax advice, and tax planning.

Audit fees (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Audit Fees [Abstract]

Schedule of Audit Fees


	2024	2023	2022
Financial Statement audit fees	3,335	2,876	2,615
Other fees, including tax services	279	462	676
Total fees	3,614	3,338	3,291

Other current assets - Additional Information (Details) - AVT23 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Current Assets [Line Items]
Derecognition of intangible asset		$ 15.0
Derecognition, prepaid development costs		$ 3.5
Receivables collected	$ 1.1

Salaries and other employee expenses - Schedule of Aggregate Salary and Other Employee Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Salaries And Other Employee Expenses [Abstract]
Temporary labor	$ 5,994	$ 8,495	$ 5,838

Income tax - Schedule of Taxation Recognized in the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax
Total deferred tax	$ 13,200	$ (100,565)	$ (38,968)

Label

Element

Value

Issue of Shares on Settlement of Share Appreciation Rights Shares

alvo_IssueOfSharesOnSettlementOfShareAppreciationRightsShares

3,510,582

Contract Assets Additions Amounts Transferred to Trade Receivables

alvo_ContractAssetsAdditionsAmountsTransferredToTradeReceivables

$ 2,412,000

Contract Assets Additions Amounts Transferred to Trade Receivables

alvo_ContractAssetsAdditionsAmountsTransferredToTradeReceivables

$ 88,564,000

Weighted Average Fair Value Per Share Other Equity Instruments Granted

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsGranted

$ 11.66

Weighted Average Fair Value Per Share Other Equity Instruments Granted

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsGranted

$ 8.79

Disclosure In Tabular Form Of Interest Rate Sensitivity Analysis Impact On Profit Before Tax Explanatory [Table Text Block]

alvo_DisclosureInTabularFormOfInterestRateSensitivityAnalysisImpactOnProfitBeforeTaxExplanatoryTableTextBlock

The following table provides an interest rate sensitivity analysis for the effect on loss before tax. The analysis assumes that all other variables, such as foreign currency exchange rates, remain constant.


	2024	2023
Variable-rate financial instruments +100	(9,873)	(89)
Variable-rate financial instruments -100	9,873	89

Other Noncurrent Asset

alvo_OtherNoncurrentAsset

$ 213,000

Other Noncurrent Asset

alvo_OtherNoncurrentAsset

$ 336,000

Consideration Transferred, Equity Issued Or Issuable, Value Assigned

alvo_ConsiderationTransferredEquityIssuedOrIssuableValueAssigned

$ 152,800,000

Contract Liabilities Additions Derecognition of contract liability

alvo_ContractLiabilitiesAdditionsDerecognitionOfContractLiability

$ 42,089,000

Contract Liabilities Additions Derecognition of contract liability

alvo_ContractLiabilitiesAdditionsDerecognitionOfContractLiability

331,000

Changes In Inventory Reserves

alvo_ChangesInInventoryReserves

(3,483,000)

Changes In Inventory Reserves

alvo_ChangesInInventoryReserves

8,341,000

Changes In Inventory Reserves

alvo_ChangesInInventoryReserves

Capital Contribution Value

alvo_CapitalContributionValue

118,000

Capital Contribution Value

alvo_CapitalContributionValue

132,618,000

Capital Contribution Value

alvo_CapitalContributionValue

132,736,000

Capital Contribution Value

alvo_CapitalContributionValue

92,000

Capital Contribution Value

alvo_CapitalContributionValue

144,547,000

Capital Contribution Value

alvo_CapitalContributionValue

144,639,000

Lease Liabilities Adjustments For Indexed Leases

alvo_LeaseLiabilitiesAdjustmentsForIndexedLeases

6,325,000

Lease Liabilities Adjustments For Indexed Leases

alvo_LeaseLiabilitiesAdjustmentsForIndexedLeases

7,405,000

Lease Cost Recognized In Profit And Loss

alvo_LeaseCostRecognizedInProfitAndLoss

21,311,000

Lease Cost Recognized In Profit And Loss

alvo_LeaseCostRecognizedInProfitAndLoss

14,713,000

Lease Cost Recognized In Profit And Loss

alvo_LeaseCostRecognizedInProfitAndLoss

8,068,000

Issue of Shares on Settlement of Share Appreciation Rights Value

alvo_IssueOfSharesOnSettlementOfShareAppreciationRightsValue

35,000

Issue of Shares on Settlement of Share Appreciation Rights Value

alvo_IssueOfSharesOnSettlementOfShareAppreciationRightsValue

30,267,000

Issue of Shares on Settlement of Share Appreciation Rights Value

alvo_IssueOfSharesOnSettlementOfShareAppreciationRightsValue

30,302,000

Lease Liabilities Translation Difference

alvo_LeaseLiabilitiesTranslationDifference

(416,000)

Lease Liabilities Translation Difference

alvo_LeaseLiabilitiesTranslationDifference

(9,000)

Customer prepayments

alvo_ContractLiabilityCustomerPrepayments

100,555,000

Customer prepayments

alvo_ContractLiabilityCustomerPrepayments

$ 51,255,000

Weighted Average Fair Value Per Share Other Equity Instruments Forfeited

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsForfeited

$ 7.98

Weighted Average Fair Value Per Share Other Equity Instruments Forfeited

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsForfeited

$ 7.11

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

$ 761,000

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

2,852,000

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

3,614,000

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

1,657,000

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

Interest Costs Capitalized, Period Increase (Decrease)

alvo_InterestCostsCapitalizedPeriodIncreaseDecrease

$ 1,657,000

Issue of Shares on Settlement of Related Party Loans Shares

alvo_IssueOfSharesOnSettlementOfRelatedPartyLoansShares

5,000,000

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

$ 171,000

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

3,147,000

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

(1,227,000)

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

(4,213,000)

Issue of Shares on Settlement of Related Party Loans Value

alvo_IssueOfSharesOnSettlementOfRelatedPartyLoansValue

50,000

Issue of Shares on Settlement of Related Party Loans Value

alvo_IssueOfSharesOnSettlementOfRelatedPartyLoansValue

32,150,000

Issue of Shares on Settlement of Related Party Loans Value

alvo_IssueOfSharesOnSettlementOfRelatedPartyLoansValue

32,200,000

Non Cash Changes in Other Changes