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Borrowings - Schedule of maturities of outstanding borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 764,570	$ 400,911	$ 567,899
Within one year [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	19,916	2,771
Within two years [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	3,804	2,920
Within three years [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	696,646	622
Within four years [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	3,374	394,222
Thereafter [member]
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 40,830	$ 376

Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Loss per share

11.	Loss per share

Basic loss per share is computed by dividing loss for the year by the weighted average number of ordinary shares outstanding during the period.

Diluted loss per share is computed by adjusting the calculation of basic loss per share for the effects of dilutive potential ordinary shares from financial instruments that may be converted or exercised into ordinary shares of the Group. For the year ended 31 December 2022

148,857,998

potential ordinary shares pursuant to the RSUs, Senior Bond Warrants,

Aztiq Convertible Bond, December Convertible Bonds, OACB Warrants

, Predecessor Earn Out Shares, and OACB Earn Out Shares were excluded in the calculation of diluted loss per share, since the effect of doing so would result in a reduction of loss per share and thus be antidilutive. For the year ended 31 December 2021, there were

no potential ordinary shares pursuant to such agreements as all conversion, warrant and funding rights associated with these agreements had been exercised or otherwise expired (refer to Note 21 for further details). Therefore, the calculation of diluted loss per share did not differ from the calculation of basic loss per share. For the year ended 31 December 2020 there were 57,084,128 potential ordinary shares pursuant to convertible shareholder loan agreements, convertible bond agreements and warrant agreements, respectively, were not included in the calculation of diluted loss per share, since the effect of doing so would result in a reduction of loss per share and thus be antidilutive.

The calculation of basic and diluted loss per share for the years ended 31 December 2022, 2021, and 2020 is as follows (in thousands, except for share and per share amounts):


	2022			2021			2020
Earnings
Loss for the year		(513,580	)		(101,504	)		(170,044	)
Number of shares
Weighted average number of ordinary shares outstanding		197,721,710			110,673,309			93,648,813

Basic and diluted loss per share		(2.60	)		(0.92	)		(1.82	)

Borrowings

12 Months Ended

Dec. 31, 2022

Borrowings [abstract]

Borrowings

20.	Borrowings

The Group’s debt consists of interest-bearing borrowings from financial institutions, related parties and third parties. Outstanding borrowings, net of transaction costs, presented on the consolidated statements of financial position as current and

non-current

as of 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Senior Bonds		530,506			—
Bonds		—			394,129
Aztiq Convertible Bond		65,793			—
Alvogen Facility		64,588			—
Convertible Bonds		32,441			—
Other borrowings		71,242			6,782

Total outstanding borrowings, net of debt issue costs		764,570			400,911
Less: current portion of borrowings		(19,916	)		(2,771	)

Total non-current borrowings		744,654			398,140

Convertible shareholder loans

In connection with the Business Combination Agreement (see Note 1.1), on 7 December 2021, the Group’s shareholders entered into the BCA Framework Agreement resulting in the exercise of the conversion, warrant, and funding rights associated with the convertible shareholder loans. As a result, the following issuances of Class A ordinary shares occurred:

•

1,522,103 shares from the exercise of warrant and funding rights in exchange for $101.3 million of cash;

•

1,137,248 shares from the exercise of warrant rights in exchange for the settlement of $73.7 million of accrued

payment-in-kind

interest; and

•

2,306,555 shares resulting from the conversion of $166.8 million of outstanding principal and accrued

payment-in-kind

interest.

In connection with these exercises, for the year ended 31 December 2021, the Group recognized finance income of $48.7 million resulting from the remeasurement of the derivative liabilities at the date of extinguishment and a $149.2 million gain on extinguishment of financial liabilities, which primarily reflects the difference between the carrying amount of the

pre-transaction

convertible shareholder loans and the related derivative financial liabilities and the fair value of the ordinary shares issued. In addition, the gain on extinguishment of financial liabilities includes transaction costs incurred as part of the extinguishment, the acceleration of previously deferred debt issue costs incurred in connection with the issuance of the convertible shareholder loans and the acceleration of previously unamortized accretion of the convertible shareholder loans.

Convertible bonds, Bonds and Senior Bonds

Convertible bonds

On 14 December 2018, the Group issued $300.0 million of convertible bonds to multiple third parties. The offering included $125.0 million of Tranche A bonds that included a guarantee from Alvogen and a 10

bonus if the bondholders converted at the time of an IPO. In addition, $175.0 million of Tranche B bonds were issued that do not have a guarantee but include a 25% bonus if the bondholders elect to convert at the time of an IPO. The bonds offered a 15%

payment-in-kind

interest rate and a put option to sell the bond back to the Group if an IPO had not occurred within three years from the original date of issuance.

The Group recorded $

5.4

million, recorded as a component of finance income in the consolidated statements of profit or loss and other comprehensive income or loss for the year ended 31 December 2020. Fair value measurements of the derivative financial liabilities are set out in Note 27.

Bonds

On 24 June 2021, holders of the Group’s convertible bonds converted $100.7 million of principal and accrued interest and $4.8 million of additional premium offered by the Group to the bondholders into 455,687 Class A ordinary shares. Following the conversion, certain bondholders elected to redeem their remaining bonds for cash, resulting in the payment of $55.3 million in outstanding principal and accrued interest plus an additional $6.1 million of premium that the bondholders elected to be paid in cash.

The remaining unconverted and unredeemed bonds were replaced with new bonds with an extended maturity of June 2025 and the elimination of conversion rights, among other amendments to the terms and conditions. The Group offered the holders of the replaced bonds an extension premium of $8.1 million for their agreement to extend the maturity of the replaced bonds to June 2025, as well as an additional premium of $2.6 million, both of which were granted to the bondholders in the form of additional bonds. The Group also issued an additional $113.8 million of bonds to one previous bondholder and one new bondholder. On the date of issuance, the fair value and the nominal value of the bonds was $358.8 million and $397.4 million, respectively. The difference between the nominal value and fair value was recognized as a discount that will be amortized over the term of the bonds.

The Group determined that the 24 June 2021 transaction was a substantial modification to its convertible bonds and the associated derivative financial liability and accounted for the transaction as an extinguishment. As a result, the Group recognized a gain on extinguishment of financial liabilities of $2.6 million during the year ended 31 December 2021, primarily driven by the difference between the fair value of the post-transaction bonds and the carrying amount of the

pre-transaction

bonds. The gain on extinguishment of financial liabilities also includes the following:

•

Transaction costs and fees incurred as part of the extinguishment;

•

The acceleration of previously deferred debt issue costs incurred in connection with the issuance of the

pre-transaction

bonds; and

•

The acceleration of previously unamortized accretion of the

pre-transaction

bonds.

Prior to the extinguishment of the convertible bonds and as noted above, the bondholders had the option to convert the bonds into Class A ordinary shares up to fourteen days prior to maturity. This conversion right was separately accounted for as a derivative financial liability. During the period from 1 January 2021 to 24 June 2021, there was no change in fair value of the derivative financial liability.

As of 31 December 2021, the carrying amount of the bonds was

$363.1 million. Accrued interest on the bonds as of 31 December 2021 is $31.0 million. The Group has the option, at any time, to prepay all or any part of the outstanding bonds. If the Group elects to prepay the bonds within the first three years of the bond agreement, the bondholders are entitled to be paid an additional premium of at least 2.0% of the outstanding principal at the time of such prepayment.

In January and June of 2022, the Group amended the terms of the outstanding bonds. The amendments resulted in the following:

•

Following the close of the Business Combination, the interest rate will range from 7.5% to 10.0% depending on the amount of aggregate net proceeds, as defined by the terms of the

amended bond agreement;

•

A $7.4 million consent fee, recognized as finance costs, paid to the bondholders who did not vote against the Business Combination Agreement;

•

The requirement for Alvotech to maintain a minimum of $25.0 million of restricted cash in a separate liquidity account; and

•

A decrease in the interest rate to 7.5%, following the closing of the Business Combination, if the Company issues additional shares within six months of the Closing Date, resulting in the Company exceeding the amount of aggregate net proceeds, as defined in the bond agreement.

As a result of the closing of the Business Combination, there was a change in future cash flows on the bonds related to the increase in interest rate from 7.5% to 10.0%. The Company remeasured the carrying value in accordance with IFRS 9 to the present value of the revised cash flows and recognized a $6.5 million loss on the remeasurement of the bonds.

Senior Bonds

On 16 November 2022, the Group amended and upsized the outstanding bonds by $70.0 million. The amended bond agreement (the “Senior Bonds”) resulted in the following:

•

An increase in principal from $455.7 million at the time of the amendment, to $525.7 million;

•

An increase in the interest rate, resulting in a range from 10.75% to 12.0% depending on the occurrence of certain events, as defined

by the terms of the agreement. The Group accounted for this interest rate feature (the “Senior Bond Interest Rate Feature”) as an

embedded

derivative, classified as an other current asset in the consolidated statement of financial position as of 31 December 2022;

•

Amended the terms of the related party loans from Alvogen, setting forth subordination conditions;

•

Contingently issuable penny warrants (exercise price of $0.01) to the bondholders (the “Senior Bond Warrants”) if certain events

occur, issuable in two tranches representing 1.5% and 1.0% of the fully diluted ordinary share capital, as defined in the Senior Bonds

agreement (see Note 27).

The Group determined that the 16 November 2022 transaction was a substantial modification to its bonds and accounted for the transaction as an extinguishment. As a result, the Group recognized a loss on extinguishment of financial liabilities of $40.9 million, including $12.1

million of transaction costs, during the year ended 31 December 2022, primarily driven by the difference between the fair value of the

post-transaction

Senior Bonds and the Senior Bond Warrants and the carrying amount of the

pre-transaction

bonds. The loss on extinguishment of financial liabilities includes the following:

•

Extinguishment of bonds with a carrying value of $440.1 million, including $4.8 million of accrued interest;

•

Net cash proceeds of $57.9 million, including transaction costs paid of $12.1 million;

•

Recognition of a $4.6 million derivative asset for the Senior Bond Interest Rate Feature;

•

Recognition of $528.2 million and $15.4 million representing the fair value of the new Senior Bonds and Senior Bond

Warrants (see

Note 27), respectively.

As of 31 December 2022, the carrying amount of the Senior Bonds is $530.5 million. Accrued interest on the Senior Bonds as of 31 December 2022 is $2.6 million. The Group has the option, at any time, to prepay all or any part of the outstanding bonds.

The Group has pledged its intellectual property as collateral for the Senior Bonds.

Aztiq Convertible Bond

On 16 November 2022 the Group issued a convertible bond (the “Aztiq Convertible Bond”) to ATP Holdings ehf. for the Share Purchase Agreement and the acquisition of the Alvotech Facility (See Note 12). The Aztiq

Convertible Bond has a principal amount of $80.0

million and carries an interest rate of

12.50% per annum. Interest

payable in

six-month

intervals and is capitalized and added to the outstanding principal amount of the bonds. The maturity date of the convertible bond is the later of the (i) 16 November 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds. Bondholders have the right to convert their outstanding bonds into ordinary shares of Alvotech on December 31, 2023, June 30, 2024, or when the bond has been called or put up for redemption, including on the maturity date, for a conversion price is $10.00 per share.

The conversion feature (the “Aztiq Conversion Feature”) was determined to be an embedded derivative as the economic characteristics and risks are not closely related to the debt host. The Group classified the Aztiq Conversion Feature as equity due to the conversion price having preservation and passage of time adjustments that meet

fixed-for-fixed

criteria. As a result, the Group recognized the following related to the Aztiq Convertible Bond:

•

$64.0 million related to the debt host;

•

$16.0

million related to the Aztiq Conversion Feature;

•

$30.0 million related to the loans (the “Facility Loans”) on the building, which were assumed by the Group as part of the asset acquisition.

As of 31 December 2022, the carrying amount of the Aztiq Convertible Bond is $65.8 million. Accrued interest on the Aztiq Convertible Bond as of 31 December 2022 is $0.5 million.

Facility Loans

As noted above, the Group assumed the Facility Loans as part of the asset acquisition for the Facility. On 9 December 2022, the Group extinguished the assumed loans from Arion banki hf., with an outstanding balance of $

30.9 million, with new loans from Landsbankinn hf. for $48.8 million, and carries variable interest rate, currently 8.3% and 9.3% per annum. The refinancing resulted in net cash proceeds of $17.2 million after transaction costs paid.

As of 31 December 2022, the carrying amount of the Facility Loans is $48.8 million. Accrued interest on the Facility Loans as of 31 December 2022 is $0.3 million.

Related party loans and Alvogen Facility

In connection with an undertaking by Alvotech shareholders to ensure that Alvotech was sufficiently funded through the closing of the Business Combination by providing at least $50.0 million for the operations of the Group, Alvogen and Aztiq provided interest free loan advances to Alvotech. On 22 February 2022, Alvotech borrowed $15.0 million under the facility from Alvogen, as lender. On 29 March 2022, Alvotech withdrew an additional amount of $10.0 million under the facility, for aggregate indebtedness of $25.0 million. On 11 March 2022, Alvotech borrowed $15.0 million under the facility from Aztiq, as lender. On 31 March 2022, Alvotech withdrew an additional amount of $10.0 million under the facility, for aggregate indebtedness of $25.0 million.

On 12 July 22, the Company entered into settlement agreements with both Aztiq and Alvogen for the $

25.0

million in related party loans provided by each party. As a result of the settlement agreements, Aztiq and Alvogen each received

2,500,000

Ordinary Shares. The settlement was accounted for as an extinguishment of financial liabilities. In accordance with IFRS 9, the difference between the fair value of the consideration paid for the settlement, which was determined to be $

32.2

million, and the extinguished financial liabilities of $

50.0

million was recognized as a gain on the extinguishment of financial liabilities in the consolidated statement of profit or loss and other comprehensive income or loss.

On 11 April 2022, Alvotech entered into a loan agreement with Alvogen, as lender, for a loan of up to $40.0 million bearing an interest rate of 10% per annum. The loan was drawable in two separate installments of $20.0 million each. On 12 April 2022, Alvotech withdrew the first installment of $20.0 million. Alvotech withdrew a second installment of $20.0 million on 9 May 2022 for aggregate indebtedness of $40.0 million.

On 1 June 2022, Alvotech also entered into a loan agreement with Alvogen, as lender, for a loan of $20.0 million bearing an interest rate of 10% per annum. Alvotech withdrew the entire loan amount of $20.0 million on 1 June 2022.

In connection with the 16 November 2022 bond amendment, Alvotech entered into a subordinated loan agreement with Alvogen (the “Alvogen Facility”). As part of the subordinated loan agreement, the Group agreed to the following:

•

Rollover the $63.3

million outstanding, which includes $3.3 million of accrued interest, under the Alvogen loans, into the new subordinated loan agreement, and withdraw an additional $

50.0 million in loans;

•

The interest rate was increased from 10% per annum to 17.5% per annum on the outstanding amounts under the loan facility;

•

A repayment date of 91 days after the full redemption or the final maturity date of the Senior Bonds;

•

Contingently issuable penny warrants to the bondholders (the “Alvogen Facility Warrants”) if certain events occur, representing 4.0% of the fully diluted ordinary share capital, as defined in the Alvogen Facility agreement.

The Group determined that the 16 November 2022 transaction was a substantial modification to its related party loans and accounted for the transaction as an extinguishment. As a result, the Group recognized the following:

•

Extinguishment of bonds with a carrying value of $63.2 million, including $3.2 million of accrued interest;

•

Net cash proceeds of $50.0 million;

•

Recognition of $113.2 million and $1.3

million representing the fair value of the new Alvogen Facility and Alvogen Facility Warrants, respectively.

On 20 December 2022, the Company repaid $50.0

million under the Alvogen Facility, with proceeds from the Convertible Bonds. As a result, Alvotech extinguished the liability to issue the Alvogen Facility Warrants.

As of 31 December 2022, the carrying amount of the loans is $64.6 million.

Convertible Bonds

On 20 December 2022 the Group issued two tranches of convertible bonds (the “Convertible Bonds”). Tranche A is ISK denominated with a principal balance of $59.1

million, of which $3.5 million in cash

proceeds were received subsequent to 31 December 2022 (see Note 18),

and carries an annual

payment-in-kind

interest rate of 15% per year, while Tranche B is USD denominated with a principal balance of $0.6 million and carries an annual

payment-in-kind

interest rate of 12.5% per year. The maturity date of the Convertible Bonds is the later of the (i) 20 December 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds. Holders of both the Tranche A and Tranche B Convertible Bonds, may elect, at their sole discretion, to convert all or part of the principal amount and accrued interest into Alvotech Ordinary Shares at a conversion price of $10.00 per share on December 31, 2023, or June 30, 2024.

The conversion features (the “Tranche A Conversion Feature” and “Tranche B Conversion Feature”) for both the Tranche A and Tranche B Convertible Bonds were determined to be embedded derivatives as the economic characteristics and risks are not closely related to the debt host. The Group classified the Tranche A Conversion Feature as a liability due to the variability created by conversion rates resulting from the tranche being denominated in ISK and was determined to have a fair value of $

24.9

million at issuance date (see Note 27 for further details). The Group classified the Tranche B Conversion Feature as equity due to the conversion price having preservation and passage of time adjustments that meet the

fixed-for-fixed

criteria.

As of 31 December 2022, the carrying amount of the Tranche A and Tranche B Convertible Bond is $31.9 million and $0.5 million, respectively.

Other borrowings

In 2015 and 2016, the Group entered into several term loan agreements with a financial institution for a total principal amount of $25.9 million. The loan agreements set forth terms and conditions between the Group and the financial institution, inclusive of certain representations and

non-financial

covenants. Per the terms of the loan agreements, the loans mature throughout late 2023 and into the second half of 2024, depending on the issuance date of each loan. Interest on the loans is variable interest rate of USD SOFR plus a margin of 4.95%, payable on a monthly basis. Interest accrued and unpaid at the end of each interest period increases the principal obligations owed by the Group to the financial institution. As of 31 December 2022 and 2021, the outstanding balance on the loans, including accrued interest, is $3.2 million and $5.7 million, respectively. The Group is in compliance with all representations and

non-financial

covenants required by these agreements. In addition, the Group has pledged property, plant and equipment as collateral to secure these borrowings, as further described in Note 12.

In 2021, the Group entered into two loan agreements with two separate lenders, Origo hf. and Arion banki hf. The outstanding balance on the borrowings held with Origo hf. and Arion banki hf., including accrued interest, was $0.2 million and $0.3 million as of 31 December 2022 and 31 December 2021, respectively. The loans mature in late 2023 and 2024.

On 22 February 2022, the Group entered into a credit facility agreement with Landsbankinn hf. with the ability to draw down an amount up to $18.3 million. The credit facility is in place to help finance equipment purchases in the future. Per the terms of the credit facility, any borrowings are required to be paid by 1 August 2023 and have a variable interest rate of USD SOFR plus a margin of 4.95%. As of 31 December 2022, the outstanding balance on the credit facility was $14.0 million, including accrued interest.

On 22 February 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $3.2 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in February 2029. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2022, the outstanding balance on the loan was $2.9 million, including accrued interest.

On 8 August 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $1.8 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in August 2029. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2022, the outstanding balance on the loan was $1.8 million, including accrued interest.

Movements in the Group’s outstanding borrowings during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Borrowings, net at 1 January		400,911			567,899
Borrowings converted to equity		—			(105,501	)
Redemption of borrowings		—			(34,899	)
Paid payment-in-kind interest		—			(19,200	)
Premium on redeemed and unredeemed bonds		—			15,472
Change in fair value upon extinguishment of convertible shareholder loans		—			32,114
Recognition of deferred debt issue costs		(2,889	)		—
Accretion/derecognition of borrowings discount		35,065			5,506
Recognition of new borrowings discount		(43,241	)		(34,302	)
Proceeds from new borrowings		467,196			114,282
Loans from related party converted to equity		(50,000	)		(240,542	)
Repayments of borrowings		(83,951	)		(2,597	)
Accrued interest		40,424			89,958
Amortization of deferred debt issue costs		23			12,754
Foreign currency exchange difference		1,032			(33	)

Borrowings, net at 31 December		764,570			400,911

The weighted-average interest rates of outstanding borrowings for the years ended 31 December 2022, 2021, and 2020 are 12.41%, 14.83% and 14.85%, respectively.

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Within one year		19,916		2,771
Within two years		3,804		2,920
Within three years		696,646		622
Within four years		3,374		394,222
Thereafter		40,830		376

		764,570		400,911

Financial Instruments - Summary of the Maximum Credit Risk Exposure of the Groups Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	$ 136,498	$ 93,987
Cash and cash equivalents [member]
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	66,427	17,556
Restricted cash [member]
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	25,187	10,087
Other assets [member]
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	$ 44,884	$ 66,344

Income Tax

12 Months Ended

Dec. 31, 2022

Disclosure Of Income Tax [Abstract]

Income Tax

10.	Income tax

Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2022, 2021 and 2020 is as follows (in thousands):


Current tax
	2022			2021			2020
Direct taxes - current		1,015			706			248
Direct taxes – prior year		(115	)		491			—

Total current tax		900			1,197			248

Deferred tax
Current		(54,236	)		(48,414	)		(121,974	)
Prior year		15,269			(477	)		—

Total deferred tax		(38,967	)		(48,891	)		(121,974	)

Total income tax benefit		(38,067	)		(47,694	)		(121,726	)

The prior year deferred tax impact of $15.3 million mainly relates to foreign currency impact on losses denominated in Icelandic krona.

The factors affecting the tax benefit during the years ended 31 December 2022 and 2021 relate to the recognition of a deferred tax asset on accumulated tax losses,as management assessed that it was probable that the accumulated tax losses would be fully utilized in the coming years, as further described below.

There were no accruals for tax contingencies during the years ended 31 December 2022, 2021, and 2020.

The effective tax rate for the year of 6.9% (2021: 32.0%, 2020: 41.7%) is lower than the applicable Luxembourgish statutory rate of corporation tax. The reconciling items between the statutory rate and the effective tax rate are as

follows:


	2022			2021			2020
Tax rate		24.9	%		24.9	%		24.9	%
Effect of tax rate in foreign jurisdictions		(2.4	%)		(8.2	%)		(4.9	%)
Recognition of tax losses		—			—			27.9	%
Permanent differences		(8.9	%)		30.4	%		—
Non-recognition of tax losses		(3.8	%)		(15.0	%)		(6.2	%)
Other items		(2.9	%)		(0.1	%)		—

Effective tax rate		6.9	%		32.0	%		41.7	%

The movement in net deferred taxes during the years ended 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Balance at 1 January		170,268			121,647
Deferred tax credited to profit or loss		38,919			48,621

Balance at 31 December		209,187			170,268

Deferred tax assets		209,496			170,418
Deferred tax liabilities		(309	)		(150	)

Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 requires these to be presented after such offset in the consolidated statements of financial position. The closing deferred tax balances included above are after offset; however, the disclosure of deferred tax assets by category below are presented before such offset.

The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Deferred tax assets attributable to temporary differences in respect of tax losses		205,290			158,330
Deferred tax assets attributable to other temporary differences		6,832			12,088
Deferred tax liabilities attributable to other temporary differences		(2,935	)		(150	)

Net deferred tax assets		209,187			170,268

A deferred tax liability of $2.9

million and $

0.2

million has been recognized in relation to the difference in measurement basis of customer relationships and other ordinary timing differences as of 31 December 2022 and 2021, respectively.

A deferred tax asset has been recognized in relation to ordinary timing differences arising from various provisions, reserves, employee benefits and tax losses carried forward in the group. The recognition of the deferred tax asset on the Icelandic tax losses, since 2020, is backed by the Group’s latest ten-year forecast whereby profit associated with product and milestone revenue is significant and provides considerable headroom over and above the level needed to support full recognition of such losses. A deferred tax asset of

209.5 million and $170.4

million is recognized as of 31 December 2022 and 2021, respectively.

These tax losses expire as follows (in thousands):


2023-2025			35,751
2026-2028			210,224
Later			836,536

			1,082,511

Loss Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Antidilutive securities excluded from computation of earnings per share	148,857,998	0	57,084,128

Borrowings - Summary of movements in the group's outstanding borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract]
Borrowings	$ 400,911	$ 567,899
Borrowings converted to equity	0	(105,501)
Redemption of borrowings	0	(34,899)
Paid Payment In Kind Interest	0	(19,200)
Premium on redeemed and unredeemed bonds	0	15,472
Change in fair value upon extinguishment of convertible shareholder loans		32,114
Recognition of deferred debt issue costs	(2,889)	0
Accretion/derecognition of borrowings discount	35,065	5,506
Recognition of new borrowings discount	(43,241)	(34,302)
Proceeds from new borrowings	467,196	114,282
Loans from related party converted to equity	(50,000)	(240,542)
Repayments of borrowings	(83,951)	(2,597)
Accrued interest	40,424	89,958
Amortization of deferred debt issue costs	23	12,754
Foreign currency exchange difference	1,032	(33)
Borrowings	$ 764,570	$ 400,911

Share-Based Payments - Summary of share-based payment expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 10,317
Cost of product revenue [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	1,522
Research and development expenses [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	2,994
General and administrative expenses [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 5,801

Financial Instruments - Summary of Interest Rate Sensitivity Analysis (Details) - Interest rate risk [member] - Variable interest rate financial liabilities [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure in tabular form of interest rate sensitivity analysis impact on profit before tax [line items]
Variable-rate financial liabilities +100	$ (186)	$ (65)
Variable-rate financial liabilities -100	$ 186	$ 65

Leases - Summary of Classes of Right-Of-Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	$ 47,501	$ 126,801	$ 111,519
Facilities [member]
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	41,702	122,927
Fleet [member]
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	339	159
Equipment [member]
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	$ 5,460	$ 3,715

Salaries And Other Employee Expenses

12 Months Ended

Dec. 31, 2022

Disclosure Of Salaries And Other Employee Expenses [Abstract]

Salaries and other employee expenses

6.	Salaries and other employee expenses

The average number of individuals employed by the Group during the years ended 31 December 2022, 2021, and 2020 was 858, 645, and 488

, respectively. The aggregate salary and other employee expenses incurred by the Group for these employees were as follows (in thousands):


	2022		2021		2020
Salary expense		92,082		67,433		45,904
Defined contribution plan expense (1)		10,052		7,694		5,234
Long-term incentive plan expense		5,481		17,955		18,053
Share-based payments (see Note 22)		10,317		—		—
Other employee expense		11,670		10,274		10,186
Temporary labor		5,838		6,164		3,441

		135,440		109,520		82,818

(1)

Defined contribution plan expense consists of costs incurred by the Group for employees of certain subsidiaries that are required by local laws to participate in pension schemes. These pension schemes are not sponsored or administered by the Group. Pursuant to the requirements of the schemes, the Group is required to contribute a certain percentage of its payroll costs to the pension schemes. Such contributions are charged to the consolidated statements of profit or loss and other comprehensive income or loss as they become payable in accordance with the rules of the pension schemes.

Salaries and other employee expense is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		42,501		—		—
Research and development expenses		52,962		71,588		49,043
General and administrative expenses		39,977		37,932		33,775

Total salary and other employee expenses		135,440		109,520		82,818

General Information - Disclosure of Subsidiaries and Joint Ventures (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Alvotech CCHN Biopharmaceutical Co. Ltd [member]
Disclosure of subsidiaries [line items]
Entity name, Joint venture	Alvotech & CCHN Biopharmaceutical Co. Ltd
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	110,000,021
Place of establishment, Joint venture	China
Proportion of ownership and voting power held by Alvotech, Joint venture	50.00%	50.00%
Alvotech Hf [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech hf
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	3,885,102
Place of establishment	Iceland
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Germany GmbH [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Germany GmbH
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	31,182
Place of establishment	Germany
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Swiss AG [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Swiss AG
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	153,930
Place of establishment	Switzerland
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Hannover GmbH [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Hannover GmbH
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	29,983
Place of establishment	Germany
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Malta Ltd [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Malta Ltd
Principal activities	Group Serv
Issued and paid capital (presented in whole shares)	80,450
Place of establishment	Malta
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech USA Inc [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech USA Inc
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	10
Place of establishment	USA
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech UK Ltd [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech UK Ltd
Principal activities	Group Serv
Issued and paid capital (presented in whole shares)	135
Place of establishment	UK
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Manco ehf [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Manco ehf
Principal activities	Group Serv
Issued and paid capital (presented in whole shares)	203,046
Place of establishment	Iceland
Proportion of ownership and voting power held by Alvotech	100.00%
Alvotech Biosciences India Private Ltd [member]
Disclosure of subsidiaries [line items]
Entity name	Alvotech Biosciences India Private Ltd
Principal activities	Biopharm
Issued and paid capital (presented in whole shares)	96,113
Place of establishment	India
Proportion of ownership and voting power held by Alvotech	100.00%
Fasteignafelagi Smundur hf [member]
Disclosure of subsidiaries [line items]
Entity name	Fasteignafelagið Sæmundur hf
Principal activities	Real estate
Issued and paid capital (presented in whole shares)	12,965,337
Place of establishment	Iceland
Proportion of ownership and voting power held by Alvotech	100.00%

Property, Plant And Equipment - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 16, 2022	Dec. 31, 2021	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, pledged as security		$ 6.8	$ 122.4
Saemundur [member]
Disclosure of detailed information about property, plant and equipment [line items]
Percentage of voting equity interests acquired	99.99%
Asset acquisition consideration transferred	$ 115.0
Asset acquisition consideration transferred Convertible Bond	80.0
Asset acquisition consideration transferred Loans Assumed	30.0
Facility [member] \| Saemundur [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset acquisition consideration transferred Settlements	5.0
Loss on extinguishment of the lease liability	$ 3.9
Property, Plant And Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss recognised in profit or loss		$ 2.1

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of income tax [Line Items]
Effective tax rate	6.90%	32.00%	41.70%
Deferred tax liabilities	$ (309)	$ (150)
Deferred tax assets	209,496	170,418
Prior year deferred tax impact	15,269	(477)
Difference in Measurement Of Customer Relationships And Other Ordinary Timing Differences Temporary differences [member]
Disclosure of income tax [Line Items]
Deferred tax liabilities	2,900	200
Temporary differences [member]
Disclosure of income tax [Line Items]
Deferred tax assets	$ 209,500	$ 170,400

Financial Instruments - Summary of Material Differences Between the Fair Value and Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Senior Bonds [member]
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount	$ 530,506
Fair Value	$ 535,167
Bonds [member]
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Carrying Amount		$ 363,100
Fair Value		$ 368,476

Depreciation, Amortization And Impairment

12 Months Ended

Dec. 31, 2022

Disclosure Of Depreciation Amortization And Imapirment [Abstract]

Depreciation, amortization and impairment

8.	Depreciation, amortization and impairment

Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2022, 2021 and 2020 are as follows (in thousands):


	2022		2021		2020
Depreciation and impairment of property, plant and equipment (see Note 12)		9,807		10,666		10,363
Depreciation of right of use assets (see Note 13)		9,869		8,699		7,188
Amortization and impairment of intangible assets (see Note 15)		3,488		4,916		1,010

		23,164		24,281		18,561

Depreciation, amortization and impairment expense is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		10,053		—		—
Research and development expenses		9,757		21,764		16,358
General and administrative expenses		3,354		2,517		2,203

Total depreciation, amortization and impairment expense		23,164		24,281		18,561

Related Parties (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of transactions between related parties [abstract]

Schedule of related party transactions

Related party transactions as of and for the year ended 31 December 2022 are as follows (in thousands):


	Purchased service / interest		Sold service		Receivables		Payables/ loans
Alvogen Lux Holdings S.à r.l. – Sister company (a)		5,415		—		—		64,588
Aztiq Fjárfestingar ehf. (a)		216		—		—		20
Aztiq Consulting ehf.		442		—		—		25
ATP Holdings ehf. (e)		1,254		—		765		81,254
Fasteignafélagið Sæmundur hf. - Sister company (e)		7,189		—		—		—
Fasteignafélagið Eyjólfur hf. - Sister company		—		196		—		—
Alvogen Iceland ehf. - Sister company		465		174		—		484
Alvogen ehf. - Sister company		—		68		1		—
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)		—		3		2		7,440
Lotus International Pte. Ltd. - Sister company		—		4		3		—
Alvogen Emerging Markets - Sister company		98		—		—		—
Alvogen Korea co. Ltd - Sister company		—		1		—		—
Alvogen Inc. - Sister company		585		266		12		222
Alvotech & CCHN Biopharmaceutical Co., Ltd. (c)		—		—		758		—
Adalvo Limited – Sister company		1,218		106		—		349
Alvogen Malta Sh. Services - Sister company		603		—		7		—
Alvogen Spain SL - Sister Company		117		—		—		—
Norwich Clinical Services Ltd - Sister Company		301		—		—		31
Alvogen Pharma Pvt Ltd - Sister Company		1,159		—		—		—
Flóki Fasteignir ehf. (HRJÁF ehf.) - Sister company		1,516		—		—		8,876
L41 ehf.		26		—		—		—
Lambahagavegur 7 ehf. (d)		537		—		—		—

		21,141		818		1,548		163,289

(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 20).

