0001898416-25-000009 | 6-K | XBRL Viewer

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 2025 and 31 December 2024:


	30 June 2025
	Level 1	Level 2	Level 3	Total
Predecessor Earn Out Shares	—	46,100	—	46,100
OACB Warrants	16,903	—	—	16,903
	16,903	46,100	—	63,003


	31 December 2024
	Level 1	Level 2	Level 3	Total
Predecessor Earn Out Shares	—	179,300	—	179,300
OACB Warrants	30,924	—	—	30,924
	30,924	179,300	—	210,224

Disclosure Of Detailed Information About Cash And Cash Equivalents Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutCashAndCashEquivalentsExplanatoryTableTextBlock

Cash and cash equivalents as of 30 June 2025 and 31 December 2024 are as follows:


	30 June 2025	31 December 2024
Cash and cash equivalents denominated in US dollars	50,606	36,930
Cash and cash equivalents denominated in other currencies	100,846	14,498
	151,452	51,428

Weighted Average Fair Value Per Share Other Equity Instruments Forfeited

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsForfeited

$ 8.39

Increase (Decrease) In Revenue From Contracts With Customers

alvo_IncreaseDecreaseInRevenueFromContractsWithCustomers

$ 17,500,000

Increase (Decrease) In Revenue From Contracts With Customers

alvo_IncreaseDecreaseInRevenueFromContractsWithCustomers

$ 17,500,000

Disclosure Of Detailed Information About Movements In Ordinary Shares, Share Capital And Share Premium Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutMovementsInOrdinarySharesShareCapitalAndSharePremiumExplanatoryTableTextBlock

Movements in the Group’s Ordinary shares, share capital and share premium during the six months ended 30 June 2025 are as follows (in thousands, except for share amounts):


	Ordinary Shares	Share capital	Share premium	Total
Balance at 1 January 2025	301,805,677	2,826	2,007,058	2,009,884
Capital contribution	7,941,600	79	78,210	78,289
Convertible debt settled with shares	1,295,507	13	14,820	14,833
Settlement of RSUs with shares	558,370	6	2,808	2,814
Balance at 30 June 2025	311,601,154	2,924	2,102,896	2,105,820

Weighted Average Fair Value Per Share Other Equity Instruments Granted

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsGranted

$ 9.08

Adjustments For Indexed Leases Right Of Use Assets

alvo_AdjustmentsForIndexedLeasesRightOfUseAssets

$ 3,198,000

Contract Assets Additions Amounts Transferred To Trade Receivables

alvo_ContractAssetsAdditionsAmountsTransferredToTradeReceivables

19,098,000

Contract Liabilities Additions Derecognition of contract liability

alvo_ContractLiabilitiesAdditionsDerecognitionOfContractLiability

4,157,000

Cancellations, Right Of Use Assets

alvo_CancellationsRightOfUseAssets

1,524,000

Customer prepayments

alvo_ContractLiabilityCustomerPrepayments

$ 40,319,000

Disclosure Of Detailed Information About Restricted Cash And Cash Equivalents Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutRestrictedCashAndCashEquivalentsExplanatoryTableTextBlock

Movements in restricted cash balances during the periods ended 30 June 2025 and 31 December 2024 are as follows:


	30 June 2025	31 December 2024
Balance at 1 January	—	26,132
Release during the period	—	(26,872)
Interest income	—	740
Balance at 31 December	—	—

Capital Contribution Shares Issued

alvo_CapitalContributionSharesIssued

7,941,600

Weighted Average Fair Value Per Share Other Equity Instruments Outstanding

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsOutstanding

$ 8.17

Weighted Average Fair Value Per Share Other Equity Instruments Outstanding

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsOutstanding

$ 8.66

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

$ 2,344,000

Contract Assets Liabilities Foreign Currency Adjustment

alvo_ContractAssetsLiabilitiesForeignCurrencyAdjustment

$ 8,307,000

Schedule Of Maturities Of Outstanding Borrowings Explanatory [Table Text Block]

alvo_ScheduleOfMaturitiesOfOutstandingBorrowingsExplanatoryTableTextBlock

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 30 June 2025 are as follows:


			30 June 2025
Within one year			46,026
Within two years			16,394
Within three years			16,597
Within four years			16,822
Thereafter			1,069,987
			1,165,825

