0001628280-24-012230 | 20-F | XBRL Viewer

Print Document View Excel Document

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of income tax [Line Items]
Prior year deferred tax impact	$ (10,718)	$ 15,269	$ (477)
Effective tax rate	15.30%	6.90%	32.00%
Deferred tax liabilities	$ 53	$ 309
Deferred tax assets	309,807	209,496
Tax losses expire	1,513,723
ICELAND
Disclosure of income tax [Line Items]
Tax losses expire	1,501,000
LUXEMBOURG
Disclosure of income tax [Line Items]
Tax losses expire	13,000
Other temporary differences
Disclosure of income tax [Line Items]
Deferred tax liabilities	3,562	2,935
Temporary differences
Disclosure of income tax [Line Items]
Deferred tax assets	$ 309,800	$ 209,500

Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 16, 2022	Dec. 07, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 520,553	$ 381,083
Increase in outstanding bonds fair value					$ 70,000
(Loss) / gain on extinguishment of financial liabilities		$ 0	(27,311)	$ 151,788
Class of warrants or rights outstanding (in shares)		10,363,094
Finance costs		$ 267,157	188,419	117,361
Proceeds from warrants		6,390	0	$ 0
Liabilities		$ 1,882,583	$ 1,392,859
Shares		266,821,844	252,160,087
Ordinary Shares
Disclosure of detailed information about financial instruments [line items]
Shares		266,821,844	252,160,087
Penny Warrants
Disclosure of detailed information about financial instruments [line items]
Increase decrease in shares issued (in shares)		2,479,962
Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Convertible Bond Agreement Two Thousand And Eighteen \| Contingently Issuable Penny Warrants
Disclosure of detailed information about financial instruments [line items]
Class of warrants or rights exercise price per share (in dollars per share)					$ 0.01
Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Tranche B \| Convertible Bond Agreement Two Thousand And Eighteen \| Contingently Issuable Penny Warrants
Disclosure of detailed information about financial instruments [line items]
Warrants issuable as a percentage of fully diluted ordinary shares					1.00%
Convertible Bond \| Minimum
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest rate					10.75%
Convertible Bond \| Maximum
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest rate					12.00%
Senior Bond Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 19,715	$ 45,325
Warrants issuable as a percentage of fully diluted ordinary shares					1.00%
Increase decrease in shares issued (in shares)		2,479,962
Class of warrants or rights outstanding (in shares)		1,718,845
Conversion price (in dollars per share)		$ 0.01
Tranche of senior bond warrants percentage		1.50%
Revaluation		$ 6,500
Finance costs		(8,100)
Tranche A Conversion Feature
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		118,830	38,055
Finance costs		35,200
Predecessor Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		349,900	276,200
Finance costs		73,700
OACB Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 6,200	10,500
Increase decrease in shares issued (in shares)		1,250,000
Finance costs		$ 4,000
OACB Earn Out Shares \| Ordinary Shares
Disclosure of detailed information about financial instruments [line items]
Increase decrease in shares issued (in shares)	625,000
OACB Earn Out Shares \| Tranche one
Disclosure of detailed information about financial instruments [line items]
Aggregate period for determining the share price		5 years
Shares price (in dollars per share)		$ 12.50
Number of threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
OACB Earn Out Shares \| Tranche two
Disclosure of detailed information about financial instruments [line items]
Shares price (in dollars per share)		$ 15.00
OACB Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 25,908	10,152
Class of warrants or rights outstanding (in shares)						10,916,647
Finance costs		$ 17,000
Class of warrants or rights exercise price per share (in dollars per share)		$ 11.50				$ 11.50
Liabilities		$ 25,900
Shares		553.552
Proceeds from the issuance of common stock		$ 6,300
OACB Warrants \| Ordinary Shares
Disclosure of detailed information about financial instruments [line items]
Number of shares called by each warrant or right		1
Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 356,100	286,700
Level 2 \| Senior Bond Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities			0
Transfers out of Level 3 of fair value hierarchy, liabilities		19,700	45,300
Level 2 \| Tranche A Conversion Feature
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		0	0
Level 2 \| Predecessor Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		349,900	276,200
Level 2 \| OACB Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		6,200	10,500
Level 2 \| OACB Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		0	0
Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		118,830	84,231
Level 3 \| Senior Bond Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		0	45,325
Transfers out of Level 3 of fair value hierarchy, liabilities		45,325
Extinguishment		0
Revaluation		0
Level 3 \| Tranche A Conversion Feature
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		118,830	38,055
Revaluation		35,220
Level 3 \| Predecessor Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 0	0
Increase decrease in shares issued (in shares)		38,330,000
Level 3 \| Predecessor Earn Out Shares \| Tranche one
Disclosure of detailed information about financial instruments [line items]
Aggregate period for determining the share price		5 years
Shares price (in dollars per share)		$ 15.00
Number of threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
Vesting percentage of shares		50.00%
Level 3 \| Predecessor Earn Out Shares \| Tranche two
Disclosure of detailed information about financial instruments [line items]
Shares price (in dollars per share)		$ 20.00
Number of threshold days for determining the share price		10 days
Number of consecutive trading days for determining the share		20 days
Vesting percentage of shares		50.00%
Level 3 \| OACB earnout shares \| Tranche one
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Level 3 \| OACB earnout shares \| Tranche two
Disclosure of detailed information about financial instruments [line items]
Vesting percentage of shares		50.00%
Level 3 \| OACB Earn Out Shares
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 0	0
Level 3 \| OACB Warrants
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities		$ 0	$ 0

Leases - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Liabilities [Roll Forward]
Balance at 1 January	$ 40,532	$ 122,140
Adjustments for indexed leases	7,405	10,247
New leases	72,882	7,458
Cancelled leases	(167)	0
Installment payments	(7,260)	(7,655)
Derecognition due to acquisition of Alvotech Facility (see Note 12)	0	(80,075)
Foreign currency adjustment	1,932	(11,682)
Translation difference	(9)	99
Balance at 31 December	115,315	40,532
Current liabilities	(9,683)	(5,163)
Non-current liabilities	$ 105,632	$ 35,369

Borrowings - Summary of movements in the group's outstanding borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Borrowings [Roll Forward]
Beginning Borrowings	$ 764,570	$ 400,911
Recognition of deferred debt issue costs	(6,115)	(2,889)
Accretion/derecognition of borrowings discount	15,770	35,065
Recognition of new borrowings discount	(50,953)	(43,241)
Proceeds from new borrowings	275,311	467,196
Loans from related party converted to equity	0	(50,000)
Repayments of borrowings	(99,367)	(83,951)
Accrued interest	58,212	40,424
Amortization of deferred debt issue costs	1,657	23
Foreign currency exchange difference	1,075	1,032
Ending Borrowings	$ 960,159	$ 764,570

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

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 2023 and 2022 are as follows:


	Facility	Facility Equipment	Furniture, fixtures and leasehold improvements	Computer equipment	Total
Cost
Balance at 1 January 2023	115,000	145,150	9,598	1,959	271,707
Reclassification of assets	—	2,771	(112)	(7)	2,652
Additions	—	29,351	1,500	518	31,369
Disposals	—	(1,233)	(23)	(136)	(1,392)
Translation difference	—	679	(85)	(22)	572
Balance at 31 December 2023	115,000	176,718	10,878	2,312	304,908
Depreciation
Balance at 1 January 2023	359	46,002	3,233	1,519	51,113
Reclassification of assets	—	3,330	(112)	(7)	3,211
Depreciation	2,875	10,572	676	230	14,353
Disposals	—	(737)	(22)	(136)	(895)
Translation difference	—	330	40	(23)	347
Balance at 31 December 2023	3,234	59,497	3,815	1,583	68,129
Net carrying amount
Balance at 31 December 2023	111,766	117,221	7,063	729	236,779


	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

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 purchased 99.99% of the shares in Saemundur through the issuance the Aztiq Convertible Bond, as defined and discussed in Note 21, 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.

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 21 for further details.

The Group pledged $127.4 million and $122.4 million of property, plant and equipment as collateral to secure bank loans with third parties as of 31 December 2023 and 2022, respectively.

Financial Instruments - Summary of Contractual Maturities of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	$ 80,848	$ 136,498
Total financial liabilities	1,951,502	1,593,972
Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	142,436	112,350
Fixed-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	1,167,494	1,008,986
Derivative liabilities
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	520,553	380,232
Variable-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	121,019	92,404
Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	43,223	40,400
Variable-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	37,625	96,098
Within one year
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	54,380	106,827
Total financial liabilities	253,740	175,382
Within one year \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	142,436	104,366
Within one year \| Fixed-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	66,309	45,757
Within one year \| Derivative liabilities
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	0	0
Within one year \| Variable-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	44,995	25,259
Within one year \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	43,223	40,400
Within one year \| Variable-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	11,157	66,427
One to two years
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	0	0
Total financial liabilities	1,631,936	74,344
One to two years \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	0	0
One to two years \| Fixed-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	1,101,185	66,308
One to two years \| Derivative liabilities
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	520,553	0
One to two years \| Variable-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	10,198	8,036
One to two years \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	0	0
One to two years \| Variable-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	0	0
Thereafter
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	26,468	29,671
Total financial liabilities	65,826	1,344,246
Thereafter \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	0	7,984
Thereafter \| Fixed-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	0	896,921
Thereafter \| Derivative liabilities
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	0	380,232
Thereafter \| Variable-interest bearing - Borrowings
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial liabilities	65,826	59,109
Thereafter \| Non-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	0	0
Thereafter \| Variable-interest bearing
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items]
Total financial assets	$ 26,468	$ 29,671

Summary of Significant Accounting Policies - Summary of Useful Lives of Amortization (Details)	12 Months Ended
	Dec. 31, 2023
Software \| Bottom of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	3 years
Software \| Top of range
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	5 years
Customer relationships
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	7 years
Intellectual property rights
Disclosure of detailed information about intangible assets [line items]
Useful lives of amortization	10 years

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Other current liabilities

The composition of other current liabilities as of 31 December 2023 and 2022 is as follows:


	2023	2022
Unpaid salary and salary related expenses	31,340	15,620
Accrued interest	3,333	2,249
Accrued vacation leave	6,075	5,025
Employee incentive plan	659	12,433
Accrued expenses	21,313	18,720
	62,720	54,047

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte ehf.
Auditor Firm ID	1490
Auditor Location	Kópavogur, Iceland

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Penny Warrants	Public Warrants	RSUs	SARs	Vested Earn-Out Shares	Other Share Based Payments	Share capital	Share capital Penny Warrants	Share capital Public Warrants	Share capital RSUs	Share capital SARs	Share capital Vested Earn-Out Shares	Share premium	Share premium Penny Warrants	Share premium Public Warrants	Share premium RSUs	Share premium SARs	Share premium Vested Earn-Out Shares	Other reserves	Other reserves RSUs	Other reserves SARs	Other reserves Other Share Based Payments	Translation reserve	Accumulated deficit
Beginning Balance at Dec. 31, 2020	$ (867,243)							$ 73						$ 166,740						$ 0				$ 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						0				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)
Increase in share capital					$ 30,302							$ 35						$ 30,267
PIPE Financing	169,368							175						169,193
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 for the year	(551,731)																								(551,731)
Foreign currency translation differences	(86)																							(86)
Total comprehensive loss	(551,817)																							(86)	(551,731)
Increase in share capital						$ 8,306			$ 25	$ 6	$ 8	(10)	$ 6		$ 27,159	$ 7,612	$ 5,095	(9,526)	$ 8,300
Recognition of share-based payments				$ (678)	$ (13,767)		$ 16,985				$ 8	$ (10)					$ 5,095	$ (9,526)			$ (5,781)	$ (4,231)	$ 16,985
Capital contribution	132,736							118						132,618
Public warrants exercised		$ 27,184	$ 7,618						$ 25	$ 6					$ 27,159	$ 7,612
Recognition of equity component of convertible bonds	5,356																			5,356
Ending Balance at Dec. 31, 2023	$ (932,493)							$ 2,279						$ 1,229,690						$ 42,911				$ (1,528)	$ (2,205,845)