(b)

Payables to Lotus Pharmaceuticals Co. Ltd. consists of the long-term liability as further described in Note 2. This long-term liability is presented as “Other long-term liability to related party” on the consolidated statements of financial position.

(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.

(d)

Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2022.

(e)

Fasteignafélagið Sæmundur hf. was acquired as part of the Share Purchase Agreement, with ATP Holdings ehf., on 16 November 2022. The related party transactions reflect activity until the acquisition date. See Note 12 and Note 20 for further details.

Related party transactions as of and for the year ended 31 December 2021 are as follows (in thousands):


	Purchased service / interest		Sold service		Receivables		Payables/ loans
Alvogen Lux Holdings S.à r.l. – Sister company (a)		9,383		—		—		—
Aztiq Pharma Partners S.à r.l. – Sister company (a)		16,048		—		—		—
Alvogen Aztiq AB – Sister company (a)		297		—		—		43
Aztiq Fjárfestingar ehf. (a)		120		—		—		—
Aztiq Investment Advisory AB (a)		—		—		2		—
Fasteignafélagið Sæmundur hf. – Sister company		7,762		—		—		83,770
Alvogen Iceland ehf. – Sister company		454		2,308		109		14
Alvogen ehf. – Sister company		6		2		2		—
Alvogen UK – Sister company		299		—		17		—
Lotus Pharmaceuticals Co. Ltd. – Sister company (b)		—		312		295		7,440
Alvogen Emerging Markets – Sister company		238		—		—		16
Alvogen Korea co. Ltd – Sister company		—		9		—		—
Alvogen Inc. – Sister company		89		654		301		—
Alvotech & CCHN Biopharmaceutical Co., Ltd. (c)		—		—		320		—
Alvogen Malta Sh. Services – Sister company		1,216		151		—		283
Alvogen Malta (Outlicensing) Ltd – Sister company		1,045		279		65		229
Alvogen Spain SL – Sister Company		294		—		—		23
Norwich Clinical Services Ltd – Sister Company		41		—		—		17
Alvogen Pharma Pvt Ltd – Sister Company		491		—		—		13
HRJAF ehf – Sister company		1,415		—		—		9,794
L41 ehf.		29		—		—		—
Lambahagavegur 7 ehf.		713		—		—		12,661

		39,940		3,715		1,111		114,303

(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 20).

(b)

(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.

party transactions for the year ended 31 December 2020 are as follows (in thousands):


	Purchased service / interest		Sold service
Alvogen Lux Holdings S.à r.l. – Sister company (a)		9,452		1,134
Aztiq Pharma Partners S.à r.l. – Sister company (a)		19,471		—
Fasteignafélagið Sæmundur hf. – Sister company		8,111		—
Alvogen Iceland ehf. – Sister company		2,268		1,310
Alvogen ehf. – Sister company		40		—
Alvogen UK – Sister company		1,153		—
Lotus Pharmaceuticals Co. Ltd. – Sister company (b)		3,060		—
Alvogen Emerging Markets – Sister company		68		—
Alvogen Inc. – Sister company		67		—
Alvogen PB R&D LLC		—		7
Alvogen Malta Operations Ltd – Sister company		239		—
Alvogen Malta Group Services – Sister company		478		—
Alvogen Malta Sh. Services – Sister company		101		—
Alvogen Malta LTD – Sister company		—		4
Alvogen Malta (Outlicensing) Ltd – Sister company		142		185
Alvogen Spain SL – Sister Company		132		—
Norwich Clinical Services Ltd – Sister Company		92		—
Alvogen Pharma Pvt Ltd – Sister Company		218		—
HRJAF ehf – Sister company		1,083		—

		46,175		2,640

(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 20).

(b)

Schedule of information about Board of Directors remuneration

The Board of Directors’ remuneration is shown in the table below.

Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts).	2022
	Board fees		Pension contribution		Shares at year-end**

Robert Wessman, Chairman of the board		740		—		—
Richard Davi e s, Vice-Chairman		68		—		1,133,131
Ann Merchant, Board Member (from 16.6.2022)		43		—
Árni Harðarson, Board Member (from 16.6.2022)*		—		—		—
Faysal Kalmoua, Board Member*		—		—		—
Linda McGoldrick, Board Member (from 16.6.2022)		38		—		—
Lisa Graver, Board Member (from 16.6.2022)		38		—		—
Tomas Ekman, Board Member*		—		—		—
Hirofumi Imai, Board member (until 16.6.2022)		—		—		—

		927		—		1,133,131

Waived their board compensation (both cash and equity).

Direct share ownership


	2022
Key employees	Salaries and benefits		Pension contribution		Termination benefits		Other long- term benefits
Mark Levick CEO		892		162		1,157		—
Other Executive Team Members (9)		5,400		446		820		5,015

		6,292		608		1,977		5,015


Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts).	2021
	Board fees		Pension contribution		Shares at year-end**
Robert Wessman, Chairman of the board		—		—		—
Richard Davi e s, Vice-Chairman		—		—		893,060
Faysal Kalmoua, Board Member*		—		—		—
Tomas Ekman, Board Member*		—		—		—
Hirofumi Imai, Board member		—		—		—
Tanya Zharov (from 23.8.2021)*		—		—		—

		—		—		893,060

Waived their board compensation (both cash and equity).

Direct share ownership


	2021
Key employees	Salaries and benefits		Pension contribution		Termination benefits		Other long- term benefits
Mark Levick CEO		877		159		—		—
Other Executive Team Members (9)		4,531		333		—		985

		5,408		492		—		985

Share-Based Payments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure Of Share Based Payment Arrangements [Abstract]
Description of vesting requirements for share-based payment arrangement	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 one to four-year period, with a 1-year cliff vesting period and subsequent monthly vesting, resulting from participates completing a service condition.
Share-based payment expense	$ 10.3

Long-Term Incentive Plans

12 Months Ended

Dec. 31, 2022

Disclosure Of Longterm incentive plans [Abstract]

Long-term incentive plans

21.	Long-term incentive plans

Share appreciation rights

Prior to 2019, the Group granted SARs to three former employees. During the year ended 31 December 2020 and 2019, the Group granted SARs to one and two current employees, respectively. There were

new granted SARS in the years ended 31 December 2022 and 2021.

Settlement of SARs

In connection with the closing of the Business Combination, the Company reached a settlement agreement for share appreciation rights previously awarded to certain current and former employees. The rights were settled as follows:

•

two former employees will each receive 1,755,291 Ordinary Shares to be issued one year after the Closing Date. In accordance with IFRS 2, the settlements were accounted for as a modification of a share-based payment transaction that changes the awards classification from cash-settled to equity-settled;

•

one former employee will receive a $1.5 million cash payment in July 2022; and

•

one current employee can elect to receive a cash payment of $1.5 million or 150,000 Ordinary Shares to be issued one year

after the Closing Date. The Company recognized the cash settlement option as a liability with a fair value of $0.8 million and the share settlement option as equity with a fair value of $0.7 million.

The settlement agreements resulted in a net $36.8

million decrease in the SARs liability, a $

31.0 million increase in equity equal to the fair value of the Ordinary Shares issued to the two former employees and potentially issued to one current employee, a $1.5 million increase in other current liabilities and income of $4.3 million in general and administrative expense recognized for the difference between the extinguished liabilities and the fair value of consideration paid to the current and former

employees. As of 31 December 2022, the Company recognized $0.7 million as an other current liability related to the remaining SARs liability.

Significant assumptions used in the Finnerty model to determine the fair value of the Ordinary Shares to be issued for the settlement as of 15 June 2022 are as follows:


	15 June 2022
Asset price	$	9.38
Term (years)		1 year
Volatility rate		35.0	%
Dividend yield		0.0	%
Indicated put option value	$	0.75
Discount for lack of marketability		8.0	%

The asset price is based on the public trading price of Ordinary Shares at the time of the settlement. The term is based on when the holder’s will no longer be restricted from trading the Ordinary Shares. The volatility rate is based on historical data from a peer group of public companies with an enterprise value between $500 million and $5 billion. The dividend yield is based on the expected dividends to be paid out by the Company. The discount for lack of marketability reflects the timing of when the shares will be issued and can be traded by the holders.

On 1 December 2022, the Company issued Ordinary Shares to settle the remaining outstanding SARs. The vested portion of the Group’s SARs liability as of the settlement date was $3.8 million. The Ordinary Shares granted for the settlement will be delivered in June 2023. As a result, management recognized a gain of $0.3 million on the extinguishment of the SARs liability resulting from the difference in the carrying value of the liability and fair value of the Ordinary Shares issued.

Historical SARs Accounting

The Group’s SAR liability as of 31 December 2021 totaled $41.4 million. Expense recognized for the Group’s SAR liability for the years ended 31 December 2021 and 2020 totaled $11.3 million and $7.8 million, respectively. The vested portion of the Group’s SAR liability as of 31 December 2021 is $36.6 million.

Significant assumptions used in the Black-Scholes-Merton pricing model as of 31 December 2021 and 2020 are as follows:


	2021			2020
Risk-free interest rate		0.1	%		0.1	%
Volatility rate		42.0	%		42.0	%
Expected dividend yield		0.0	%		0.0	%
Expected life		0.4 – 1.0 years			1.0 – 1.2 years
Share price at valuation	$	1,806		$	1,465
Strike price	$	925 - $1,695		$	904 - $1,296

The risk-free interest rate is the continuously compounded risk-free rate for a

one-year

US government

zero-yield

bond. Expected volatility is based on historical data from a peer group of public companies. The expected life is based on when the Group expects each holder’s award will be fully vested and settled by the Group, which is dependent on management’s expectation of when specified triggering events requiring settlement will occur. The share price at valuation is based on the Group’s equity valuation at the time of various equity-related transactions that occurred during 2021 and 2020. The strike price represents actual and anticipated increases in equity between the SAR agreement date and the anticipated dates of settlement triggering events. The strike price is used to determine the difference between the equity value at the time of the settlement triggering event and the original equity value of the Group.

Employee incentive plan

Movements in the Group’s employee incentive plan liabilities during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Balance at 1 January		14,935			10,501
Additions		5,075			6,648
Payments		(7,693	)		(2,214	)
Balance at 31 December prior to reclassification		12,317			14,935
Reclassified to other current liabilities		(11,773	)		—

Balance at 31 December		544			14,935

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of quantitative information about right-of-use assets [abstract]

Disclosure of quantitative information about right-of-use assets

The carrying amounts of the Group’s

right-of-use

assets and the movements during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Right-of-use assets
Balance at 1 January		126,801			111,519
Adjustments for indexed leases		10,201			5,358
New or renewed leases		9,583			18,871
Derecognition due to acquisition of Alvotech Facility (see Note 12)		(88,941	)		—
Depreciation		(9,869	)		(8,699	)
Translation difference		(274	)		(248	)

Balance at 31 December		47,501			126,801

Disclosure of detailed information about classes of right of use assets

The Group’s

right-of-use

assets as of 31 December 2022 and 2021 are comprised of the following (in thousands):


	2022		2021
Right-of-use assets
Facilities		41,702		122,927
Fleet		339		159
Equipment		5,460		3,715

		47,501		126,801

Disclosure of detailed information about lease liabilities

The Group’s lease liabilities and the movements during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Lease liabilities
Balance at 1 January		122,140			108,947
Adjustments for indexed leases		10,247			5,358
New or renewed leases		7,458			18,116
Installment payments		(7,655	)		(6,595	)
Derecognition due to acquisition of Alvotech Facility (see Note 12)		(80,075	)		—
Foreign currency adjustment		(11,682	)		(3,744	)
Translation difference		99			58

Balance at 31 December		40,532			122,140

Current liabilities		(5,163	)		(7,295	)
Non-current liabilities		35,369			114,845

Disclosure of detailed information about lease cost

The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2022, 2021 and 2020 in relation to the Group’s lease arrangements are as follows (in thousands):


	2022			2021			2020
Depreciation expense from right-of-use assets
Facilities		(9,423	)		(8,228	)		(6,955	)
Fleet		(119	)		(38	)		(7	)
Equipment		(327	)		(433	)		(226	)

Total depreciation expense from right-of-use assets		(9,869	)		(8,699	)		(7,188	)

Interest expense on lease liabilities		(6,022	)		(6,423	)		(5,481	)
Foreign currency difference on lease liability		11,682			3,744			3,248
Loss from extinguishment of lease agreement (see Note 12)		(3,859	)		—			(241	)

Total amount recognized in profit and loss		(8,068	)		(11,378	)		(9,662	)

Disclosure of detailed information about maturity analysis for lease liabilities

The maturity analysis of undiscounted lease payments as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Less than one year		6,000		13,164
One to five years		20,160		49,379
Thereafter		22,274		117,511

		48,434		180,054

Subsequent Events - Additional Information (Details)				1 Months Ended
Subsequent Events - Additional Information (Details)	Feb. 17, 2023 shares	Feb. 10, 2023 USD ($) $ / shares	Jan. 25, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) shares	Jan. 01, 2023 shares $ / shares
Ordinary Shares [member]
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued \| shares	625,000
Loans Borrowed By Way Of Bonds Issued [Member] \| Tranche B [Member]
Disclosure of non-adjusting events after reporting period [line items]
Debt instrument face value \| $			$ 10,000,000
Debt instrument conversion price per share \| $ / shares			$ 10
Loans Borrowed By Way Of Bonds Issued [Member] \| Tranche B [Member] \| Bottom of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Date on which the debt instrument is eligible to be converted into equity			Dec. 31, 2023
Loans Borrowed By Way Of Bonds Issued [Member] \| Tranche B [Member] \| Top of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Date on which the debt instrument is eligible to be converted into equity			Jun. 30, 2024
Major ordinary share transactions [member] \| Private Placement [member]
Disclosure of non-adjusting events after reporting period [line items]
Warrants as a percentage of fully diluted ordinary share capital		1.00%
Major ordinary share transactions [member] \| Private Placement [member] \| Ordinary Shares [member]
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from the issuance of common stock \| $		$ 137,000,000
Common stock par or stated value per share \| $ / shares		$ 0.01
Sale of stock issue price per share \| $ / shares		$ 11.57
Excercise Of Warrants [Member] \| Ordinary Shares [member] \| OACB Warrants [member]
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued \| shares				271,150
Class of warrants or rights exercise price per share \| $ / shares					$ 11.5
Proceeds from the excerise of warrants \| $				$ 3,100,000
Number of shares called by each warrant or right \| shares					1
Warrants Issued To Senior Bond Holders On Debt Conversion [Member] \| Ordinary Shares [member]
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued \| shares			3,014,189

Financial Instruments - Summary of Groups Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	$ 828,443	$ 597,977
Liabilities	1,392,859	733,589
EUR
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	36,420	31,718
Liabilities	26,514	15,720
Net assets	9,906	15,998
GBP
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	111	180
Liabilities	1,538	673
Net assets	(1,427)	(493)
ISK
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	49,484	5,421
Liabilities	109,507	148,747
Net assets	(60,023)	(143,326)
CHF
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	69	715
Liabilities	7,305	7,305
Net assets	(7,236)	$ (6,590)
INR
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	11
Liabilities	517
Net assets	$ (506)

Cash And Cash Equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Cash And Cash Equivalents

16.	Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as shown in the consolidated statements of cash flows as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Cash and cash equivalents denominated in US dollars		10,377		15,798
Cash and cash equivalents denominated in other currencies		56,050		1,758

		66,427		17,556

Restricted cash

Restricted cash as shown on the consolidated statements of financial position 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 years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Balance at 1 January		10,087		10,087
Additions during the year		14,914
Interest income		186		—

Balance at 31 December		25,187		10,087

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

General information

12 Months Ended

Dec. 31, 2022

General information about financial statements [Abstract]

General information

1.	General information

Alvotech (the “Parent” or the “Company” or “Alvotech”), previously known as Alvotech Lux Holdings S.A.S., the surviving company after the Business Combination (as defined below) with, among other parties, Alvotech Holdings S.A. (the “Predecessor”), 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 1 March 2023.

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.

1.1 Capital Reorganization

On 15 June 2022 (the “Closing Date”), the Company consummated the capital reorganization with Alvotech Holdings S.A. and OACB (the “Business Combination” or “Capital Reorganization”) pursuant to the business combination agreement, dated as of 7 December 2021, as amended by an amendment agreement dated 18 April 2022 and 7 June 2022 (the “Business Combination Agreement”), by and among the Company, Oaktree Acquisition Corp. II (“OACB”) and the Predecessor. The closing of the Business Combination resulted in the following transactions:

•

OACB merged with and into the Company, whereby (i) all of the outstanding ordinary shares of OACB (“OACB Ordinary Shares”) were exchanged for ordinary shares of Alvotech (“Ordinary Shares”) on a

one-for-one

basis, pursuant to a share capital increase of Alvotech and (ii) all of the outstanding warrants of OACB ceased to represent a right to acquire OACB Ordinary Shares and now represent a right to be issued one Ordinary Share, with Alvotech as the surviving company in the merger. Prior to the merger OACB shares were redeemed, resulting in $9.8 million of cash proceeds from the OACB trust account;

•

Alvotech redeemed and canceled the initial shares held by the initial sole shareholder of Alvotech pursuant to a share capital reduction of Alvotech;

•

The legal form of Alvotech changed from a simplified joint stock company (société par actions simplifiée) to a public limited liability company (société anonyme) under Luxembourg law; and

•

The Predecessor merged with and into the Parent, whereby all outstanding ordinary shares of the Predecessor (“Predecessor Ordinary Shares”) were exchanged for Ordinary Shares, pursuant to a share capital increase of Alvotech, with Alvotech as the surviving company in the merger.

Concurrently with the execution of the Business Combination Agreement, OACB and Alvotech entered into subscription agreements (“Subscription Agreements”) with certain investors (the “PIPE Financing”). On 15 June 2022, immediately prior to the closing of the Business Combination, the PIPE Financing was closed, pursuant to the Subscription Agreements, in which subscribers collectively subscribed for 17,493,000 Ordinary Shares at $10.00 per share for an aggregate subscription price equal to $174.9 million.

As part of the Business Combination, Predecessor shareholders were granted a total of 38,330,000 Ordinary Shares subject to certain vesting conditions (“Predecessor Earn Out Shares”). Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (“OACB Earn Out Shares”). Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding warrants (“OACB Warrants”), on substantially the same contractual terms and conditions as were in effect immediately prior to the Business Combination. See Note 27 for further details.

The Business Combination was accounted for as a capital reorganization. Under this method of accounting, OACB was treated as the “acquired” company for financial reporting purposes, with Alvotech Holdings S.A. being the accounting acquirer and accounting predecessor. Accordingly, the capital reorganization was treated as the equivalent of Alvotech issuing shares at the closing of the Business Combination for the net assets of OACB as of the Closing Date, accompanied by a recapitalization. The capital reorganization, which was not within the scope of IFRS 3 since OACB did not meet the definition of a business in accordance with that guidance, was accounted for within the scope of IFRS 2. In accordance with IFRS 2, Alvotech recorded a

one-time

non-cash

share listing expense of $83.4 million, recognized as a general and administrative expense, based on the excess of the fair value of Alvotech shares issued, at the Closing Date, over the fair value of OACB’s identifiable net assets acquired. The fair value of shares issued was estimated based on a market price of $9.38 per share as of 15 June 2022.


	Shares		(in 000s)
OACB Shareholders
Class A Shareholders		976,505
Class B Shareholders		5,000,000
OACB Earn Out Shares		1,250,000

Total Alvotech Shares issued to OACB shareholders		7,226,505

Fair value of Shares issued to OACB as of 15 June 2022			$	56,060
Fair value of OACB Earn Out Shares issued to OACB as of 15 June 2022				9,100

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

In connection with the Business Combination and PIPE Financing, the Company incurred $28.5 million of transaction costs, which represent legal, financial advisory, and other professional fees in connection with the Business Combination and PIPE Financing, during the year ended 31 December 2022. Of this amount, $5.6 million represented equity issuance costs related to PIPE Financing that were capitalized in share premium. The remaining $22.9 million was recognized as general and administrative expense.

1.2 Information about subsidiaries and joint ventures


Entity name	Principal activity		Issued and paid capital (presented in whole shares)		Place of establishment	Proportion of ownership and voting power held by Alvotech
						31.12.2022			31.12.2021
Alvotech hf		Biopharm.		3,885,102	Iceland		100.00	%		100.00	%
Alvotech Germany GmbH		Biopharm.		31,182	Germany		100.00	%		100.00	%
Alvotech Swiss AG		Biopharm.		153,930	Switzerland		100.00	%		100.00	%
Alvotech Hannover GmbH		Biopharm.		29,983	Germany		100.00	%		100.00	%
Alvotech Malta Ltd		Group Serv.		80,450	Malta		100.00	%		100.00	%
Alvotech USA Inc		Biopharm.		10	USA		100.00	%		100.00	%
Alvotech UK Ltd		Group Serv.		135	UK		100.00	%		100.00	%
Alvotech Manco ehf		Group Serv.		203,046	Iceland		100.00	%		—
Alvotech Biosciences India Private Ltd		Biopharm		96,113	India		100.00	%		—
Fasteignafelagið Sæmundur hf		Real estate		12,965,337	Iceland		100.00	%		—
Alvotech & CCHN Biopharmaceutical Co. Ltd*		Biopharm.		110,000,021	China		50.00	%		50.00	%

Alvotech & CCHN Biopharmaceutical Co. Ltd. is an unconsolidated joint venture (see Note 26).

1.3 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 40.7% and 35.8% ownership interest as of 31 December 2022, respectively. The remaining 23.5% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2022.

Aztiq and Alvogen held 45.1% and 39.5% ownership interest as of 31 December 2021, respectively. The remaining 15.4% ownership interest was held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2021.

1.4 Impact of

COVID-19,

the Russia and Ukraine Conflict, and Economic Conditions

With the ongoing

COVID-19

pandemic, the Group created a

COVID-19

task force which implemented a business continuity plan to address and mitigate the impact of the pandemic on the Group’s business and operations across sites. As a result, in the short-term, the pandemic has not had a material impact on the Group’s financial condition, results of operations, the timelines for biosimilar product development, expansion efforts or the Group’s operations as a whole. However, the extent to which the pandemic will impact the Group’s business, biosimilar product development and expansion efforts, corporate development objectives and the value of and market for the Ordinary Shares will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate direction of the pandemic, emergence and spread of new variants of the disease, travel restrictions, quarantines, social distancing, business closure requirements and the effectiveness of other actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global supply chains and distribution systems, the effects of this on the work of appropriate regulatory authorities in different regions and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Group’s business, financial condition, results of operations and growth prospects.

In February 2022, Russia began a military invasion of Ukraine. The global response to this invasion could have an adverse impact on the Group’s business, including the effects of relocating clinical trials and the Group’s ability to market and sell products in Europe, by creating disruptions in global supply chain, and potentially having an adverse impact on the global economy, European economy, financial markets, energy markets, currency rates, and otherwise. Currently, the conflict has not had a material impact on the Group’s financial condition, results of operations, the timelines for biosimilar product development, expansion efforts or the Group’s operations as a whole.

The Company believes that inflation will have a general impact on the business in line with overall price increases, increases in the cost of borrowing, and operating in an inflationary economy. We cannot predict the timing, strength, or duration of any inflationary period or economic slowdown or its ultimate impact on the Company. If the conditions in the general economy significantly deviate from present levels and continue to deteriorate it could have a material adverse effect on the Group’s business, financial condition, results of operations and growth prospects.

1.5 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 $513.6 million, $101.5 million and $170.0 million for the years ended 31 December 2022, 2021, and 2020, respectively, and had an accumulated deficit of $1,654.1 million as of 31 December 2022. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts.

As of 31 December 2022, the Group had cash and cash equivalents, excluding restricted cash, of $66.4 million and current assets less current liabilities of $63.4 million. In February and March 2022, Alvotech received $25.0 million from each of Alvogen and Aztiq pursuant to interest free loan advances provided by both significant shareholders, who agreed to settle these outstanding amounts in Ordinary Shares rather than cash in July 2022. The closing of the Business Combination and the PIPE Financing provided the Group with

net

proceeds of $131.9 million that is expected to be used to finance the continuing development and commercialization of its biosimilar products. Additionally, during the year ended 31 December 2022 the Company received $110.0 million in loans from Alvogen, successfully amended and upsized the outstanding Senior Bonds resulting in $57.9 million of

net

cash proceeds, along with net cash proceeds of $73.4 million from the issuance of the Tranche A and Tranche B Convertible Bonds and Facility Loans, of which $50.0 million was used to repay amounts drawn under the Alvogen Facility.

On 25 January 2023, the Company issued an additional $10.0 million in Tranche B Convertible Bonds. Holders of the Tranche B Convertible Bonds may elect, at their sole discretion, to convert all or part of the principal amount and accrued interest into Alvotech Ordinary Shares at a conversion price of $10.00 per share on December 31, 2023, or June 30, 2024. See Note 29 for further details.

On 10 February 2023, Alvotech completed

private placement

, at the then-prevailing exchange rates, of its Ordinary Shares at a purchase price of $

11.57

per Ordinary Share

, resulting in proceeds of $

137.0

million and transaction costs of $4.8 million.

See Note 29 for further details.

Additionally, the Group expects to continue to source its financing during the development of its biosimilar products from new and existing

out-license

contracts with customers. In light of these conditions and events, along with those noted in Note 1.4, management evaluated whether there is substantial doubt about the Group’s ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued. Based on the cash on hand, funding received, and projected future cash flows, management concluded that the Company has the ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued.

As such, the consolidated financial statements have been prepared on a going concern basis. However, although management continues to pursue these plans, 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.

Salaries And Other Employee Expenses - Additional Information (Details) - Individuals Individuals in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Salaries And Other Employee Expenses [Abstract]
Average number of individuals employed	858	645	488

Salaries And Other Employee Expenses - Summary Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Employee benefits expense	$ 135,440	$ 109,520	$ 82,818
Cost of product revenue [member]
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Employee benefits expense	42,501
Research and development expenses [member]
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Employee benefits expense	52,962	71,588	49,043
General and administrative expenses [member]
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Employee benefits expense	$ 39,977	$ 37,932	$ 33,775

Other Current Assets - Summary of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets [Abstract]
Value-added tax	$ 6,468	$ 4,725
Prepaid expenses	20,601	9,320
Proceeds receivable from Convertible Bonds	3,520
Derivative asset	851
Other short-term receivables	1,509	691
Total	$ 32,949	$ 14,736

Other Current Assets

12 Months Ended

Dec. 31, 2022

Other Current Assets [Abstract]

Other Current Assets

18.	Other current assets

The composition of other current assets as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Value-added tax		6,468		4,725
Prepaid expenses		20,601		9,320
Proceeds receivable from Convertible Bonds (see Note 20)		3,520		—
Derivative asset		851		—
Other short-term receivables		1,509		691

		32,949		14,736

Property, Plant And Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Property Plant And Equipment [Abstract]

Summary of property, plant and equipment

Movements within property, plant and equipment during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	Facility		Facility Equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Cost
Balance at 1 January 2022		—		88,510			32,395			1,551			122,456
Reclassification of assets		—		25,486			(25,486	)		—			—
Additions		115,000		35,156			2,706			357			153,219
Disposals		—		(2,959	)		—			—			(2,959	)
Translation difference		—		(1,043	)		(17	)		51			(1,009	)

Balance at 31 December 2022		115,000		145,150			9,598			1,959			271,707

Depreciation
Balance at 1 January 2022		—		33,853			8,614			1,459			43,926
Reclassification of assets		—		5,985			(5,985	)		—			—
Depreciation		359		8,752			621			75			9,807
Disposals		—		(2,597	)		—			—			(2,597	)
Translation difference		—		9			(17	)		(15	)		(23	)

Balance at 31 December 2022		359		46,002			3,233			1,519			51,113

Net carrying amount

Balance at 31 December 2022		114,641		99,148			6,365			440			220,594


	Facility equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Cost
Balance at 1 January 2021		70,308			27,600			1,513			99,421
Additions		19,345			4,845			69			24,259
Translation difference		(1,143	)		(50	)		(31	)		(1,224	)

Balance at 31 December 2021		88,510			32,395			1,551			122,456

Depreciation
Balance at 1 January 2021		25,540			7,016			1,419			33,975
Depreciation		6,870			1,637			67			8,574


	Facility equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Impairment		2,092			—			—			2,092
Translation difference		(649	)		(39	)		(27	)		(715	)

Balance at 31 December 2021		33,853			8,614			1,459			43,926

Net carrying amount

Balance at 31 December 2021		54,657			23,781			92			78,530

Segment Reporting - Summary Of Detailed Information About Revenue From Customers Based On Geographical Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Revenue from contracts with customers	$ 83,029	$ 36,772	$ 66,616
North America [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	30,780	11,660	37,928
Europe [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	39,433	20,509	19,710
Asia [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	6,798	1,323	4,107
Other Geographical Area [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	$ 6,018	$ 3,280	$ 4,871

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2022

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

28.	Supplemental cash flow information

Supplement cash flow information for the year ended 31 December 2022, 2021 and 2020 is included below (in thousands).