Capital Contribution Value

alvo_CapitalContributionValue

$ 79,000

Capital Contribution Value

alvo_CapitalContributionValue

78,210,000

Capital Contribution Value

alvo_CapitalContributionValue

78,289,000

Translation Difference Right Of Use Assets

alvo_TranslationDifferenceRightOfUseAssets

$ 653,000

Borrowings Available Capacity

alvo_BorrowingsAvailableCapacity

$ 10,000,000

Addition (Release) Restricted Cash and Cash Equivalents

alvo_AdditionReleaseRestrictedCashAndCashEquivalents

$ 0

Addition (Release) Restricted Cash and Cash Equivalents

alvo_AdditionReleaseRestrictedCashAndCashEquivalents

$ (26,872,000)

Disclosure Of Detailed Information About Lease Liabilities Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatoryTableTextBlock

The Group’s lease liabilities and the movements during the six months ended 30 June 2025 are as follows:


			2025
Lease liabilities
Balance at 1 January			121,652
Adjustments for indexed leases			3,198
New leases			13,426
Cancelled leases			(1,709)
Installment payments			(4,848)
Foreign currency adjustment			17,773
Translation difference			362
Balance at 30 June			149,854
Current liabilities			(13,591)
Non-current liabilities			136,263

Interest Income On Cash

alvo_InterestIncomeOnCash

$ 0

Interest Income On Cash

alvo_InterestIncomeOnCash

$ 740,000

Borrowings, Term

alvo_BorrowingsTerm

365 days

Automatic Renewal Period Of Service Agreement

alvo_AutomaticRenewalPeriodOfServiceAgreement

1 year

Adjustments For Increase Decrease In Receivables To Related Parties

alvo_AdjustmentsForIncreaseDecreaseInReceivablesToRelatedParties

$ (55,000)

Adjustments For Increase Decrease In Receivables To Related Parties

alvo_AdjustmentsForIncreaseDecreaseInReceivablesToRelatedParties

$ 92,000

Vested Earnout Shares Issued

alvo_VestedEarnoutSharesIssued

1,295,507

Automatic Renewal Period Of Service Agreement, Prior Notice Period

alvo_AutomaticRenewalPeriodOfServiceAgreementPriorNoticePeriod

3 months

Lease Liabilities Adjustments For Indexed Leases

alvo_LeaseLiabilitiesAdjustmentsForIndexedLeases

$ 3,198,000

Vested Earnout Shares Value

alvo_VestedEarnoutSharesValue

13,000

Vested Earnout Shares Value

alvo_VestedEarnoutSharesValue

14,820,000

Vested Earnout Shares Value

alvo_VestedEarnoutSharesValue

$ 14,833,000

Noncurrent Contract Assets Materialize Period

alvo_NoncurrentContractAssetsMaterializePeriod

2 years

Noncurrent Contract Assets Materialize Period

alvo_NoncurrentContractAssetsMaterializePeriod

3 years

Lease Liabilities, Cancelled Lease

alvo_LeaseLiabilitiesCancelledLease

$ 1,709,000

Disclosure Of Detailed Information About Inventories Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutInventoriesExplanatoryTableTextBlock

The Group’s inventory balances as of 30 June 2025 and 31 December 2024 are as follows:


	30 June 2025	31 December 2024
Raw materials and supplies	84,076	53,566
Work in progress	83,452	81,243
Finished goods	120	—
Inventory reserves	(12,158)	(6,920)
Total Balance	155,490	127,889

Amortization Of Deferred Debt Issue Costs

alvo_AmortizationOfDeferredDebtIssueCosts

$ 3,116,000

Lease Liabilities Foreign Currency Adjustment

alvo_LeaseLiabilitiesForeignCurrencyAdjustment

17,773,000

Debt Instrument Increase Accrued Interests

alvo_DebtInstrumentIncreaseAccruedInterests

57,304,000

Lease Liabilities Translation Difference

alvo_LeaseLiabilitiesTranslationDifference

$ 362,000

Noncurrent Contract Liabilities Revenue Recognition Period

alvo_NoncurrentContractLiabilitiesRevenueRecognitionPeriod

2 years

Noncurrent Contract Liabilities Revenue Recognition Period

alvo_NoncurrentContractLiabilitiesRevenueRecognitionPeriod

4 years

Gain (Loss) Arising From Difference Between Carrying Amount Of Financial Liability Extinguished And Consideration Paid, Premiums And Fees

alvo_GainLossArisingFromDifferenceBetweenCarryingAmountOfFinancialLiabilityExtinguishedAndConsiderationPaidPremiumsAndFees