Property, Plant And Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of property, plant and equipment

Movements within property, plant and equipment during the years ended 31 December 2023 and 2022 are as follows:


	Facility	Facility Equipment	Furniture, fixtures and leasehold improvements	Computer equipment	Total
Cost
Balance at 1 January 2023	115,000	145,150	9,598	1,959	271,707
Reclassification of assets	—	2,771	(112)	(7)	2,652
Additions	—	29,351	1,500	518	31,369
Disposals	—	(1,233)	(23)	(136)	(1,392)
Translation difference	—	679	(85)	(22)	572
Balance at 31 December 2023	115,000	176,718	10,878	2,312	304,908
Depreciation
Balance at 1 January 2023	359	46,002	3,233	1,519	51,113
Reclassification of assets	—	3,330	(112)	(7)	3,211
Depreciation	2,875	10,572	676	230	14,353
Disposals	—	(737)	(22)	(136)	(895)
Translation difference	—	330	40	(23)	347
Balance at 31 December 2023	3,234	59,497	3,815	1,583	68,129
Net carrying amount
Balance at 31 December 2023	111,766	117,221	7,063	729	236,779


	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

Loss Per Share - Summary of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
Loss for the year	$ (551,731)	$ (513,580)	$ (101,504)
Weighted average number of ordinary shares outstanding basic (in shares)	227,256,469	197,721,710	110,673,309
Weighted average number of ordinary shares outstanding diluted (in shares)	227,256,469	197,721,710	110,673,309
Basic loss per share (in dollars per share)	$ (2.43)	$ (2.60)	$ (0.92)
Diluted loss per share (in dollars per share)	$ (2.43)	$ (2.60)	$ (0.92)

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Leases

The Group’s leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group’s right-of-use assets and the movements during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Right-of-use assets
Balance at 1 January	47,501	126,801
Adjustments for indexed leases	7,354	10,201
New leases	74,109	9,583
Cancelled leases	(139)	—
Derecognition due to acquisition of Alvotech Facility (see Note 12)	—	(88,941)
Reclassification	(443)
Depreciation	(8,913)	(9,869)
Translation difference	333	(274)
Balance at 31 December	119,802	47,501

The Group entered into lease agreement with Fasteignafelagid Eyjolfur hf. in April 2023 for a facility expansion in Iceland with remaining lease terms of approximately 15 years as of 31 December 2023. The building is 140,000 square feet and is currently in construction. The expansion is close to being finalized and is expected to be completed in 2024. The lease amount is in substance fixed and is based on construction cost, adjusted monthly. Righ-of-use asset as of 31 December 2023 amounts to $68.5 million.

The Group’s right-of-use assets as of 31 December 2023 and 2022 are comprised of the following:


	2023	2022
Right-of-use assets
Facilities	110,692	41,702
Fleet	389	339
Equipment	8,721	5,460
	119,802	47,501

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 2023 and 2022 are as follows:


	2023	2022
Lease liabilities
Balance at 1 January	40,532	122,140
Adjustments for indexed leases	7,405	10,247
New leases	72,882	7,458
Cancelled leases	(167)	—
Installment payments	(7,260)	(7,655)
Derecognition due to acquisition of Alvotech Facility (see Note 12)	—	(80,075)
Foreign currency adjustment	1,932	(11,682)
Translation difference	(9)	99
Balance at 31 December	115,315	40,532
Current liabilities	(9,683)	(5,163)
Non-current liabilities	105,632	35,369

The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 in relation to the Group’s lease arrangements are as follows:


	2023	2022	2021
Depreciation expense from right-of-use assets
Facilities	(7,631)	(9,423)	(8,228)
Fleet	(180)	(119)	(38)
Equipment	(1,102)	(327)	(433)
Total depreciation expense from right-of-use assets	(8,913)	(9,869)	(8,699)
Interest expense on lease liabilities	(3,840)	(6,022)	(6,423)
Foreign currency difference on lease liability	(1,932)	11,682	3,744
Loss from extinguishment of lease agreement (see Note 12)	(28)	(3,859)	—
Total amount recognized in profit and loss	(14,713)	(8,068)	(11,378)

The maturity analysis of undiscounted lease payments as of 31 December 2023 and 2022 is as follows:


	2023	2022
Less than one year	14,637	6,000
One to five years	51,053	20,160
Thereafter	89,682	22,274
	155,372	48,434

The Group’s lease liabilities as of 31 December 2023 and 2022 do not include $0.7 million and $0.1 million, respectively, of costs for short-term leases and low value leases.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Total depreciation, amortization and impairment expense	$ 25,989	$ 23,164	$ 24,281
Cost of product revenue
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Total depreciation, amortization and impairment expense	15,582	10,053	0
Research and development expenses
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Total depreciation, amortization and impairment expense	6,886	9,757	21,764
General and administrative expenses
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items]
Total depreciation, amortization and impairment expense	$ 3,521	$ 3,354	$ 2,517

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Classes of current inventories [abstract]
Raw materials and supplies	$ 51,524	$ 41,961
Work in progress	33,068	29,450
Finished goods	244	2,121
Inventory reserves	(10,403)	(2,062)
Balance at 31 December	$ 74,433	$ 71,470

General Information - Disclosure of Subsidiaries and Joint Ventures (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Alvotech & CCHN Biopharmaceutical Co. Ltd
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	110,000,021
Proportion of ownership and voting power held by Alvotech	50.00%	50.00%
Alvotech hf
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	3,893,650
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Germany GmbH
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	31,182
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Swiss AG
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	153,930
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Hannover GmbH
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	29,983
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Malta Ltd
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	80,450
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech USA Inc
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	10
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech UK Ltd
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	135
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Manco ehf
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	215,390
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Alvotech Biosciences India Private Ltd
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	96,113
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%
Fasteignafelagið Sæmundur hf
Disclosure of subsidiaries [line items]
Issued and paid capital (presented in whole shares) (in shares)	12,965,337
Proportion of ownership and voting power held by Alvotech	100.00%	100.00%

Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Roll Forward]
Beginning balance	$ 220,594
Ending balance	236,779	$ 220,594
Facility
Property, Plant and Equipment [Roll Forward]
Beginning balance	114,641
Ending balance	111,766	114,641
Facility Equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance		99,148
Ending balance	117,221
Furniture, fixtures and leasehold improvements
Property, Plant and Equipment [Roll Forward]
Beginning balance	6,365
Ending balance	7,063	6,365
Computer equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance	440
Ending balance	729	440
Cost
Property, Plant and Equipment [Roll Forward]
Beginning balance	271,707	122,456
Reclassification of assets	2,652	0
Additions	31,369	153,219
Disposals	(1,392)	(2,959)
Translation difference	572	(1,009)
Ending balance	304,908	271,707
Cost \| Facility
Property, Plant and Equipment [Roll Forward]
Beginning balance	115,000	0
Reclassification of assets	0	0
Additions	0	115,000
Disposals	0	0
Translation difference	0	0
Ending balance	115,000	115,000
Cost \| Facility Equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance	145,150	88,510
Reclassification of assets	2,771	25,486
Additions	29,351	35,156
Disposals	(1,233)	(2,959)
Translation difference	679	(1,043)
Ending balance	176,718	145,150
Cost \| Furniture, fixtures and leasehold improvements
Property, Plant and Equipment [Roll Forward]
Beginning balance	9,598	32,395
Reclassification of assets	(112)	(25,486)
Additions	1,500	2,706
Disposals	(23)	0
Translation difference	(85)	(17)
Ending balance	10,878	9,598
Cost \| Computer equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance	1,959	1,551
Reclassification of assets	(7)	0
Additions	518	357
Disposals	(136)	0
Translation difference	(22)	51
Ending balance	2,312	1,959
Depreciation
Property, Plant and Equipment [Roll Forward]
Beginning balance	(51,113)	(43,926)
Reclassification of assets	3,211	0
Disposals	895	2,597
Translation difference	347	(23)
Depreciation	14,353	9,807
Ending balance	(68,129)	(51,113)
Depreciation \| Facility
Property, Plant and Equipment [Roll Forward]
Beginning balance	(359)	0
Reclassification of assets	0	0
Disposals	0	0
Translation difference	0	0
Depreciation	2,875	359
Ending balance	(3,234)	(359)
Depreciation \| Facility Equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance	(46,002)	(33,853)
Reclassification of assets	3,330	5,985
Disposals	737	2,597
Translation difference	330	9
Depreciation	10,572	8,752
Ending balance	(59,497)	(46,002)
Depreciation \| Furniture, fixtures and leasehold improvements
Property, Plant and Equipment [Roll Forward]
Beginning balance	(3,233)	(8,614)
Reclassification of assets	(112)	(5,985)
Disposals	22	0
Translation difference	40	(17)
Depreciation	676	621
Ending balance	(3,815)	(3,233)
Depreciation \| Computer equipment
Property, Plant and Equipment [Roll Forward]
Beginning balance	(1,519)	(1,459)
Reclassification of assets	(7)	0
Disposals	136	0
Translation difference	(23)	(15)
Depreciation	230	75
Ending balance	$ (1,583)	$ (1,519)

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

Supplement cash flow information for the years ended 31 December 2023, 2022, and 2021 is included below (see Note 21 for non-cash movements in borrowings).


Non-cash investing and financing activities	2023	2022	2021
Acquisition of property, plant and equipment in trade payables and other current liabilities	2,266	4,131	3,812
Acquisition of intangibles in trade payables and other current liabilities	930	4,075	—
Right-of-use assets obtained through new operating leases	74,109	9,583	18,871
Purchase of 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
Acquisition of other intangible assets through financing agreements	—	—	461
Settlement of RSUs with shares	678	—	—
Settlement of SARs with shares	13,767	—	—