Non-cash investing and financing activities	2022	2021	2020
Acquisition of property, plant and equipment in trade payables	4,131	3,812	—
Acquisition of intangibles in trade payables and other current liabilities	4,075	—	—
Right-of-use assets obtained through new operating leases	9,583	18,871	15,204
Addition of the Facility through Aztiq Convertible Bond	115,005	—	—
Non-cash issuance of Aztiq Convertible Bond	80,000	—	—
Equity issued through conversion of borrowings	32,200	346,043	30,000
Acquisition of other intangible assets through financing agreements	—	461	—

Share Capital - Summary of Movements in Ordinary Shares, Share Capital and Share Premium (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
Beginning Balance (Shares)	893,060
Ending Balance (Shares)	1,133,131	893,060
Beginning Balance	$ (135,612)	$ (867,243)	$ (767,538)
Issuance of Ordinary Shares	65,035
Ending Balance	(564,416)	(135,612)	(867,243)
Share capital [member]
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
Beginning Balance	135	73	69
Share issue		62	4
PIPE Financing	175
Elimination of Predecessor Ordinary Value	(135)
Issuance of Ordinary Shares	1,866
SARs Settlement	35
Settlement of related party loans with Ordinary Shares	50
Ending Balance	2,126	135	73
Share premium [member]
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
Beginning Balance	1,000,118	166,740	102,359
Share issue		833,378	64,997
Transaction costs arising on share issue	(5,562)		(616)
PIPE Financing	174,755
Elimination of Predecessor Ordinary Value	135
Issuance of Ordinary Shares	63,169
Predecessor Earn Out Shares	(227,500)
OACB Earn Out Shares	(9,100)
SARs Settlement	30,267
Settlement of related party loans with Ordinary Shares	32,150
Ending Balance	1,058,432	1,000,118	166,740
Issued capital and share premium [member]
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
Beginning Balance	1,000,253	166,813	102,428
Share issue		833,440	65,001
Transaction costs arising on share issue	(5,562)		(616)
PIPE Financing	174,930
Predecessor Earn Out Shares	(227,500)
OACB Earn Out Shares	(9,100)
SARs Settlement	30,302
Settlement of related party loans with Ordinary Shares	32,200
Ending Balance	$ 1,060,558	$ 1,000,253	$ 166,813
Ordinary Shares [member]
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
PIPE Financing, Shares	17,493,000
Elimination of Predecessor Ordinary Shares, Shares	(13,481,799)
Issuance of Ordinary, Shares	186,576,505
Predecessor Earn Out Shares, Shares	38,330,000
OACB Earn Out Shares	1,250,000
SARs Settlement, Shares	3,510,582
Settlement of related party loans with Ordinary Shares, Shares	5,000,000
Ending Balance (Shares)	252,160,087
Predecessor Ordinary Shares [member]
Disclousre of Detailed Information About Movements in Ordinary Shares, Share Capital and Share Premium [Line Items]
Beginning Balance (Shares)	13,481,799	7,259,139	6,937,062
Share issue, Shares		6,222,660	322,077
Ending Balance (Shares)		13,481,799	7,259,139

Interests In Joint Ventures - Schedule of Information About Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of joint ventures [line items]
Carrying Amount	$ 48,568	$ 55,307	$ 56,679
Alvotech & CCHN Biopharmaceutical Co., Ltd. [Member]
Disclosure of joint ventures [line items]
Place of business	China	China
Ownership interest	50.00%	50.00%
Carrying Amount	$ 48,568	$ 55,307

Borrowings - Additional Infromation (Details) - USD ($) $ / shares in Units, $ in Thousands																1 Months Ended		2 Months Ended	6 Months Ended	12 Months Ended
	Dec. 20, 2022	Dec. 09, 2022	Nov. 16, 2022	Aug. 08, 2022	Jul. 12, 2022	Jun. 01, 2022	Apr. 12, 2022	Apr. 11, 2022	Mar. 31, 2022	Mar. 29, 2022	Mar. 11, 2022	Feb. 22, 2022	Dec. 07, 2021	Jun. 24, 2021	Dec. 14, 2018	Mar. 31, 2022	Mar. 29, 2022	Dec. 31, 2022	Jun. 24, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	May 09, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings																		$ 764,570		$ 764,570	$ 400,911	$ 567,899
Proceeds from borrowings																				193,678	113,821	30,000
Extinguishment of borrowings			$ 63,200
Extinguishment of borrowings accrued interest			$ 3,200
Repayments of borrowings																				$ 34,714	37,496	2,896
Ordinary shares [member]
Disclosure of detailed information about borrowings [line items]
Issue of Shares on Settlement of Related Party Loans Shares																				5,000,000
Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, maturity	later of the (i) 20 December 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds.
Borrowings redeemption conversion price	$ 10
Borrowings conversion feature fair value	$ 24,900
Aztiq Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			12.50%
Debt instrument face value			$ 80,000
Borrowings, maturity			(i) 16 November 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds.
Bonds payable																		65,793		$ 65,793	0
Interest payable																		500		500
Borrowings redeemption conversion price			$ 10
Borrowings																		65,800		65,800
Aztiq Convertible Bond [member] \| Aztiq Conversion Feature [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value			$ 16,000
Aztiq Facility Loans [member]
Disclosure of detailed information about borrowings [line items]
Asset acquisition consideration loans assumed			$ 30,000
Alvogen Facility [Member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																		110,000		110,000
Proceeds from borrowings												$ 50,000					$ 25,000
Borrowings repurchased face amount					$ 25,000
Issue of Shares on Settlement of Related Party Loans Shares					2,500,000
Repayments of borrowings																				50,000
Aztiq Facility [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings																$ 25,000
Borrowings repurchased face amount					$ 25,000
Issue of Shares on Settlement of Related Party Loans Shares					2,500,000
Alvogen Facility and Aztiq Facility [member]
Disclosure of detailed information about borrowings [line items]
Borrowings repurchased face amount					$ 50,000
Issue of Shares on Settlement of Related Party Loans Value					$ 32,200
Alvogen Loan [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						10.00%		10.00%
Debt instrument face value						$ 20,000		$ 40,000
Loan agreement [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						10.00%
Proceeds from borrowings						$ 20,000	$ 20,000	$ 20,000
Aggregate borrowings indebtedness																								$ 40,000
Alvogen Subordinated Loan [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			17.50%
Debt instrument face value			$ 63,300
Borrowings, maturity			A repayment date of 91 days after the full redemption or the final maturity date of the Senior Bonds;
Interest payable			$ 3,300
Borrowings			113,200
Proceeds from borrowings			50,000
Repayments of borrowings	$ 50,000
Alvogen Loan Warrants [member]
Disclosure of detailed information about borrowings [line items]
Borrowings			$ 1,300
Percnetage of warrants issued representing fully diluted ordinary share			4.00%
Alvogen Subordinated Loan and Alvogen Loan Warrants [member]
Disclosure of detailed information about borrowings [line items]
Borrowings																		64,600		64,600
BCA Framework Agreement [member] \| Convertible Ordinary Shares [member] \| Ordinary shares [member] \| Class A Common Stock [Member]
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period exercise of warrants													1,522,103
Increase decrease in equity due to exercise of warrants													$ 101,300
Stock shares issued during the period conversion of convertible securities													2,306,555
Issue of convertible instruments													$ 166,800
BCA Framework Agreement [member] \| Convertible Ordinary Shares [member] \| Ordinary shares [member] \| Class A Common Stock [Member] \| Payment Of In Kind Accrued Interest As A Result Of Warrant Exercise [member]
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period exercise of warrants													1,137,248
Increase decrease in equity due to exercise of warrants													$ 73,700
BCA Framework Agreement [member] \| Convertible Shareholder Loan [member] \| Ordinary shares [member] \| Class A Common Stock [Member]
Disclosure of detailed information about borrowings [line items]
Gain loss on extinguishment of debt																					149,200
BCA Framework Agreement [member] \| Convertible Shareholder Loan [member] \| Ordinary shares [member] \| Class A Common Stock [Member] \| Finance Income [member]
Disclosure of detailed information about borrowings [line items]
Gain losses on changes in fair value of derivatives																					$ 48,700
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value															$ 300,000
Borrowings, maturity														June 2025
Payment in kind interest rate percentage															15.00%
Put option percentage															15.00%
Repayment of bonds														$ 55,300
Premium payment on bonds														6,100
Extension premium to bond holders														8,100
Additional extension premium to bondholders														2,600
Prepayment penalty percentage on bonds																					2.00%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Principal Component [member]
Disclosure of detailed information about borrowings [line items]
Bonds payable																					$ 363,100
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Interest Component [member]
Disclosure of detailed information about borrowings [line items]
Bonds payable																					31,000
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities																				6,500
Minimum amount of restricted cash to be maintained																		25,000		25,000
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two [member] \| Consent Fees To Bondholders [member]
Disclosure of detailed information about borrowings [line items]
Consent fees to bond holders																				7,400
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Bonds payable																		530,500		530,500
Gain Loss On Extinguishment Of Debt Including Change In Fair Value																				40,900
Transaction costs																				12,100
Net cash proceeds from the transaction																		57,900
Recognition of derivative liabilities at fair value																				15,400
Interest payable																		2,600		2,600
Carrying value of debt extinguished																		$ 440,100		440,100
Accrued interest on debt extiguished																				4,800
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Issued To The Existing Noteholder [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from the issuance of bonds														113,800
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Issued To A New Bond Holder [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from the issuance of bonds														113,800
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Issued To The Existing And A New Bond Holder [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value														397,400					$ 397,400
Issues fair value measurement liabilities														$ 358,800
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Derivatives Relating To Bonds [member]
Disclosure of detailed information about borrowings [line items]
Gain losses on changes in fair value of derivatives																						$ 5,400
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Contingently Issuable Penny Warrants [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Class of warrants or rights exercise price per share			$ 0.01
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Senior Bond Interest Rate Feature [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Recognition of derivative asset																				4,600
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Senior Bond Warrants [Member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Recognition of derivative liabilities at fair value																				$ 528,200
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Tranche B [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value															$ 175,000
Percentage of bonds if the bonds are converted into shares															25.00%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Tranche B [member] \| Contingently Issuable Penny Warrants [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Warrants issuable as a percentage of fully diluted ordinary shares			1.00%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Tranche A [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value															$ 125,000
Percentage of bonds if the bonds are converted into shares															10.00%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Tranche A [member] \| Contingently Issuable Penny Warrants [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Warrants issuable as a percentage of fully diluted ordinary shares			1.50%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Substantial Modification Of Convertible Bonds And Derivative Liabilities [member]
Disclosure of detailed information about borrowings [line items]
Gain losses on changes in fair value of derivatives																			$ 0
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities																					2,600
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Increase In The Face Value Of The Bonds [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value			$ 70,000
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Reduction In Interest Rate If Additional Shares Are Issued Within Six Months [member] \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																		7.50%		7.50%
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Ordinary shares [member] \| Class A Common Stock [Member]
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period conversion of convertible securities														455,687
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Ordinary shares [member] \| Class A Common Stock [Member] \| Principal And Accrued Interest Component. [member]
Disclosure of detailed information about borrowings [line items]
Issue of convertible instruments														$ 100,700
Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Ordinary shares [member] \| Class A Common Stock [Member] \| Premium Component [member]
Disclosure of detailed information about borrowings [line items]
Issue of convertible instruments														$ 4,800
Landsbankinn hf [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value												18,300
Borrowings												$ 14,000
Landsbankinn hf [member] \| Facility Loans [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value		$ 48,800
Interest payable																		$ 300		$ 300
Borrowings																		48,800		48,800
Proceeds from borrowings net of transaction costs		17,200
Landsbankinn hf [member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate												4.95%
Landsbankinn hf [member] \| Matured on August 2029 [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value				$ 1,800
Borrowings, maturity				August 2029
Borrowings																		1,800		1,800
Landsbankinn hf [member] \| Matured on August 2029 [member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate				4.25%
Landsbankinn hf [member] \| Matured on February 2029 [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value												$ 3,200
Borrowings, maturity												February 2029
Borrowings												$ 2,900
Landsbankinn hf [member] \| Matured on February 2029 [member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate												4.25%
Arion banki hf [member] \| Facility Loans [member]
Disclosure of detailed information about borrowings [line items]
Borrowings repurchase amount		$ 30,900
Origo hf. and Arion banki hf. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings																		$ 200		$ 200	$ 300
Weighted average [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																		12.41%		12.41%	14.83%	14.85%
Bottom of range [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																							7.50%
Bottom of range [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			10.75%
Bottom of range [member] \| Landsbankinn hf [member] \| Facility Loans [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		8.30%
Top of range [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																							10.00%
Top of range [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate			12.00%
Top of range [member] \| Landsbankinn hf [member] \| Facility Loans [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		9.30%
After The Terms Of The Second Amendment [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																		$ 525,700		$ 525,700
Before The Terms Of The Second Amendment [member] \| Convertible Bond Agreement Two Thousand And Eighteen [member] \| Convertible Bond [member] \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																		455,700		455,700
Financial liabilities at amortised cost, category [member] \| Aztiq Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value			$ 64,000
Borrowings Tranche One [member] \| Alvogen Facility [Member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings												$ 15,000
Borrowings Tranche One [member] \| Aztiq Facility [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings											$ 15,000
Borrowings Tranche Two [member] \| Alvogen Facility [Member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings										$ 10,000
Borrowings Tranche Two [member] \| Aztiq Facility [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings									$ 10,000
Borrowings Tranche A [member] \| Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	15.00%
Debt instrument face value	$ 59,100
Borrowings																		31,900		31,900
Proceeds from borrowings	$ 3,500
Borrowings Tranche B [member] \| Convertible Bond [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	12.50%
Debt instrument face value	$ 600
Borrowings																		500		500
USD SOFR [member] \| Other Borrowings Financial Institution [member]
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																		$ 25,900		$ 25,900
Borrowings, variable interest rate																		4.95%		4.95%
Borrowings																		$ 3,200		$ 3,200	$ 5,700

Related Parties - Schedule of Information About Board of Directors Remuneration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 927
Pension contribution
Shares at year-end	1,133,131	893,060
Key employees [Abstract]
Salaries and benefits	$ 6,292	$ 5,408
Pension contribution	608	492
Termination benefits	1,977
Other long- term benefits	5,015	985
Robert Wessman [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	740
Pension contribution
Shares at year-end	0	0
Richard Davies [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 68
Pension contribution
Shares at year-end	1,133,131	893,060
Ann Merchant [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 43
Pension contribution
Arni Hararson [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees
Pension contribution
Shares at year-end
Faysal Kalmoua [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees
Pension contribution
Shares at year-end
Linda McGoldrick [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 38
Pension contribution
Shares at year-end
Lisa Graver [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 38
Pension contribution
Shares at year-end
Tomas Ekman [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees
Pension contribution
Shares at year-end
Hirofumi Imai [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees
Pension contribution
Shares at year-end
Tanya Zharov [Member]
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees
Pension contribution
Mark Levick CEO [Member]
Key employees [Abstract]
Salaries and benefits	$ 892	877
Pension contribution	162	159
Termination benefits	1,157
Other long- term benefits	0
Other Executive Team Members [Member]
Key employees [Abstract]
Salaries and benefits	5,400	4,531
Pension contribution	446	333
Termination benefits	820
Other long- term benefits	$ 5,015	$ 985

Summary Of Significant Accounting Policies (Table)

12 Months Ended

Dec. 31, 2022

Disclosure of summary of significant accounting policies explanatory [Abstract]

Summary of Useful Lives of Amortization

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


Software		3-5 years
Customer relationships		7 years

Summary 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

Income Tax - Schedule Of Deferred Tax Recognized In The Consolidated Statements Of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 209,496	$ 170,418
Deferred tax liabilities	(309)	(150)
Net deferred tax assets	209,187	170,268	$ 121,647
Unused Tax Losses [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	205,290	158,330
Other Temporary Differences [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	6,832	12,088
Deferred tax liabilities	$ (2,935)	$ (150)

Share Capital - Summary of Share Capital and Share Premium (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Shares	252,160,087	13,481,799
Share capital and share premium	$ 1,060,558	$ 1,000,253
Class A ordinary shares [member]
Disclosure of classes of share capital [line items]
Shares		13,386,098
Share capital and share premium		$ 997,824
Class B ordinary shares [member]
Disclosure of classes of share capital [line items]
Shares		95,701
Share capital and share premium		$ 2,429
Ordinary Shares [member]
Disclosure of classes of share capital [line items]
Shares	252,160,087
Share capital and share premium	$ 1,060,558

Revenue And Other Income (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Revenue and other Operating Income [Abstract]

Summary Of The Groups' Revenue From Contracts With Customers

Revenue from contracts with customers

Disaggregated revenue

The following table summarizes the Groups’ 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 (in thousands):


	2022		2021		2020
Product revenue (point in time revenue recognition)		24,836		—		—
License revenue (point in time revenue recognition)		424		1,453		24,067
Research and development and other service revenue (over time revenue recognition)		57,769		35,319		42,549

		83,029		36,772		66,616

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 (in thousands):


	Contract Assets			Contract Liabilities
31 December 2020		34,724			53,066
Contract asset additions		21,525			—
Amounts transferred to trade receivables		(36,811	)		—
Customer prepayments		—			34,577
Revenue recognized		—			(13,107	)

31 December 2021		19,438			74,536

Contract asset additions		29,823			—
Amounts transferred to trade receivables		(19,690	)		—
Customer prepayments		—			46,127
Revenue recognized		—			(26,782	)
Foreign currency adjustment		(915	)		51

31 December 2022		28,656			93,932

Leases

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Leases

13.

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 years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Right-of-use assets
Balance at 1 January		126,801			111,519
Adjustments for indexed leases		10,201			5,358
New or renewed leases		9,583			18,871
Derecognition due to acquisition of Alvotech Facility (see Note 12)		(88,941	)		—
Depreciation		(9,869	)		(8,699	)
Translation difference		(274	)		(248	)

Balance at 31 December		47,501			126,801

The Group’s

right-of-use

assets as of 31 December 2022 and 2021 are comprised of the following (in thousands):


	2022		2021
Right-of-use assets
Facilities		41,702		122,927
Fleet		339		159
Equipment		5,460		3,715

		47,501		126,801

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 years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Lease liabilities
Balance at 1 January		122,140			108,947
Adjustments for indexed leases		10,247			5,358
New or renewed leases		7,458			18,116
Installment payments		(7,655	)		(6,595	)
Derecognition due to acquisition of Alvotech Facility (see Note 12)		(80,075	)		—
Foreign currency adjustment		(11,682	)		(3,744	)
Translation difference		99			58

Balance at 31 December		40,532			122,140

Current liabilities		(5,163	)		(7,295	)
Non-current liabilities		35,369			114,845


	2022			2021			2020
Depreciation expense from right-of-use assets
Facilities		(9,423	)		(8,228	)		(6,955	)
Fleet		(119	)		(38	)		(7	)
Equipment		(327	)		(433	)		(226	)

Total depreciation expense from right-of-use assets		(9,869	)		(8,699	)		(7,188	)

Interest expense on lease liabilities		(6,022	)		(6,423	)		(5,481	)
Foreign currency difference on lease liability		11,682			3,744			3,248
Loss from extinguishment of lease agreement (see Note 12)		(3,859	)		—			(241	)

Total amount recognized in profit and loss		(8,068	)		(11,378	)		(9,662	)

The maturity analysis of undiscounted lease payments as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Less than one year		6,000		13,164
One to five years		20,160		49,379
Thereafter		22,274		117,511

		48,434		180,054

The Group’s lease liabilities as of 31 December 2022 and 2021 do not include $0.1 million of costs for

short-term

leases and low value leases.

Revenue And Other Income

12 Months Ended

Dec. 31, 2022

Disclosure of Revenue and other Operating Income [Abstract]

Revenue and other income

5.	Revenue and other income

Revenue from contracts with customers

Disaggregated revenue


	2022		2021		2020
Product revenue (point in time revenue recognition)		24,836		—		—
License revenue (point in time revenue recognition)		424		1,453		24,067
Research and development and other service revenue (over time revenue recognition)		57,769		35,319		42,549

		83,029		36,772		66,616

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 years ended 31 December 2022, 2021, a

d 2020.

Contract assets and liabilities

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


	Contract Assets			Contract Liabilities
31 December 2020		34,724			53,066
Contract asset additions		21,525			—
Amounts transferred to trade receivables		(36,811	)		—
Customer prepayments		—			34,577
Revenue recognized		—			(13,107	)

31 December 2021		19,438			74,536

Contract asset additions		29,823			—
Amounts transferred to trade receivables		(19,690	)		—
Customer prepayments		—			46,127
Revenue recognized		—			(26,782	)
Foreign currency adjustment		(915	)		51

31 December 2022		28,656			93,932

The net increase in contract assets as of 31 December 2022 is primarily due revenue recognized when the performance obligation has been met which is offset by the transfer of such amounts to trade receivables on the basis that the Group’s right to that consideration is no longer contingent on its performance. The net increase in contract liabilities as of 31 December 2022 is due to customer prepayments in advance of the Group’s performance. As of 31 December 2022, $3.3 million and $25.4 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 2022, $57.0 million and $36.9 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 $283.0 million. The Group expects to recognize the majority of this revenue over the next 3 years.

Out-license

agreements

Teva Pharmaceutical Industries Ltd. (Teva)

In August 2020, the Group entered into an exclusive strategic agreement with Teva for the commercialization in the United States of five of the Group’s biosimilar product candidates. The initial pipeline contains biosimilar candidates addressing multiple therapeutic areas. Under this agreement, the Group will be responsible for the development, registration and supply of the biosimilars, while Teva will be exclusively commercializing the products in the United States pursuant to an intellectual property license granted by the Group to Teva.

In connection with the agreement, Teva made an upfront payment of $40.0 million. The Group also received $35.0 million in development milestones and is entitled to receive up to an additional $50.0 million in development milestones, $175.0 million in regulatory milestones and milestones due upon the first commercial sale of the biosimilar product candidates and $200.0

million in contingent payments based upon the achievement of cumulative net sales amounts.

Subject to some limitations, as consideration for supply of product the Group will receive

40%

of the value of Teva’s net sales of the product

On 27 February 2023, the Group and Teva signed an amendment to licence & development agreement. As part of that amendment, the Group agreed to provide future financial consideration to Teva to assist with the cost of launching and marketing the licensed biosimilar products.

STADA Arzneimittel AG (STADA)

In November 2019, the Group entered into an exclusive strategic agreement with STADA for the commercialization of seven biosimilars in all key European markets and selected markets outside Europe. The initial pipeline contains biosimilar candidates aimed at treating autoimmunity, oncology, ophthalmology and inflammatory conditions. Under this agreement, the Group will be responsible for the development, registration and supply of the biosimilars, while STADA will be exclusively commercializing the products in the relevant territories pursuant to an intellectual property license granted by the Group to STADA.

In connection with the agreement, STADA made an upfront payment of $5.9 million. The Group has received $78.6 million in development milestones through the year ended 31 December 2022. The Group is also entitled to receive up to an aggregate of $130.9 million in additional development milestones, $60.1 million in regulatory milestones and milestones due upon the first commercial sale of the biosimilar product candidates and $11.8 million in contingent payments based upon the achievement of cumulative net sales amounts. The Group is also expected to receive a royalty of approximately 40% of the estimated net selling price from STADA’s and its affiliates’ commercialization of the contracted biosimilars.

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non Cash Investing And Financing Activities [Abstract]
Acquisition of property, plant and equipment in trade payables	$ 4,131	$ 3,812
Acquisition of intangibles in trade payables and other current liabilities	4,075
Right-of-use assets obtained through new operating leases	9,583	18,871	$ 15,204
Addition of the Facility through Aztiq Convertible Bond	115,005
Non-cash issuance of Aztiq Convertible Bond	80,000
Equity issued through conversion of borrowings	$ 32,200	346,043	$ 30,000
Acquisition of other intangible assets through financing agreements		$ 461

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Presentation of leases for lessee [abstract]
Expense relating to short-term leases and low value leases for which recognition exemption has been used	$ 0.1	$ 0.1

Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 20, 2022	Nov. 16, 2022	Jun. 15, 2022	Dec. 07, 2021	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	$ 1,392,859	$ 1,392,859	$ 733,589
Senior Bond Warrants [member] \| Tranche one [member]
Disclosure of detailed information about financial instruments [line items]
Warrants as a percentage of fully diluted share capital	1.50%	1.50%
Minimum proceeds from the issuance of common stock		$ 75,000
Senior Bond Warrants [member] \| Tranche two [member]
Disclosure of detailed information about financial instruments [line items]
Warrants as a percentage of fully diluted share capital	1.00%	1.00%
Minimum proceeds from the issuance of common stock		$ 150,000
Level 3 of fair value hierarchy [member] \| Embedded derivative liabilities associated with convertible bonds [member] \| Tranche A Conversion Feature [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	$ 38,100	38,100			$ 24,900
Level 3 of fair value hierarchy [member] \| Embedded derivative liabilities associated with convertible bonds [member] \| Tranche A Conversion Feature [member] \| Finance costs [member]
Disclosure of detailed information about financial instruments [line items]
Gains losses recognized in profit or loss fair value measurement liabilites		13,200
Level 3 of fair value hierarchy [member] \| Senior Bond Warrants [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	$ 45,300	45,300				$ 15,400
Level 3 of fair value hierarchy [member] \| Senior Bond Warrants [member] \| Finance costs [member]
Disclosure of detailed information about financial instruments [line items]
Gains losses recognized in profit or loss fair value measurement liabilites		$ 29,900
Level 3 of fair value hierarchy [member] \| Senior Bond Warrants [member] \| Tranche one [member]
Disclosure of detailed information about financial instruments [line items]
Class of warrants or rights issued during the period shares	4,198,807
Class of warrants or rights issued during the period excerise price per share	$ 0.01	$ 0.01
Level 3 of fair value hierarchy [member] \| Predecessor Earn Out Shares [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	$ 276,200	$ 276,200					$ 227,500
Increase decrease in shares issued		38,330,000
Level 3 of fair value hierarchy [member] \| Predecessor Earn Out Shares [member] \| Finance costs [member]
Disclosure of detailed information about financial instruments [line items]
Gains losses recognized in profit or loss fair value measurement liabilites		$ 48,700
Level 3 of fair value hierarchy [member] \| Predecessor Earn Out Shares [member] \| Tranche one [member]
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Aggregate period for determining the share price		5 years
Share price		$ 15
Threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
Level 3 of fair value hierarchy [member] \| Predecessor Earn Out Shares [member] \| Tranche two [member]
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Share price		$ 20
Threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
Level 3 of fair value hierarchy [member] \| OACB earnout shares [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	10,500	$ 10,500					9,100
Increase decrease in shares issued		1,250,000
Aggregate period for determining the share price		5 years
Level 3 of fair value hierarchy [member] \| OACB earnout shares [member] \| Finance costs [member]
Disclosure of detailed information about financial instruments [line items]
Gains losses recognized in profit or loss fair value measurement liabilites		$ 1,400
Level 3 of fair value hierarchy [member] \| OACB earnout shares [member] \| Tranche one [member]
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Share price		$ 12.5
Level 3 of fair value hierarchy [member] \| OACB earnout shares [member] \| Tranche two [member]
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Share price		$ 15
Threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
Level 3 of fair value hierarchy [member] \| OACB Warrants [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value	$ 10,200	$ 10,200					$ 11,800
Class of warrants or rights outstanding	10,916,647	10,916,647
Class of warrants or rights exercise price per share	$ 11.5	$ 11.5
Level 3 of fair value hierarchy [member] \| OACB Warrants [member] \| Finance costs [member]
Disclosure of detailed information about financial instruments [line items]
Gains losses recognized in profit or loss fair value measurement liabilites		$ 1,600
Level 3 of fair value hierarchy [member] \| Convertible shareholder loans [member]
Disclosure of detailed information about financial instruments [line items]
Liabilites at fair value			534,700	$ 534,700				$ 485,900	$ 479,300
Share price		$ 9.86
Increase decrease in fair value measurement liabilities			$ 48,800	55,400
Cumulative funding loss aggregate				$ 15,000
Period of amortization of deferred loss				5 years
Unamortized deferred loss								$ 3,100

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2022

Disclosure Of Property Plant And Equipment [Abstract]

Property, plant and equipment

12.	Property, plant and equipment

Property, plant and equipment consists of facility and computer equipment, furniture, fixtures and leasehold improvements. Movements within property, plant and equipment during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	Facility		Facility Equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Cost
Balance at 1 January 2022		—		88,510			32,395			1,551			122,456
Reclassification of assets		—		25,486			(25,486	)		—			—
Additions		115,000		35,156			2,706			357			153,219
Disposals		—		(2,959	)		—			—			(2,959	)
Translation difference		—		(1,043	)		(17	)		51			(1,009	)

Balance at 31 December 2022		115,000		145,150			9,598			1,959			271,707

Depreciation
Balance at 1 January 2022		—		33,853			8,614			1,459			43,926
Reclassification of assets		—		5,985			(5,985	)		—			—
Depreciation		359		8,752			621			75			9,807
Disposals		—		(2,597	)		—			—			(2,597	)
Translation difference		—		9			(17	)		(15	)		(23	)

Balance at 31 December 2022		359		46,002			3,233			1,519			51,113

Net carrying amount

Balance at 31 December 2022		114,641		99,148			6,365			440			220,594


	Facility equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Cost
Balance at 1 January 2021		70,308			27,600			1,513			99,421
Additions		19,345			4,845			69			24,259
Translation difference		(1,143	)		(50	)		(31	)		(1,224	)

Balance at 31 December 2021		88,510			32,395			1,551			122,456

Depreciation
Balance at 1 January 2021		25,540			7,016			1,419			33,975
Depreciation		6,870			1,637			67			8,574


	Facility equipment			Furniture, fixtures and leasehold improvements			Computer equipment			Total
Impairment		2,092			—			—			2,092
Translation difference		(649	)		(39	)		(27	)		(715	)

Balance at 31 December 2021		33,853			8,614			1,459			43,926

Net carrying amount

Balance at 31 December 2021		54,657			23,781			92			78,530

On 16 November 2022 the Group entered into a share purchase agreement (the “Share Purchase Agreement”) relating to shares in Fasteignafélagið Sæmundur hf. (“Saemundur”) with ATP Holdings ehf., an affiliate of Aztiq. Pursuant to the Share Purchase Agreement, Alvotech is purchased

99.99

% of the shares in Saemundur through the issuance the Aztiq Convertible Bond, as defined and discussed in Note 20, and the assumption of debt. At the time of closing, Saemundur’s only asset was the property where Alvotech’s Reykjavik manufacturing and research facility (the “Facility”) are located. See Note 20 for further details.

The Share Purchase Agreement was accounted for as an asset acquisition under IFRS 3 as all of the fair value of the gross assets acquired from Saemundur were concentrated in the Alvotech Facility. As a result, the purchase price was determined to be $

115.0

million, which consists of $

80.0

million related to the fair value of the Aztiq Convertible Bond, $

30.0

million in loans assumed by the Company, and $

5.0

million associated with the settlement of the pre-existing relationship with Saemundur. The entire purchase price was allocated to the Facility as it was the only asset acquired. Additionally, the Company recognized a $

3.9

million loss on the extinguishment of the lease liability related to the Facility. See Note 20 for further details.