$ 3,147,000

Licence Fee Income (Reversal)

alvo_LicenceFeeIncomeReversal

101,271,000

Licence Fee Income (Reversal)

alvo_LicenceFeeIncomeReversal

$ 169,678,000

Vesting Period of Requirements for Share-Based Payment Arrangement

alvo_VestingPeriodOfRequirementsForShareBasedPaymentArrangement

1 year

Vesting Period of Requirements for Share-Based Payment Arrangement

alvo_VestingPeriodOfRequirementsForShareBasedPaymentArrangement

4 years

Vesting Period of Requirements for Share-Based Payment Arrangement

alvo_VestingPeriodOfRequirementsForShareBasedPaymentArrangement

1 year

Repayments Of Borrowing, Classified As Financing Activities

alvo_RepaymentsOfBorrowingClassifiedAsFinancingActivities

$ 170,590,000

Adjustments For Increase Decrease In Liabilities To Related Parties

alvo_AdjustmentsForIncreaseDecreaseInLiabilitiesToRelatedParties

(3,917,000)

Adjustments For Increase Decrease In Liabilities To Related Parties

alvo_AdjustmentsForIncreaseDecreaseInLiabilitiesToRelatedParties

$ 16,677,000

Number Of Tranches

alvo_NumberOfTranches

Transaction Price Allocated To Remaining Performance Obligations, Period

alvo_TransactionPriceAllocatedToRemainingPerformanceObligationsPeriod

5 years

Proceeds From Borrowing Classified As Financing Activities

alvo_ProceedsFromBorrowingClassifiedAsFinancingActivities

$ 180,267,000

Disclosure of Detailed Information About Lease Cost Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutLeaseCostExplanatoryTableTextBlock

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 2025 and 2024 in relation to the Group’s lease arrangements are as follows:


	30 June
	2025	2024
Total depreciation expense from right-of-use assets	(6,573)	(6,245)
Interest expense on lease liabilities	(4,062)	(3,279)
Foreign currency difference on lease liability	(17,773)	2,577

Gain/(loss) from extinguishment of lease agreement	765	(1)
Total amount recognized in profit and loss	(27,643)	(6,948)

Inventory Reserves

alvo_InventoryReserves

$ 12,158,000

Inventory Reserves

alvo_InventoryReserves

$ 6,920,000

Disclosure In Tabular Form Of Carrying Amount And Financial Amount Of Certain Borrowings Explanatory [Table Text Block]

alvo_DisclosureInTabularFormOfCarryingAmountAndFinancialAmountOfCertainBorrowingsExplanatoryTableTextBlock

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


	30 June 2025
	Carrying Amount	Fair Value
Senior Secured First Lien Term Loan Facility	1,031,378	1,078,720
	1,031,378	1,078,720


	31 December 2024
	Carrying Amount	Fair Value
Senior Secured First Lien Term Loan Facility	990,744	969,077
	990,744	969,077

Foreign Currency Difference On Lease Liability

alvo_ForeignCurrencyDifferenceOnLeaseLiability

$ (17,773,000)

Foreign Currency Difference On Lease Liability

alvo_ForeignCurrencyDifferenceOnLeaseLiability

2,577,000

Gain (Loss) On Extinguishment Of Debt

alvo_GainLossOnExtinguishmentOfDebt

16,718,000

Loss (Gain) From Extinguishment Of Lease Liabilities

alvo_LossGainFromExtinguishmentOfLeaseLiabilities

(765,000)

Loss (Gain) From Extinguishment Of Lease Liabilities

alvo_LossGainFromExtinguishmentOfLeaseLiabilities

(1,000)

Lease Cost Recognized In Profit And Loss

alvo_LeaseCostRecognizedInProfitAndLoss

27,643,000

Lease Cost Recognized In Profit And Loss

alvo_LeaseCostRecognizedInProfitAndLoss

6,948,000

Changes In Inventory Reserves

alvo_ChangesInInventoryReserves

5,238,000

Changes In Inventory Reserves

alvo_ChangesInInventoryReserves

$ (6,936,000)

Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities Explanatory [Table Text Block]

alvo_DisclosureOfDetailedInformationAboutMaturityAnalysisForLeaseLiabilitiesExplanatoryTableTextBlock