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2023
Disclosure Of New Accounting Standards [Abstract]
New accounting standards	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 2023: IFRS 17 - Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts, which replaces IFRS 4, Insurance Contracts. This standard sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts that are within the scope of IFRS 17. In June 2020, the IASB issued Amendments to IFRS 17, which addresses concerns and implementation challenges that were identified after IFRS 17, Insurance Contracts, was published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023. IFRS 17 requires fundamental accounting changes to how insurance contracts are measured and accounted for. It introduces the general measurement model, based on a risk-adjusted present value of future cash flows that will arise as the insurance contract is fulfilled. This new measurement model aims to provide relevant information of the future cash flows. The general measurement model is modified for the measurement of reinsurance contracts held, direct participating contracts, and investment contracts with discretionary participation features. Also, while the general measurement model applies to all groups of insurance contracts in scope of IFRS 17, a simplified approach (a premium allocation approach) may be used to measure contracts that meet certain criteria. IFRS 17 also includes new disclosure requirements, providing more clarity and transparency for users of financial statements. The adoption of the standard did not have a material impact on the consolidated financial statements of the Group. IAS 1 (Amendment) - Disclosure of Accounting Policies The IASB issued Disclosure of Accounting Policies (Amendments to IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. The amendments replace the requirement for entities to disclose their significant accounting policies with the requirement to disclose their material accounting policy information. The amendments also include guidance to help entities apply the definition of material in making decisions about accounting policy disclosures. The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group. IAS 8 (Amendments) - Definition of Accounting Estimates The IASB issued amendments on IAS 8 to help entities to distinguish between accounting policies and accounting estimates. The amendments clarify how companies distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. The distinction between the two is important because changes in accounting policies are applied retrospectively, while changes in accounting estimates are applied prospectively. The amendments further clarify that accounting estimates are monetary amounts in the financial statements and are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops accounting estimates to achieve the objective set out by an accounting policy. The amendments are reflected in all financial statements and disclosures of the Group. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction The IASB issued amendments on IAS 12, which clarifies how companies shall account for deferred tax on transactions such as leases and decommissioning obligations, with a focus on reducing diversity in practice. The amendments narrow the scope of the initial recognition exemption in paragraphs 15 and 24 of IAS 12 so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize deferred tax assets and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - International Tax Reform—Pillar Two Model Rules In March 2022, the OECD released technical guidance on its 15% global minimum tax agreed as the second ‘pillar’ of a project to address the tax challenges arising from digitalisation of the economy. This guidance elaborates on the application and operation of the Global Anti-Base Erosion (GloBE) Rules agreed and released in December 2021 which lay out a co-ordinated system to ensure that multinational enterprises with revenues above €750 million pay tax of at least 15% on the income arising in each of the jurisdictions in which they operate. In May 2023, the IASB issued amendments to IAS12 Income Taxes to introduce a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As the Company does not meet the revenue thresholds, this guidance had no impact on the Group's consolidated financial statements. 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. IAS 1 (Amendments) – Classification of Liabilities as Current or Non-Current The IASB issued 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 2024, with early application permitted. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IAS 1 (Amendments) – Non-current Liabilities with Covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IFRS 16 (Amendment) - Lease Liability in a Sale and Leaseback This amendment adds subsequent measurement requirements for sale and leaseback transactions. This amendment includes requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group anticipates that the application of this amendment will not have a material impact on the consolidated financial statements.

Litigation - Additional Information (Details) $ in Millions	12 Months Ended
Litigation - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) litigation_case	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Litigation [Abstract]
Number of litigations \| litigation_case	4
Legal expenses \| $	$ 0.0	$ 8.7	$ 13.5

Other Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

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 2023 and 2022 are as follows:


	Software	Customer relationships	Intellectual property rights	Total
Cost
Balance at 1 January 2023	13,684	2,181	15,000	30,865
Reclassification of assets	1,002	—	—	1,002
Additions	4,094	—	6,000	10,094
Impairment	(1,779)	—	—	(1,779)
Retirement	—	—	(15,000)	(15,000)
Translation difference	72	90	—	162
Balance at 31 December 2023	17,073	2,271	6,000	25,344
Amortization
Balance at 1 January 2023	3,343	1,870	—	5,213
Amortization	626	318	—	944
Translation difference	28	83	—	111
Balance at 31 December 2023	3,997	2,271	—	6,268
Net carrying amount
Balance at 31 December 2023	13,076	—	6,000	19,076


	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

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:


	2023	2022	2021
Cost of product revenue	318	471	—
Research and development expenses	8	—	324
General and administrative expenses	618	262	599
	944	733	923

Financial Instruments - Summary of Assumptions and Inputs (Details)	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Shares at year-end (in shares)	266,821,844	252,160,087
Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Shares at year-end (in shares)	38,330,000	38,330,000
OACB earnout shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Shares at year-end (in shares)	625,000	1,250,000
Stock price \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	11.48	10.00
Stock price \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	11.48	10.00
Stock price \| OACB earnout shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	11.48	10.00
Conversion price \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	10.00	10.00
Volatility rate \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.575	0.450
Volatility rate \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.550	0.450
Volatility rate \| OACB earnout shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.550	0.450
Risk-free interest rate \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.042	0.042
Risk-free interest rate \| Predecessor Earn Out Shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.0397	0.0405
Risk-free interest rate \| OACB earnout shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.0397	0.0405
Dividend yield \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.000	0.000
Risky yield \| Embedded derivative liabilities associated with convertible bonds
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Significant unobservable input, liabilities	0.163	0.193

Share Capital (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, and 2022 are as follows (in thousands, except for share amounts):


	2023		2022
	Shares	Share capital and share premium	Shares	Share capital and share premium
Ordinary Shares	266,821,844	1,231,969	252,160,087	1,060,558
Total share capital and share premium	266,821,844	1,231,969	252,160,087	1,060,558

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 2023, 2022, and 2021 are as follows (in thousands, except for share amounts):


	Ordinary Shares	Predecessor Ordinary Shares	Share capital	Share premium	Total
Balance at 1 January 2021	—	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 1.1)	38,330,000	—	—	(227,500)	(227,500)
OACB Earn Out Shares (Note 1.1)	1,250,000	—	—	(9,100)	(9,100)
SARs Settlement (Note 22)	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
Capital contribution	11,834,061	—	118	132,618	132,736
Vested earn-out shares	—	—	6	8,300	8,306
Penny warrants (Note 28)	2,479,962	—	25	27,159	27,184
Public warrants (Note 28)	553,552	—	6	7,612	7,618
Settlement of RSUs with shares (Note 23)	838,919	—	8	5,095	5,103
Settlement of SARs with shares (Note 22)	(1,044,737)	—	(10)	(9,526)	(9,536)
Balance at 31 December 2023	266,821,844	—	2,279	1,229,690	1,231,969

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	Subsequent events The Group evaluated subsequent events through 20 March 2024, the date the consolidated financial statements were available to be issued. On 15 February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the EEA for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. Market applications for AVT04 are currently pending in additional global markets, including in the U.S. Alvotech's commercialization partner in Canada, JAMP Pharma, launched AVT04 in Canada on March 1, 2024. Launch of AVT04 in Japan is anticipated after the upcoming round of National Health Insurance reimbursement price listings, in May 2024. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate (SPC) for Stelara, which is in late July 2024. On 23 February 2024, the Company announced that the FDA has approved SIMLANDI (adalimumab) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. In 2023, Humira was one of the highest-grossing pharmaceutical products in the world, with sales in the U.S. of nearly $12.2 billion. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. On 26 February 2024, the Company announced the sale of 10,127,132 Ordinary Shares for an approximate value of $166 million (net proceeds of $160 million), par value USD 0.01 per share, at a purchase price of $16.41 per share, or ISK 2,250 per share at the foreign exchange rates on 23 February 2024. The Shares will be delivered to the Investors from previously issued treasury shares held by Alvotech’s subsidiary, Alvotech Manco ehf. The Transaction took place on the Nasdaq Iceland Exchange. On 12 February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche will be accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. On 12 February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche will be accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. Subsequent to 31 December 2023, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,501,599 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and will recognize the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities will be recognized in the consolidated statements of profit or loss and other comprehensive income or loss. Subsequent to 31 December 2023, 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 419,660 Ordinary Shares and cash proceeds of $4.8 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 statements of profit or loss and other comprehensive income or loss.

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

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 2023 and 2022 are as follows:


	2023	2022
Senior Bonds	549,411	530,506
2022 Convertible Bonds	155,914	32,441
Aztiq Convertible Bond	80,663	65,793
Alvogen Facility	76,556	64,588
Other borrowings	97,615	71,242
Total outstanding borrowings, net of debt issue costs	960,159	764,570
Less: current portion of borrowings	(38,025)	(19,916)
Total non-current borrowings	922,134	744,654

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.

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. The outstanding bonds were subsequently amended as described below.

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 28).

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 28), respectively.

As a result of proceeds raised from the private placement offering executed in February 2023, the Company extinguished the liability related to the senior bond warrants since the Company has not anymore the obligation to issue the penny warrants representing the 1.0% Senior Bond Warrants (see Note 28 for further information).

As of 31 December 2023, the carrying amount of the Senior Bonds is $549.4 million, compared to $530.5 million as of 31 December 2022. The Group has the option, at any time, to prepay all or any part of the outstanding bonds in exchange for the payment of the redemption premium pursuant to the terms of the agreement.

The Group has pledged its intellectual property as collateral for the Senior Bonds. Additionally, the Group has pledged the Facility of up to $600 million over the Facility as collateral for the Senior Bonds (2nd lien pledge), as further described in Note 12.

2022 Convertible Bonds

On 20 December 2022, the Group issued two tranches of convertible bonds (the “2022 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 in February 2023, 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 of the 2022 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 31 December 2023, 30 June 2024, or upon mandatory or optional redemption of the bonds.

The conversion features (the “Tranche A Conversion Feature” and “Tranche B Conversion Feature”) for both the Tranche A and Tranche B of the 2022 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 28 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.

On 25 January 2023, the Company issued an additional $10.0 million of Tranche B Convertible Bonds. The Tranche B Conversion Feature associated with this additional issuance was determined to have a fair value of $1.4 million at issuance date.

On 24 July 2023, Alvotech announced that Teva and Alvotech have agreed to expand their existing partnership agreement. As part of the agreement, Teva acquired Tranche B Convertible Bonds in principal amount of $40 million. The Tranche B Conversion Feature associated with this additional issuance was determined to have a fair value of $3.9 million at issuance date.

On 31 July 2023, Alvotech completed a private placement of Tranche A Convertible Bonds for a total principal amount of $100 million, or approximately ISK 13 billion at current exchange rates. As part of this private placement, ATP Holdings ehf., an affiliated of Aztiq, acquired Tranche A Convertible Bonds in principal amount of $30 million. The Tranche A Conversion Feature associated with these additional issuances was determined to have a fair value of $45.6 million at issuance date (see Note 28 for further details).

As of 31 December 2023, the carrying amount of the Tranche A and Tranche B of the 2022 Convertible Bonds is $107.1 million and $48.8 million, respectively.

Aztiq Convertible Bond

On 16 November 2022, the Group issued a convertible bond (also known as the “Aztiq Convertible Bond”) to ATP Holdings ehf, an affiliate of Aztiq, 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 is 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 30 December 2023, 30 June 2024, or when the bond has been called or put up for mandatory or optional redemption, 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; and

•$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.

In April 2023, we were communicated that ATP Holdings ehf. sold a portion of the Aztiq Convertible Bond to Mitsui & Co., Ltd. ("Mitsui"), a global trading and investment company headquartered in Japan, and Shinhan Healthcare fund 5 ("Shinhan"), a fund established under the laws of the Republic of Korea.

As of 31 December 2023, the carrying amount of the Aztiq Convertible Bond was $80.7 million and includes $15.1 million held by ATP Holdings ehf. The carrying amount of the Aztiq Convertible Bond was $65.8 million as of 31 December 2022.

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 2022, 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 Senior Bonds 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; and

•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; and

•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 2022 Convertible Bonds. As a result, Alvotech extinguished the liability to issue the Alvogen Facility Warrants.

As of 31 December 2023, the carrying amount of the Alvogen Facility is $76.6 million, compared to $64.6 million as of 31 December 2022.

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 two new loans from Landsbankinn hf. for $48.8 million, with 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. The Group has pledged the facility as collateral to secure these loans (1st lien pledge), as further described in Note 12.

These two loans were denominated in Icelandic Krona and included a conversion clause to convert them into USD. The conversion of these two loans took place in March 2023.