At 31 December 2021, the Group performed a review of its property, plant and equipment and determined certain laboratory equipment was no longer in use. In assessing recoverable amount, the Group determined the market for resale was

non-existent

due to the unique nature of the equipment. Management therefore determined to fully impair the assets, resulting in an impairment of $

2.1

million during each of the year ended 31 December 2021. See Note 8 for where impairment charges have been recognized as an expense within in the consolidated statements of profit or loss and other comprehensive income or loss.

The Group pledged $122.4 million and $6.8 million of property, plant and equipment as collateral to secure bank loans with third parties as of 31 December 2022 and 2021, respectively.

Leases - Summary of Leases Assets About Right-Of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [abstract]
Balance at 1 January	$ 126,801	$ 111,519
Adjustments for indexed leases	10,201	5,358
New or renewed leases	9,583	18,871
Derecognition due to acquisition of Alvotech Facility (see Note 12)	(88,941)	0
Depreciation	(9,869)	(8,699)	$ (7,188)
Translation difference	(274)	(248)
Balance at 31 December	$ 47,501	$ 126,801	$ 111,519

Intangible Assets - Summary of Impairment Loss and Reversal of Impairment Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation expenses	$ 733	$ 923	$ 1,010
Cost of sales [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation expenses	471
Research and Development [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation expenses		324	357
General and Administrative [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation expenses	$ 262	$ 599	$ 653

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [line items]

Summary of Financial Assets Measured at Cost

Financial assets as of 31 December 2022 and 2021, all of which are measured at amortized cost, are as follows (in thousands):


	2022		2021
Cash and cash equivalents		66,427		17,556
Restricted cash		25,187		10,087
Trade receivables		32,972		29,396
Other current assets		5,880		14,518
Receivables from related parties		1,548		1,111
Other long-term assets		4,484		—

		136,498		72,668

Summary of Financial Liabilities

Financial liabilities as of 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Borrowings (measured at amortized cost)		764,570		400,911
Derivative financial liabilities (measured at FVTPL)		380,232		—
Other long-term liability to related party (measured at amortized cost)		7,440		7,440
Long-term incentive plan (measured at FVTPL)		544		56,334
Trade and other payables (measured at amortized cost)		49,188		28,587
Lease liabilities (measured at amortized cost)		40,532		122,140
Liabilities to related parties (measured at amortized cost)		1,131		638
Other current liabilities		53,664		42,012

		1,297,301		658,062

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 (in thousands):


	At 31 December 2022
	Carrying Amount		Fair Value
Senior Bonds		530,506		535,167


	At 31 December 2021
	Carrying Amount		Fair Value
Bonds		363,100		368,476

Summary of Fair Value on a Recurring Basis

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured to fair value on a recurring basis as of 31 December 2022 (in thousands):


	2022
	Level 1		Level 2		Level 3		Total
Senior Bond Warrants		—		—		45,325		45,325
Tranche A Conversion Feature		—		—		38,055		38,055
Senior Bond Interest Rate Feature (included in other current assets)		—		—		851		851
Predecessor Earn Out Shares		—		276,200		—		276,200
OACB Earn Out Shares		—		10,500		—		10,500
OACB Warrants		10,152		—		—		10,152

		10,152		286,700		84,231		381,083

Summary of Interest Rate Sensitivity Analysis

The following table provides an interest rate sensitivity analysis for the effect on loss before tax (in thousands):


	2022			2021
Variable-rate financial liabilities +100		(186	)		(65	)
Variable-rate financial liabilities -100		186			65

Summary of Impact on the Groups Operations

Below are the foreign currencies that have the most significant impact on the Group’s operations.


	Closing rate				Average rate				Change
	2022		2021		2022		2021		Change
EUR		1.061		1.133		1.052		1.183		(6.4	%)
GBP		1.204		1.350		1.233		1.376		(10.8	%)
ISK		0.007		0.008		0.007		0.008		(8.3	%)
CHF		1.071		1.094		1.047		1.094		(2.1	%)
INR		0.012		0.013		0.013		0.014		(10.1	%)

Summary of Groups Assets and Liabilities

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2022 are as follows (in thousands):


	Assets		Liabilities		Net assets
EUR		36,420		26,514		9,906
GBP		111		1,538		(1,427	)
ISK		49,484		109,507		(60,023	)
CHF		69		7,305		(7,236	)
INR		11		517		(506	)

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2021 are as follows (in thousands):


	Assets		Liabilities		Net assets
EUR		31,718		15,720		15,998
GBP		180		673		(493	)
ISK		5,421		148,747		(143,326	)
CHF		715		7,305		(6,590	)

Summary of Analysis Assumes that all Other Variables

The analysis assumes that all other variables, such as interest rates, remain constant.


	EUR			GBP			ISK			CHF			INR
Year ended 31 December 2022
-10% weakening		(991	)		(143	)		(6,002	)		(724	)		(51	)
+10% strengthening		991			143			6,002			724			51
Year ended 31 December 2021
-10% weakening		(1,600	)		(49	)		(14,333	)		(659	)		N/A
+10% strengthening		1,600			49			14,333			659			N/A

Summary of the Maximum Credit Risk Exposure of the Groups Financial Assets

The maximum credit risk exposure for the Group’s financial assets as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Cash and cash equivalents		66,427		17,556
Restricted cash		25,187		10,087
Other assets		44,884		66,344

		136,498		93,987

Summary of Contractual Maturities of Financial Assets and Liabilities

Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows (in thousands):


	Within one year		One to two years		Thereafter		Total
Financial assets
Non-interest bearing		40,400		—		—		40,400
Variable-interest bearing		66,427		—		29,671		96,098

Total financial assets		106,827		—		29,671		136,498

Financial liabilities
Non-interest bearing		104,366		—		7,984		112,350
Fixed-interest bearing - Borrowings		45,757		66,308		896,921		1,008,986
Derivative liabilities		—		—		380,232		380,232
Variable-interest bearing - Borrowings		25,259		8,036		59,109		92,404

Total financial liabilities		175,382		74,344		1,344,246		1,593,972

Contractual maturities of financial assets and liabilities as of 31 December 2021 are as follows (in thousands):


	Within one year		One to two years		Thereafter		Total
Financial assets
Non-interest bearing		29,396		—		—		29,396
Variable-interest bearing		17,556		—		10,087		27,643

Total financial assets		46,952		—		10,087		57,039

Financial liabilities
Non-interest bearing		71,237		—		63,774		135,011
Fixed-interest bearing - Borrowings		16,663		33,235		500,675		550,573
Variable-interest bearing - Borrowings		3,041		3,035		1,117		7,193

Total financial liabilities		90,941		36,270		565,566		692,777

Embedded Derivative Liabilities Associated With Convertible Bonds [Member]

Disclosure of detailed information about financial instruments [line items]

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:


	31 December 2022			20 December 2022
Stock price Conversion price Volatility rate	$ $	10.00 10.00 45.0	%	$ $	8.00 10.00 45.0	%
Risk-free interest rate		4.2	%		4.0	%
Dividend yield		0.0	%		0.0	%
Risky yield		19.3	%		18.6	%

Predecessor Earnout Shares [member]

Disclosure of detailed information about financial instruments [line items]

Summary of Assumptions and Inputs

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


	31 December 2022			15 June 2022
Share price	$	10.00		$	9.38
Volatility rate		45.0	%		37.5	%
Risk-free rate		4.1	%		3.4	%

OACB earnout shares [member]

Disclosure of detailed information about financial instruments [line items]

Summary of Assumptions and Inputs

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


	31 December 2022			15 June 2022
Share price	$	10.00		$	9.38
Volatility rate		45.0	%		37.5	%
Risk-free rate		4.1	%		3.4	%

Subsequent Events

12 Months Ended

Dec. 31, 2022

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

29.	Subsequent events

The Group evaluated subsequent events through 1 March 2023, the date the consolidated financial statements were available to be issued.

December 2023, or

June 2024. The conversion feature will be accounted for as an embedded derivative and classified as equity.

On 10 February 2023, the Company completed a private placement equity offering of $137.0 million, at current ISK exchange rates, of its Ordinary Shares, par value $0.01 per share, at a purchase price of $11.57 per share. The Shares are expected be delivered from previously issued ordinary shares held by Alvotech’s subsidiary, Alvotech Manco ehf. As a result of proceeds raised from the private placement offering, the Company extinguished the liability related to the Senior Bond Warrants resulting in the potential issuance of penny warrants representing 1.0

% of the fully diluted ordinary share capital (see Note 20). This will be accounted for as an extinguishment of a financial liability in the consolidated statement of profit or loss and other comprehensive income or loss.

On 17 February 2023, the first tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche will be accounted for as an extinguishment of a financial liability in the consolidated statement of profit or loss and other comprehensive income or loss.

On 27 February 2023, the Group and Teva signed an amendment to the license and development agreement. As part of that amendment, the Group agreed to provide future financial consideration to Teva to assist with the cost of launching and marketing the licensed biosimilar products.

Subsequent to 31 December 2022, Senior Bond Warrant holders elected to exercise their warrants. As a result, 3,014,189

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 will be recognized in the consolidated statement of profit or loss and other comprehensive income or loss.

Subsequent to 31 December 2022, 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 result in the issuance of

271,150

Ordinary Shares and cash proceeds of $

3.1 million

The Company 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 will be recognized in the consolidated statement of profit or loss and other comprehensive income or loss.

Share-Based Payments - Summary of Movements in RSUs (Details) - Restricted Share Units [member]	12 Months Ended
	Dec. 31, 2022 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs , Granted \| shares	7,659,049
Number of RSUs , Vested \| shares	(679,563)
Number of RSUs , Outstanding \| shares	6,979,486
Weighted average fair value, Granted \| $ / shares	$ 6.68
Weighted average fair value, Vested \| $ / shares	6.3
Weighted average fair value, Outstanding \| $ / shares	$ 6.72

Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Purchased service / interest	$ 21,141	$ 39,940	$ 46,175
Sold service	818	3,715	2,640
Receivables	1,548	1,111
Payables / loans	163,289	114,303
Alvogen Lux Holdings S.à r.l. [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	5,415	9,383	9,452
Sold service			1,134
Payables / loans	64,588
Aztiq Fjárfestingar ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	216	120
Payables / loans	20
Aztiq Consulting ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	442
Payables / loans	25
ATP Holdings ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,254
Receivables	765
Payables / loans	81,254
Fasteignafélagið Sæmundur hf. [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	7,189	7,762
Payables / loans		83,770
Fasteignafélagið Sæmundur hf. [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest			8,111
Fasteignafélagið Eyjólfur hf [member]
Disclosure of transactions between related parties [line items]
Sold service	196
Alvogen Iceland ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	465	454	2,268
Sold service	174	2,308	1,310
Receivables		109
Payables / loans	484	14
Alvogen ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		6	40
Sold service	68	2
Receivables	1	2
Payables / loans	0
Lotus Pharmaceuticals Co. Ltd [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest			3,060
Sold service	3	312
Receivables	2	295
Payables / loans	7,440	7,440
Lotus International Pte. Ltd [member]
Disclosure of transactions between related parties [line items]
Sold service	4
Receivables	3
Alvogen Emerging Markets [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	98	238	68
Payables / loans		16
Alvogen Korea co. Ltd [member]
Disclosure of transactions between related parties [line items]
Sold service	1	9
Alvogen Inc [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	585	89	67
Sold service	266	654
Receivables	12	301
Payables / loans	222
Alvotech & CCHN Biopharmaceutical Co., Ltd [member]
Disclosure of transactions between related parties [line items]
Receivables	758	320
Adalvo Limited [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,218
Sold service	106
Payables / loans	349
Alvogen Malta Sh. Services [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	603	1,216	101
Sold service		151
Receivables	7
Payables / loans		283
Alvogen Spain SL [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	117	294	132
Payables / loans		23
Norwich Clinical Services Ltd [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	301	41	92
Payables / loans	31	17
Alvogen Pharma Pvt Ltd [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,159	491	218
Payables / loans		13
Flóki Fasteignir ehf. (HRJÁF ehf.) [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,516
Payables / loans	8,876
L41 ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	26	29
Lambahagavegur 7 ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest	$ 537	713
Payables / loans		12,661
Aztiq Pharma Partners S.à r.l. [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		16,048	19,471
Alvogen Aztiq AB [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		297
Payables / loans		43
Aztiq Investment Advisory AB [member]
Disclosure of transactions between related parties [line items]
Receivables		2
Alvogen UK [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		299	1,153
Receivables		17
Alvogen Malta (Outlicensing) Ltd [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		1,045	142
Sold service		279	185
Receivables		65
Payables / loans		229
HRJAF ehf [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest		1,415	1,083
Payables / loans		$ 9,794
Alvogen PB R&D LLC [member]
Disclosure of transactions between related parties [line items]
Sold service			7
Alvogen Malta Operations Ltd [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest			239
Alvogen Malta Group Services [member]
Disclosure of transactions between related parties [line items]
Purchased service / interest			478
Alvogen Malta LTD [member]
Disclosure of transactions between related parties [line items]
Sold service			$ 4

Cash And Cash Equivalents - Summary of Restricted Cash (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Restricted Cash [Abstract]
Beginning balance	$ 10,087
Additions during the year	14,914
Interest income	186
Ending balance	$ 25,187

Interests In Joint Ventures - Schedule of Summary of Statement of Profit Loss and Other Comprehensive Income of Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information Of Statement Of Profit Loss And Other Comprehensive Income Of Joint Venture [Line Items]
Income tax expense	$ (38,067)	$ (47,694)	$ (121,726)
Loss for the year	(513,580)	(101,504)	(170,044)
Dividends received from joint venture entity	0	0	0
Joint ventures [member]
Disclosure Of Detailed Information Of Statement Of Profit Loss And Other Comprehensive Income Of Joint Venture [Line Items]
Revenue	0	0	0
Interest income	433	1,295	2,518
Depreciation and Amortization	829	210	26
Interest expense	151
Income tax expense
Other expenses	4,633	5,920	4,844
Exchange rate differences		1	658
Loss for the year	(5,180)	(4,836)	(3,010)
Other comprehensive income
Total comprehensive loss	(5,180)	(4,836)	(3,010)
Dividends received from joint venture entity

Long-Term Incentive Plans - Additional Information (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Dec. 01, 2022 USD ($)	Jun. 15, 2022 USD ($)	Jul. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares Employees	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Disclosure of net defined benefit liability (asset) [line items]
Number of share options granted in share-based payment arrangement \| shares				0	0
Payment to employee				$ (7,693)	$ (2,214)
Increase decrease through other current liabilities and income net defined benefit liability asset				1,500
Employee benefits expense				135,440	109,520	$ 82,818
Sharebased compensation arrangement by sharebased payment award options vested In periodon settlement date	$ 3,800
Net defined benefit liability (asset)				$ 544	14,935	10,501
Former Employees [member]
Disclosure of net defined benefit liability (asset) [line items]
Number of employees \| Employees				2
Number of year for issuing Shares after the closing of the Business Combination				1 year
Payment to employee			$ 1,500
Existing Employees [member]
Disclosure of net defined benefit liability (asset) [line items]
Number of employees \| Employees				1
Number of year for issuing Shares after the closing of the Business Combination				1 year
Payment to employee				$ 1,500
Bottom of Range [member]
Disclosure of net defined benefit liability (asset) [line items]
Expected volatility share options granted value		$ 500,000
Top of Range [member]
Disclosure of net defined benefit liability (asset) [line items]
Expected volatility share options granted value		$ 5,000,000
Ordinary Shares [member]
Disclosure of net defined benefit liability (asset) [line items]
increase in equity				$ 31,000
Ordinary Shares [member] \| Former Employees [member]
Disclosure of net defined benefit liability (asset) [line items]
Number of share options exercisable in share-based payment arrangement \| shares				1,755,291
Ordinary Shares [member] \| Existing Employees [member]
Disclosure of net defined benefit liability (asset) [line items]
Number of share options exercisable in share-based payment arrangement \| shares				150,000
Share Appreciation Rights [member]
Disclosure of net defined benefit liability (asset) [line items]
Increase (decrease) in net defined benefit liability (asset)				$ 36,800
Gains losses on extinguishment of share	$ 300
Net defined benefit liability (asset)					41,400
Increase (decrease) in net defined benefit liability (asset) resulting from expense (income) in profit or loss					11,300	$ 7,800
Sharebased compensation arrangement by sharebased payment award options vested in period					$ 36,600
Settlement of cash option as a liability fairvalue				800
Settlement of share option as a equity fairvalue				700
Other current financial liabilities				700
Share Appreciation Rights [member] \| Selling, General And Administrative Expense [member]
Disclosure of net defined benefit liability (asset) [line items]
Employee benefits expense				$ 4,300

Audit Fees - Summary Of Detailed Information About Audit Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Auditor's remuneration [abstract]
Financial Statement audit fees	$ 2,615	$ 5,502	$ 382
Other fees, including tax services	676	136	607
Total fees	$ 3,291	$ 5,638	$ 989

Inventories - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($)
Cost of sales [member]
Disclosure of Inventories [Line Items]
Cost of inventories	$ 8.5

Income Tax - Schedule Of The Movement In Net Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Balance at 1 January	$ 170,268	$ 121,647
Deferred tax credited to profit or loss	38,919	48,621
Balance at 31 December	209,187	170,268
Deferred tax assets	209,496	170,418
Deferred tax liabilities	$ (309)	$ (150)

Income Tax - Schedule Of The Reconciling Items Between The Statutory Rate And The Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax rate	24.90%	24.90%	24.90%
Effect of tax rate in foreign jurisdictions	(2.40%)	(8.20%)	(4.90%)
Recognition of tax losses			27.90%
Permanent differences	(8.90%)	30.40%
Non-recognition of tax losses	(3.80%)	(15.00%)	(6.20%)
Other items	(2.90%)	(0.10%)
Effective tax rate	6.90%	32.00%	41.70%

General information (Tables)

12 Months Ended

Dec. 31, 2022

General information about financial statements [Abstract]

Schedule of fair value of shares issued and non-cash share listing expense

The fair value of shares issued was estimated based on a market price of $9.38 per share as of 15 June 2022.


	Shares		(in 000s)
OACB Shareholders
Class A Shareholders		976,505
Class B Shareholders		5,000,000
OACB Earn Out Shares		1,250,000

Total Alvotech Shares issued to OACB shareholders		7,226,505

Fair value of Shares issued to OACB as of 15 June 2022			$	56,060
Fair value of OACB Earn Out Shares issued to OACB as of 15 June 2022				9,100

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

Disclosure of subsidiaries and joint ventures

1.2 Information about subsidiaries and joint ventures


Entity name	Principal activity		Issued and paid capital (presented in whole shares)		Place of establishment	Proportion of ownership and voting power held by Alvotech
						31.12.2022			31.12.2021
Alvotech hf		Biopharm.		3,885,102	Iceland		100.00	%		100.00	%
Alvotech Germany GmbH		Biopharm.		31,182	Germany		100.00	%		100.00	%
Alvotech Swiss AG		Biopharm.		153,930	Switzerland		100.00	%		100.00	%
Alvotech Hannover GmbH		Biopharm.		29,983	Germany		100.00	%		100.00	%
Alvotech Malta Ltd		Group Serv.		80,450	Malta		100.00	%		100.00	%
Alvotech USA Inc		Biopharm.		10	USA		100.00	%		100.00	%
Alvotech UK Ltd		Group Serv.		135	UK		100.00	%		100.00	%
Alvotech Manco ehf		Group Serv.		203,046	Iceland		100.00	%		—
Alvotech Biosciences India Private Ltd		Biopharm		96,113	India		100.00	%		—
Fasteignafelagið Sæmundur hf		Real estate		12,965,337	Iceland		100.00	%		—
Alvotech & CCHN Biopharmaceutical Co. Ltd*		Biopharm.		110,000,021	China		50.00	%		50.00	%

Alvotech & CCHN Biopharmaceutical Co. Ltd. is an unconsolidated joint venture (see Note 26).

Interests In Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of joint ventures [abstract]
Dividends received from joint ventures	$ 0	$ 0	$ 0
Commitments in relation to joint ventures	0	0		$ 5,000
Commitments of joint venture partners in relation to joint ventures				$ 50,000
Contingent liabilities incurred in relation to interests in joint ventures	$ 0	$ 0

Revenue and other income - Summary Of Reconciliation Of Contract Assets And Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract Asset [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Beginning balance asset	$ 19,438	$ 34,724
Contract asset additions	29,823	21,525
Amounts transferred to trade receivables	(19,690)	(36,811)
Ending balance asset	28,656	19,438
Foreign currency adjustment	(915)
Contract Liabilities [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Beginning balance liabilities	74,536	53,066
Customer prepayments	46,127	34,577
Revenue recognized	(26,782)	(13,107)
Foreign currency adjustment	51
Ending balance liabilities	$ 93,932	$ 74,536

Revenue and other income - Additional information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2020	Nov. 30, 2019	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets			$ 3,286		$ 1,479
Current contract assets			25,370		17,959
Non-current contract liabilities			57,017		44,844
Current contract liabilities			$ 36,915		$ 29,692
OutLicense Agreements [member] \| Teva Pharmaceutical Industries Ltd [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payment received	$ 40,000
Percentage of Royality on Estimated Net Sales	40.00%
OutLicense Agreements [member] \| Teva Pharmaceutical Industries Ltd [member] \| Development Milestones [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition milestone method revenue recognized	$ 35,000
Milestone payment receivable	50,000
OutLicense Agreements [member] \| Teva Pharmaceutical Industries Ltd [member] \| Regulatory Milestones [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment receivable	$ 175,000
OutLicense Agreements [member] \| Teva Pharmaceutical Industries Ltd [member] \| Contingent Milestone Payment on Sales Achievement [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment receivable						$ 200,000
Exclusive Strategic Agreement [member] \| STADA Arzneimittel AG [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payment received		$ 5,900
Percentage of Royality on Estimated Net Sales		40.00%
Exclusive Strategic Agreement [member] \| STADA Arzneimittel AG [member] \| Development Milestones [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition milestone method revenue recognized		$ 78,600
Milestone payment receivable		130,900
Exclusive Strategic Agreement [member] \| STADA Arzneimittel AG [member] \| Regulatory Milestones [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment receivable		60,100
Exclusive Strategic Agreement [member] \| STADA Arzneimittel AG [member] \| Contingent Milestone Payment on Sales Achievement [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment receivable		$ 11,800
Not Later Than Three Years [member] \| Performance obligations satisfied over time [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Transaction price allocated to remaining performance obligations				$ 283,000
Bottom of range [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period			2 years
Non-current contract assets recognized period			2 years
Top of range [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period			3 years
Non-current contract assets recognized period			5 years

Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Other Current Liabilities [Abstract]

Other current liabilities

25.	Other current liabilities

The composition of other current liabilities as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Unpaid salary and salary related expenses		15,620		10,235
Accrued interest		2,249		7,547
Accrued payable to Biosana		—		7,500
Accrued vacation leave		5,025		4,626
Employee incentive plan		12,433		—
Accrued expenses		18,720		12,104

		54,047		42,012

Finance Income And Finance Cost - Summary Of Detailed Information About Finance Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Details Of Finance Cost [Abstract]
Changes in the fair value of derivatives (see Note 27)	$ 96,981	$ 2,804	$ 60,823
Interest on debt and borrowings	71,452	106,548	91,985
Consenting fee (see Note 20)	7,430
Loss on remeasurement of bonds (see Note 20)	6,511
Interest on lease liabilities (see Note 13)	6,022	6,423	5,481
Amortization of deferred debt issue costs	23	1,586	3,262
Finance costs	$ 188,419	$ 117,361	$ 161,551

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about borrowings [abstract]

Summary of consolidated statements of financial position

non-current

as of 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Senior Bonds		530,506			—
Bonds		—			394,129
Aztiq Convertible Bond		65,793			—
Alvogen Facility		64,588			—
Convertible Bonds		32,441			—
Other borrowings		71,242			6,782

Total outstanding borrowings, net of debt issue costs		764,570			400,911
Less: current portion of borrowings		(19,916	)		(2,771	)

Total non-current borrowings		744,654			398,140

Summary of movements in the group's outstanding borrowings

Movements in the Group’s outstanding borrowings during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Borrowings, net at 1 January		400,911			567,899
Borrowings converted to equity		—			(105,501	)
Redemption of borrowings		—			(34,899	)
Paid payment-in-kind interest		—			(19,200	)
Premium on redeemed and unredeemed bonds		—			15,472
Change in fair value upon extinguishment of convertible shareholder loans		—			32,114
Recognition of deferred debt issue costs		(2,889	)		—
Accretion/derecognition of borrowings discount		35,065			5,506
Recognition of new borrowings discount		(43,241	)		(34,302	)
Proceeds from new borrowings		467,196			114,282
Loans from related party converted to equity		(50,000	)		(240,542	)
Repayments of borrowings		(83,951	)		(2,597	)
Accrued interest		40,424			89,958
Amortization of deferred debt issue costs		23			12,754
Foreign currency exchange difference		1,032			(33	)

Borrowings, net at 31 December		764,570			400,911

Schedule of maturities of outstanding borrowings

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Within one year		19,916		2,771
Within two years		3,804		2,920
Within three years		696,646		622
Within four years		3,374		394,222
Thereafter		40,830		376

		764,570		400,911

Finance Income And Finance Cost

12 Months Ended

Dec. 31, 2022

Disclosure Of Finance Income [Abstract]

Finance income and finance cost

7.	Finance income and finance cost

Finance income earned during the years ended 31 December 2022, 2021 and 2020 is as follows (in thousands):


	2022		2021		2020
Changes in the fair value of derivatives (see Note 27)		1,637		51,549		5,393
Interest income from cash and cash equivalents		556		18		166
Other interest income		356		1		49

		2,549		51,568		5,608

Finance cost incurred during the years ended 31 December 2022, 2021, and 2020 is as follows (in thousands):


	2022		2021		2020
Changes in the fair value of derivatives (see Note 27)		96,981		2,804		60,823
Interest on debt and borrowings		71,452		106,548		91,985
Consenting fee (see Note 20)		7,430		—		—
Loss on remeasurement of bonds (see Note 20)		6,511		—		—
Interest on lease liabilities (see Note 13)		6,022		6,423		5,481
Amortization of deferred debt issue costs		23		1,586		3,262

		188,419		117,361		161,551

Borrowings - Summary of consolidated statements of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Other borrowings	$ 71,242	$ 6,782
Total outstanding borrowings, net of debt issue costs	764,570	400,911	$ 567,899
Less: current portion of borrowings	(19,916)	(2,771)
Total non-current borrowings	744,654	398,140
Senior Bonds [member]
Disclosure of detailed information about borrowings [line items]
Bonds issued	530,506	0
Aztiq Convertible Bond [Member]
Disclosure of detailed information about borrowings [line items]
Bonds issued	65,793	0
Total outstanding borrowings, net of debt issue costs	65,800
Alvogen Facility [member]
Disclosure of detailed information about borrowings [line items]
Loans received	64,588	0
Convertible Bonds [Member]
Disclosure of detailed information about borrowings [line items]
Bonds issued	32,441	0
Bonds [member]
Disclosure of detailed information about borrowings [line items]
Bonds issued	$ 0	$ 394,129

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

2.	Summary of significant accounting policies

2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance and in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which comprise all standards and interpretations approved by the IASB.

All amendments to IFRSs issued by the IASB that are effective for annual periods that begin on or after 1 January 2022 have been adopted as further described within the footnotes to the consolidated financial statements. The Group has not adopted any standards or amendments to standards in issue that are available for early adoption.

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities which have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The consolidated financial statements are presented in U.S. Dollar (USD) and all values are rounded to the nearest thousand unless otherwise indicated.

2.2 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

•

has power over the investee;

•

is exposed, or has rights, to variable returns from its involvement with the investee; and

•

has the ability to use its power to affect its returns.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

•

the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

•

potential voting rights held by the Company, other vote holders or other parties;

•

rights arising from other contractual arrangements; and

•

any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control.

All intra-group transactions, balances, income and expenses are eliminated in full in consolidation.

2.3 Investments in joint ventures

To the extent the Group concludes that it does not control, and thus consolidate, a joint venture, the Group accounts for its interest in joint ventures using the equity method of accounting. As such, investments in a joint venture are initially recognized at cost and the carrying amount is subsequently adjusted for the Group’s share of the profit or loss of the joint venture, as well as any distributions received from the joint venture. The Group carries its ownership interest in a joint venture as “Investment in joint venture” on the consolidated statements of financial position. The Group’s profit or loss includes its share of the profit or loss of the joint venture and, to the extent applicable, other comprehensive income or loss for the Group includes its share of other comprehensive income or loss of the joint venture. The Group’s share of a joint venture’s profit or loss in a particular year is presented as “Share of net loss of joint venture” in the consolidated statements of profit or loss and other comprehensive income or loss.

The carrying amount of equity-accounted investments is assessed for impairment as a single asset. Impairment losses are incurred only if there is objective evidence of impairment as a result of loss events that have an impact on estimated future cash flows and that can be reliably estimated. Losses expected as a result of future events are not recognized. The Group did not recognize any impairment losses related to its investment in the joint venture for the years ended 31 December 2022, 2021 or 2020.

Refer to Note 26 for additional information regarding the Group’s joint venture as of 31 December 2022 and 2021 and for the years ended 31 December 2022, 2021 and 2020.

2.4 Critical accounting judgments and key sources of estimation uncertainty

The preparation of the consolidated financial statements in conformity with IFRS requires Group management to make judgments, estimates and assumptions about the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources.

The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and other factors that are considered to be relevant. Judgments and assumptions involving key estimates are primarily made in relation to the measurement and recognition of revenue (as described in Note 2.6 and Note 5), the measurement and recognition of extinguishment of financial liabilities (as described in Note 2.18 and Note 20), the valuation of derivative financial liabilities (as described in Note 2.18 and Note 25), the valuation of management share appreciation rights (SARs) (as described in Note 2.18 and Note 21), and the valuation of deferred tax assets (as described in Note 2.14 and Note 10). Apart from those involving estimations, critical accounting judgments include the Group’s evaluation as to whether it controls its joint venture in China (as described in Note 2.3 and 26) and material uncertainties with respect to the Group’s going concern assessment (as described in Note 1.5).

Existing circumstances and assumptions may change due to events arising that are beyond the Group’s control. Therefore, actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2.5 Segment reporting

The Group operates and manages its business as one operating segment based on the manner in which the Chief Executive Officer, the Group’s chief operating decision maker, assesses performance and allocates resources across the Group.

2.6 Revenue recognition

Product revenue

The Company recognizes revenue from the sale of its biosimilar product to commercial partners, identified as the customer, when control is transferred, and the performance obligations have been satisfied. This is when the title passes to the customer, which is upon shipment of the product. At that point, the commercial partner has full discretion over the channel and price to sell the products. Revenue is recognized based on the net selling price from the commercial partners, which is considered to be the transaction price and includes estimated rebates, returns and chargebacks, and other forms of variable consideration recognized by the Customer. Variable consideration is accounted for by the Company only to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. Variable consideration, which includes any adjustments to the net selling price, is estimated based on the most likely amount method on a

contract-by-contract

basis.