The maturity analysis of undiscounted lease payments as of 30 June 2025 is as follows:


			2025
Less than one year			21,419
One to five years			69,871
Thereafter			111,855
			203,145

Debt Issuance Cost Write Off

alvo_DebtIssuanceCostWriteOff

$ 1,164,000

Borrowings, Principal Amount

alvo_BorrowingsPrincipalAmount

1,165,825,000

Restricted Cash In Connection With Amended Bond Agreement

alvo_RestrictedCashInConnectionWithAmendedBondAgreement

Restricted Cash In Connection With Amended Bond Agreement

alvo_RestrictedCashInConnectionWithAmendedBondAgreement

$ (1,132,000)

Disclosure Of Movements In Outstanding Borrowings Explanatory [Table Text Block]

alvo_DisclosureOfMovementsInOutstandingBorrowingsExplanatoryTableTextBlock

Movements in the Group’s outstanding borrowings during the six months ended 30 June 2025 are as follows:


			2025
Borrowings, net at 1 January			1,068,584
Recognition of deferred debt issue costs			(1,164)
Net gain on modification and extinguishment			(16,718)
Proceeds from new borrowings			180,267
Repayments of borrowings			(170,590)
Premiums and fees from repayments of borrowings			(3,147)
Accrued interest			57,304
Amortization of deferred debt issue costs			3,116
Foreign currency exchange difference			512
Borrowings, net at 30 June			1,118,164

Current Accrued Acquisition Expense

alvo_CurrentAccruedAcquisitionExpense

$ 3,000,000

Current Collaboration And License Agreement

alvo_CurrentCollaborationAndLicenseAgreement

$ 4,200,000

Weighted Average Fair Value Per Share Other Equity Instruments Vested

alvo_WeightedAverageFairValuePerShareOtherEquityInstrumentsVested

$ 7.50

Placement [Member]

Sale of Stock, Number of Institutional Investors

alvo_SaleOfStockNumberOfInstitutionalInvestors

Interest Rate Component Two [Member]

Borrowing Facilities, Maximum Borrowing Capacity

alvo_BorrowingFacilitiesMaximumBorrowingCapacity

$ 65,000,000

Interest Rate Component One [Member]

Borrowing Facilities, Maximum Borrowing Capacity, Accordion Feature, Increase Limit

alvo_BorrowingFacilitiesMaximumBorrowingCapacityAccordionFeatureIncreaseLimit

$ 169,000,000

Number Of Tranches

alvo_NumberOfTranches

Borrowing Facilities, Maximum Borrowing Capacity

alvo_BorrowingFacilitiesMaximumBorrowingCapacity

$ 900,000,000

STADA Arzneimittel AG [Member]

Number Of Product Agreements

alvo_NumberOfProductAgreements

Upfront Payment, Amount

alvo_UpfrontPaymentAmount

$ 6,700,000

Development Milestone Payments

alvo_DevelopmentMilestonePayments

72,300,000

alvo_PaymentsRelatedToCommercialSaleMilestone

18,900,000

Additional Milestone Payments

alvo_AdditionalMilestonePayments

$ 16,500,000

Number Of Agreements Terminated

alvo_NumberOfAgreementsTerminated

Repayments Of Borrowings

alvo_RepaymentsOfBorrowings

$ 17,400,000

Teva Pharmaceutical Industries Ltd [Member]

Number Of Product Agreements

alvo_NumberOfProductAgreements

Upfront Payment, Amount

alvo_UpfrontPaymentAmount

$ 40,000,000

Development Milestone Payments

alvo_DevelopmentMilestonePayments

70,000,000

alvo_PaymentsRelatedToCommercialSaleMilestone

20,000,000

Additional Milestone Payments

alvo_AdditionalMilestonePayments

$ 500,000,000

Advanz Pharma Holdings [Member]

Number Of Additional Candidates Covered in Agreement

alvo_NumberOfAdditionalCandidatesCoveredInAgreement

Number Of Product Agreements

alvo_NumberOfProductAgreements

Number Of Product Agreements

alvo_NumberOfProductAgreements

Number Of Product Agreements

alvo_NumberOfProductAgreements

Upfront Payment, Amount

alvo_UpfrontPaymentAmount

$ 120,000,000

Development Milestone Payments

alvo_DevelopmentMilestonePayments

41,200,000

Additional Milestone Payments

alvo_AdditionalMilestonePayments

$ 606,400,000

Number Of Additional Product Agreements

alvo_NumberOfAdditionalProductAgreements

Number Of Additional Biosimilar Products

alvo_NumberOfAdditionalBiosimilarProducts

Xbrane Biopharma [Member]