Under the terms of the loan agreements after conversion, the first loan includes annuity payments that are due monthly with a final maturity in December 2029 and a variable interest rate of USD Secured Overnight Funding Rate ("SOFR") plus a margin of 4.75%. The second loan is a bullet loan with a final maturity in December 2027 and a variable interest rate of USD SOFR plus a margin of 3.75%

The Group determined that conversion to USD of the two loans was a substantial modification to loan agreements and accounted for the transaction as an extinguishment. No gain or loss was recognized as part of the extinguishment.

As of 31 December 2023, the carrying amount of the Facility Loans is $48.5 million.

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 2024, depending on the issuance date of each loan. Interest on the loans is based on 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 2023, the outstanding balance on the loans is $0.5 million, compared to a balance of $3.2 million as of 31 December 2022.

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 $8 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 2024 and have a variable interest rate of USD SOFR plus a margin of 4.95%. As of 31 December 2023, the outstanding balance on the credit facility was $7.8 million, compared to $13.9 million as of 31 December 2022.

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 March 2029. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2023, the outstanding balance on the loan was $2.5 million, compared to $2.9 million as of 31 December 2022.

On 5 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 2023, the outstanding balance on the loan was $1.6 million, compared to $1.8 million as of 31 December 2022.

On 4 August 2023, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $11.5 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 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2023, the outstanding balance on the loan was $11.0 million.

The Group is in compliance with all representations and non-financial covenants required by these agreements. In addition, the Group has pledged equipment as collateral to secure these borrowings, as further described in Note 12.

On 14 December 2023, the Group entered into a qualified receivable financing agreement with Landsbankinn hf. for a principal amount of $25.0 million. The qualified receivable financing arrangement has a variable interest rate of USD SOFR plus a margin of 3.50% and a maturity of April 2024. As of 31 December 2023, the outstanding balance on the loan was $25.0 million. The Group has pledged $25 million of its trade receivables to secure this financing.

Movements in the Group’s outstanding borrowings during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Borrowings, net at 1 January	764,570	400,911
Recognition of deferred debt issue costs	(6,115)	(2,889)
Accretion/derecognition of borrowings discount	15,770	35,065
Recognition of new borrowings discount	(50,953)	(43,241)
Proceeds from new borrowings	275,311	467,196
Loans from related party converted to equity	—	(50,000)
Repayments of borrowings	(99,367)	(83,951)
Accrued interest	58,212	40,424
Amortization of deferred debt issue costs	1,657	23
Foreign currency exchange difference	1,075	1,032
Borrowings, net at 31 December	960,159	764,570

The weighted-average interest rates of outstanding borrowings for the years ended 31 December 2023, 2022, and 2021 are 12.73%, 12.41%, and 14.83%, respectively.

The table below details the changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flows from financing activities.


	1 January 2023	Financing Cash flows (a)	Capitalized loan cost changes	Fair value changes, including accretion	Other changes (b)	Foreign exchange impact	31 December 2023
2022 Convertible Bonds and Aztiq Convertible Bond	98,234	145,358	1,657	(36,071)	27,603	(204)	236,577
Senior Bonds (including related party)	530,506	—	—	888	18,017	—	549,411
Other borrowings	71,242	25,102	—	—	(8)	1,279	97,615
Alvogen Facility	64,588	—	—	—	11,968	—	76,556
Borrowings, net	764,570	170,460	1,657	(35,183)	57,580	1,075	960,159

(a)The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.

(b)Other changes include interest accruals and effects of payments including $3.5 million in cash received from borrowings from the 2022 Convertible Bonds and transaction cost of $9 million paid in 2023.


	1 January 2022	Financing Cash flows (a)	Capitalized loan cost changes	Fair value changes, including accretion	Other changes (b)	Foreign exchange impact	Conversion to Equity	Other non-cash movements	31 December 2022
2022 Convertible Bonds and Aztiq Convertible Bond	—	55,852	(2,865)	(40,245)	1,528	444	—	83,520	98,234
Senior Bonds (including related party)	394,129	70,000	—	32,069	34,308	—	—	—	530,506
Other borrowings	6,782	33,112	—	—	762	588	—	29,998	71,242
Alvogen Facility	—	110,000	—	—	4,588	—	(50,000)	—	64,588
Borrowings, net	400,911	268,964	(2,865)	(8,176)	41,186	1,032	(50,000)	113,518	764,570

(a)The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.

(b)Other changes include interest accruals and payments.

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2023 and 2022 are as follows:


	2023	2022
Within one year	38,025	19,916
Within two years	867,273	3,804
Within three years	4,932	696,646
Within four years	37,857	3,374
Thereafter	12,072	40,830
	960,159	764,570

Property, Plant And Equipment - Additional Information (Details) - USD ($) $ in Millions	Nov. 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, pledged as security		$ 127.4	$ 122.4
Saemundur
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
Saemundur \| Facility
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

Share Capital - Summary of Share Capital and Share Premium (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Shares	266,821,844	252,160,087
Share capital and share premium	$ 1,231,969	$ 1,060,558
Ordinary Shares
Disclosure of classes of share capital [line items]
Shares	266,821,844	252,160,087
Share capital and share premium	$ 1,231,969	$ 1,060,558

Finance Income And Finance Costs (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Finance Income [Abstract]

Summary Of Detailed Information About Finance Income

Finance income earned during the years ended 31 December 2023, 2022 and 2021 is as follows:


	2023	2022	2021
Changes in the fair value of derivatives (see Note 28)	—	1,637	51,549
Interest income from cash and cash equivalents	4,547	556	18
Other interest income	276	356	1
	4,823	2,549	51,568

Summary Of Detailed Information About Finance Cost

Finance costs incurred during the years ended 31 December 2023, 2022, and 2021 are as follows:


	2023	2022	2021
Changes in the fair value of derivatives (see Note 28)	132,333	96,981	2,804
Interest on debt and borrowings	129,327	71,452	106,548
Consenting fee (see Note 21)	—	7,430	—
Loss on remeasurement of bonds (see Note 21)	—	6,511	—
Interest on lease liabilities (see Note 13)	3,840	6,022	6,423
Amortization of deferred debt issue costs	1,657	23	1,586
	267,157	188,419	117,361

Cash And Cash Equivalents - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Roll Forward]
Balance at 1 January	$ 25,187	$ 10,087
Additions during the year	0	14,914
Interest income	945	186
Balance at 31 December	$ 26,132	$ 25,187

Revenue - Summary Of The Groups' Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 91,434	$ 83,029	$ 36,772
Product revenue (point in time revenue recognition) \| Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	48,699	24,836	0
License revenue (point in time revenue recognition) \| Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	12,177	424	1,453
Development and other service revenue (over time revenue recognition) \| Goods or services transferred over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 30,558	$ 57,769	$ 35,319

Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	$ 32,781	$ 21,141	$ 39,940
Sold service	597	818	3,715
Alvogen Lux Holdings S.à r.l. – Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest			9,383
Sold service			0
Aztiq Pharma Partners S.à r.l. – Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest			16,048
Sold service			0
Alvogen Aztiq AB – Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest			297
Sold service			0
Aztiq Fjárfestingar ehf. – Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	0	216	120
Sold service	4	0	0
Fasteignafélagið Sæmundur hf. - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest		7,189	7,762
Sold service		0	0
Alvogen Iceland ehf. - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	19	465	454
Sold service	1	174	2,308
Alvogen ehf. - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	0	0	6
Sold service	152	68	2
Alvogen UK - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	273		299
Sold service	0		0
Lotus Pharmaceuticals Co. Ltd. - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	0	0	0
Sold service	29	3	312
Alvogen Emerging Markets - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	108	98	238
Sold service	0	0	0
Alvogen Korea co. Ltd - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest		0	0
Sold service		1	9
Alvogen Inc. - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	305	585	89
Sold service	0	266	654
Alvogen Malta Sh. Services - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest	0	603	1,216
Sold service	$ 0	0	151
Alvogen Pharma Pvt Ltd - Sister Company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest		1,159	491
Sold service		0	0
HRJÁF ehf - Sister company
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest			1,415
Sold service			0
L41 ehf.
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest		26	29
Sold service		$ 0	0
Lambhagavegur 7 ehf.
Schedule of Information About Board of Directors Remuneration [Line Items]
Purchased service / interest			713
Sold service			$ 0

Interests In Joint Ventures - Schedule of Changes in Groups Investment in a Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments Accounted For Using Equity Method [Roll Forward]
Balance at 1 January	$ 48,568	$ 55,307
Share in losses	(7,153)	(2,590)	$ (2,418)
Impairment loss on investment in joint venture	(21,519)	0	0
Translation difference	(1,402)	(4,149)
Balance at 31 December	$ 18,494	$ 48,568	$ 55,307

Leases - Additional Information (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 119,802	$ 47,501	$ 126,801
Lease liabilities	$ 700	$ 100
Fasteignafelagid Eyjolfur hf. \| ICELAND
Disclosure of quantitative information about right-of-use assets [line items]
Operating lease remaining lease term	15 years
Area of property \| ft²	140
Right-of-use assets	$ 68,500

Income Tax - Schedule Of The Reconciling Items Between The Statutory Rate And The Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Income Tax [Abstract]
Tax rate	24.90%	24.90%	24.90%
Effect of tax rate in foreign jurisdictions	(3.40%)	(2.40%)	(8.20%)
Permanent differences	(6.70%)	(8.90%)	30.40%
Non-recognition of tax losses	(1.50%)	(3.80%)	(15.00%)
Other items	2.00%	(2.90%)	(0.10%)
Effective tax rate	15.30%	6.90%	32.00%

Long-Term Incentive Plans - Schedule Of Movements In The Group's Employee Incentive Plan Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liability Asset Of Defined Benefit Plans [Roll Forward]
Beginning balance	$ 544	$ 14,935
Additions	78	5,075
Payments	(11,736)	(7,693)
Ending balance	0	544
Prior to reclassification
Liability Asset Of Defined Benefit Plans [Roll Forward]
Beginning balance	12,317
Ending balance	659	12,317
Reclassified to other current liabilities
Liability Asset Of Defined Benefit Plans [Roll Forward]
Beginning balance	(11,773)
Ending balance	$ (659)	$ (11,773)

Other Current Assets

12 Months Ended

Dec. 31, 2023

Other Current Assets [Abstract]

Other Current Assets

Other current assets

The composition of other current assets as of 31 December 2023 and 2022 is as follows:


	2023	2022
Value-added tax	8,801	6,468
Prepaid expenses	22,035	20,601
Proceeds receivable from Convertible Bonds (see Note 21)	—	3,520
Derivative asset	—	851
Other short-term receivables	1,035	1,509
	31,871	32,949

During the year, the Group terminated the co-development agreement with Biosana for AVT23 and derecognized $15.0 million of other intangible assets and $3.5 million of prepaid development costs. A receivable of $18.5 million was recognized under other current assets which was fully reserved due to the uncertainty that it would be collected.