Out-licensing

revenue

The majority of the Group’s revenue is generated from long-term

out-license

contracts which provide the customer with an exclusive right to market and sell products in a particular territory once such products are

approved for commercialization. These contracts typically include the Group’s promises to continue development of the underlying compound and to provide supply of the product to the customer upon

commercialization. The Group concludes that the license, development services and commercial supply are separate performance obligations. This is because customers generally have the capabilities to perform the necessary development, manufacturing and commercialization activities on their own or with readily available resources and have the requisite expertise in the industry and the territory for which the license has been granted. Further, the intellectual property is generally in a later phase of development at the time the license is granted such that any subsequent development activities performed by the Group are not expected to significantly modify or transform the intellectual property. The fact that the Group is contractually obligated to perform development activities for and provide commercial supply to the customer does not impact this conclusion. The Group’s promise to provide commercial supply to its customers is contingent upon the achievement of regulatory approval in the particular territory for which the license has been granted.

The consideration to which the Group is entitled pursuant to these contracts generally includes upfront payments and payments based upon the achievement of development and regulatory milestones. All contracts include a potential refund obligation whereby the Group must refund the consideration paid by the customer in the event of a technical failure or the occurrence of certain other matters that result in partial or full cancellation of the contract. As such, the entire transaction price is comprised of variable consideration, which is estimated using the most likely amount method due to the binary nature of the outcomes under these contracts. Such variable consideration is included in the transaction price only when it is highly probable that doing so will not result in a significant reversal of cumulative revenue recognized when the underlying uncertainty associated with the variable consideration is subsequently resolved. The Group does not account for a significant financing component since a substantial amount of consideration promised by the customer is variable and the amount or timing of that consideration varies on the basis of a future event that is not substantially within the control of either party. Certain contracts also include commercialization milestones upon the first commercial sale of a product in a particular territory, as well as royalties. Commercialization milestones and royalties are accounted for as sales-based royalties; therefore, such amounts are not included in the transaction price and recognized as revenue until the underlying sale that triggers the milestone or royalty occurs.

Upfront payments, when applicable, are received in advance of transferring control of all goods and services. Therefore, a portion of upfront payments is recorded as a contract liability upon receipt. Due to the existence of refund provisions, upfront payments and certain development milestone payments are generally included in the transaction price upon submission of the first clinical trial application to the respective regulatory agency, since it is at this point in time that a significant reversal of cumulative revenue recognized related to such payments is no longer highly probable. Other development and regulatory milestones may not be included in the transaction price until such milestones are achieved due to the degree of uncertainty associated with achieving these milestones. Contract liabilities are presented on the consolidated statements of financial position as either current or

non-current

based upon forecasted performance. In certain contracts, the Group may transfer control of goods and services, and thus recognize revenue, prior to having the right to invoice the customer. In these circumstances, the Group recognizes contract assets for revenue recognized, and subsequently reclasses the contract asset to trade receivables upon issuing an invoice and the right to consideration is only conditional on the passage of time. Contract assets are presented on the consolidated statements of financial position as either current or

non-current

based upon the expected timing of settlement.

The standalone selling prices of the development services and the license to intellectual property are not directly observable and, therefore, are estimated. The standalone selling price of the development services is estimated based on the expected costs to be incurred during the development period, using various data points such as the underlying development budget, contractual milestones and performance completed at the time of entering into the contract with a customer. The standalone selling price of the license is estimated

using the residual approach on the basis that the Group licenses intellectual property for a broad range of amounts and has not previously licensed intellectual property on a standalone basis. Therefore, the Group

first allocates the transaction price to the development services and subsequently allocates the remainder of the transaction price to the license. If product is still in early phase development and the constraint on variable consideration has not been resolved, all the transaction price is allocated to the development service.

The standalone selling price of the commercial supply is directly observable and the stated prices in the Group’s supply contracts reflect the standalone selling price of such goods.

The licenses to intellectual property are right of use licenses on the basis that the ongoing development work performed by the Group does not significantly affect the intellectual property to which the customer has rights. Therefore, control of the license transfers to the customer at the point in time when the right to use the license is granted to the customer. The license is generally granted to the customer at the time the contract is executed with the customer.

The Group satisfies its performance obligation related to the development services over time as the Group’s performance enhances the value of the licensed intellectual property controlled by the customer throughout the performance period. The Group recognizes revenue using a cost-based input measure since this measure best reflects the progress of the development services and, therefore, the pattern of transfer of control of the services to the customer. In certain instances, the Group may subcontract services to other parties for which the Group is ultimately responsible. Costs incurred for such subcontracted services are included in the Group’s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group’s progress toward satisfying its performance obligation may result in adjustments to cumulative revenue recognized at the time the change in estimate occurs.

Upon the achievement of regulatory approval and the commencement of commercial sale of its products, the Group will satisfy its performance obligation related to commercial supply at the point in time when control of the manufactured product is transferred to the customer. Transfer of control for such goods will occur in accordance with the stated shipping terms.

The Group does not incur incremental costs of obtaining a contract with a customer that would require capitalization. Costs to fulfill performance obligations are not incurred in advance of performance and, as such, are expensed when incurred.

Other revenue

Other revenue primarily consists of clinical trial support services rendered by the Group for its customers, which is recognized as the service is provided. Revenue for such services is presented in the consolidated statements of profit or loss and other comprehensive income or loss net of any discounts.

2.7 Cost of product revenue

Cost of product revenue includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs and royalty costs related to

in-license

agreements.

2.8 Research and development expenses

Research and development expenses primarily consist of personnel costs, material and other lab supply costs, facility costs and internal and external costs related to the execution of studies and other development program advancement initiatives. Such expenses also include costs incurred in preparation for commercial launch, such as

designing and developing commercial-scale manufacturing capabilities and processes, quality control processes, production asset validation and other related activities. The costs also include amortization, depreciation and impairment losses related to software, property, plant and equipment, and right-of-use assets used in research and development activities and pre-commercial manufacturing and quality control activities.

An internally generated intangible asset arising from the Group’s development is recognized only if the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; the intent to complete the intangible asset and use or sell it; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditures incurred from the date when the intangible asset first meets the aforementioned recognition criteria. If an internally-generated intangible asset cannot be recognized, the related development expenditure is charged to profit or loss in the period in which it is incurred.

Expenditures related to research and development activities are generally recognized as an expense in the period in which they are incurred. Due to significant regulatory uncertainties and other uncertainties inherent in the development of pharmaceutical products, the Group did not capitalize any research and development expenses as internally-developed intangible assets during the years ended 31 December 2022, 2021 and 2020.

2.9 General and administrative expenses

General and administration expenses primarily consist of personnel-related costs, including salaries and other related compensation expense, for corporate and other administrative and operational functions including finance, human resources, information technology and legal, as well as facility-related costs. These costs relate to the operation of the business and are not related to research and development initiatives.

Expenditures related to general and administration activities are recognized as an expense in the period in which they are incurred.

2.10 Finance income and finance cost

Finance income consists of changes in the fair value of derivative financial liabilities and interest income. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

Finance cost consists of changes in the fair value of derivative financial liabilities, interest expense related to lease liabilities and borrowings, accretion of borrowings and amortization of deferred debt issue costs.

2.11 Foreign currency translation

The consolidated financial statements are presented in U.S. Dollars, which is the Group’s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group’s expenses are incurred in U.S. Dollar and Icelandic Krona, and the majority of the Company’s cash and cash equivalents are held in a combination of U.S. Dollars and Euros. Transactions in currencies other than the Group’s presentation currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date.

Non-monetary

items carried at fair value that are denominated in foreign currencies are retranslated at the

rates prevailing at the date when the fair value was determined.

Non-

monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise.

Exchange differences arising on translation of a foreign controlled subsidiary are recognized in other comprehensive income or loss and accumulated in a translation reserve within equity. The cumulative translation amount is reclassified to profit or loss if and when the net investment in the foreign controlled subsidiary is disposed.

2.12 Fair value measurements

The Group measures certain financial liabilities at fair value through profit or loss (FVTPL) at each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair values of such financial liabilities, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:

•

Level 1: quoted prices in active markets for identical assets and liabilities;

•

Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (e.g., prices) or indirectly (e.g., derived from prices); and

•

Level 3: inputs for the asset or liability that are unobservable.

The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other current assets, contract assets, trade and other payables and accrued and other liabilities in the Group’s consolidated statements of financial position approximate their fair value because of the short maturities

and nature

of these instruments.

For liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period.

2.13 Goodwill and other intangible assets

Goodwill

Acquisitions are first reviewed to determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not meet the definition of a business, the Group will account for the transaction as an asset acquisition. If the definition of a business combination is met, the Group will account for the transaction using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange fo

control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.

Goodwill represents the excess of the purchase price of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities, contingent liabilities, the amount of any

noncontrolling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree. Goodwill is reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or as additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The Group did not complete any business combinations during the years ended 31 December

021, and 2020. Refer to Note 1.1 for the Business Combination completed during the year ended 31 December 2022.

Other intangible assets

Other intangible assets consist of software, customer relationships, and intellectual property rights licensed from Biosana (see Note 2.18). Intangible assets acquired in a business combination are identified and recognized separately from goodwill if they satisfy the definition of an intangible asset and their fair values can be reliably measured. The cost of intangible assets is their fair value at the acquisition date.

Intangible assets with finite useful lives are reported at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over an asset’s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The following useful lives are used in the calculation of amortization:


Software		3-5 years
Customer relationships		7 years

Intangible assets with indefinite useful lives are reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.

2.14 Income tax

Income tax includes the current tax and deferred tax charge recorded in the consolidated statements of profit or loss and other comprehensive income or loss.

Current tax

The current tax expense is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the consolidated statements of profit or loss and other comprehensive income or loss because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s current tax expense is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Accruals for tax contingencies are made when it is not probable that a tax authority will accept the tax position, based upon management’s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Accruals for tax contingencies are measured using either the most likely amount or the expected value amount depending on which method the entity expects to better predict the resolution of the uncertainty.

Deferred tax

Deferred tax is provided in full for all temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, except to the extent the temporary difference arises from:

•

The initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither the taxable profit nor accounting profit;

•

The initial recognition of residual goodwill (for deferred tax liabilities only); or

•

Investments in subsidiaries, branches, associates and joint ventures, where the Group is able to control the timing of the reversal of the temporary difference and it is not probable that it will reverse in the foreseeable future.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amount of the assets and liabilities.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is charged or credited to the consolidated statements of profit or loss and other comprehensive income or loss, except when the tax arises from a business combination or it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis in that taxation authority.

2.15 Property, plant and equipment

Property, plant and equipment is recognized as an asset when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured in a reliable manner. Property, plant and equipment which qualifies for recognition as an asset are initially measured at cost.

The cost of property, plant and equipment includes an asset’s purchase price and any directly attributable costs of bringing the asset to working condition for its intended use.

Depreciation is calculated and recognized as an expense on a straight-line basis over an asset’s estimated useful life. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. 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

Certain of the Group’s property, plant and equipment assets have been pledged to secure borrowings as further described in Note 20. Significant disposals of pledged assets are subject to lender approval. Upon disposal or retirement of an asset, the difference between the sales proceeds, if applicable, and the carrying amount of the asset is recognized in the consolidated statements of profit or loss and other comprehensive income or loss at the time of disposal or retirement.

At the end of each reporting period, or sooner if events triggering an interim impairment assessment occur, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that the value of such assets are impaired. Triggering events that warrant an interim impairment assessment include, but are not limited to, the technical obsolescence of equipment or failure of such equipment to meet regulatory requirements. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss and the carrying amount of the asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and value in use.

2.16 Inventories

Inventories, which consist of raw materials and supplies, work in progress and finished goods are stated at the lower of cost or net realizable value. Net realizable value is the expected sales price less completion costs and costs to be incurred in marketing, selling and distributing the inventory. Cost is calculated using the weighted average cost method or the

first-in,

first-out

method, depending on the nature of the inventory.

Inventories include direct costs for raw materials and supplies and, as applicable, direct and indirect labor and overhead expenses that have been incurred to bring inventories to their present location and condition. See Note 17 for further details.

If the net realizable value is lower than the carrying amount, a write-down of inventory is recognized for the amount by which the carrying amount exceeds net realizable value. During the years ended 31 December 2022, 2021, and 2020, write-down of inventories amounted to $2.1 million, $1.2 million and $1.3 million, respectively, due to product expiration. There were no reversals of inventory write-downs during the years ended 31 December 2022, 2021, and 2020. See Note 17 for further details.

The Group does not pledge inventories as collateral to secure its liabilities.

2.17 Financial assets

Recognition of financial assets

Financial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, other than financial assets measured at FVTPL, are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at FVTPL are recognized immediately in profit or loss. There were no transaction costs related to the acquisition of financials assets in 2022, 2021 or 2020. All of the Group’s financial assets are measured at amortized cost as of 31 December 2022 and 2021.

Financial assets measured at amortized cost

Financial assets measured at amortized cost are debt instruments that give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group’s financial assets measured at amortized cost are trade receivables, certain other current assets, receivables from related parties, restricted cash and cash and cash equivalents.

Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial.

Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses (ECL) on its trade receivables and other debt instruments that are measured at amortized cost. In addition, although contract assets are not financial assets, a loss allowance for ECL are also recognized for such assets. ECL is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Group always recognizes lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecasted direction of conditions at the reporting date, including time value of money where appropriate.

The Group writes off a financial asset when there is no reasonable expectation of recovery, such as information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. A trade receivable or contract asset that is considered uncollectible is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. The Group did not write off any trade receivables or contract assets during the years ended 31 December 2022, 2021, and 2020.

The Group estimates impairment for related party receivables on an individual basis. No impairment is recognized for restricted cash or cash and cash equivalents as management has estimated that the effects of any calculated ECL would be immaterial.

Derecognition of financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset as well as an associated liability. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income or loss and accumulated in equity is recognized in profit or loss.

2.18 Financial liabilities

Financial liabilities

The Group’s financial liabilities consist of trade and other payables, certain other current liabilities loans and borrowings, lease liabilities, derivative financial instruments, long-term incentive plans, share appreciation right plans and other long-term liability to a related party. All financial liabilities are initially measured at fair value. Loans and borrowings are recorded net of directly attributable transaction costs and less the value attributable to any embedded derivative financial instruments, if applicable.

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled, substantially modified or have expired. Additionally, management elected, as part of its accounting policy, to recognize the difference between the carrying amount of the financial liabilities and the fair value of the consideration paid for the extinguishment in the consolidated statement of profit or loss and other comprehensive income or loss.

Financial liabilities subsequently measured at amortized cost

After initial recognition, financial liabilities other than derivative financial instruments and awards issued pursuant to long-term incentive plans are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts all estimated future cash payments through the expected life of the financial liability, or a shorter period if appropriate, to the amortized cost of a financial liability. The effective interest rate includes the effects of any discount or premium on acquisition of the financial liability, as well as any fees or costs incurred upon acquisition.

Financial liabilities subsequently measured at FVTPL

Derivative financial instruments

Certain rights and features pursuant to borrowing arrangements and other contracts may provide the counterparty with one or more financial instruments that need to be evaluated and potentially accounted for separately by the Group. These financial instruments are either embedded in a host instrument or are treated as a separate financial instrument if they are contractually transferable independent from the host instrument. Such rights and features pursuant to the Group’s contracts with both third parties and related parties include earn out rights, conversion rights and warrant rights.

Equity conversion features within host debt instruments that meet the definition of a derivative and have economic and risk characteristics that are not closely related to the host instrument are embedded derivatives that are separated from the host instrument and accounted for separately. As part of the accounting for embedded derivatives or separate financial instruments, management considers the appropriate accounting classification under IAS 32. Embedded derivatives and separate financial instruments that meet the fixed-for-fixed criteria are classified as equity and initially measured at fair value. Warrant rights that provide the holder with an option to purchase ordinary shares at a specified price or pursuant to a specified formula are generally separate derivative financial instruments that are accounted for as derivative liabilities. Earn Out Shares grant the holder with a variable number of Ordinary Shares based on certain vesting conditions tied to the stock price and are accounted for as derivative liabilities. In the event that the fair value of any derivative liabilities, determined using unobservable inputs, exceeds the transaction price of a borrowing arrangement, the Group records a deferred loss at the inception of the borrowing arrangement for the difference between the fair value of the derivative liabilities and the transaction price of the borrowing arrangement. Such deferred losses are recognized over the term of the related borrowing arrangement using the straight-line method of amortization. The deferred loss is netted against derivative financial liabilities on the consolidated statements of financial position. Amortization of the deferred loss is recognized as a component of “Finance costs” in the consolidated statements of profit or loss and other comprehensive income or loss.

The Group recognized derivative liabilities related to the Predecessor Earn Out Shares, OACB Earn Out Shares and assumed OACB warrants. Additionally, the Group recognized an embedded derivative for the conversion feature associated with the

Tranche A

Convertible Bonds, as further described in Note 20. These features are liability-classified, rather than equity-classified, because the Group is obligated to issue a variable number of ordinary shares to the holder upon conversion or exercise of the feature. Therefore, these derivative liabilities were initially recorded at fair value and remeasured to fair value at each reporting period with gains and losses arising from changes in the fair value recognized in finance income or finance costs, as appropriate.

The fair values of the derivative liabilities were determined using

a valuation

approach that incorporated a range of inputs that are both observable and unobservable in nature. The inputs used in the initial and subsequent fair value measurements predominantly relate to (i) the price of the Group’s Ordinary Shares (ii) the volatility of the Group’s Ordinary Shares, (ii) a risky discount rate corresponding to the credit risk associated with the repayment of the host debt instruments, and (iii) the probabilities of each derivative being exercised by the holder and the timing of such exercises. The probabilities are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date.

The Group will derecognize any derivative liabilities if and when the rights are exercised by the holders or the time period during which the rights can be exercised expires.

Other long-term liability to related party

The Group’s other long-term liability to a related party arose from its acquisition of rights for the commercialization of the Group’s biosimilar Adalimumab product in certain territories in Asia from Lotus Pharmaceutical Co. Ltd., a related party, during the year ended 31 December 2020. Pursuant to the terms of the asset acquisition, the Group made an upfront payment of $1.9 million and is required to pay $7.4 million upon the commercial launch of Adalimumab in China. The Group concluded that the event triggering future payment is probable and, as such, recorded the full amount of the liability as a

non-current

liability in the consolidated statements of financial position as of 31 December 2022 and 2021. The upfront payment and contingent payment amounts were charged to “Research and development expense” in the consolidated statements of profit or loss and other comprehensive income or loss.

Other current liabilities

In December 2021, Alvotech entered into an exclusive global licensing agreement with BiosanaPharma (Biosana) for the

co-development

of AVT23. Under the terms of the agreement, Biosana granted Alvotech an exclusive global right for AVT23, which will be produced using Biosana’s proprietary process

technology. In exchange, Alvotech made an upfront payment of $7.5 million upon the signing of the agreement (the “upfront payment”), with an additional $7.5 million due at the earlier of the closing of the Business Combination (see Note 27) or 30 April 2022 (the “deferred upfront payment”). In addition, Alvotech may be obligated to pay Biosana up to an aggregate of $13.5 million, payable upon the achievement of various development and regulatory milestones, as well as certain tiered royalty payments based on commercial sales of AVT23. The agreement terminates 15 years after the launch of AVT23 and is subject to certain customary termination rights.

The Group concluded that the deferred upfront payment is probable and, as such, recorded the full amount of the liability in “Other current liabilities” on the consolidated statement of financial position as of 31 December 2021. The upfront payment and the deferred upfront payment amounts were capitalized as other intangible assets in the consolidated statement of financial position and will be amortized over the useful life of 15 years. The Group will accrue the additional contingent payments if and when the related milestones and other contingencies are deemed probable of being achieved.

Long-term incentive plans

Share appreciation rights

The Group issued to certain current and former employees share appreciation rights (SARs) that require settlement in connection with the occurrence of specified, future triggering events. Grants occurred from 2015 through 2020. The awards include a combination of vesting conditions, such as service and performance conditions, as well as

non-vesting

conditions depending on the particular award. The individuals retain their vested awards upon termination of employment with the Group. Settlement amounts are determined by the change in the Group’s market value from the grant date of the SAR until the triggering events occur. The SARs do not expire at a specific date.

Pursuant to the terms of the SAR agreements, management determined that the Group cannot avoid paying cash to settle the awards and, therefore, SARs are liability-classified in the consolidated statements of financial position. Accordingly, SARs were recorded at fair value and were subsequently remeasured each reporting period with the change in fair value reflected as a gain or loss in the consolidated statements of profit or loss and other comprehensive income or loss, as appropriate. The fair value of the SARs was determined using the Black-Scholes-Merton pricing model. In connection with the closing of the Business Combination, the Company reached a settlement agreement for share appreciation rights previously awarded to certain current and former employees. The remaining share appreciation rights were settled through the issuance of fully vested RSUs under the Management Incentive Plan on 1 December 2022. See Note 21 for further details.

Employee incentive plan

The Group also sponsors an employee incentive plan for certain qualifying employees. Under the plans, such employees are entitled to cash payments upon achievement of key milestones, such as a research and development milestone or the occurrence of an exit event. The awards include a combination of vesting conditions, such as service and performance conditions, as well as

non-vesting

conditions depending on the particular award. Since the Group cannot avoid paying cash to settle the awards, the employee incentive plan is liability-classified in the consolidated statements of financial position. Accordingly, awards issued pursuant to the employee incentive plan are recorded at fair value and are subsequently remeasured each reporting period with the change in fair value reflected as a gain or loss in the consolidated statements of profit or loss and other comprehensive income or loss, as appropriate. Employee incentive plan liabilities are presented as either current or

non-current

on the consolidated statements of financial position based on the anticipated timing of settlement.

The fair value of the employee incentive plan awards is determined by estimating the probability of success in reaching the specified milestones and other levers, such as the anticipated timing of potential milestone achievement. See Note 21 for further details.

Management Incentive Plan

The Group can issue share options, restricted share units (“RSUs”), and other share-based awards under the Company’s new incentive plan (the “Management Incentive Plan”) which was approved by the Board in June 2022. Awards issued under the Management Incentive Plan are accounted for in accordance with IFRS 2. Share-based payments are classified as equity-settled share-based payments as the Company intends to settle the awards with equity and has the commercial substance to do so. Share-based payments are measured at the grant date fair value of the instruments issued and recognized over the expected vesting periods. The number of shares expected to vest are reviewed and adjusted at the end of each reporting period such that the amount of expense recognized shall be based on the number of equity instruments that will eventually vest. See Note 22 for further details.

2.19 Litigation and other contingencies

The Group may, from time to time, become involved in legal proceedings arising out of the normal course of its operations. For instance, as a developer and manufacturer of biosimilars, the Group may be subject to lawsuits alleging patent infringement or other similar claims filed by the reference product sponsor. Similarly, the Group may utilize patent challenge procedures to challenge the validity, enforceability or infringement of the reference product sponsor’s patents. Other parties may also file patent infringement claims against the Group alleging that the Group’s products or manufacturing process techniques infringe their patents.

The Group establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. When such conditions are not met for a specific legal matter, no reserve is established. Although management currently believes that resolving claims against the Group, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Group, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. It is possible that an unfavorable outcome of a lawsuit or other contingency could have a material impact on the liquidity, results of operations, or financial condition of the Group.

Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount of loss can be reasonably estimated. Accruals are based only on information available at the time of the assessment, due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Group’s results of operations in a given period.

The Group maintains liability insurance coverages for various claims and exposures. The Group’s insurance coverage limits its maximum exposure on claims; however, the Group is responsible for any uninsured portion of losses. Management believes that present insurance coverage is sufficient to cover potential exposures.

2.20 Leases

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a

right-of-use

asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for those with a lease term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line

basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group’s leased assets consist of various real estate, fleet and equipment leases.

Right-of-use

assets reflect the initial measurement of the lease liability, lease payments made at or before the lease commencement date and any initial direct costs less lease incentives that may have been received by the Group. These assets are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability.

Right-of-use

assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset to the Group or the lease includes a purchase option that the Group is reasonably certain to exercise, the related

right-of-use

asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease.

Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, which is the rate of interest that the Group would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment based on information available at the commencement date of the lease. The lease payments included in the measurement of the lease liability comprise fixed payments (including

in-substance

fixed payments) less any incentives, variable lease payments that depend on an index or rate, expected residual guarantees and the exercise price of purchase options reasonably certain to be exercised by the Group.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, using the effective interest method, and by reducing the carrying amount to reflect payments made during the lease term. The Group remeasures the lease liability if the lease term has changed, when lease payments based on an index or rate change or when a lease contract is modified and the modification is not accounted for as a separate lease.

Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the

right-of-use

As a practical expedient, lessees are not required to separate

non-lease

components from lease components, and instead account for any lease and associated

non-lease

components as a single lease component. The Group has used this practical expedient.

2.21 Loss per share

Holders of the Predecessor Earn Out Shares and OACB Earn Out Shares have equal dividend and participation rights to the ordinary shareholders. However, these participating securities are classified as liabilities and as such, the shares held are not included in the weighted average number of ordinary shares outstanding in the basic loss per share calculation.

The calculation of basic loss per share is based on the loss for the year attributable to ordinary shareholders of the Group and the weighted average number of ordinary shares outstanding during the period.

Diluted loss per share is computed by dividing the loss for the year attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding in the basic loss per share calculation, both of which are adjusted for the effects of all dilutive potential ordinary shares. Antidilutive effects of potential ordinary shares, which result in an increase in earnings per share or a reduction in loss per share, are not recognized in the computation of diluted loss per share.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of operating segments [abstract]

Summary Of Detailed Information About Revenue From Customers Based On Geographical Market

Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group’s customers pursuant to its

out-license

contracts, is as follows (in thousands):


	2022		2021		2020
North America		30,780		11,660		37,928
Europe		39,433		20,509		19,710
Asia		6,798		1,323		4,107
Other		6,018		3,280		4,871

		83,029		36,772		66,616

Summary Of Detailed Information About Noncurrent Assets Excluding Financial Instruments And Deferred Tax Assets

Non-current

assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows (in thousands):


	2022		2021
North America		240		439
Europe		334,837		249,803
Asia and Other		3,715		2,194

		338,792		252,436

Summary Of Detailed Information About Revenue From Transactions With Individual Customers

Revenue from transactions with individual customers that exceed ten percent or more of the Group’s total revenue is as follows (in thousands, except for percentages):


	2022					2021					2020
	Revenue		% Total			Revenue		% Total			Revenue		% Total
Customer A		17,940		21.6	%		10,070		27.4	%		36,270		54.4	%
Customer B		38,376		46.2	%		18,369		50.0	%		18,572		27.9	%

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment	$ 220,594	$ 78,530
Right-of-use assets	47,501	126,801
Goodwill	11,643	12,367
Other intangible assets	25,652	21,509
Contract assets	3,286	1,479
Investment in joint venture	48,568	55,307
Other long-term assets	5,780	1,663
Restricted cash	25,187	10,087
Deferred tax assets	209,496	170,418
Total non-current assets	597,707	478,161
Current assets
Inventories	71,470	39,058
Trade receivables	32,972	29,396
Contract assets	25,370	17,959
Other current assets	32,949	14,736
Receivables from related parties	1,548	1,111
Cash and cash equivalents	66,427	17,556
Total current assets	230,736	119,816
Total assets	828,443	597,977
Equity
Share capital	2,126	135
Share premium	1,058,432	1,000,118
Other reserves	30,582
Translation reserve	(1,442)	4,669
Accumulated deficit	(1,654,114)	(1,140,534)
Total equity	(564,416)	(135,612)
Non-current liabilities
Borrowings	744,654	398,140
Derivative financial liabilities	380,232
Other long-term liability to related party	7,440	7,440
Lease liabilities	35,369	114,845
Long-term incentive plan	544	56,334
Contract liabilities	57,017	44,844
Deferred tax liability	309	150
Total non-current liabilities	1,225,565	621,753
Current liabilities
Trade and other payables	49,188	28,587
Lease liabilities	5,163	7,295
Current maturities of borrowings	19,916	2,771
Liabilities to related parties	1,131	638
Contract liabilities	36,915	29,692
Taxes payable	934	841
Other current liabilities	54,047	42,012
Total current liabilities	167,294	111,836
Total liabilities	1,392,859	733,589
Total equity and liabilities	$ 828,443	$ 597,977

Financial Instruments - Summary of Analysis Assumes that all Other Variables (Details) (Parenthetical) - Currency risk [member]	Dec. 31, 2022	Dec. 31, 2021
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Percentage of reasonably possible increase in unobservable input liabilities	10.00%	10.00%
Percentage of reasonably possible decrease in unobservable input liabilities	10.00%	10.00%

Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in goodwill [abstract]
Balance as of 1 January	$ 12,367	$ 13,427
Translation difference	(724)	(1,060)
Balance as of 31 December	$ 11,643	$ 12,367

Share Capital - Additional information (Details) - USD ($)		12 Months Ended
	Jun. 15, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Number of shares outstanding		1,133,131	893,060
Stock issued under PIPE financing shares	17,493,000
Dividends		$ 0	$ 0	$ 0
Common stock held by subsidiary		27,072,167
Class A and Class B Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Shares authorized value			$ 99,700,000	$ 99,700,000
Number of shares authorised			99,961,829	99,961,829
Par value per share			$ 0.01	$ 0.01
Ordinary Shares [member]
Disclosure of classes of share capital [line items]
Number of shares outstanding		252,160,087
Ordinary Shares [member] \| Exchange of Predecessor Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Capital reorganization event shares issued	180,600,000
Ordinary Shares [member] \| Exchange of Class A OACB Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Capital reorganization shares issued	5,000,000
Predecessor Earn Out Shares [member] \| Exchange of Predecessor Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Capital reorganization event shares issued	38,330,000
Class A OACB Ordinary Shares [Member] \| Exchange of Class A OACB Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares outstanding	976,505
Class B OACB Ordinary Shares [Member] \| Exchange of Class A OACB Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares outstanding	6,250,000
OACB Earn Out Shares [member] \| Exchange of Class A OACB Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Capital reorganization shares issued	1,250,000

Inventories

12 Months Ended

Dec. 31, 2022

Classes of current inventories [abstract]

Inventories

17.	Inventories

The Group’s inventory balances as of 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Raw materials and supplies		41,961			26,590
Work in progress		29,450			13,730
Finished goods		2,121			—
Inventory reserves		(2,062	)		(1,262	)

Balance at 31 December		71,470			39,058

The increase in inventory from 31 December 2021 to 31 December 2022 is due to the commercial launch of certain of the Group’s biosimilar product candidates.

The Company recognized $8.5 million of inventories in cost of product revenue during the year ended 31 December 2022.