Asset Acquisition, Consideration Transferred, Acquisition Date Fair Value

alvo_AssetAcquisitionConsiderationTransferredAcquisitionDateFairValue

$ 275,000,000

Asset Acquisition, Consideration Transferred, Acquisition Date Fair Value

alvo_AssetAcquisitionConsiderationTransferredAcquisitionDateFairValue

$ 28,900,000

Asset Acquisition, Cash Transferred

alvo_AssetAcquisitionCashTransferred

$ 116,500,000

Asset Acquisition, Short-Term Liabilities

alvo_AssetAcquisitionShortTermLiabilities

5,700,000

Asset Acquisition, Financial Liabilities Recognised As Of Acquisition Date

alvo_AssetAcquisitionFinancialLiabilitiesRecognisedAsOfAcquisitionDate

152,800,000

Asset Acquisition, Financial Liabilities Recognised As Of Acquisition Date

alvo_AssetAcquisitionFinancialLiabilitiesRecognisedAsOfAcquisitionDate

152,800,000

Asset Acquisition, Consideration Transferred, Transaction Costs

alvo_AssetAcquisitionConsiderationTransferredTransactionCosts

$ 14,300,000

Asset Acquisition, Identifiable Intangible Assets Recognised As Of Acquisition Date

alvo_AssetAcquisitionIdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate

$ 28,204,000

Asset Acquisition, Property, Plant And Equipment Recognised As Of Acquisition Date

alvo_AssetAcquisitionPropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate

2,364,000

Asset Acquisition, Right Of Use Assets Recognised As Of Acquisition Date

alvo_AssetAcquisitionRightOfUseAssetsRecognisedAsOfAcquisitionDate

5,870,000

Asset Acquisition, Other Assets Recognised As Of Acquisition Date

alvo_AssetAcquisitionOtherAssetsRecognisedAsOfAcquisitionDate

1,144,000

Asset Acquisition, Lease Liabilities Recognised As Of Acquisition Date

alvo_AssetAcquisitionLeaseLiabilitiesRecognisedAsOfAcquisitionDate

5,870,000

Asset Acquisition, Other Liabilities Recognised As Of Acquisition Date

alvo_AssetAcquisitionOtherLiabilitiesRecognisedAsOfAcquisitionDate

3,266,000

Asset Acquisition, Identifiable Assets Acquired Liabilities Assumed

alvo_AssetAcquisitionIdentifiableAssetsAcquiredLiabilitiesAssumed

$ 28,445,000

Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Acquisition of property, plant and equipment in trade payables and other current liabilities	$ 3,853	$ 3,292
Acquisition of intangibles in trade payables and other current liabilities	4,195	615
Right-of-use assets obtained through new leases	13,529	20,647
Settlement of RSUs with shares	2,209	4,613
Acquisition of intangible assets with shares	13,686	0
Acquisition of property, plant and equipment with shares	1,147	0
Settlement of borrowings through refinancing	162,833	0
New borrowings through refinancing	169,000	0
Settlement of transaction cost through refinancing	794	0
Sale of joint venture	$ 0	$ 17,950

Finance income and finance costs - Schedule of Finance Income Earned (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Details Of Finance Income [Abstract]
Gain on lease termination	$ 765	$ 0

General information (Details)	6 Months Ended
General information (Details)	Jun. 30, 2025
General Information About Financial Statements [Line Items]
Maximum percentage of ownership interest held by each shareholder	0.024

Finance income and finance costs - Schedule of Finance Costs Incurred (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Finance Income [Abstract]
Loss on remeasurement of bonds	$ 0	$ (63,127)
Amortization of deferred debt issue costs	$ (3,116)	$ (762)

Other current liabilities - Schedule of Composition of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Other Current Liabilities [Abstract]
Unpaid salary and salary related expenses	$ 13,739	$ 14,465
Accrued interest	1,927	428
Accrued vacation leave	8,321	6,631
Accrued royalties	13,999	15,858
Accrued profit sharing	$ 10,764	$ 12,604