Revenue - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets	$ 10,856	$ 3,286
Current contract assets	35,193	25,370
Non-current contract liabilities	73,261	57,017
Current contract liabilities	59,183	$ 36,915
Not later than five years \| Performance obligations satisfied over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Transaction price allocated to remaining performance obligations	$ 383,000
Period of revenue recognition	5 years
Bottom of range
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period	2 years
Noncurrent contract liabilities revenue recognition period	2 years
Top of range
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current contract assets materialize period	3 years
Noncurrent contract liabilities revenue recognition period	6 years

Share Capital - Additional information (Details) - USD ($)			12 Months Ended
	Feb. 10, 2023	Jun. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 16, 2022	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Gross private placement equity offering fee			$ 4,141,000	$ 0	$ 0
Shares at year-end (in shares)			266,821,844	252,160,087
Stock issued under PIPE financing shares (in shares)		17,493,000
Dividends			$ 0	$ 0	0
Common stock held by subsidiary (in shares)			22,905,618
Cash and cash equivalents			$ 11,157,000	66,427,000	$ 17,556,000		$ 31,689,000
Cash and cash equivalents denominated in other currencies
Disclosure of classes of share capital [line items]
Cash and cash equivalents			$ 9,691,000	$ 56,050,000
Senior Bond Warrants
Disclosure of classes of share capital [line items]
Warrants issuable as a percentage of fully diluted ordinary shares						1.00%
Class A and Class B Ordinary Shares
Disclosure of classes of share capital [line items]
Shares authorized value							$ 99,700,000
Number of shares authorized (in shares)							99,961,829
Common stock par or stated value per share (in dollars per share)							$ 0.01
Ordinary Shares \| Private Placement
Disclosure of classes of share capital [line items]
Gross private placement equity offering fee	$ 4,100,000
Common stock par or stated value per share (in dollars per share)	$ 0.01
Proceeds from the issuance of common stock	$ 137,000,000
Sale of stock issue price (in dollars per share)	$ 11.57
Ordinary Shares \| Exchange of Predecessor Ordinary Shares
Disclosure of classes of share capital [line items]
Capital reorganization event shares issued (in shares)		180,600,000
Ordinary Shares \| Exchange of Class A OACB Ordinary Shares
Disclosure of classes of share capital [line items]
Capital reorganization shares issued (in shares)		5,000,000
Predecessor Earn Out Shares \| Exchange of Predecessor Ordinary Shares
Disclosure of classes of share capital [line items]
Capital reorganization event shares issued (in shares)		38,330,000
Class A OACB Ordinary Shares \| Exchange of Class A OACB Ordinary Shares
Disclosure of classes of share capital [line items]
Shares at year-end (in shares)		976,505
Class B OACB Ordinary Shares \| Exchange of Class A OACB Ordinary Shares
Disclosure of classes of share capital [line items]
Shares at year-end (in shares)		6,250,000
OACB Earn Out Shares \| Exchange of Class A OACB Ordinary Shares
Disclosure of classes of share capital [line items]
Capital reorganization shares issued (in shares)		1,250,000

Segment Reporting

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

Segment reporting

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

A significant portion 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:


	2023	2022	2021
Europe	63,510	39,433	20,509
North America	18,306	30,780	11,660
Asia and other	9,618	12,816	4,603
	91,434	83,029	36,772

Non-current assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows:


	2023	2022
Europe	415,659	334,837
North America	5,094	240
Asia and Other	6,194	3,715
	426,947	338,792

Revenue from transactions with individual customers that exceeds ten percent or more of the Group’s total revenue is as follows:


	2023			2022			2021
	Revenue	% Total		Revenue	% Total		Revenue	% Total
Customer A	9,430	10.3	%	17,940	21.6	%	10,070	27.4	%
Customer B	46,954	51.4	%	38,376	46.2	%	18,369	50.0	%
Customer C	8,876	9.7	%	12,840	15.5	%	1,590	4.3	%
Customer D	16,556	18.1	%	—	—	%	—	—	%

Revenue - Summary Of Reconciliation Of Contract Assets And Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract Assets
Contract Assets
Beginning balance asset	$ 28,656	$ 19,438
Contract asset additions	19,634	29,823
Amounts transferred to trade receivables	(2,412)	(19,690)
Ending balance asset	46,049	28,656
Contract Liabilities
Foreign currency adjustment	171	(915)
Contract Liabilities
Contract Liabilities
Beginning balance liabilities	93,932	74,536
Amounts transferred to trade receivables	0
Derecognition of contract liability	(42,089)
Customer prepayments	100,555	46,127
Revenue recognized	(23,101)	(26,782)
Foreign currency adjustment	3,147	51
Ending balance liabilities	$ 132,444	$ 93,932

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

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


	2023	2022	2021
Europe	63,510	39,433	20,509
North America	18,306	30,780	11,660
Asia and other	9,618	12,816	4,603
	91,434	83,029	36,772

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:


	2023	2022
Europe	415,659	334,837
North America	5,094	240
Asia and Other	6,194	3,715
	426,947	338,792

Summary Of Detailed Information About Revenue From Transactions With Individual Customers

Revenue from transactions with individual customers that exceeds ten percent or more of the Group’s total revenue is as follows:


	2023			2022			2021
	Revenue	% Total		Revenue	% Total		Revenue	% Total
Customer A	9,430	10.3	%	17,940	21.6	%	10,070	27.4	%
Customer B	46,954	51.4	%	38,376	46.2	%	18,369	50.0	%
Customer C	8,876	9.7	%	12,840	15.5	%	1,590	4.3	%
Customer D	16,556	18.1	%	—	—	%	—	—	%

Financial Instruments - Schedule of Provides a Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Senior Bond Warrants
Derivative Financial Liabilities [Roll Forward]
Revaluation	$ 6,500
Level 3 \| Senior Bond Warrants
Derivative Financial Liabilities [Roll Forward]
Beginning balances	45,325
Revaluation	0
Transfer to Level 1	(45,325)
Extinguishment	0
Ending balances	0	$ 45,325
Level 3 \| Tranche A Conversion Feature
Derivative Financial Liabilities [Roll Forward]
Beginning balances	38,055
Issues fair value measurement liabilities	45,555
Revaluation	35,220
Ending balances	118,830	38,055
Level 3 \| Senior Bond Interest Rate Feature (included in other current assets)
Derivative Financial Liabilities [Roll Forward]
Beginning balances	851
Extinguishment	(851)
Ending balances	0	851
Level 2 \| Senior Bond Warrants
Derivative Financial Liabilities [Roll Forward]
Transfer to Level 1	$ (19,700)	$ (45,300)

Loss Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Antidilutive securities excluded from computation of earnings per share			0
Number of potential ordinary shares that are antidilutive in period presented	86,745,377	148,857,998

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Assets [Abstract]

Summary of Other Current Assets

The composition of other current assets as of 31 December 2023 and 2022 is as follows:


	2023	2022
Value-added tax	8,801	6,468
Prepaid expenses	22,035	20,601
Proceeds receivable from Convertible Bonds (see Note 21)	—	3,520
Derivative asset	—	851
Other short-term receivables	1,035	1,509
	31,871	32,949

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022, and 2021 is as follows:


Current tax
	2023	2022	2021
Direct taxes - current	1,307	1,015	706
Direct taxes – prior year	(60)	(115)	491
Total current tax	1,247	900	1,197
Deferred tax
Current	(89,847)	(54,236)	(48,414)
Prior year	(10,718)	15,269	(477)
Total deferred tax	(100,565)	(38,967)	(48,891)
Total income tax benefit	(99,318)	(38,067)	(47,694)

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:


	2023		2022		2021
Tax rate	24.9	%	24.9	%	24.9	%
Effect of tax rate in foreign jurisdictions	(3.4	%)	(2.4	%)	(8.2	%)
Permanent differences	(6.7	%)	(8.9	%)	30.4
Non-recognition of tax losses	(1.5	%)	(3.8	%)	(15.0	%)
Other items	2.0	%	(2.9	%)	(0.1)
Effective tax rate	15.3	%	6.9	%	32.0	%

Schedule of the movement in net deferred taxes

The movement in net deferred taxes during the years ended 31 December 2023 and 2022 is as follows:


	2023	2022
Balance at 1 January	209,187	170,268
Deferred tax credited to profit or loss	100,567	38,919
Balance at 31 December	309,754	209,187
Deferred tax assets	309,807	209,496
Deferred tax liabilities	(53)	(309)

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 2023 and 2022 is as follows:


	2023	2022
Deferred tax assets attributable to temporary differences in respect of tax losses	301,375	205,290
Deferred tax assets attributable to other temporary differences	11,941	6,832
Deferred tax liabilities attributable to other temporary differences	(3,562)	(2,935)
Net deferred tax assets	309,754	209,187

Schedule of expiration of unused tax losses

These tax losses expire as follows:


2024-2026			68,821
2027-2029			289,608
Later			1,155,294
			1,513,723

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Acquisition of property, plant and equipment in trade payables and other current liabilities	$ 2,266	$ 4,131	$ 3,812
Acquisition of intangibles in trade payables and other current liabilities	930	4,075	0
Right-of-use assets obtained through new operating leases	74,109	9,583	18,871
Purchase of Facility through Aztiq Convertible Bond	0	115,005	0
Non-cash issuance of Aztiq Convertible Bond	0	80,000	0
Equity issued through conversion of borrowings	0	32,200	346,043
Acquisition of other intangible assets through financing agreements	0	0	461
RSUs
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Settlement of liability with shares	678	0	0
SARs
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items]
Settlement of liability with shares	$ 13,767	$ 0	$ 0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Summary of Inventories

The Group’s inventory balances as of 31 December 2023 and 2022 are as follows:


	2023	2022
Raw materials and supplies	51,524	41,961
Work in progress	33,068	29,450
Finished goods	244	2,121
Inventory reserves	(10,403)	(2,062)
Balance at 31 December	74,433	71,470

Inventories

12 Months Ended

Dec. 31, 2023

Classes of current inventories [abstract]

Inventories

The Group’s inventory balances as of 31 December 2023 and 2022 are as follows:


	2023	2022
Raw materials and supplies	51,524	41,961
Work in progress	33,068	29,450
Finished goods	244	2,121
Inventory reserves	(10,403)	(2,062)
Balance at 31 December	74,433	71,470

The increase in inventory from 31 December 2022 to 31 December 2023 is due to the expansion of the commercial launch of certain of the Group’s biosimilar products.

The Group recognised $42.8 million and $20.9 million within cost of goods sold during the years ended 31 December 2023 and 2022, respectively.

During the years ended 31 December 2023, 2022, and 2021, write-down of inventories amounted to $10.4 million, $2.1 million and $1.2 million, respectively, due to product expiration and results from quality control inspections. There were no reversals of inventory write-downs during the years ended 31 December 2023, 2022, and 2021.