Depreciation, Amortization And Impairment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Depreciation Amortization And Imapirment [Abstract]

Summary Of Detailed Information About Depreciation Amortization And Impairment

Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2022, 2021 and 2020 are as follows (in thousands):


	2022		2021		2020
Depreciation and impairment of property, plant and equipment (see Note 12)		9,807		10,666		10,363
Depreciation of right of use assets (see Note 13)		9,869		8,699		7,188
Amortization and impairment of intangible assets (see Note 15)		3,488		4,916		1,010

		23,164		24,281		18,561

Summary Of Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss

Depreciation, amortization and impairment expense is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		10,053		—		—
Research and development expenses		9,757		21,764		16,358
General and administrative expenses		3,354		2,517		2,203

Total depreciation, amortization and impairment expense		23,164		24,281		18,561

Segment Reporting

12 Months Ended

Dec. 31, 2022

Disclosure of operating segments [abstract]

Segment reporting

4.	Segment reporting

As disclosed in Note 2, the Group operates and manages its business as one operating segment.

The majority of the Group’s revenue is generated from long-term

out-license

contracts which provide the customer with exclusive rights to a particular territory, which generally span multiple countries or a particular continent, as well as the Group’s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. Therefore, based on the nature of the customer agreements, revenue information is not currently available on a

country-by-country

basis.

Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group’s customers pursuant to its

out-license

contracts, is as follows (in thousands):


	2022		2021		2020
North America		30,780		11,660		37,928
Europe		39,433		20,509		19,710
Asia		6,798		1,323		4,107
Other		6,018		3,280		4,871

		83,029		36,772		66,616

Non-current

assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows (in thousands):


	2022		2021
North America		240		439
Europe		334,837		249,803
Asia and Other		3,715		2,194

		338,792		252,436

Revenue from transactions with individual customers that exceed ten percent or more of the Group’s total revenue is as follows (in thousands, except for percentages):


	2022					2021					2020
	Revenue		% Total			Revenue		% Total			Revenue		% Total
Customer A		17,940		21.6	%		10,070		27.4	%		36,270		54.4	%
Customer B		38,376		46.2	%		18,369		50.0	%		18,572		27.9	%

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Classes of current inventories [abstract]

Summary of Inventories

The Group’s inventory balances as of 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Raw materials and supplies		41,961			26,590
Work in progress		29,450			13,730
Finished goods		2,121			—
Inventory reserves		(2,062	)		(1,262	)

Balance at 31 December		71,470			39,058

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ALVOTECH
Entity Central Index Key	0001898416
Entity File Number	001-41421
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	N4
Entity Address, Address Line One	9
Entity Address, Address Line Two	Rue de Bitbourg
Entity Address, City or Town	Luxembourg
Entity Address, Postal Zip Code	1273
Entity Address, Country	LU
Entity Common Stock, Shares Outstanding	248,649,506
Document Accounting Standard	International Financial Reporting Standards
ICFR Auditor Attestation Flag	false
Auditor Name	Deloitte ehf.
Auditor Firm ID	1490
Auditor Location	Kópavogur, Iceland
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Robert Wessman
Entity Address, Address Line One	Sæmundargata 15-19
Entity Address, City or Town	Reykjavík
Entity Address, Postal Zip Code	102
Entity Address, Country	IS
City Area Code	354
Local Phone Number	422 4500
Ordinary shares [member]
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares
Trading Symbol	ALVO
Security Exchange Name	NASDAQ
Warrants [member]
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	ALVOW
Security Exchange Name	NASDAQ

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Share Based Payment Arrangements [Abstract]

Summary of Movements in RSUs

Movements in RSUs during the year ended 31 December 2022 are as follows:


	RSUs			Weighted Average Fair Value
Granted		7,659,049		$	6.68
Vested		(679,563	)	$	6.30

Outstanding at 31 December		6,979,486		$	6.72

Summary of Share-based payment expense

The Group recognized $10.3 million of share-based payment expense during the year ended 31 December 2022 (in thousands):


	2022
Cost of product revenue		1,522
Research and development expenses		2,994
General and administrative expenses		5,801

		10,317

Litigation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Litigation [Abstract]
Legal expenses	$ 8.7	$ 13.5	$ 7.9

Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Goodwill [Line Items]
Growth rate used to extrapolate cash flow projections	5.00%	5.00%
Discount rate applied to cash flow projections	27.60%	21.50%
Goodwill [member]
Disclosure of Goodwill [Line Items]
Impairment loss recognised in profit or loss, goodwill	$ 0	$ 0

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital [member]	Share premium [member]	Other reserves [member]	Translation reserve [member]	Accumulated deficit [member]
Beginning Balance at Dec. 31, 2019	$ (767,538)	$ 69	$ 102,359		$ (980)	$ (868,986)
Loss for the year	(170,044)					(170,044)
Foreign currency translation differences	5,954				5,954
Total comprehensive loss	(164,090)				5,954	(170,044)
Increase in share capital	64,385	4	64,381
Ending Balance at Dec. 31, 2020	(867,243)	73	166,740		4,974	(1,039,030)
Loss for the year	(101,504)					(101,504)
Foreign currency translation differences	(305)				(305)
Total comprehensive loss	(101,809)				(305)	(101,504)
Increase in share capital	833,440	62	833,378
Ending Balance at Dec. 31, 2021	(135,612)	135	1,000,118		4,669	(1,140,534)
Loss for the year	(513,580)					(513,580)
Foreign currency translation differences	(6,111)				(6,111)
Total comprehensive loss	(519,691)				(6,111)	(513,580)
PIPE Financing	169,368	175	169,193
Settlement of SARs with shares	30,302	35	30,267
Capital Reorganization	(171,565)	1,731	(173,296)
Settlement of related party loans with Ordinary Shares	32,200	50	32,150
Recognition of share-based payments	14,548			$ 14,548
Recognition of equity component of convertible bonds	16,034			16,034
Ending Balance at Dec. 31, 2022	$ (564,416)	$ 2,126	$ 1,058,432	$ 30,582	$ (1,442)	$ (1,654,114)

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Summary of Basic and Diluted Loss Per Share

The calculation of basic and diluted loss per share for the years ended 31 December 2022, 2021, and 2020 is as follows (in thousands, except for share and per share amounts):


	2022			2021			2020
Earnings
Loss for the year		(513,580	)		(101,504	)		(170,044	)
Number of shares
Weighted average number of ordinary shares outstanding		197,721,710			110,673,309			93,648,813

Basic and diluted loss per share		(2.60	)		(0.92	)		(1.82	)

Long-Term Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Longterm incentive plans [Abstract]

Schedule of significant assumptions used in the finnerty model to determine the fair value of the ordinary shares to be issued

Significant assumptions used in the Finnerty model to determine the fair value of the Ordinary Shares to be issued for the settlement as of 15 June 2022 are as follows:


	15 June 2022
Asset price	$	9.38
Term (years)		1 year
Volatility rate		35.0	%
Dividend yield		0.0	%
Indicated put option value	$	0.75
Discount for lack of marketability		8.0	%

Schedule of significant assumptions used in the black-scholes-merton pricing model

Significant assumptions used in the Black-Scholes-Merton pricing model as of 31 December 2021 and 2020 are as follows:


	2021			2020
Risk-free interest rate		0.1	%		0.1	%
Volatility rate		42.0	%		42.0	%
Expected dividend yield		0.0	%		0.0	%
Expected life		0.4 – 1.0 years			1.0 – 1.2 years
Share price at valuation	$	1,806		$	1,465
Strike price	$	925 - $1,695		$	904 - $1,296

Schedule of movements in the group's employee incentive plan liabilities

Movements in the Group’s employee incentive plan liabilities during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Balance at 1 January		14,935			10,501
Additions		5,075			6,648
Payments		(7,693	)		(2,214	)
Balance at 31 December prior to reclassification		12,317			14,935
Reclassified to other current liabilities		(11,773	)		—

Balance at 31 December		544			14,935

Segment Reporting - Summary Of Detailed Information About Noncurrent Assets Excluding Financial Instruments And Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts	$ 338,792	$ 252,436
North America [Member]
Disclosure of geographical areas [line items]
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts	240	439
Europe [Member]
Disclosure of geographical areas [line items]
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts	334,837	249,803
Asia And Other [Member]
Disclosure of geographical areas [line items]
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts	$ 3,715	$ 2,194

Leases - Summary of Maturity Analysis For Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 48,434	$ 180,054
Less than one year [member]
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	6,000	13,164
One to five years [member]
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	20,160	49,379
Thereafter [member]
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 22,274	$ 117,511

Interests In Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of joint ventures [abstract]

Schedule of Information About Joint Venture


Name of entity	Place of business		Ownership interest						Carrying Amount
Name of entity	Place of business		2022			2021			2022		2021
Alvotech & CCHN Biopharmaceutical Co., Ltd.		China		50	%		50	%		48,568		55,307

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 years ended 31 December 2022 and 2021 (in thousands):


	2022			2021
Balance at 1 January		55,307			56,679
Share in losses		(2,590	)		(2,418	)
Translation difference		(4,149	)		1,046

Balance at 31 December		48,568			55,307

Schedule of Summary of Statement of Financial Position of Joint Venture


Summarized Statements of Financial Position (in thousands)	2022		2021
Current assets
Cash and bank balances		17,203		29,659
Trade receivables		—		15
Inventories		250		18
Other current assets		1,539		1,372

Total current assets		18,992		31,064

Total non-current assets		107,487		94,525

Current liabilities
Financial liabilities		145		—
Other current liabilities		14,129		12,156

Total current liabilities		14,274		12,156

Total non-current liabilities		15,069		2,820

Net assets		97,136		110,613

Schedule of Reconciliation to Carrying Amounts in Joint Venture


Reconciliation to carrying amounts (in thousands):	2022			2021
Opening net assets at 1 January		110,613			113,061
Loss for the year		(5,180	)		(4,836	)
Other comprehensive income		—			—
Cash contributions of owners		—			—
Receivable from owners		—			—
Dividends paid		—			—
Other, net		(8,297	)		2,388

Closing net assets at 31 December		97,136			110,613

Group’s share in %		50	%		50	%
Group’s share in USD		48,568			55,307

Carrying amount		48,568			55,307

Schedule of Summary of Statement of Profit Loss and Other Comprehensive Income of Joint Venture


Summarized Statements of Profit or Loss & Other Comprehensive Income (in thousands)	2022			2021			2020
Revenue Interest income		— 433			— 1,295			— 2,518
Depreciation and Amortization		829			210			26
Interest expense		151			—			—
Income tax expense		—			—			—
Other expenses		4,633			5,920			4,844
Exchange rate differences		—			1			658

Loss for the year		(5,180	)		(4,836	)		(3,010	)

Other comprehensive income		—			—			—
Total comprehensive loss		(5,180	)		(4,836	)		(3,010	)
Dividends received from joint venture entity		—			—			—

Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	$ 78,530
Ending balance	220,594	$ 78,530
Facility [member]
Disclosure of detailed information about property, plant and equipment [line items]
Ending balance	114,641
Facility Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	54,657
Ending balance	99,148	54,657
Furniture, Fixtures and Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	23,781
Ending balance	6,365	23,781
Computer Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	92
Ending balance	440	92
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	122,456	99,421
Reclassification of assets	0
Additions	153,219	24,259
Disposals	(2,959)
Translation difference	(1,009)	(1,224)
Ending balance	271,707	122,456
Cost [member] \| Facility [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0
Reclassification of assets	0
Additions	115,000
Disposals	0
Translation difference	0
Ending balance	115,000	0
Cost [member] \| Facility Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	88,510	70,308
Reclassification of assets	25,486
Additions	35,156	19,345
Disposals	(2,959)
Translation difference	(1,043)	(1,143)
Ending balance	145,150	88,510
Cost [member] \| Furniture, Fixtures and Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	32,395	27,600
Reclassification of assets	(25,486)
Additions	2,706	4,845
Disposals	0
Translation difference	(17)	(50)
Ending balance	9,598	32,395
Cost [member] \| Computer Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,551	1,513
Reclassification of assets	0
Additions	357	69
Disposals	0
Translation difference	51	(31)
Ending balance	1,959	1,551
Depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	43,926	33,975
Reclassification of assets	0
Disposals	(2,597)
Translation difference	(23)	(715)
Depreciation	9,807	8,574
Impairment		2,092
Ending balance	51,113	43,926
Depreciation [member] \| Facility [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0
Reclassification of assets	0
Disposals	0
Translation difference	0
Depreciation	359
Ending balance	359	0
Depreciation [member] \| Facility Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	33,853	25,540
Reclassification of assets	5,985
Disposals	(2,597)
Translation difference	9	(649)
Depreciation	8,752	6,870
Impairment		2,092
Ending balance	46,002	33,853
Depreciation [member] \| Furniture, Fixtures and Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	8,614	7,016
Reclassification of assets	(5,985)
Disposals	0
Translation difference	(17)	(39)
Depreciation	621	1,637
Impairment		0
Ending balance	3,233	8,614
Depreciation [member] \| Computer Equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,459	1,419
Reclassification of assets	0
Disposals	0
Translation difference	(15)	(27)
Depreciation	75	67
Impairment		0
Ending balance	$ 1,519	$ 1,459

Depreciation, Amortization And Impairment - Summary Of Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	$ 23,164	$ 24,281	$ 18,561
Cost of product revenue [member]
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	10,053
Research and development expenses [member]
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	9,757	21,764	16,358
General and administrative expenses [member]
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	$ 3,354	$ 2,517	$ 2,203

General information - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 10, 2023 USD ($) $ / shares	Jan. 25, 2023 USD ($)	Jun. 15, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares Warrants	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2019 USD ($)
General Information About Financial Statements [Line Items]
Proceeds from issuing shares				$ 9,800	$ 185,856	$ 34,385
Reorganization, Share listing expense			$ 83,411
Fair value of shares issued, market price per share \| $ / shares			$ 9.38
General and administrative expense				186,742	84,134	58,914
Net losses				(513,580)	(101,504)	(170,044)
Accumulated deficit				(1,654,114)	(1,140,534)
Cash and cash equivalents				66,427	17,556	31,689			$ 67,403
Current assets less current liabilities				63,400
Repayments of borrowings				34,714	$ 37,496	$ 2,896
Proceeds from issuance of private placement	$ 137,000
Private Placement [member]
General Information About Financial Statements [Line Items]
Share price \| $ / shares	$ 11.57
Payments for share issue costs	$ 4,800
Alvogen Facility [member]
General Information About Financial Statements [Line Items]
Notional amount				110,000
Repayments of borrowings				50,000
Senior Bonds [member]
General Information About Financial Statements [Line Items]
Proceeds from issue of bonds				57,900
Tranche A and Tranche B Convertible Bonds and Facility Loans [member]
General Information About Financial Statements [Line Items]
Proceeds from issue of bonds				$ 73,400
Tranche B Convertible Bonds [Member]
General Information About Financial Statements [Line Items]
Issue of convertible instruments		$ 10,000
Conversion price		10.00%
Expected conversion date		December 31, 2023, or June 30, 2024
Aztiq Pharma Partners Sarl [member]
General Information About Financial Statements [Line Items]
Ownership interest in subsidiary				40.70%
Other Subsidiaries [member]
General Information About Financial Statements [Line Items]
Ownership interest in subsidiary				23.50%	15.40%
Maximum percentage of ownership interest held by each shareholder				2.4	2.4
Aztiq [member]
General Information About Financial Statements [Line Items]
Ownership interest in subsidiary					45.10%
Notional amount							$ 25,000	$ 25,000
Alvogen [member]
General Information About Financial Statements [Line Items]
Ownership interest in subsidiary					39.50%
Notional amount							$ 25,000	$ 25,000
Alvogen Lux Holdings Sarl [member]
General Information About Financial Statements [Line Items]
Ownership interest in subsidiary				35.80%
Business Combination and PIPE Financing [member]
General Information About Financial Statements [Line Items]
Transaction costs				$ 28,500
Expense capitalized				5,600
General and administrative expense				22,900
Proceeds from the issuance of common stock				$ 131,900
OACB Warrants [member]
General Information About Financial Statements [Line Items]
Number of other equity instruments outstanding \| Warrants				10,916,647
Ordinary Shares [member] \| Predecessor Earn Out Shares [member]
General Information About Financial Statements [Line Items]
Number of instruments granted in share-based payment arrangement \| shares				38,330,000
Ordinary Shares [member] \| OACB Earn Out Shares [member]
General Information About Financial Statements [Line Items]
Number of instruments granted in share-based payment arrangement \| shares				1,250,000
Ordinary Shares [member] \| Subscription Agreements [member]
General Information About Financial Statements [Line Items]
Common stock, Shares subscribed \| shares			17,493,000
Common stock, Subscription price per share \| $ / shares			$ 10
Common stock, Value, Subscriptions			$ 174,900

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Current Liabilities [Abstract]

Schedule of composition of other current liabilities

The composition of other current liabilities as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Unpaid salary and salary related expenses		15,620		10,235
Accrued interest		2,249		7,547
Accrued payable to Biosana		—		7,500
Accrued vacation leave		5,025		4,626
Employee incentive plan		12,433		—
Accrued expenses		18,720		12,104

		54,047		42,012

Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Income Tax [Abstract]

Schedule of taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss

Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2022, 2021 and 2020 is as follows (in thousands):


Current tax
	2022			2021			2020
Direct taxes - current		1,015			706			248
Direct taxes – prior year		(115	)		491			—

Total current tax		900			1,197			248

Deferred tax
Current		(54,236	)		(48,414	)		(121,974	)
Prior year		15,269			(477	)		—

Total deferred tax		(38,967	)		(48,891	)		(121,974	)

Total income tax benefit		(38,067	)		(47,694	)		(121,726	)

The prior year deferred tax impact of $15.3 million mainly relates to foreign currency impact on losses denominated in Icelandic krona.

Schedule of the reconciling items between the statutory rate and the effective tax rate

The reconciling items between the statutory rate and the effective tax rate are as

follows:


	2022			2021			2020
Tax rate		24.9	%		24.9	%		24.9	%
Effect of tax rate in foreign jurisdictions		(2.4	%)		(8.2	%)		(4.9	%)
Recognition of tax losses		—			—			27.9	%
Permanent differences		(8.9	%)		30.4	%		—
Non-recognition of tax losses		(3.8	%)		(15.0	%)		(6.2	%)
Other items		(2.9	%)		(0.1	%)		—

Effective tax rate		6.9	%		32.0	%		41.7	%

Schedule of the movement in net deferred taxes

The movement in net deferred taxes during the years ended 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Balance at 1 January		170,268			121,647
Deferred tax credited to profit or loss		38,919			48,621

Balance at 31 December		209,187			170,268

Deferred tax assets		209,496			170,418
Deferred tax liabilities		(309	)		(150	)

Schedule of deferred tax recognized in the consolidated statements of financial position

The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2022 and 2021 is as follows (in thousands):


	2022			2021
Deferred tax assets attributable to temporary differences in respect of tax losses		205,290			158,330
Deferred tax assets attributable to other temporary differences		6,832			12,088
Deferred tax liabilities attributable to other temporary differences		(2,935	)		(150	)

Net deferred tax assets		209,187			170,268

Schedule of expiration of unused tax losses

These tax losses expire as follows (in thousands):


2023-2025			35,751
2026-2028			210,224
Later			836,536

			1,082,511

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Basis of preparation

2.1 Basis of preparation

Basis of consolidation

2.2 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

•

has power over the investee;

•

is exposed, or has rights, to variable returns from its involvement with the investee; and

•

has the ability to use its power to affect its returns.

•

the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

•

potential voting rights held by the Company, other vote holders or other parties;

•

rights arising from other contractual arrangements; and

•

All intra-group transactions, balances, income and expenses are eliminated in full in consolidation.

Investments in joint ventures

2.3 Investments in joint ventures

Refer to Note 26 for additional information regarding the Group’s joint venture as of 31 December 2022 and 2021 and for the years ended 31 December 2022, 2021 and 2020.

Critical accounting judgments and key sources of estimation uncertainty

2.4 Critical accounting judgments and key sources of estimation uncertainty

Existing circumstances and assumptions may change due to events arising that are beyond the Group’s control. Therefore, actual results may differ from these estimates.

Segment reporting

2.5 Segment reporting

Revenue recognition

2.6 Revenue recognition

Product revenue

contract-by-contract

basis.

Out-licensing

revenue

The majority of the Group’s revenue is generated from long-term

out-license

contracts which provide the customer with an exclusive right to market and sell products in a particular territory once such products are

approved for commercialization. These contracts typically include the Group’s promises to continue development of the underlying compound and to provide supply of the product to the customer upon

non-current

based upon the expected timing of settlement.

The standalone selling price of the commercial supply is directly observable and the stated prices in the Group’s supply contracts reflect the standalone selling price of such goods.

Other revenue

Cost of product revenue

2.7 Cost of product revenue

in-license

agreements.

Research and development expenses

2.8 Research and development expenses

General and administrative expenses

2.9 General and administrative expenses

Expenditures related to general and administration activities are recognized as an expense in the period in which they are incurred.

Finance income and finance cost

2.10 Finance income and finance cost

Foreign currency translation

2.11 Foreign currency translation

Non-monetary

items carried at fair value that are denominated in foreign currencies are retranslated at the

rates prevailing at the date when the fair value was determined.

Non-

Fair value measurements

2.12 Fair value measurements

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:

•

Level 1: quoted prices in active markets for identical assets and liabilities;

•

Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (e.g., prices) or indirectly (e.g., derived from prices); and

•

Level 3: inputs for the asset or liability that are unobservable.

and nature

of these instruments.

Goodwill and other intangible assets

2.13 Goodwill and other intangible assets

Goodwill

control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.

The Group did not complete any business combinations during the years ended 31 December

021, and 2020. Refer to Note 1.1 for the Business Combination completed during the year ended 31 December 2022.

Other intangible assets


Software		3-5 years
Customer relationships		7 years

Income tax

2.14 Income tax

Income tax includes the current tax and deferred tax charge recorded in the consolidated statements of profit or loss and other comprehensive income or loss.

Current tax

Deferred tax

•

The initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither the taxable profit nor accounting profit;

•

The initial recognition of residual goodwill (for deferred tax liabilities only); or

•

Property, plant and equipment

2.15 Property, plant and equipment

The cost of property, plant and equipment includes an asset’s purchase price and any directly attributable costs of bringing the asset to working condition for its intended use.


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

Inventories

2.16 Inventories

first-in,

first-out

method, depending on the nature of the inventory.

The Group does not pledge inventories as collateral to secure its liabilities.

Financial assets

2.17 Financial assets

Recognition of financial assets

Financial assets measured at amortized cost

Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial.

Impairment of financial assets

Derecognition of financial assets

Financial liabilities

2.18 Financial liabilities

Financial liabilities

Financial liabilities subsequently measured at amortized cost

Financial liabilities subsequently measured at FVTPL

Derivative financial instruments

Tranche A

The fair values of the derivative liabilities were determined using

a valuation

The Group will derecognize any derivative liabilities if and when the rights are exercised by the holders or the time period during which the rights can be exercised expires.

Other long-term liability to related party

non-current

Other current liabilities

In December 2021, Alvotech entered into an exclusive global licensing agreement with BiosanaPharma (Biosana) for the

co-development

of AVT23. Under the terms of the agreement, Biosana granted Alvotech an exclusive global right for AVT23, which will be produced using Biosana’s proprietary process

Long-term incentive plans

Share appreciation rights

non-vesting

Employee incentive plan

non-vesting

non-current

on the consolidated statements of financial position based on the anticipated timing of settlement.

Management Incentive Plan

Litigation and other contingencies

2.19 Litigation and other contingencies

Leases

2.20 Leases

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a

right-of-use

Right-of-use

right-of-use

asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease.

in-substance

Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the

right-of-use

asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs.

As a practical expedient, lessees are not required to separate

non-lease

components from lease components, and instead account for any lease and associated

non-lease

components as a single lease component. The Group has used this practical expedient.

Loss per share

2.21 Loss per share

Audit Fees

12 Months Ended

Dec. 31, 2022

Disclosure Of Audit Fees [Abstract]

Audit fees

9.	Audit fees


	2022		2021		2020
Financial Statement audit fees		2,615		5,502		382
Other fees, including tax services		676		136		607

Total fees		3,291		5,638		989

Audit fees for 2021 include fees for the audit of the PCAOB uplift of the consolidated financial statements for 2019 and 2020. Other fees for 2022 include review services for the F-4 and other SEC filings.

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

Supplement cash flow information for the year ended 31 December 2022, 2021 and 2020 is included below (in thousands).


Non-cash investing and financing activities	2022	2021	2020
Acquisition of property, plant and equipment in trade payables	4,131	3,812	—
Acquisition of intangibles in trade payables and other current liabilities	4,075	—	—
Right-of-use assets obtained through new operating leases	9,583	18,871	15,204
Addition of the Facility through Aztiq Convertible Bond	115,005	—	—
Non-cash issuance of Aztiq Convertible Bond	80,000	—	—
Equity issued through conversion of borrowings	32,200	346,043	30,000
Acquisition of other intangible assets through financing agreements	—	461	—

Interests In Joint Ventures - Schedule of Summary of Statement of Financial Position of Joint Venture (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets [abstract]
Current inventories	$ 71,470	$ 39,058
Other current assets	32,949	14,736
Total current assets	230,736	119,816
Total non-current assets	597,707	478,161
Current liabilities [abstract]
Other current liabilities	54,047	42,012
Total current liabilities	167,294	111,836
Total non-current liabilities	1,225,565	621,753
Joint ventures [member]
Current assets [abstract]
Cash and bank balances	17,203	29,659
Trade receivables		15
Current inventories	250	18
Other current assets	1,539	1,372
Total current assets	18,992	31,064
Total non-current assets	107,487	94,525
Current liabilities [abstract]
Financial liabilities	145
Other current liabilities	14,129	12,156
Total current liabilities	14,274	12,156
Total non-current liabilities	15,069	2,820
Net assets	$ 97,136	$ 110,613	$ 113,061

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax
Direct taxes - current	$ 1,015	$ 706	$ 248
Direct taxes – prior year	(115)	491
Total current tax	900	1,197	248
Deferred tax
Current	(54,236)	(48,414)	(121,974)
Prior year	15,269	(477)
Total deferred tax	(38,967)	(48,891)	(121,974)
Total income tax benefit	$ (38,067)	$ (47,694)	$ (121,726)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Financial Instruments - Summary of Impact on the Groups Operations (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EUR
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.061	1.133
Average rate	1.052	1.183
Change	6.40%
GBP
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.204	1.35
Average rate	1.233	1.376
Change	10.80%
ISK
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	0.007	0.008
Average rate	0.007	0.008
Change	8.30%
CHF
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.071	1.094
Average rate	1.047	1.094
Change	2.10%
INR
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	0.012	0.013
Average rate	0.013	0.014
Change	10.10%

Leases - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Lease Liabilities [Abstract]
Balance at 1 January	$ 122,140	$ 108,947
Adjustments for indexed leases	10,247	5,358
New or renewed leases	7,458	18,116
Installment payments	(7,655)	(6,595)
Derecognition due to acquisition of Alvotech Facility (see Note 12)	(80,075)	0
Foreign currency adjustment	(11,682)	(3,744)
Translation difference	99	58
Balance at 31 December	40,532	122,140
Current liabilities	(5,163)	(7,295)
Non-current liabilities	$ 35,369	$ 114,845

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Classes of current inventories [abstract]
Raw materials and supplies	$ 41,961	$ 26,590
Work in progress	29,450	13,730
Finished goods	2,121
Inventory reserves	(2,062)	(1,262)
Balance at 31 December	$ 71,470	$ 39,058

Revenue and other income - Summary Of The Groups' Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 83,029	$ 36,772	$ 66,616
Product revenue [Member] \| Goods or services transferred at point in time [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	24,836
License revenue [Member] \| Goods or services transferred at point in time [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	424	1,453	24,067
Research and development and other service revenue [Member] \| Goods or services transferred over time [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 57,769	$ 35,319	$ 42,549

Cash And Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 66,427	$ 17,556	$ 31,689	$ 67,403
US dollars [member]
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	10,377	15,798
Non US [member]
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 56,050	$ 1,758

Other Current Liabilities - Schedule of Composition of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Other Current Liabilities [Line Items]
Unpaid salary and salary related expenses	$ 15,620	$ 10,235
Accrued interest	2,249	7,547
Accrued payable to Biosana		7,500
Accrued vacation leave	5,025	4,626
Employee incentive plan	12,433
Accrued expenses	18,720	12,104
Total	$ 54,047	$ 42,012

Financial Instruments - Summary of Analysis Assumes that all Other Variables (Details) - Currency risk [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EUR
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
-10% weakening	$ (991)	$ (1,600)
+10% strengthening	991	1,600
GBP
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
-10% weakening	(143)	(49)
+10% strengthening	143	49
ISK
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
-10% weakening	(6,002)	(14,333)
+10% strengthening	6,002	14,333
CHF
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
-10% weakening	(724)	(659)
+10% strengthening	724	$ 659
INR
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
-10% weakening	(51)
+10% strengthening	$ 51

Income Tax - Schedule Of Expiration Of Unused Tax Losses (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Disclosure of income tax [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 1,082,511
2023-2025 [Member]
Disclosure of income tax [Line Items]
Unused tax losses for which no deferred tax asset recognised	35,751
2026-2028 [Member]
Disclosure of income tax [Line Items]
Unused tax losses for which no deferred tax asset recognised	210,224
Later [Member]
Disclosure of income tax [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 836,536

Related Parties

12 Months Ended

Dec. 31, 2022

Related Parties

24.	Related parties

Related parties are those parties which have considerable influence over the Group, directly or indirectly, including a parent company, owners or their families, large investors, key management personnel and their families and parties that are controlled by or dependent on the Group, such as affiliates and joint ventures. Key management personnel include the Group’s executive officers and directors, since these individuals have the authority and responsibility for planning, directing and controlling the activities of the Group. Interests in subsidiaries are set out in Note 1.

Transactions with related parties

A related party transaction is a transfer of resources, services or obligations between the Group and a related party, regardless of whether a price is charged. The Group engages with related parties for both purchased and sold services, loans and other borrowings and other activities.

The Group entered into two lease agreements with Fasteignafélagið Sæmundur hf. in January 2019 and October 2020 for facilities in Iceland, both with remaining lease terms of approximately 17

years as of 31 December 2021. The Group also entered into ten separate lease agreements with HRJAF ehf. throughout 2019 and 2020 for a group of apartment buildings in Iceland used for temporary housing of employees and third party contractors. Two of the leases were terminated during the year ended 31 December 2020. The group extinguished the lease agreements with Sæmundur hf. as a result of the Share Purchase Agreement (see Note 12). The remaining lease terms for the other eight leases approximate

8 years, on average, as of 31 December 2022.

The Group provides and receives certain support services through arrangements with Aztiq, Alvogen and Alvogen Malta (Outlicensing) Ltd. (Adalvo). Services provided to Alvogen consist of finance, administrative, legal and human resource services. Services received from Alvogen primarily consist of marketing, salary processing and information technology support services. Services received from Adalvo primarily consist of legal, regulatory, supply chain management and portfolio and market intelligence services.