Related Parties - Additional information (Details) $ in Thousands	12 Months Ended		168 Months Ended
	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2021 agreement	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Disclosure of transactions between related parties [line items]
Loans to related parties \| $	$ 0		$ 0	$ 0
Fasteignafélagið Sæmundur hf. - Sister company
Disclosure of transactions between related parties [line items]
Number of lease agreements	15		15
Fasteignafélagið Sæmundur hf. - Sister company \| April 2023 Lease Facility
Disclosure of transactions between related parties [line items]
Operating lease remaining lease term	15 years
Fasteignafélagið Sæmundur hf. - Sister company \| Remaining 15 Lease Facilities
Disclosure of transactions between related parties [line items]
Operating lease remaining lease term	7 years
Flóki Fasteignir ehf.
Disclosure of transactions between related parties [line items]
Number of lease agreements entered into			17
Number of leases terminated		2
Flóki-Art ehf.
Disclosure of transactions between related parties [line items]
Operating lease remaining lease term	15 years

Depreciation, Amortization And Impairment - Summary Of Detailed Information About Depreciation Amortization And Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Depreciation Amortization And Imapirment [Abstract]
Depreciation and impairment of property, plant and equipment (see Note 12)	$ 14,353	$ 9,807	$ 10,666
Depreciation of right of use assets (see Note 13)	8,913	9,869	8,699
Amortization and impairment of intangible assets (see Note 15)	2,723	3,488	4,916
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss	$ 25,989	$ 23,164	$ 24,281

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Financial Assets Measured at Cost

Financial assets as of 31 December 2023 and 2022, all of which are measured at amortized cost, are as follows:


	2023	2022
Cash and cash equivalents	11,157	66,427
Restricted cash	26,132	25,187
Trade receivables	41,292	32,972
Other current assets	1,035	5,880
Receivables from related parties	896	1,548
Other long-term assets	336	4,484
	80,848	136,498

Summary of Financial Liabilities

Financial liabilities as of 31 December 2023 and 2022 are as follows:


	2023	2022
Borrowings (measured at amortized cost)	960,159	764,570
Derivative financial liabilities (measured at FVTPL)	520,553	380,232
Other long-term liability to related party (measured at amortized cost)	—	7,440
Long-term incentive plan (measured at FVTPL)	—	544
Trade and other payables (measured at amortized cost)	80,563	49,188
Lease liabilities (measured at amortized cost)	115,315	40,532
Liabilities to related parties (measured at amortized cost)	9,851	1,131
Other current liabilities	61,873	53,664
	1,748,314	1,297,301

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:


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



	31 December 2022
	Carrying Amount	Fair Value
Senior Bonds	530,506	535,167
Aztiq Convertible Bond	65,793	65,772
2022 Convertible Bonds	32,441	52,463
Alvogen Facility	64,588	66,883
	693,328	720,285

Summary of Fair Value on a Recurring Basis

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 31 December 2023 and 2022:


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


	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

Disclosure of Fair Value Measurement of Liabilities

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


	Senior Bond Warrants	Tranche A Conversion Feature	Senior Bond Interest Rate Feature
1 January 2023	45,325	38,055	851
Issuance	—	45,555	—
Revaluation	—	35,220	—
Transfer to Level 1	(45,325)	—	—
Extinguishment	—	—	(851)
31 December 2023	—	118,830	—

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 2023		31 December 2022
Stock price	$11.48		$10.00
Conversion price	$10.00		$10.00
Volatility rate	57.5	%	45.0	%
Risk-free interest rate	4.2	%	4.2	%
Dividend yield	0.0	%	0.0	%
Risky yield	16.3	%	19.3	%

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


	31 December 2023		31 December 2022
Number of shares	38,330,000		38,330,000
Share price	$11.48		$10.00
Volatility rate	55.0	%	45.0	%
Risk-free rate	3.97	%	4.05	%

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


	31 December 2023		31 December 2022
Number of shares	625,000		1,250,000
Share price	$11.48		$10.00
Volatility rate	55.0	%	45.0	%
Risk-free rate	3.97	%	4.05	%

Summary of Interest Rate Sensitivity Analysis

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


	2023	2022
Variable-rate financial instruments +100	(89)	(186)
Variable-rate financial instruments -100	89	186

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
	2023	2022	2023	2022
EUR	1.105	1.061	1.091	1.052	4.1	%
GBP	1.275	1.204	1.266	1.233	5.9	%
ISK	0.007	0.007	0.007	0.007	5.1	%
CHF	1.188	1.071	1.156	1.047	10.9	%
INR	0.012	0.012	0.012	0.013	0.1	%

Summary of Groups Assets and Liabilities

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows:


	Assets	Liabilities	Net assets
EUR	36,568	46,303	(9,735)
GBP	69	3,479	(3,410)
ISK	3,247	144,812	(141,565)
CHF	335	7,488	(7,153)
INR	167	536	(369)

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


	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)

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 2023
-10% weakening	(974)	(341)	(14,156)	(715)	(37)
+10% strengthening	974	341	14,156	715	37
Year ended 31 December 2022
-10% weakening	(991)	(143)	(6,002)	(724)	(51)
+10% strengthening	991	143	6,002	724	51

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 2023 and 2022 is as follows:


	2023	2022
Cash and cash equivalents	11,157	66,427
Restricted cash	26,132	25,187
Other assets	43,559	44,884
	80,848	136,498

Summary of Contractual Maturities of Financial Assets and Liabilities

Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows:


	Within one year	One to two years	Thereafter	Total
Financial assets
Non-interest bearing	43,223	—	—	43,223
Variable-interest bearing	11,157	—	26,468	37,625
Total financial assets	54,380	—	26,468	80,848
Financial liabilities
Non-interest bearing	142,436	—	—	142,436
Fixed-interest bearing - Borrowings	66,309	1,101,185	—	1,167,494
Derivative liabilities	—	520,553	—	520,553
Variable-interest bearing - Borrowings	44,995	10,198	65,826	121,019
Total financial liabilities	253,740	1,631,936	65,826	1,951,502

Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows:


	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

General information

12 Months Ended

Dec. 31, 2023

General information about financial statements [Abstract]

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 20 March 2024.

The Company and its subsidiaries (collectively referred to as the “Group”) are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules.

1.1 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 28 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 December 31, 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
				31.12.2023		31.12.2022
Alvotech hf	Biopharm.	3,893,650	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.	215,390	Iceland	100.00	%	100.00	%
Alvotech Biosciences India Private Ltd	Biopharm	96,113	India	100.00	%	100.00	%
Fasteignafelagið Sæmundur hf	Real estate	12,965,337	Iceland	100.00	%	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 27).

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 37.9% and 33.7% ownership interest as of 31 December 2023, and 40.7% and 35.8% ownership interest as of 31 December 2022, respectively. The remaining 28.4% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2023.

The remaining 23.5% ownership interest was held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2022.

1.4 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 $551.7 million, $513.6 million, and $101.5 million for the years ended 31 December 2023, 2022, and 2021, respectively, and had an accumulated deficit of $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts.

As of 31 December 2023, the Group had cash and cash equivalents, excluding restricted cash, of $11.2 million and current assets less current liabilities of ($66.1) million.

The Group devotes substantially all of its efforts towards obtaining regulatory approval and raising capital necessary to fund its operations and it is subject to a number of risks associated with clinical research and development, the development of and regulatory approval of commercially viable biosimilar products, the need to raise adequate additional financing necessary to fund the development and commercialization of its biosimilar products.

The Company announced in February 2024 that the U.S. Food and Drug Administration ("FDA") has approved SIMLANDI (adalimumab) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. SIMLANDI is the first high-concentration, citrate-free biosimilar to Humira that has been granted an interchangeability status by the FDA, and will qualify for interchangeable exclusivity for the 40mg/0.4ml injection. This approval is an important milestone for the Company to access the U.S. market with a unique positioning. The Company expects to launch AVT02 with its partner Teva in the United States during the first half of 2024.

Additionally, in February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the European Economic Area (EEA) for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. Market applications for AVT04 are currently pending in additional global markets, including in the U.S. Market entry of AVT04 in Canada started in March 2024. Launch of AVT04 in Japan is anticipated after the upcoming round of National Health Insurance reimbursement price listings, in May 2024. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate for Stelara, which is in late July 2024. These approvals represent another significant milestone for the Company to tap into the Stelara market.

The closing of the private placement equity offering in February 2024 provided the Group with gross proceeds of $166 million (net proceeds of $160 million) that is expected to be used to finance general corporate purposes and working capital, to strengthen its production capacity, and to support expected biosimilars launches. As part of the transaction, the Group sold 10,127,132 Ordinary Shares, par value USD 0.01 per share, at a purchase price of $16.41 per share, or ISK 2,250 per share, at foreign exchange rates on 23 February 2024.

Additionally, the Group expects to continue to source its financing during the development of its biosimilar products from existing out-license contracts with commercial partners. In light of these conditions and events 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 Group 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.

Other Current Liabilities - Schedule of Composition of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current Liabilities [Abstract]
Unpaid salary and salary related expenses	$ 31,340	$ 15,620
Accrued interest	3,333	2,249
Accrued vacation leave	6,075	5,025
Employee incentive plan	659	12,433
Accrued expenses	21,313	18,720
Total	$ 62,720	$ 54,047

Other Intangible assets - Summary of Impairment Loss and Reversal of Impairment Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation, intangible assets other than goodwill	$ 944	$ 733	$ 923
Cost of product revenue
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation, intangible assets other than goodwill	318	471	0
Research and development expenses
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation, intangible assets other than goodwill	8	0	324
General and administrative expenses
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation, intangible assets other than goodwill	$ 618	$ 262	$ 599

Audit Fees (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Audit Fees [Abstract]

Summary Of Detailed Information About Audit Fees


	2023	2022	2021
Financial Statement audit fees	2,876	2,615	5,502
Other fees, including tax services	462	676	136
Total fees	3,339	3,291	5,638

Finance Income And Finance Costs - Summary Of Detailed Information About Finance Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Details Of Finance Income [Abstract]
Changes in the fair value of derivatives (see Note 28)	$ 0	$ 1,637	$ 51,549
Interest income from cash and cash equivalents	4,547	556	18
Other interest income	276	356	1
Finance income	$ 4,823	$ 2,549	$ 51,568

Long-Term Incentive Plans - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Disclosure of net defined benefit liability (asset) [line items]
Number of share options granted (in shares) \| shares		0	0
Payment to employee		$ 11,736	$ 7,693
Increase decrease through other current liabilities and income net defined benefit liability asset		1,500
Total salary and other employee expenses		$ 164,909	$ 135,440	$ 109,520
Number of share options after tax witholding in share based payment arrangement (in shares) \| shares		2,465,845
SARs
Disclosure of net defined benefit liability (asset) [line items]
Settlement of cash option as a liability fairvalue		$ 800
Decrease in equity from share-based payment transactions, cash settlement, fair value		700
Increase (decrease) in net defined benefit liability (asset)		(36,800)
Liabilities from share-based payment transactions		700
SARs \| Selling, General And Administrative Expense
Disclosure of net defined benefit liability (asset) [line items]
Total salary and other employee expenses		4,300
Ordinary Shares
Disclosure of net defined benefit liability (asset) [line items]
increase in equity		$ 31,000
Former Employees
Disclosure of net defined benefit liability (asset) [line items]
Number of employees		2
Number of year for issuing Shares after the closing of the Business Combination		1 year
Payment to employee	$ 1,500
Former Employees \| Ordinary Shares
Disclosure of net defined benefit liability (asset) [line items]
Number of share options exercisable (in shares) \| shares		1,755,291
Existing Employees
Disclosure of net defined benefit liability (asset) [line items]
Number of employees		1
Number of year for issuing Shares after the closing of the Business Combination		1 year
Payment to employee		$ 1,500
Increase decrease through other current liabilities and income net defined benefit liability asset		$ 1,500
Existing Employees \| Ordinary Shares
Disclosure of net defined benefit liability (asset) [line items]
Number of share options exercisable (in shares) \| shares		150,000

Long-Term Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Longterm incentive plans [Abstract]

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 2023 and 2022 are as follows:


	2023	2022
Balance at 1 January	12,317	14,935
Additions	78	5,075
Payments	(11,736)	(7,693)
Balance at 31 December prior to reclassification	659	12,317
Reclassified to other current liabilities	(659)	(11,773)
Balance at 31 December	—	544

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Salaries And Other Employee Expenses [Abstract]
Salary expense	$ 107,067	$ 92,082	$ 67,433
Defined contribution plan expense	11,518	10,052	7,694
Long-term incentive plan expense	78	5,481	17,955
Share-based payments (see Note 23)	18,033	10,317	0
Other employee expense	19,718	11,670	10,274
Temporary labor	8,495	5,838	6,164
Employee benefits expense	$ 164,909	$ 135,440	$ 109,520

Other reserves (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Other Reserves

The composition of other reserves as of 31 December 2023 and 2022 is as follows:


	2023	2022
Equity component of convertible bonds	21,391	16,034
Share based payments	21,520	14,548
	42,911	30,582

Borrowings - Schedule of maturities of outstanding borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	$ 960,159	$ 764,570	$ 400,911
Within one year
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	38,025	19,916
Within two years
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	867,273	3,804
Within three years
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	4,932	696,646
Within four years
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	37,857	3,374
Thereafter
Disclosure of detailed information about borrowings [line items]
Borrowings (measured at amortized cost)	$ 12,072	$ 40,830

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from contracts with customers [Abstract]

Revenue

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:


	2023	2022	2021
Product revenue (point in time revenue recognition)	48,699	24,836	—
License revenue (point in time revenue recognition)	12,177	424	1,453
Development and other service revenue (over time revenue recognition)	30,558	57,769	35,319
	91,434	83,029	36,772

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 2023, 2022, and 2021.

Contract assets and liabilities

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


	Contract Assets	Contract Liabilities
31 December 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
Contract asset additions	19,634	—
Amounts transferred to trade receivables	(2,412)	—
Derecognition of contract liability	—	(42,089)
Customer prepayments	—	100,555
Revenue recognized	—	(23,101)
Foreign currency adjustment	171	3,147
31 December 2023	46,049	132,444

The net increase in contract assets as of 31 December 2023 is due to 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 2023 is due to customer prepayments in advance of the Group’s performance. As of 31 December 2023, $10.9 million and $35.2 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 2023, $73.3 million and $59.2 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 6 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates.

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 $383.0 million. The Group expects to recognize the majority of these revenues over the next 5 years.

Interests In Joint Ventures - Schedule of Information About Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Carrying Amount	$ 18,494	$ 48,568	$ 55,307
Alvotech & CCHN Biopharmaceutical Co., Ltd
Disclosure of joint ventures [line items]
Place of business	China
Ownership interest	50.00%	50.00%
Carrying Amount	$ 18,494	$ 48,568

Financial Instruments - Summary of Groups Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	$ 950,090	$ 828,443
Liabilities	1,882,583	1,392,859
EUR
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	36,568	36,420
Liabilities	46,303	26,514
Net assets	(9,735)	9,906
GBP
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	69	111
Liabilities	3,479	1,538
Net assets	(3,410)	(1,427)
ISK
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	3,247	49,484
Liabilities	144,812	109,507
Net assets	(141,565)	(60,023)
CHF
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	335	69
Liabilities	7,488	7,305
Net assets	(7,153)	(7,236)
INR
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items]
Assets	167	11
Liabilities	536	517
Net assets	$ (369)	$ (506)

Financial Instruments

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial instruments

Accounting classification and carrying amounts

Financial assets as of 31 December 2023 and 2022, all of which are measured at amortized cost, are as follows:


	2023	2022
Cash and cash equivalents	11,157	66,427
Restricted cash	26,132	25,187
Trade receivables	41,292	32,972
Other current assets	1,035	5,880
Receivables from related parties	896	1,548
Other long-term assets	336	4,484
	80,848	136,498

Financial liabilities as of 31 December 2023 and 2022 are as follows:


	2023	2022
Borrowings (measured at amortized cost)	960,159	764,570
Derivative financial liabilities (measured at FVTPL)	520,553	380,232
Other long-term liability to related party (measured at amortized cost)	—	7,440
Long-term incentive plan (measured at FVTPL)	—	544
Trade and other payables (measured at amortized cost)	80,563	49,188
Lease liabilities (measured at amortized cost)	115,315	40,532
Liabilities to related parties (measured at amortized cost)	9,851	1,131
Other current liabilities	61,873	53,664
	1,748,314	1,297,301

It is management’s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of the Senior Bonds, Aztiq Convertible Bond, 2022 Convertible Bonds, and Alvogen Facility, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. Material differences between the fair values and carrying amounts of these borrowings are identified as follows:


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



	31 December 2022
	Carrying Amount	Fair Value
Senior Bonds	530,506	535,167
Aztiq Convertible Bond	65,793	65,772
2022 Convertible Bonds	32,441	52,463
Alvogen Facility	64,588	66,883
	693,328	720,285

Fair value measurements

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 31 December 2023 and 2022:


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


	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 following table provides a reconciliation of Level 3 financial instruments:


	Senior Bond Warrants	Tranche A Conversion Feature	Senior Bond Interest Rate Feature
1 January 2023	45,325	38,055	851
Issuance	—	45,555	—
Revaluation	—	35,220	—
Transfer to Level 1	(45,325)	—	—
Extinguishment	—	—	(851)
31 December 2023	—	118,830	—

The Group recognized the transfer of the Senior Bond Warrants from Level 3 to Level 1 for $19.7 million (2022: $45.3 million) during the year ended 31 December 2023 due to the lift of the lock-up period for the un-exercised Senior Bond Warrants. The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the years ended 31 December 2022 and 2021.

On 16 November 2022, the Group amended and upsized the outstanding bonds by $70.0 million. The amended bond agreement of the Senior Bonds resulted in, among other things, 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 (see Note 21). The Group accounted for this interest rate feature (the “Senior Bond Interest Rate Feature”) as an embedded derivative, classified as an "Other current assets" in the consolidated statement of financial position as of 31 December 2022. Since the conditions to adjust the coupon rate have not been met as of 31 March 2023 per the terms of the agreement, the interest rate on the Senior Bonds is now fixed and the embedded derivative previously recorded has been extinguished during the year ended 31 December 2023, resulting in a loss on extinguishment of $0.9 million recorded in finance costs.

Senior Bond Warrants

As noted in Note 21, as a result of proceeds raised from the private placement offering executed in February 2023, the Company extinguished the derivative financial liability related to the senior bond warrants since the Company has not anymore the obligation to issue the 1.0% Senior Bond Warrants, resulting in a gain on extinguishment of $6.5 million. In January and February 2023, the Senior Bond Warrant holders (also known as penny warrant holders) elected to exercise their warrants. As a result, 2,479,962 ordinary shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities.

The fair value of the Senior Bond Warrants was derived from the publicly quoted trading price of the Ordinary Shares at the valuation date. As of 31 December 2023, the Company had 1,718,845 warrants with an exercise price of $0.01, representing the 1.5% tranche of Senior Bond Warrants. The Senior Bond Warrants had a fair value of $19.7 million as of 31 December 2023. The change in fair resulted in $8.1 million of finance costs for the year ended 31 December 2023.

Tranche A Conversion Feature

As noted in Note 21, 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 $118.8 million as of 31 December 2023. The change in fair resulted in $35.2 million of finance costs for the year ended 31 December 2023.

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 2023		31 December 2022
Stock price	$11.48		$10.00
Conversion price	$10.00		$10.00
Volatility rate	57.5	%	45.0	%
Risk-free interest rate	4.2	%	4.2	%
Dividend yield	0.0	%	0.0	%
Risky yield	16.3	%	19.3	%

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 $349.9 million as of 31 December 2023, resulting in $73.7 million of finance costs during the year ended 31 December 2023.

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 2023		31 December 2022
Number of shares	38,330,000		38,330,000
Share price	$11.48		$10.00
Volatility rate	55.0	%	45.0	%
Risk-free rate	3.97	%	4.05	%

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. On 17 February 2023, the first half of OACB Earn Out Shares vested resulting in the issuance of 625,000 ordinary shares by the Group. 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 $6.2 million as of 31 December 2023, resulting in $4.0 million of finance costs during the year ended 31 December 2023.

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 2023		31 December 2022
Number of shares	625,000		1,250,000
Share price	$11.48		$10.00
Volatility rate	55.0	%	45.0	%
Risk-free rate	3.97	%	4.05	%

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. During 2023, holders of the OACB warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one ordinary share per warrant. The exercises resulted in the issuance of 553.552 ordinary shares and cash proceeds of approximately $6.3 million. 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 $25.9 million as of 31 December 2023. 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 $17.0 million of finance costs during the year ended 31 December 2023.

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 2023 and 2022.

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 foreign 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 and borrowings that are subject to floating interest rates.

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


	2023	2022
Variable-rate financial instruments +100	(89)	(186)
Variable-rate financial instruments -100	89	186

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 uses the US dollar as its reporting currency and conducts business on a global basis in various currencies. As a result, the Group is exposed to foreign currency exchange movements, primarily in European, Icelandic and UK market currencies, as well as in the Swiss franc.

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


	Closing rate		Average rate		Change
	2023	2022	2023	2022
EUR	1.105	1.061	1.091	1.052	4.1	%
GBP	1.275	1.204	1.266	1.233	5.9	%
ISK	0.007	0.007	0.007	0.007	5.1	%
CHF	1.188	1.071	1.156	1.047	10.9	%
INR	0.012	0.012	0.012	0.013	0.1	%

The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows:


	Assets	Liabilities	Net assets
EUR	36,568	46,303	(9,735)
GBP	69	3,479	(3,410)
ISK	3,247	144,812	(141,565)
CHF	335	7,488	(7,153)
INR	167	536	(369)

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


	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)

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 profit or loss and 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 2023
-10% weakening	(974)	(341)	(14,156)	(715)	(37)
+10% strengthening	974	341	14,156	715	37
Year ended 31 December 2022
-10% weakening	(991)	(143)	(6,002)	(724)	(51)
+10% strengthening	991	143	6,002	724	51

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 2023 and 2022 is as follows:


	2023	2022
Cash and cash equivalents	11,157	66,427
Restricted cash	26,132	25,187
Other assets	43,559	44,884
	80,848	136,498

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. In 2023, the Group recognized a receivable of $18.5 million in other current assets following the termination of the co-development agreement with Biosana which was fully reserved as of 31 December 2023 due to the uncertainty of its collection (see Note 18). There are no other significant amounts past due as of 31 December 2023 and 2022 and the Group concludes that any expected credit losses with respect to these assets, except as described above, 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 2023 are as follows:


	Within one year	One to two years	Thereafter	Total
Financial assets
Non-interest bearing	43,223	—	—	43,223
Variable-interest bearing	11,157	—	26,468	37,625
Total financial assets	54,380	—	26,468	80,848
Financial liabilities
Non-interest bearing	142,436	—	—	142,436
Fixed-interest bearing - Borrowings	66,309	1,101,185	—	1,167,494
Derivative liabilities	—	520,553	—	520,553
Variable-interest bearing - Borrowings	44,995	10,198	65,826	121,019
Total financial liabilities	253,740	1,631,936	65,826	1,951,502

Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows:


	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

Refer to Note 13 for the maturity analysis of the Group’s undiscounted lease payments.

Related Parties

12 Months Ended

Dec. 31, 2023

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 lease agreement with Fasteignafélagið Eyjólfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 15 years as of 31 December 2023 (see Note 13). The Group also entered into seventeen separate lease agreements with Flóki Fasteignir ehf. (HRJAF ehf.) throughout 2020, 2021 and 2023 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 2021. The remaining lease terms for the other fifteen leases approximate 7 years, on average, as of 31 December 2023.

The Group entered into office sublease sharing agreement with Alvogen UK Ltd. in August 2023. The agreement was effective from 1 January 2023 and shall terminate upon the expiration or termination of the Lease.

The Group entered into art lease agreement with Flóki-Art ehf. in January 2023, as a result of the Share Purchase Agreement (see Note 12). The leased asset is located in Sæmundargata 15-19, Reykjavik. The remaining lease term for the leased asset is 15 years, as of 31 December 2023.