Purchased service includes rental fees and service expenses, as described above. Rental fees and service expenses with related parties are presented as “General and administrative expenses” or “Research and development expenses” in the consolidated statements of profit or loss and other comprehensive income or loss, depending on the nature of the service performed and expense incurred by the Group. Rental liabilities from lease arrangements with related parties are presented as a component of “Lease liabilities” on the consolidated statements of financial position. Service payables are presented as “Liabilities to related parties” on the consolidated statements of financial position.

Interest includes interest expense on borrowings. Interest expenses on loans from related parties are presented as “Finance costs” in the consolidated statements of profit or loss and other comprehensive

income or loss. Borrowings are presented as “Borrowings” and “Current maturities of borrowings” on the consolidated statements of financial position. See Note 20 for further details on the Borrowing arrangements with related parties.

Sold service includes services provided to related parties, as described above. Income from related parties for such services are presented as “Other income” in the consolidated statements of profit or loss and other comprehensive income or loss. Amounts receivable for such activities are presented as “Receivables from related parties” on the consolidated statements of financial position. The Group has not recorded bad debt provisions for its receivables from related parties.

Related party transactions as of and for the year ended 31 December 2022 are as follows (in thousands):


	Purchased service / interest		Sold service		Receivables		Payables/ loans
Alvogen Lux Holdings S.à r.l. – Sister company (a)		5,415		—		—		64,588
Aztiq Fjárfestingar ehf. (a)		216		—		—		20
Aztiq Consulting ehf.		442		—		—		25
ATP Holdings ehf. (e)		1,254		—		765		81,254
Fasteignafélagið Sæmundur hf. - Sister company (e)		7,189		—		—		—
Fasteignafélagið Eyjólfur hf. - Sister company		—		196		—		—
Alvogen Iceland ehf. - Sister company		465		174		—		484
Alvogen ehf. - Sister company		—		68		1		—
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)		—		3		2		7,440
Lotus International Pte. Ltd. - Sister company		—		4		3		—
Alvogen Emerging Markets - Sister company		98		—		—		—
Alvogen Korea co. Ltd - Sister company		—		1		—		—
Alvogen Inc. - Sister company		585		266		12		222
Alvotech & CCHN Biopharmaceutical Co., Ltd. (c)		—		—		758		—
Adalvo Limited – Sister company		1,218		106		—		349
Alvogen Malta Sh. Services - Sister company		603		—		7		—
Alvogen Spain SL - Sister Company		117		—		—		—
Norwich Clinical Services Ltd - Sister Company		301		—		—		31
Alvogen Pharma Pvt Ltd - Sister Company		1,159		—		—		—
Flóki Fasteignir ehf. (HRJÁF ehf.) - Sister company		1,516		—		—		8,876
L41 ehf.		26		—		—		—
Lambahagavegur 7 ehf. (d)		537		—		—		—

		21,141		818		1,548		163,289

(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 20).

(b)

(c)

(d)

Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2022.

(e)

Related party transactions as of and for the year ended 31 December 2021 are as follows (in thousands):


	Purchased service / interest		Sold service		Receivables		Payables/ loans
Alvogen Lux Holdings S.à r.l. – Sister company (a)		9,383		—		—		—
Aztiq Pharma Partners S.à r.l. – Sister company (a)		16,048		—		—		—
Alvogen Aztiq AB – Sister company (a)		297		—		—		43
Aztiq Fjárfestingar ehf. (a)		120		—		—		—
Aztiq Investment Advisory AB (a)		—		—		2		—
Fasteignafélagið Sæmundur hf. – Sister company		7,762		—		—		83,770
Alvogen Iceland ehf. – Sister company		454		2,308		109		14
Alvogen ehf. – Sister company		6		2		2		—
Alvogen UK – Sister company		299		—		17		—
Lotus Pharmaceuticals Co. Ltd. – Sister company (b)		—		312		295		7,440
Alvogen Emerging Markets – Sister company		238		—		—		16
Alvogen Korea co. Ltd – Sister company		—		9		—		—
Alvogen Inc. – Sister company		89		654		301		—
Alvotech & CCHN Biopharmaceutical Co., Ltd. (c)		—		—		320		—
Alvogen Malta Sh. Services – Sister company		1,216		151		—		283
Alvogen Malta (Outlicensing) Ltd – Sister company		1,045		279		65		229
Alvogen Spain SL – Sister Company		294		—		—		23
Norwich Clinical Services Ltd – Sister Company		41		—		—		17
Alvogen Pharma Pvt Ltd – Sister Company		491		—		—		13
HRJAF ehf – Sister company		1,415		—		—		9,794
L41 ehf.		29		—		—		—
Lambahagavegur 7 ehf.		713		—		—		12,661

		39,940		3,715		1,111		114,303

(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 20).

(b)

(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.

party transactions for the year ended 31 December 2020 are as follows (in thousands):


	Purchased service / interest		Sold service
Alvogen Lux Holdings S.à r.l. – Sister company (a)		9,452		1,134
Aztiq Pharma Partners S.à r.l. – Sister company (a)		19,471		—
Fasteignafélagið Sæmundur hf. – Sister company		8,111		—
Alvogen Iceland ehf. – Sister company		2,268		1,310
Alvogen ehf. – Sister company		40		—
Alvogen UK – Sister company		1,153		—
Lotus Pharmaceuticals Co. Ltd. – Sister company (b)		3,060		—
Alvogen Emerging Markets – Sister company		68		—
Alvogen Inc. – Sister company		67		—
Alvogen PB R&D LLC		—		7
Alvogen Malta Operations Ltd – Sister company		239		—
Alvogen Malta Group Services – Sister company		478		—
Alvogen Malta Sh. Services – Sister company		101		—
Alvogen Malta LTD – Sister company		—		4
Alvogen Malta (Outlicensing) Ltd – Sister company		142		185
Alvogen Spain SL – Sister Company		132		—
Norwich Clinical Services Ltd – Sister Company		92		—
Alvogen Pharma Pvt Ltd – Sister Company		218		—
HRJAF ehf – Sister company		1,083		—

		46,175		2,640

(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 20).

(b)

Commitments and guarantees

The Group does not have any contractual commitments with its related parties other than the receivables, loans and payables previously disclosed.

Key management personnel

At 31 December 2022 and 2021 there are no loans to the members of the Board of Directors and the CEO. In addition, there were no transactions carried out (except those in Note 24) between the Group and members of the Board of Directors nor the CEO in the year ended 31 December 2022 and 2021. The Board of Directors’ remuneration is shown in the table below.

Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts).	2022
	Board fees		Pension contribution		Shares at year-end**

Robert Wessman, Chairman of the board		740		—		—
Richard Davi e s, Vice-Chairman		68		—		1,133,131
Ann Merchant, Board Member (from 16.6.2022)		43		—
Árni Harðarson, Board Member (from 16.6.2022)*		—		—		—
Faysal Kalmoua, Board Member*		—		—		—
Linda McGoldrick, Board Member (from 16.6.2022)		38		—		—
Lisa Graver, Board Member (from 16.6.2022)		38		—		—
Tomas Ekman, Board Member*		—		—		—
Hirofumi Imai, Board member (until 16.6.2022)		—		—		—

		927		—		1,133,131

Waived their board compensation (both cash and equity).

Direct share ownership


	2022
Key employees	Salaries and benefits		Pension contribution		Termination benefits		Other long- term benefits
Mark Levick CEO		892		162		1,157		—
Other Executive Team Members (9)		5,400		446		820		5,015

		6,292		608		1,977		5,015


Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts).	2021
	Board fees		Pension contribution		Shares at year-end**
Robert Wessman, Chairman of the board		—		—		—
Richard Davi e s, Vice-Chairman		—		—		893,060
Faysal Kalmoua, Board Member*		—		—		—
Tomas Ekman, Board Member*		—		—		—
Hirofumi Imai, Board member		—		—		—
Tanya Zharov (from 23.8.2021)*		—		—		—

		—		—		893,060

Waived their board compensation (both cash and equity).

Direct share ownership


	2021
Key employees	Salaries and benefits		Pension contribution		Termination benefits		Other long- term benefits
Mark Levick CEO		877		159		—		—
Other Executive Team Members (9)		4,531		333		—		985

		5,408		492		—		985

Salaries And Other Employee Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Salaries And Other Employee Expenses [Abstract]

Summary Of Detailed Information About Aggregate Salary And Other Employee Expenses Incurred By The Group

The aggregate salary and other employee expenses incurred by the Group for these employees were as follows (in thousands):


	2022		2021		2020
Salary expense		92,082		67,433		45,904
Defined contribution plan expense (1)		10,052		7,694		5,234
Long-term incentive plan expense		5,481		17,955		18,053
Share-based payments (see Note 22)		10,317		—		—
Other employee expense		11,670		10,274		10,186
Temporary labor		5,838		6,164		3,441

		135,440		109,520		82,818

(1)

Summary Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss

Salaries and other employee expense is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		42,501		—		—
Research and development expenses		52,962		71,588		49,043
General and administrative expenses		39,977		37,932		33,775

Total salary and other employee expenses		135,440		109,520		82,818

Share Capital (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of classes of share capital [abstract]

Summary of Share Capital and Share Premium

Share capital and share premium of the Group’s Ordinary Shares issued as of 31 December 2022 and 2021 is as follows (in thousands, except for share amounts):


	2022				2021
	Shares		Share capital and share premium		Shares		Share capital and share premium
Class A ordinary shares		—		—		13,386,098		997,824
Class B ordinary shares		—		—		95,701		2,429
Ordinary Shares		252,160,087		1,060,558		—		—

Total share capital and share premium		252,160,087		1,060,558		13,481,799		1,000,253

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

Movements in the Group’s Class A and Class B ordinary shares, share capital and share premium during the years ended 31 December 2022, 2021 and 2020 are as follows (in thousands, except for share amounts):


	Ordinary Shares		Predecessor Ordinary Shares			Share capital			Share premium			Total
Balance at 1 January 2020		—		6,937,062			69			102,359			102,428
Share issue		—		322,077			4			64,997			65,001
Transaction costs arising on share issue		—		—			—			(616	)		(616	)

Balance at 31 December 2020		—		7,259,139			73			166,740			166,813

Share issue		—		6,222,660			62			833,378			833,440

Balance at 31 December 2021.		—		13,481,799			135			1,000,118			1,000,253

Elimination of Predecessor Ordinary Shares (Note 1.1)		—		(13,481,799	)		(135	)		135			—
Issuance of Ordinary Shares (Note 1.1)		186,576,505		—			1,866			63,169			65,035
PIPE Financing (Note 1.1)		17,493,000		—			175			174,755			174,930
Transaction costs arising on share issue		—		—			—			(5,562	)		(5,562	)
Predecessor Earn Out Shares (Note 22)		38,330,000		—			—			(227,500	)		(227,500	)
OACB Earn Out Shares (Note 22)		1,250,000		—			—			(9,100	)		(9,100	)
SARs Settlement (Note 21)		3,510,582		—			35			30,267			30,302
Settlement of related party loans with Ordinary Shares		5,000,000		—			50			32,150			32,200

Balance at 31 December 2022.		252,160,087		—			2,126			1,058,432			1,060,558

New Accounting Standards

12 Months Ended

Dec. 31, 2022

Disclosure Of New Accounting Standards [Abstract]

New accounting standards

3.	New accounting standards

New standards and interpretations adopted and effective during the periods

The following new IFRS standards have been adopted by the Group effective 1 January 2022:

IAS 16 (Amendments) – Property, Plant and Equipment – Proceeds before Intended Use

The IASB issued amendments to IAS 16, which prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use; that is, proceeds from items being sold while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognizes such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with IAS 2 Inventories. The amendments also clarified the meaning of ‘testing whether an asset is functioning properly’. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group.

IAS 37 (Amendment) – Onerous Contracts – Cost of Fulfilling a Contract

The IASB issued amendments to IAS 37 to specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labor or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The amendments apply to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. Comparatives are not restated. Instead, the entity shall recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group.

Annual Improvements to IFRS Standards 2018-2020 Cycle

IFRS 9 Financial Instruments

The IASB issues amendments on IFRS 9, which clarifies that in applying the ‘10 percent’ test to assess whether to derecognize a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. The amendment is applied prospectively to modifications and exchanges that occur on or after the date the entity first applies the amendment. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group.

New and revised IFRS standards in issue but not yet effective

The following new standards are not yet adopted by or effective for the Group and have not been applied in preparing these consolidated financial statements.

IFRS 10 and IAS 28 (Amendments) – Sale or Contribution of Assets between Investor and its Associate or Joint Venture:

The IASB issues amendments to IFRS 10 and IAS 28, which relate to situations where there is a sale or contribution of assets between an investor and its associate or joint venture. The amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognized in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognized in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the Board; however, earlier application of the amendments is permitted. The Group anticipates that the application of these amendments may have an impact on the consolidated financial statements in future periods should such transactions arise.

IAS 1 (Amendments) – Classification of Liabilities as Current or

Non-Current

The IASB issues amendments to IAS 1, which affect the presentation of liabilities as current or

non-current

in the statement of financial position. The amendment does not impact the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or

non-current

is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after 1 January 2023, with early application permitted. The Group anticipates that the application of these amendments may have an impact on the consolidated financial statements in future periods.

Annual Improvements to IFRS Standards 2018-2020 Cycle

The Annual Improvements include amendments to the following Standards that are relevant to the Group:

IFRS 16 Leases

The IASB issues amendments on IFRS 16, which removes the illustration of the reimbursement of leasehold improvements. As the amendment to IFRS 16 only regards an illustrative example, no effective date is stated.

IAS 1 Presentation of Financial Statements, Practice statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

The aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendment is effective for annual periods beginning on or after 1 January 2023.

IAS 12 Income Taxes

These require companies to recognize deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences. The amendment is effective for annual periods beginning on or after 1 January 2023.

The Group anticipates that the application of these amendments will not have a material impact on the consolidated financial statements.

Loss Per Share - Summary of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [line items]
Loss for the year	$ (513,580)	$ (101,504)	$ (170,044)
Weighted average number of ordinary shares outstanding	197,721,710	110,673,309	93,648,813
Adjusted weighted average shares			93,648,813
Basic loss per share	$ (2.6)	$ (0.92)	$ (1.82)
Diluted loss per share	$ (2.6)	$ (0.92)	$ (1.82)

- 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 2022-03-24
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2022-03-24
-Paragraph 39L
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2022-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Leases - Summary Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation expense from right-of-use assets	$ (9,869)	$ (8,699)	$ (7,188)
Interest expense on lease liabilities	(6,022)	(6,423)	(5,481)
Foreign currency difference on lease liability	11,682	3,744	3,248
Loss from extinguishment of lease agreement (see Note 12)	(3,859)	0	(241)
Total amount recognized in profit and loss	(8,068)	(11,378)	(9,662)
Facilities [member]
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation expense from right-of-use assets	(9,423)	(8,228)	(6,955)
Fleet [member]
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation expense from right-of-use assets	(119)	(38)	(7)
Equipment [member]
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation expense from right-of-use assets	$ (327)	$ (433)	$ (226)

Segment Reporting - Summary Of Detailed Information About Revenue From Transactions With Individual Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Customer A [Member]
Disclosure of major customers [line items]
Revenue	$ 17,940	$ 10,070	$ 36,270
Percentage of entity's revenue	21.60%	27.40%	54.40%
Customer B [Member]
Disclosure of major customers [line items]
Revenue	$ 38,376	$ 18,369	$ 18,572
Percentage of entity's revenue	46.20%	50.00%	27.90%

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_32&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_34&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2022-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_103&doctype=Standard
-URIDate 2022-03-24

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_102&doctype=Standard
-URIDate 2022-03-24

+ Details

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost of sales [member]
Disclosure of detailed information about intangible assets [line items]
Impairment charge expense	$ 2,100,000
Research and Development [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment charge expense	700,000
Intangible Assets With Finite Lived [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment charge	2,800,000	$ 4,000,000
Intangible assets with indefinite useful life [member]
Disclosure of detailed information about intangible assets [line items]
Impairment charge	$ 0

Long-Term Incentive Plans - Schedule Of Significant Assumptions Used In The Black-Scholes-Merton Pricing Model (Details) - Option pricing model [member]	12 Months Ended
	Dec. 31, 2021 USD ($) yr	Dec. 31, 2020 USD ($) yr
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period Explanatory [Line Items]
Risk-free interest rate	0.10%	0.10%
Volatility rate	42.00%	42.00%
Expected dividend yield	0.00%	0.00%
Share price at valuation	$ 1,806	$ 1,465
Bottom of range [member]
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period Explanatory [Line Items]
Expected life \| yr	0.4	1
Strike price	$ 925	$ 904
Top of range [member]
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period Explanatory [Line Items]
Expected life \| yr	1	1.2
Strike price	$ 1,695	$ 1,296

Intangible Assets - Summary of Detailed Information About Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	$ 21,509
Amortization	733	$ 923	$ 1,010
Ending balance	25,652	21,509
Software [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	5,844
Ending balance	10,341	5,844
Customer relationships [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	665
Ending balance	311	665
Intellectual property rights [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	15,000
Ending balance	15,000	15,000
Gross carrying amount [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	26,106	10,131
Additions	7,682	20,186
Impairment	(2,755)	(3,993)
Translation difference	(168)	(218)
Ending balance	30,865	26,106	10,131
Gross carrying amount [member] \| Software [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	8,777	7,603
Additions	7,682	5,186
Impairment	(2,755)	(3,993)
Translation difference	(20)	(19)
Ending balance	13,684	8,777	7,603
Gross carrying amount [member] \| Customer relationships [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	2,329	2,528
Translation difference	(148)	(199)
Ending balance	2,181	2,329	2,528
Gross carrying amount [member] \| Intellectual property rights [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	15,000
Additions		15,000
Ending balance	15,000	15,000
Amortization [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	4,597	3,796
Translation difference	(117)	(122)
Amortization	733	923
Ending balance	5,213	4,597	3,796
Amortization [member] \| Software [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	2,933	2,351
Translation difference	(13)	(9)
Amortization	423	591
Ending balance	3,343	2,933	2,351
Amortization [member] \| Customer relationships [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	1,664	1,445
Translation difference	(104)	(113)
Amortization	310	332
Ending balance	$ 1,870	$ 1,664	$ 1,445

Financial Instruments - Summary of Fair Value on a Recurring Basis (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 381,083
Level 1 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	10,152
Level 2 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	286,700
Level 3 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	84,231
Senior Bond Warrants [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	45,325
Senior Bond Warrants [member] \| Level 3 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	45,325
Tranche A Conversion Feature [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	38,055
Tranche A Conversion Feature [member] \| Level 3 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	38,055
Senior Bond Interest Rate Feature [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	851
Senior Bond Interest Rate Feature [member] \| Level 3 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	851
Predecessor Earn Out Shares [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	276,200
Predecessor Earn Out Shares [member] \| Level 2 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	276,200
OACB Earn Out Shares [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	10,500
OACB Earn Out Shares [member] \| Level 2 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	10,500
OACB Warrants [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	10,152
OACB Warrants [member] \| Level 1 [member]
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 10,152

Financial Instruments - Summary of Contractual Maturities of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Non-interest bearing	$ 40,400	$ 29,396
Variable-interest bearing	96,098	27,643
Total financial assets	136,498	57,039
Non-interest bearing	112,350	135,011
Fixed-interest bearing - Borrowings	1,008,986	550,573
Derivative	380,232
Variable-interest bearing - Borrowings	92,404	7,193
Total financial liabilities	1,593,972	692,777
Within one year [member]
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Non-interest bearing	40,400	29,396
Variable-interest bearing	66,427	17,556
Total financial assets	106,827	46,952
Non-interest bearing	104,366	71,237
Fixed-interest bearing - Borrowings	45,757	16,663
Variable-interest bearing - Borrowings	25,259	3,041
Total financial liabilities	175,382	90,941
One to two years [member]
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Non-interest bearing		0
Fixed-interest bearing - Borrowings	66,308	33,235
Variable-interest bearing - Borrowings	8,036	3,035
Total financial liabilities	74,344	36,270
Thereafter [member]
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Variable-interest bearing	29,671	10,087
Total financial assets	29,671	10,087
Non-interest bearing	7,984	63,774
Fixed-interest bearing - Borrowings	896,921	500,675
Derivative	380,232
Variable-interest bearing - Borrowings	59,109	1,117
Total financial liabilities	$ 1,344,246	$ 565,566

Litigation

12 Months Ended

Dec. 31, 2022

Litigation [Abstract]

Litigation

23.	Litigation

In 2022, prior to the issuance date of these consolidated financial statements, the Group was involved in four litigations (all now dismissed) in the United States adverse to AbbVie arising out of the development of Alvotech’s AVT02 product, and the filing of a biologics license application with the U.S. Food and Drug Administration seeking regulatory approval (the “AbbVie Litigations”).

On 19 March 2021, AbbVie Inc. and AbbVie Biotechnology Ltd. (collectively, “AbbVie”) filed an action against Alvotech hf. in the United States District Court for the Northern District of Illinois alleging trade secret misappropriation under the Defend Trade Secrets Act and under the Illinois Trade Secrets Act. The complaint pleaded, among other things, that Alvotech hired a certain former AbbVie employee in order to acquire and access trade secrets belonging to AbbVie. In October 2021, the Court granted Alvotech’s motion to dismiss the action, and AbbVie later appealed that ruling to U.S. Court of Appeals for the Seventh Circuit.

On 17 December 2021, AbbVie Inc., AbbVie Biotechnology Ltd, and AbbVie Operations Singapore Pte. Ltd. filed a complaint with the U.S. International Trade Commission against Alvotech hf., Alvotech Germany GmbH, Alvotech Swiss AG, Alvotech USA Inc., Teva Pharmaceutical Industries Ltd., Teva Pharmaceuticals USA Inc., and Ivers-Lee AG (Certain Adalimumab, Processes for Manufacturing or Relating to Same, and Products Containing Same, Investigation No. 337-TA-1296). The complaint raised trade secret misappropriation allegations similar to those raised in the trade secret litigation that AbbVie previously filed in the Northern District of Illinois.

On 27 April 2021, AbbVie filed an action against Alvotech hf. in the United States District Court for the Northern District of Illinois alleging infringement of four patents, under the patent laws of the United States. On 28 May 2021, AbbVie filed another action against Alvotech hf. in the United States District Court for the Northern District of Illinois alleging infringement of 58 patents, under the patent laws of the United States, the BPCIA, and the Declaratory Judgment Act, and later added two more patents.

As of 31 December 2022, the AbbVie Litigations were dismissed. On 8 March 2022, Alvotech entered into the AbbVie U.S. Agreement with AbbVie Inc. and AbbVie Biotechnology Ltd with respect to AVT02 for the U.S. market. Pursuant to the settlement component of the AbbVie U.S. Agreement, the parties agreed to stipulate to the dismissal of all claims, counterclaims and potential claims in the four U.S. litigations, with each party to bear its own fees and costs. The parties further agreed to release each other from certain claims and demands. Under the licensing component of the AbbVie U.S. Agreement, AbbVie granted Alvotech a license effective 1 July 2023 to make, import, use, distribute, sell and offer for sale AVT02 in the U.S. and a license to manufacture, import and store a reasonable amount of AVT02 in anticipation of the commercial launch of AVT02 in the U.S. Under the agreement, Alvotech may sublicense certain rights to Teva, as a commercialization partner, and may also sublicense to other parties subject to certain conditions. In return, Alvotech is obligated to pay a royalty to AbbVie in the single digits of the net sales of AVT02 in the U.S. The agreement does not provide for upfront or milestone payments. The obligation of Alvotech to pay

royalties shall terminate on the earlier of (i) 11 February 2025; or (ii) a determination that licensed patents are invalid or unenforceable, at which time the license granted will be deemed fully paid up and irrevocable. Each party has the right to terminate the agreement upon breach of certain terms of the agreement that remains uncured for a certain period of time. Additionally, AbbVie may terminate the agreement if Alvotech takes certain actions concerning the patentability, validity or enforceability of AbbVie’s patents in the U.S. with respect to AVT02.

The Group incurred approximately $8.7 million, $13.5 million and $7.9 million in legal expenses during the years ended 31 December 2022, 2021, and 2020, respectively, in preparation for, and/or in relation to, these litigations. Aside from these matters, the Group is not currently a party to any material litigations or similar matters.

Finance Income And Finance Cost - Summary Of Detailed Information About Finance Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Details Of Finance Income [Abstract]
Changes in the fair value of derivatives (see Note 27)	$ 1,637	$ 51,549	$ 5,393
Interest income from cash and cash equivalents	556	18	166
Other interest income	356	1	49
Finance income	$ 2,549	$ 51,568	$ 5,608

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about intangible assets [abstract]

Summary of Detailed Information About Intangible Assets

Movements in intangible assets during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	Software			Customer relationships			Intellectual property rights		Total
Cost
Balance at 1 January 2022		8,777			2,329			15,000		26,106
Additions		7,682			—			—		7,682
Impairment		(2,755	)		—			—		(2,755	)
Translation difference		(20	)		(148	)		—		(168	)

Balance at 31 December 2022		13,684			2,181			15,000		30,865

Amortization
Balance at 1 January 2022		2,933			1,664			—		4,597
Amortization		423			310			—		733
Translation difference		(13	)		(104	)		—		(117	)

Balance at 31 December 2022		3,343			1,870			—		5,213

Net carrying amount

Balance at 31 December 2022		10,341			311			15,000		25,652


	Software			Customer relationships			Intellectual property rights		Total
Cost
Balance at 1 January 2021		7,603			2,528			—		10,131
Additions		5,186			—			15,000		20,186
Impairment		(3,993	)		—			—		(3,993	)
Translation difference		(19	)		(199	)		—		(218	)

Balance at 31 December 2021		8,777			2,329			15,000		26,106

Amortization
Balance at 1 January 2021		2,351			1,445			—		3,796
Amortization		591			332			—		923
Translation difference		(9	)		(113	)		—		(122	)

Balance at 31 December 2021		2,933			1,664			—		4,597

Net carrying amount

Balance at 31 December 2021		5,844			665			15,000		21,509

Summary of Impairment Loss and Reversal of Impairment Loss

Expense for amortization of the Group’s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		471		—		—
Research and development expenses		—		324		357
General and administrative expenses		262		599		653

		733		923		1,010

Financial Instruments - Summary of Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Borrowings (measured at amortized cost)	$ 764,570	$ 400,911	$ 567,899
Derivative financial liabilities (measured at FVTPL)	380,232
Other long-term liability to related party (measured at amortized cost)	7,440	7,440
Long-term incentive plan (measured at FVTPL)	544	56,334
Trade and other payables (measured at amortized cost)	49,188	28,587
Lease liabilities (measured at amortized cost)	40,532	122,140	$ 108,947
Liabilities to related parties (measured at amortized cost)	1,131	638
Other current liabilities	53,664	42,012
Financial liabilities	$ 1,297,301	$ 658,062

Financial Instruments

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Financial instruments

27.	Financial instruments

Accounting classification and carrying amounts

Financial assets as of 31 December 2022 and 2021, all of which are measured at amortized cost, are as follows (in thousands):


	2022		2021
Cash and cash equivalents		66,427		17,556
Restricted cash		25,187		10,087
Trade receivables		32,972		29,396
Other current assets		5,880		14,518
Receivables from related parties		1,548		1,111
Other long-term assets		4,484		—

		136,498		72,668

Financial liabilities as of 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Borrowings (measured at amortized cost)		764,570		400,911
Derivative financial liabilities (measured at FVTPL)		380,232		—
Other long-term liability to related party (measured at amortized cost)		7,440		7,440
Long-term incentive plan (measured at FVTPL)		544		56,334
Trade and other payables (measured at amortized cost)		49,188		28,587
Lease liabilities (measured at amortized cost)		40,532		122,140
Liabilities to related parties (measured at amortized cost)		1,131		638
Other current liabilities		53,664		42,012

		1,297,301		658,062

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, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. Material differences between the fair values and carrying amounts of these borrowings are identified as follows (in thousands):


	At 31 December 2022
	Carrying Amount		Fair Value
Senior Bonds		530,506		535,167


	At 31 December 2021
	Carrying Amount		Fair Value
Bonds		363,100		368,476

Fair value measurements

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured to fair value on a recurring basis as of 31 December 2022 (in thousands):


	2022
	Level 1		Level 2		Level 3		Total
Senior Bond Warrants		—		—		45,325		45,325
Tranche A Conversion Feature		—		—		38,055		38,055
Senior Bond Interest Rate Feature (included in other current assets)		—		—		851		851
Predecessor Earn Out Shares		—		276,200		—		276,200
OACB Earn Out Shares		—		10,500		—		10,500
OACB Warrants		10,152		—		—		10,152

		10,152		286,700		84,231		381,083

The Group did not recognize any transfers of assets or liabilities between levels of the fair value hierarchy during the years ended 31 December 2022, 2021, and 2020.

The Group recognized derivative financial liabilities related to the equity conversion rights in the convertible bonds as well as the equity conversion rights, warrant rights and funding rights in the convertible shareholder loans as of 31 December 2020. These derivative financial liabilities were extinguished during the year ended 31 December 2021. Refer to Note 20 for additional details on the extinguishment.

Tranche A Conversion Feature

As noted in Note 20, in connection with the Convertible Bonds the Group classified the Tranche A Conversion Feature as an embedded derivative liability due to the variability created by conversion rates resulting from the tranche being denominated in ISK. The conversion feature had a fair value of $24.9 million and $38.1 million as of 20 December 2022 and 31 December 2022, respectively. The change in fair resulted in $13.2 million of finance costs for the year ended 31 December 2022.

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:


	31 December 2022			20 December 2022
Stock price Conversion price Volatility rate	$ $	10.00 10.00 45.0	%	$ $	8.00 10.00 45.0	%
Risk-free interest rate		4.2	%		4.0	%
Dividend yield		0.0	%		0.0	%
Risky yield		19.3	%		18.6	%

Senior Bond Warrants

As part of the Senior Bonds agreement (see Note 20), the Group agreed to issue penny warrants to the Bondholders that are issuable if certain events occur. The contingently issuable Senior Bond Warrants include two tranches:

•

One tranche representing 1.5% of the fully diluted ordinary share capital if the aggregate amount of the net proceeds of all new equity issuances received by the Company on or before 15 December 2022 is less than $75.0 million, as defined in the Senior Bonds agreement.

•

One tranche representing 1.0% of the fully diluted ordinary share capital if the aggregate amount of the net Proceeds of all new equity issuances received by the Company on or before 31 March 2023 is less than $150.0 million, as defined in the Senior Bonds agreement.

The Senior Bond Warrants are accounted for as derivative financial liabilities in accordance with IFRS 9 and IAS 32 and will be subject to ongoing mark-to-market adjustments through the consolidated statement of profit or loss and other comprehensive income or loss. The Senior Bond Warrants had a fair value of

$15.4

million on 16 November 2022. The fair value was determined using the Finnerty model along with the publicly quoted trading price of Ordinary Shares and probability of the contingent events occurring at the valuation date. Probabilities associated with the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date.

On 31 December 2022, the Company issued 4,198,807 warrants, with an exercise price of $0.01, representing the first tranche of Senior Bond Warrants. The issued warrants, along with the remaining tranche of contingently issuable warrants had a fair value of $45.3 million as of 31 December 2022. The Group recognized $29.9 million in finance costs resulting from the change in fair value of the Senior Bond Warrants.

Predecessor Earn Out Shares

As part of the Business Combination, Predecessor shareholders were granted a total of 38,330,000 Ordinary Shares subject to certain vesting conditions (“Predecessor Earn Out Shares”). One half of the Predecessor Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the Alvotech ordinary share price is at or above a volume weighted average price (“VWAP”) of $15.00 per share for any ten trading days within any twenty-trading day period, with the other half vesting at a VWAP of $20.00 per share for any ten trading days within any twenty-

trading day period. The Predecessor Earn Out Shares are accounted for as derivative financial liabilities in accordance with IAS 32 and will be subject to ongoing mark-to-market adjustments through the consolidated statement of profit or loss and other comprehensive income or loss. The Predecessor Earn Out Shares had a fair value of

$227.5 million at the Closing Date and $276.2 million as of 31 December 2022, resulting in $48.7 million of finance costs during the year ended 31 December 2022.

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:


	31 December 2022			15 June 2022
Share price	$	10.00		$	9.38
Volatility rate		45.0	%		37.5	%
Risk-free rate		4.1	%		3.4	%

OACB Earn Out Shares

Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (“OACB Earn Out Shares”). One half of the OACB Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the Alvotech ordinary share price is at or above a VWAP of $12.50 per share for any ten trading days within any twenty-trading day period, with the other half vesting at a VWAP of $15.00

per share. The OACB Earn Out Shares are accounted for as derivative financial liabilities in accordance with IAS 32 and will be subject to ongoing mark-to-market adjustments through the consolidated statement of profit or loss and other comprehensive income or loss. The OACB Earn Out Shares had a fair value of

$9.1 million at the Closing Date and $10.5 million as of 31 December 2022, resulting in $1.4 million of finance costs during the year ended 31 December 2022.

The fair value of the OACB Earn Out Shares was determined using a Monte Carlo analysis that incorporated inputs and assumptions as further described below. Assumptions and inputs 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 OACB Earn Out Shares:


	31 December 2022			15 June 2022
Share price	$	10.00		$	9.38
Volatility rate		45.0	%		37.5	%
Risk-free rate		4.1	%		3.4	%

OACB Warrants

Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding OACB Warrants, on substantially the same contractual terms and conditions as were in effect immediately prior to the Business Combination

, including an exercise price of $11.50.

Each warrant entitles the holder to purchase one Alvotech ordinary share. The OACB warrants are accounted for as derivative financial liabilities in accordance with IAS 32 and will be subject to ongoing

mark-to-market

adjustments through the consolidated statement of profit or loss and other comprehensive income or loss. The OACB warrants had a fair value of $11.8 million at the Closing Date and $10.2 million as of 31 December 2022. 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 $1.6 million of finance income for the year ended 31 December 2022.

Convertible shareholder loans

The fair value of the derivatives associated with the convertible shareholder loans was $485.9 million and $534.7 million at 7 December 2021, the date of extinguishment (refer to Note 20 for additional details) and 31 December 2020. Changes in the fair value of the financial instruments during the period are recognized in the consolidated statements of profit or loss and other comprehensive income or loss.

The fair value of the derivatives associated with the convertible shareholder loans on 7 December 2021 was determined based on the number of shares to be issued at the closing of the Business Combination Agreement multiplied by OACB stock price ($9.86).

In aggregate, the fair value of the derivative liabilities associated with the convertible shareholder loans and convertible bonds at 31 December 2019 was $479.3 million. In 2020, the fair value of the derivative liabilities increased by $55.4 million, resulting in derivative liabilities of $534.7 million at 31 December 2020. In 2021, the fair value of the financial instruments decreased by $48.8 million, resulting in derivative liabilities of $485.9 million at 7 December 2021, the date of extinguishment. Included in the changes in fair

value of the derivative liabilities is the amortization of a deferred loss associated with the recognition of funding rights at the inception of the convertible shareholder loan with Aztiq. Specifically, at inception, the fair value of the funding rights, determined using unobservable inputs, exceeded the transaction price by $15.0 million. The deferred loss was recognized over the

5-year

term of the convertible shareholder loan using the straight-line method of amortization. The unamortized deferred loss, which is netted against derivative financial liabilities on the consolidated statements of financial position, was $3.1 million as of 7 December 2021, the date of extinguishment.

Capital management

The capital structure of the Group consists of equity, debt and cash. For the foreseeable future, the Board of Directors will maintain a capital structure that supports the Group’s strategic objectives through managing the budgeting process, maintaining strong investor relations and managing the financial risks of the Group, as further described below. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022, 2021 and 2020.

Financial risk management

The Group’s corporate treasury function provides services across the organization, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the Group’s operations through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of fluctuations in market interest rates primarily relates to the cash in bank that is subject to floating interest rates.

The following table provides an interest rate sensitivity analysis for the effect on loss before tax (in thousands):


	2022			2021
Variable-rate financial liabilities +100		(186	)		(65	)
Variable-rate financial liabilities -100		186			65

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to currency risk arises from financial assets and financial liabilities denominated in other currencies than the presentation currency of the Group.

Below are the foreign currencies that have the most significant impact on the Group’s operations.


	Closing rate				Average rate				Change
	2022		2021		2022		2021		Change
EUR		1.061		1.133		1.052		1.183		(6.4	%)
GBP		1.204		1.350		1.233		1.376		(10.8	%)
ISK		0.007		0.008		0.007		0.008		(8.3	%)
CHF		1.071		1.094		1.047		1.094		(2.1	%)
INR		0.012		0.013		0.013		0.014		(10.1	%)

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2022 are as follows (in thousands):


	Assets		Liabilities		Net assets
EUR		36,420		26,514		9,906
GBP		111		1,538		(1,427	)
ISK		49,484		109,507		(60,023	)
CHF		69		7,305		(7,236	)
INR		11		517		(506	)

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2021 are as follows (in thousands):


	Assets		Liabilities		Net assets
EUR		31,718		15,720		15,998
GBP		180		673		(493	)
ISK		5,421		148,747		(143,326	)
CHF		715		7,305		(6,590	)

A reasonable possible strengthening or weakening of the Group’s significant foreign currencies against the USD would affect the measurement of financial instruments denominated in a foreign currency and affect equity by the amount shown in the sensitivity analysis table below. The analysis assumes that all other variables, such as interest rates, remain constant.


	EUR			GBP			ISK			CHF			INR
Year ended 31 December 2022
-10% weakening		(991	)		(143	)		(6,002	)		(724	)		(51	)
+10% strengthening		991			143			6,002			724			51
Year ended 31 December 2021
-10% weakening		(1,600	)		(49	)		(14,333	)		(659	)		N/A
+10% strengthening		1,600			49			14,333			659			N/A

Credit risk

Credit risk it the risk that a counterparty will not fulfill its contractual obligations under a financial instrument contract, leading to a financial loss for the Group. The maximum credit risk exposure for the Group’s financial assets as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Cash and cash equivalents		66,427		17,556
Restricted cash		25,187		10,087
Other assets		44,884		66,344

		136,498		93,987

The Group’s cash and cash equivalents and restricted cash are deposited with high-quality financial institutions. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Group has not experienced any losses on its deposits of cash and cash equivalents and restricted cash yet monitors the credit rating of these financial institutions on a periodic basis.

Other assets primarily consist of other current assets, as described in Note 18, and trade receivables and contract assets recognized in connection with the Group’s performance pursuant to its contracts with customers, all of which are large multinational pharmaceutical companies. There are no significant amounts past due as of 31 December 2022 and 2021 and the Group concludes that any expected credit losses with respect to these assets is immaterial.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows (in thousands):


	Within one year		One to two years		Thereafter		Total
Financial assets
Non-interest bearing		40,400		—		—		40,400
Variable-interest bearing		66,427		—		29,671		96,098

Total financial assets		106,827		—		29,671		136,498

Financial liabilities
Non-interest bearing		104,366		—		7,984		112,350
Fixed-interest bearing - Borrowings		45,757		66,308		896,921		1,008,986
Derivative liabilities		—		—		380,232		380,232
Variable-interest bearing - Borrowings		25,259		8,036		59,109		92,404

Total financial liabilities		175,382		74,344		1,344,246		1,593,972

Contractual maturities of financial assets and liabilities as of 31 December 2021 are as follows (in thousands):


	Within one year		One to two years		Thereafter		Total
Financial assets
Non-interest bearing		29,396		—		—		29,396
Variable-interest bearing		17,556		—		10,087		27,643

Total financial assets		46,952		—		10,087		57,039

Financial liabilities
Non-interest bearing		71,237		—		63,774		135,011
Fixed-interest bearing - Borrowings		16,663		33,235		500,675		550,573
Variable-interest bearing - Borrowings		3,041		3,035		1,117		7,193

Total financial liabilities		90,941		36,270		565,566		692,777

Refer to Note 13 for the maturity analysis of the Group’s undiscounted lease payments.

Summary of Significant Accounting Policies - Summary of Useful Lives of Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
Facility [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	40 years
Facility equipment [member] \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	5 years
Facility equipment [member] \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	20 years
Computer equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	3 years
Leasehold improvements [member] \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	3 years
Leasehold improvements [member] \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	15 years
Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	5 years

Interests In Joint Ventures - Schedule of Reconciliation to Carrying Amounts in Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Carrying Amount In Joint Venture Financial Statements [Line Items]
Loss for the year	$ (513,580,000)	$ (101,504,000)	$ (170,044,000)
Dividends paid	0	0	0
Carrying Amount	48,568,000	55,307,000	56,679,000
Joint ventures [member]
Reconciliation Of Carrying Amount In Joint Venture Financial Statements [Line Items]
Opening net assets at 1 January	110,613,000	113,061,000
Loss for the year	(5,180,000)	(4,836,000)	(3,010,000)
Other comprehensive income
Cash contributions of owners
Receivable from owners
Dividends paid
Other, net	(8,297,000)	2,388,000
Closing net assets at 31 December	$ 97,136,000	$ 110,613,000	$ 113,061,000
Group's share in %	50.00%	50.00%
Carrying Amount	$ 48,568,000	$ 55,307,000

Goodwill

12 Months Ended

Dec. 31, 2022

Disclosure of Goodwill [Abstract]

Goodwill

14.

Goodwill

The Group’s goodwill balances as of 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Balance as of 1 January		12,367			13,427
Translation difference		(724	)		(1,060	)

Balance as of 31 December		11,643			12,367

Goodwill is recognized at the Group level, which is determined to be the smallest cash-generating unit. The recoverable amount of the cash-generating unit is determined based on a value in use calculation which uses cash flow projections based on the financial forecast for the period 2023-203

that has been approved by management and the Board of Directors. The Group’s operations are currently in a development phase, and the

ten-year

forecast includes the initial revenue generating phase when products currently in development will be available for market. The Group determined that the terminal growth rate and the discount rate are the key assumptions used in determining the current estimate of value in use.

Cash flows beyond 203

have been extrapolated using a negative 5.0% terminal rate in both the 2022 and 2021 value in use calculations respectively. A discount rate of 27.6% (2021: 21.5%) per annum was used in determining the current estimate of value in use. Since the recoverable amount of the cash-generating unit was substantially in excess of its carrying amount as of 31 December 2022 and 2021, management believes that any reasonably possible change in the key assumptions on which the recoverable amount of the cash-generating unit is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount.

There were no goodwill impairment charges recognized in the consolidated statements of profit or loss and other comprehensive income or loss in any prior periods.

Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Product revenue	$ 24,836
License and other revenue	58,193	$ 36,772	$ 66,616
Other income	1,988	2,912	2,833
Cost of product revenue	(64,095)
Research and development expenses	(180,622)	(191,006)	(148,072)
General and administrative expenses	(186,742)	(84,134)	(58,914)
Operating loss	(346,442)	(235,456)	(137,537)
Share of net loss of joint venture	(2,590)	(2,418)	(1,505)
Finance income	2,549	51,568	5,608
Finance costs	(188,419)	(117,361)	(161,551)
Exchange rate differences	10,566	2,681	3,215
(Loss) / gain on extinguishment of financial liabilities	(27,311)	151,788
Non-operating (loss) / profit	(205,205)	86,258	(154,233)
Loss before taxes	(551,647)	(149,198)	(291,770)
Income tax benefit	38,067	47,694	121,726
Loss for the year	(513,580)	(101,504)	(170,044)
Item that will be reclassified to profit or loss in subsequent periods:
Exchange rate differences on translation of foreign operations	(6,111)	(305)	5,954
Total comprehensive loss	$ (519,691)	$ (101,809)	$ (164,090)
Loss per share
Basic loss for the year per share	$ (2.6)	$ (0.92)	$ (1.82)
Diluted loss for the year per share	$ (2.6)	$ (0.92)	$ (1.82)

Related Parties - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Operating lease remaining lease term	8 years	17 years
Loans to related parties	$ 0	$ 0
Fasteignaflagi Smundur hf [Member]
Disclosure of transactions between related parties [line items]
Operating lease remaining lease term		17 years

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation method, property, plant and equipment	Depreciation is calculated and recognized as an expense on a straight-line basis over an asset’s estimated useful life.
long term liability to related party	$ 163,289	$ 114,303
Inventory write-down	2,100	1,200	$ 1,300
Reversal of inventory write-down	0	$ 0	$ 0
Global licensing agreement [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Upfront payment	7,500
Other non-current liabilities	7,500
Biosana [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Other non-current liabilities	13,500
Lotus pharmaceutical co. ltd [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Upfront payment	1,900
long term liability to related party	$ 7,400

Salaries And Other Employee Expenses - Summary Of Detailed Information About Aggregate Salary And Other Employee Expenses Incurred By The Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Classes of employee benefits expense [abstract]
Salary expense	$ 92,082	$ 67,433	$ 45,904
Defined contribution plan expense (1)	10,052	7,694	5,234
Long-term incentive plan expense	5,481	17,955	18,053
Share-based payments (see Note 22)	10,317
Other employee expense	11,670	10,274	10,186
Temporary labor	5,838	6,164	3,441
EmployeeBenefitsExpense	$ 135,440	$ 109,520	$ 82,818

Interests In Joint Ventures

12 Months Ended

Dec. 31, 2022

Disclosure of joint ventures [abstract]

Interests in joint ventures

26.	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”) 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.


Name of entity	Place of business		Ownership interest						Carrying Amount
Name of entity	Place of business		2022			2021			2022		2021
Alvotech & CCHN Biopharmaceutical Co., Ltd.		China		50	%		50	%		48,568		55,307

The proportion of ownership interest is the same as the proportion of voting rights held by the Group. Management evaluated whether the Group’s voting rights are sufficient for providing a practical ability to direct the relevant activities and strategic objectives of JVCO unilaterally. As the Group does not hold a majority of the voting rights, the Group does not control JVCO. As a result, the Group’s investment in JVCO is accounted for using the equity method.

The following table provides the change in the Group’s investment in a joint venture during the years ended 31 December 2022 and 2021 (in thousands):


	2022			2021
Balance at 1 January		55,307			56,679
Share in losses		(2,590	)		(2,418	)
Translation difference		(4,149	)		1,046

Balance at 31 December		48,568			55,307

The tables below provide summarized financial information for the JVCO. The information disclosed reflects the amounts presented in the financial statements of the JVCO and not the Group’s share of those amounts. They have been amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy.


Summarized Statements of Financial Position (in thousands)	2022		2021
Current assets
Cash and bank balances		17,203		29,659
Trade receivables		—		15
Inventories		250		18
Other current assets		1,539		1,372

Total current assets		18,992		31,064

Total non-current assets		107,487		94,525

Current liabilities
Financial liabilities		145		—
Other current liabilities		14,129		12,156

Total current liabilities		14,274		12,156

Total non-current liabilities		15,069		2,820

Net assets		97,136		110,613


Reconciliation to carrying amounts (in thousands):	2022			2021
Opening net assets at 1 January		110,613			113,061
Loss for the year		(5,180	)		(4,836	)
Other comprehensive income		—			—
Cash contributions of owners		—			—
Receivable from owners		—			—
Dividends paid		—			—
Other, net		(8,297	)		2,388

Closing net assets at 31 December		97,136			110,613

Group’s share in %		50	%		50	%
Group’s share in USD		48,568			55,307

Carrying amount		48,568			55,307


Summarized Statements of Profit or Loss & Other Comprehensive Income (in thousands)	2022			2021			2020
Revenue Interest income		— 433			— 1,295			— 2,518
Depreciation and Amortization		829			210			26
Interest expense		151			—			—
Income tax expense		—			—			—
Other expenses		4,633			5,920			4,844
Exchange rate differences		—			1			658

Loss for the year		(5,180	)		(4,836	)		(3,010	)

Other comprehensive income		—			—			—
Total comprehensive loss		(5,180	)		(4,836	)		(3,010	)
Dividends received from joint venture entity		—			—			—

The Group did not

receive any dividends from JVCO during the years ended 31 December 2022, 2021, and 2020. The Group had a $

5.0 million commitment to provide a cash contribution to JVCO as of 31 December 2019, which was paid during the year ended 31 December 2020. Similarly, the joint venture partner had a $50.0 million commitment to provide a cash contribution to JVCO as of 31 December 2019, which was also paid during the year ended 31 December 2020. The Group does not have any remaining commitments to JVCO as of

31 December 2022 and 2021

. Furthermore, the Group does no

t have any contingent liabilities relating to its interests in JVCO as of 31 December 2022 or 2021. While there are no significant restrictions resulting from contractual arrangements with JVCO, entities in China are subject to local exchange control regulations. These regulations provide for restrictions on exporting capital from those countries, other than dividends.

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 noncash share listing expense [line items]
Alvotech Shares issued to OACB shareholders \| 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
OACB Earn Out Shares [member]
Schedule of fair value of shares issued and noncash share listing expense [line items]
Alvotech Shares issued to OACB shareholders \| shares	1,250,000
Estimated fair market value	$ 9,100
Ordinary Shares [member]
Schedule of fair value of shares issued and noncash share listing expense [line items]
Estimated fair market value	$ 56,060
Ordinary Shares [member] \| Class A common stock [member]
Schedule of fair value of shares issued and noncash share listing expense [line items]
Alvotech Shares issued to OACB shareholders \| shares	976,505
Ordinary Shares [member] \| Class B Common Stock [member]
Schedule of fair value of shares issued and noncash share listing expense [line items]
Alvotech Shares issued to OACB shareholders \| shares	5,000,000

Long-Term Incentive Plans - Schedule Of Movements In The Group's Employee Incentive Plan Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [abstract]
Beginning balance	$ 14,935	$ 10,501
Additions	5,075	6,648
Payments	(7,693)	(2,214)
Balance at 31 December prior to reclassification	12,317	14,935
Reclassified to other current liabilities	(11,773)
Ending balance	$ 544	$ 14,935

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Goodwill [Abstract]

Summary of Goodwill

The Group’s goodwill balances as of 31 December 2022 and 2021 are as follows (in thousands):


	2022			2021
Balance as of 1 January		12,367			13,427
Translation difference		(724	)		(1,060	)

Balance as of 31 December		11,643			12,367

Financial Instruments - Summary of Financial Assets Measured at Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [abstract]
Cash and cash equivalents	$ 66,427	$ 17,556	$ 31,689	$ 67,403
Restricted cash	25,187	10,087	$ 10,087
Trade receivables	32,972	29,396
Other Current Asset	5,880	14,518
Receivables from related parties	1,548	1,111
Other long-term assets	4,484
Financial assets	$ 136,498	$ 72,668

Intangible Assets

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

15.	Intangible assets

Intangible assets consist of software, customer relationships and licensed intellectual property rights. Movements in intangible assets during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	Software			Customer relationships			Intellectual property rights		Total
Cost
Balance at 1 January 2022		8,777			2,329			15,000		26,106
Additions		7,682			—			—		7,682
Impairment		(2,755	)		—			—		(2,755	)
Translation difference		(20	)		(148	)		—		(168	)

Balance at 31 December 2022		13,684			2,181			15,000		30,865

Amortization
Balance at 1 January 2022		2,933			1,664			—		4,597
Amortization		423			310			—		733
Translation difference		(13	)		(104	)		—		(117	)

Balance at 31 December 2022		3,343			1,870			—		5,213

Net carrying amount

Balance at 31 December 2022		10,341			311			15,000		25,652


	Software			Customer relationships			Intellectual property rights		Total
Cost
Balance at 1 January 2021		7,603			2,528			—		10,131
Additions		5,186			—			15,000		20,186
Impairment		(3,993	)		—			—		(3,993	)
Translation difference		(19	)		(199	)		—		(218	)

Balance at 31 December 2021		8,777			2,329			15,000		26,106

Amortization
Balance at 1 January 2021		2,351			1,445			—		3,796
Amortization		591			332			—		923
Translation difference		(9	)		(113	)		—		(122	)

Balance at 31 December 2021		2,933			1,664			—		4,597

Net carrying amount

Balance at 31 December 2021		5,844			665			15,000		21,509

Additions during the year ended 31 December 2021 were primarily comprised of licensed intellectual property rights from Biosana. Refer to Note 2.18 for further details.

Expense for amortization of the Group’s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows (in thousands):


	2022		2021		2020
Cost of product revenue		471		—		—
Research and development expenses		—		324		357
General and administrative expenses		262		599		653

		733		923		1,010

At 31 December, 2022 and 2021, the Group performed a review of its intangible assets and determined certain software development had been abandoned. In assessing recoverable amount, the Group determined the market for resale was

non-existent.

Management therefore determined to fully impair the assets, resulting in an impairment charge of $

2.8

million and $

4.0

million during the year ended

December

2022

and

2021

, respectively. The impairment charge was recognized as an expense as follows: $

2.1

million in “Cost of product revenue” and $

0.7

million in “General and administrative expenses.” For the year ended 31 December 2021 the impairment was recognized as an expense within “Research and development expenses” in the consolidated statements of profit or loss and other comprehensive income or loss.

At 31 December 2022 the Group performed an impairment analysis on the intellectual property rights indefinite lived intangible asset. No impairment loss was recognized as the asset’s recoverable amount exceeded the carrying amount.

Financial Instruments - Summary of Interest Rate Sensitivity Analysis (Details) (Parenthetical) - Interest rate risk [member] - Variable interest rate financial liabilities [member]	Dec. 31, 2022	Dec. 31, 2021
Disclosure in tabular form of interest rate sensitivity analysis impact on profit before tax [line items]
Variable-rate financial liabilities +100	100.00%	100.00%
Variable-rate financial liabilities -100	100.00%	100.00%

Long-Term Incentive Plans - Summary Of Significant Assumptions Used In The Finnerty Model To Determine The Fair Value Of The Ordinary Shares To Be Issued (Details) - Market Approach [member]	Jun. 15, 2022 USD ($) yr
Disclosure Of Significant assumptions used in the Finnerty model to determine the fair value of the Ordinary Shares to be issued Explanatory [Line Items]
Asset price	$ 9.38
Term (years) \| yr	1
Volatility rate	35.00%
Dividend yield	0.00%
Indicated put option value	$ 0.75
Discount for lack of marketability	8.00%

Audit Fees (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Audit Fees [Abstract]

Summary Of Detailed Information About Audit Fees


	2022		2021		2020
Financial Statement audit fees		2,615		5,502		382
Other fees, including tax services		676		136		607

Total fees		3,291		5,638		989

Depreciation, Amortization And Impairment - Summary Of Detailed Information About Depreciation Amortization And Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss [abstract]
Depreciation and impairment of property, plant and equipment (see Note 12)	$ 9,807	$ 10,666	$ 10,363
Depreciation of right of use assets (see Note 13)	9,869	8,699	7,188
Amortization and impairment of intangible assets (see Note 15)	3,488	4,916	1,010
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	$ 23,164	$ 24,281	$ 18,561

Share-Based Payments

12 Months Ended

Dec. 31, 2022

Disclosure Of Share Based Payment Arrangements [Abstract]

Share-based payments

22.	Share-based payments

On 1 December 2022, the Renumeration Committee authorized and the Group granted restricted stock units (“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 one to four-year period, with a

1-year

cliff vesting period and subsequent monthly vesting, resulting from participates completing a service condition. Movements in RSUs during the year ended 31 December 2022 are as follows:


	RSUs			Weighted Average Fair Value
Granted		7,659,049		$	6.68
Vested		(679,563	)	$	6.30

Outstanding at 31 December		6,979,486		$	6.72

The Group recognized $10.3 million of share-based payment expense during the year ended 31 December 2022 (in thousands):


	2022
Cost of product revenue		1,522
Research and development expenses		2,994
General and administrative expenses		5,801

		10,317

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Loss for the year	$ (513,580)	$ (101,504)	$ (170,044)
Adjustments for non-cash items:
Gain on extinguishment of SARs liability	(4,803)
Share-listing expense	83,411
Long-term incentive plan expense	5,492	17,955	18,053
Depreciation and amortization	20,409	18,196	16,419
Impairment of property, plant and equipment		2,092	2,142
Impairment of other intangible assets	2,755	3,993
Share of net loss of joint venture	2,590	2,418	1,505
Finance income	(2,549)	(51,568)	(5,608)
Finance costs	188,419	117,361	161,551
Loss/(Gain) on extinguishment of financial liabilities	27,311	(151,788)
Share-based payments	10,317
Exchange rate difference	(10,566)	(2,681)	(3,215)
Income tax benefit	(38,067)	(47,694)	(121,726)
Operating cash flow before movement in working capital	(228,861)	(193,220)	(100,923)
Increase in inventories	(32,412)	(29,412)	(3,255)
(Increase) / decrease in trade receivables	(3,576)	(28,813)	21,771
Increase / (decrease) in liabilities with related parties	56	(453)	1,674
(Increase) / decrease in contract assets	(9,218)	15,286	(11,667)
Increase in other assets	(17,194)	(4,363)	(7,383)
Increase in trade and other payables	16,442	14,318	227
Increase in contract liabilities	19,396	21,470	24,019
(Decrease) / increase in other liabilities	(21,384)	5,160	7,134
Cash used in operations	(276,751)	(200,027)	(68,403)
Interest received	568	16	212
Interest paid	(35,372)	(28,004)	(5,664)
Income tax paid	(834)	(155)	(440)
Net cash used in operating activities	(312,389)	(228,170)	(74,295)
Cash flows from investing activities
Acquisition of property, plant and equipment	(37,880)	(20,462)	(7,485)
Disposal of property, plant and equipment	379		79
Acquisition of intangible assets	(11,122)	(20,171)	(4,497)
Restricted cash in connection with amended bond agreement	(14,914)		(5,000)
Net cash used in investing activities	(63,537)	(40,633)	(16,903)
Cash flows from financing activities
Repayments of borrowings	(34,714)	(37,496)	(2,896)
Repayments of principal portion of lease liabilities	(11,147)	(7,350)	(6,087)
Proceeds from new borrowings	193,678	113,821	30,000
Proceeds on issue of equity shares	9,800	185,856	34,385
Recognition of deferred debt issue costs	(12,102)
Gross proceeds from the PIPE Financing	174,930
Gross PIPE Financing fees paid	(5,562)
Proceeds from the Capital Reorganization	9,827
Proceeds from loans from related parties	160,000
Repayment of loans from related parties	(50,000)
Net cash generated from financing activities	424,910	254,831	55,402
Increase / (decrease) in cash and cash equivalents	48,984	(13,972)	(35,796)
Cash and cash equivalents at the beginning of the year	17,556	31,689	67,403
Effect of movements in exchange rates on cash held	(113)	(161)	82
Cash and cash equivalents at the end of the year	$ 66,427	$ 17,556	$ 31,689

Summary of Significant Accounting Policies - Summary of Useful Lives of Amortization (Details)	12 Months Ended
	Dec. 31, 2022
Software [member] \| Bottom of range [member]
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	3 years
Software [member] \| Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	5 years
Customer relationships [member]
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	7 years

Cash And Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Summary of Cash and Cash Equivalents

Cash and cash equivalents as shown in the consolidated statements of cash flows as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Cash and cash equivalents denominated in US dollars		10,377		15,798
Cash and cash equivalents denominated in other currencies		56,050		1,758

		66,427		17,556

Summary of Restricted Cash

Movements in restricted cash balances during the years ended 31 December 2022 and 2021 are as follows (in thousands):


	2022		2021
Balance at 1 January		10,087		10,087
Additions during the year		14,914
Interest income		186		—

Balance at 31 December		25,187		10,087

Finance Income And Finance Cost (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Finance Income [Abstract]

Summary Of Detailed Information About Finance Income

Finance income earned during the years ended 31 December 2022, 2021 and 2020 is as follows (in thousands):


	2022		2021		2020
Changes in the fair value of derivatives (see Note 27)		1,637		51,549		5,393
Interest income from cash and cash equivalents		556		18		166
Other interest income		356		1		49

		2,549		51,568		5,608

Summary Of Detailed Information About Finance Cost

Finance cost incurred during the years ended 31 December 2022, 2021, and 2020 is as follows (in thousands):


	2022		2021		2020
Changes in the fair value of derivatives (see Note 27)		96,981		2,804		60,823
Interest on debt and borrowings		71,452		106,548		91,985
Consenting fee (see Note 20)		7,430		—		—
Loss on remeasurement of bonds (see Note 20)		6,511		—		—
Interest on lease liabilities (see Note 13)		6,022		6,423		5,481
Amortization of deferred debt issue costs		23		1,586		3,262

		188,419		117,361		161,551

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Current Assets [Abstract]

Summary of Other Current Assets

The composition of other current assets as of 31 December 2022 and 2021 is as follows (in thousands):


	2022		2021
Value-added tax		6,468		4,725
Prepaid expenses		20,601		9,320
Proceeds receivable from Convertible Bonds (see Note 20)		3,520		—
Derivative asset		851		—
Other short-term receivables		1,509		691

		32,949		14,736

Interests In Joint Ventures - Schedule of Changes in Groups Investment in a Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Changes In Investment In Joint Venture [Line Items]
Balance at 1 January	$ 55,307	$ 56,679
Share in losses	(2,590)	(2,418)	$ (1,505)
Translation difference	(4,149)	1,046
Balance at 31 December	$ 48,568	$ 55,307	$ 56,679

Financial Instruments - Summary of Assumptions and Inputs (Details)	Dec. 31, 2022	Dec. 20, 2022	Jun. 15, 2022
Stock price [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10	8
Stock price [member] \| Predecessor Earnout Shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10		9.38
Stock price [member] \| OACB earnout shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10		9.38
Conversion price [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10	10
Volatility rate [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	45	45
Volatility rate [member] \| Predecessor Earnout Shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	45		37.5
Volatility rate [member] \| OACB earnout shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	45		37.5
Risk-free interest rate [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	4.2	4
Risk-free interest rate [member] \| Predecessor Earnout Shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	4.1		3.4
Risk-free interest rate [member] \| OACB earnout shares [member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	4.1		3.4
Dividend yield [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0	0
Risky yield [member] \| Embedded Derivative Liabilities Associated With Convertible Bonds [Member]
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	19.3	18.6