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 21 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 2023 are as follows:


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	11,968	—	—	76,556
ATP Holdings ehf. - Sister company (a)	9,193	—	—	49,560
Aztiq Fjárfestingar ehf. – Sister company	—	4	—	—
Aztiq Consulting ehf. – Sister company	178	69	—	54
Flóki-Art ehf. - Sister company	88	—	—	422
Alvogen Iceland ehf. - Sister company	19	1	—	484
Alvogen ehf. - Sister company	—	152	16	—
Alvogen UK - Sister company	273	—	—	581
Alvogen Finance B.V. - Sister Company	3,382	—	—	65
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	29	29	7,440
Lotus International Pte. Ltd. - Sister company	—	2	—	—
Alvogen Emerging Markets - Sister company	108	—	—	—
Alvogen Inc. - Sister company	305	—	—	284
Alvotech and CCHT Biopharmaceutical Co., Ltd. (c)	—	—	758	539
Adalvo Limited - Sister company	402	189	86	337
Adalvo UK - Sister company	—	49	—	—
Flóki Invest ehf - Sister company	680	—	—	251
Floki Holdings S.à r.l. - Sister company	40	—	—	—
Alvogen Malta Sh. Services - Sister company	—	—	7	—
Alvogen Spain SL - Sister company	14	—	—	15
Norwich Clinical Services Ltd - Sister company	642	—	—	170
Fasteignafélagið Eyjólfur ehf - Sister company (d)	3,807	102	—	69,732
Flóki fasteignir ehf. - Sister company	1,682	—	—	11,466
	32,781	597	896	217,956

(a)The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities (see Note 21). In relation to the private placement of Tranche A Convertible Bonds in July, the Company paid underwriters fee to APT Holding amounting to $3.3 million. The underwriter’s fee is accounted for as a transaction cost that is amortized through profit and loss over the life of the instrument.

(b)Payables to Lotus Pharmaceuticals Co. Ltd. consists of the other current liability as further described in Note 2. This other current liability is presented as “Liabilities 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)Refer to Note 13 for the details of the new lease.

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


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	5,415	—	—	64,588
Aztiq Fjárfestingar ehf. – Sister company	216	—	—	20
Aztiq Consulting ehf. - Sister company	442	—	—	25
ATP Holdings ehf. - Sister company (a)	1,254	—	765	81,254
Fasteignafélagið Sæmundur hf. - Sister company (e)	7,189	—	—	—
Fasteignafélagið Eyjólfur ehf - 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 and CCHT 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. - Sister company	1,516	—	—	8,876
L41 ehf.	26	—	—	—
Lambhagavegur 7 ehf. (d)	537	—	—	—
	21,141	818	1,548	163,289

(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.

(d)Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2023.

(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 21 for further details.

Related party transactions for the year ended 31 December 2021 are as follows:


	Purchased service / interest	Sold service
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	—
Aztiq Fjárfestingar ehf. (a)	120	—
Fasteignafélagið Sæmundur hf. - Sister company	7,762	—
Alvogen Iceland ehf. - Sister company	454	2,308
Alvogen ehf. - Sister company	6	2
Alvogen UK - Sister company	299	—
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	312
Alvogen Emerging Markets - Sister company	238	—
Alvogen Korea co. Ltd - Sister company	—	9
Alvogen Inc. - Sister company	89	654
Alvogen Malta Sh. Services - Sister company	1,216	151
Alvogen Pharma Pvt Ltd - Sister Company	491	—
HRJÁF ehf - Sister company	1,415	—
L41 ehf.	29	—
Lambhagavegur 7 ehf.	713	—
	39,940	3,715

(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 21).

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 2023 and 2022 there are no loans to the members of the Board of Directors and the CEO. In addition, there were no transactions carried out between the Group and members of the Board of Directors nor the CEO in the years ended 31 December 2023 and 2022. 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).	2023
	Board fees	Pension contribution	Other long-term benefits	Shares at year-end**
Robert Wessman, Chairman of the board*	—	—	—	—
Richard Davies, Vice-Chairman	156	—	104	1,143,713
Ann Merchant, Board Member	113	—	104	10,582
Árni Harðarson, Board Member*	—	—	—	—
Faysal Kalmoua, Board Member*	—	—	—	—
Linda McGoldrick, Board Member	81	—	104	10,582
Lisa Graver, Board Member	71	—	104	10,582
Tomas Ekman, Board Member*	—	—	—	—
	421	—	416	1,175,459

*Waived their board compensation (both cash and equity)

**Direct share ownership


	2023
Key employees	Salaries and benefits	Pension contribution	Termination benefits	Other long- term benefits
Robert Wessman CEO	1,491	26	—	—
Other Executive Team Members (9)	5,020	346	52	9,456
	6,511	372	52	9,456


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	Other long-term benefits	Shares at year-end**
Robert Wessman, Chairman of the board	740	—	—	—
Richard Davies, 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

Other Intangible assets - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended			24 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
AVT23 \| Kashiv
Disclosure of detailed information about intangible assets [line items]
Payment for contract commitment			$ 3.0		$ 6.0
Contractual capital commitments	$ 25.0		25.0
Commitment, contingent liability	15.0		$ 15.0
Term			10 years
AVT23 \| Kashiv \| Forecast
Disclosure of detailed information about intangible assets [line items]
Payment for contract commitment		$ 3.0
Intangible assets with finite lived
Disclosure of detailed information about intangible assets [line items]
Impairment loss			$ 1.8	$ 2.8
Intangible assets with finite lived \| Cost of product revenue
Disclosure of detailed information about intangible assets [line items]
Impairment loss				2.1
Intangible assets with finite lived \| General and administrative expenses
Disclosure of detailed information about intangible assets [line items]
Impairment loss				$ 0.7
Intellectual property rights \| AVT23
Disclosure of detailed information about intangible assets [line items]
Derecognition of intangible asset	$ 15.0

Other reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Equity component of convertible bonds	$ 21,391	$ 16,034
Share based payments	21,520	14,548
Other reserves	$ 42,911	$ 30,582

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022, and 2021 is as follows (in thousands, except for share and per share amounts):


	2023	2022	2021
Earnings
Loss for the year	(551,731)	(513,580)	(101,504)
Number of shares
Weighted average number of ordinary shares outstanding	227,256,469	197,721,710	110,673,309
Basic and diluted loss per share	(2.43)	(2.60)	(0.92)

Financial Instruments - Summary of Financial Assets Measured at Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Cash and cash equivalents	$ 11,157	$ 66,427	$ 17,556	$ 31,689
Restricted cash	26,132	25,187	$ 10,087
Trade receivables	41,292	32,972
Other current assets	1,035	5,880
Receivables from related parties	896	1,548
Other long-term assets	336	4,484
Financial assets	$ 80,848	$ 136,498

Interests In Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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

Interests In Joint Ventures

12 Months Ended

Dec. 31, 2023

Disclosure of joint ventures [abstract]

Interests in joint ventures

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


Name of entity	Place of business	Ownership interest				Carrying Amount
		2023		2022		2023	2022
Alvotech & CCHN Biopharmaceutical Co., Ltd.	China	50	%	50	%	18,494	48,568

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 2023 and 2022:


	2023	2022
Balance at 1 January	48,568	55,307
Share in losses	(7,153)	(2,590)
Impairment loss on investment in joint venture	(21,519)	—
Translation difference	(1,402)	(4,149)
Balance at 31 December	18,494	48,568

The Group did not receive any dividends from JVCO during the years ended 31 December 2023, 2022, and 2021. The Group had a $5.0 million commitment to provide a cash contribution to JVCO as of 31 December 2020, which was paid during the year ended 31 December 2021. Similarly, the joint venture partner had a $50.0 million commitment to provide a cash contribution to JVCO as of 31 December 2020, which was also paid during the year ended 31 December 2021. The Group does not have any remaining commitments to JVCO as of 31 December 2023 and 2022. Furthermore, the Group does not have any contingent liabilities relating to its interests in JVCO as of 31 December 2023 or 2022. 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. As of 31 December 2023, it had become clear that there were uncertainties around the economic conditions in China. Accordingly, the Group recorded an impairment loss on its investment in JVCO based on discussions between Alvotech and CCHN to buy back Alvotech´s interest in the joint venture. The Group estimated the recoverable amount using value in use where the recoverable amount is estimated as the future cash flows expected to arise from dividends to be received from the investment and from its ultimate disposal.

Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

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 years ended 31 December 2023 and 2022, 86,745,377 and 148,857,998, respectively, potential ordinary shares pursuant to the RSUs, Senior Bond Warrants, Aztiq Convertible Bond, 2022 Convertible Bonds, OACB Warrants, Predecessor Earn Out Shares, and OACB Earn Out Shares (as defined and discussed in Notes 21 and 28) 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 22 for further details). Therefore, the calculation of diluted loss per share did not differ from the calculation of basic loss per share.

The calculation of basic and diluted loss per share for the years ended 31 December 2023, 2022, and 2021 is as follows (in thousands, except for share and per share amounts):


	2023	2022	2021
Earnings
Loss for the year	(551,731)	(513,580)	(101,504)
Number of shares
Weighted average number of ordinary shares outstanding	227,256,469	197,721,710	110,673,309
Basic and diluted loss per share	(2.43)	(2.60)	(0.92)

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of related party transactions

Related party transactions as of and for the year ended 31 December 2023 are as follows:


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	11,968	—	—	76,556
ATP Holdings ehf. - Sister company (a)	9,193	—	—	49,560
Aztiq Fjárfestingar ehf. – Sister company	—	4	—	—
Aztiq Consulting ehf. – Sister company	178	69	—	54
Flóki-Art ehf. - Sister company	88	—	—	422
Alvogen Iceland ehf. - Sister company	19	1	—	484
Alvogen ehf. - Sister company	—	152	16	—
Alvogen UK - Sister company	273	—	—	581
Alvogen Finance B.V. - Sister Company	3,382	—	—	65
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	29	29	7,440
Lotus International Pte. Ltd. - Sister company	—	2	—	—
Alvogen Emerging Markets - Sister company	108	—	—	—
Alvogen Inc. - Sister company	305	—	—	284
Alvotech and CCHT Biopharmaceutical Co., Ltd. (c)	—	—	758	539
Adalvo Limited - Sister company	402	189	86	337
Adalvo UK - Sister company	—	49	—	—
Flóki Invest ehf - Sister company	680	—	—	251
Floki Holdings S.à r.l. - Sister company	40	—	—	—
Alvogen Malta Sh. Services - Sister company	—	—	7	—
Alvogen Spain SL - Sister company	14	—	—	15
Norwich Clinical Services Ltd - Sister company	642	—	—	170
Fasteignafélagið Eyjólfur ehf - Sister company (d)	3,807	102	—	69,732
Flóki fasteignir ehf. - Sister company	1,682	—	—	11,466
	32,781	597	896	217,956

(d)Refer to Note 13 for the details of the new lease.

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


	Purchased service / interest	Sold service	Receivables	Payables/ borrowings
Alvogen Lux Holdings S.à r.l. – Sister company (a)	5,415	—	—	64,588
Aztiq Fjárfestingar ehf. – Sister company	216	—	—	20
Aztiq Consulting ehf. - Sister company	442	—	—	25
ATP Holdings ehf. - Sister company (a)	1,254	—	765	81,254
Fasteignafélagið Sæmundur hf. - Sister company (e)	7,189	—	—	—
Fasteignafélagið Eyjólfur ehf - 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 and CCHT 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. - Sister company	1,516	—	—	8,876
L41 ehf.	26	—	—	—
Lambhagavegur 7 ehf. (d)	537	—	—	—
	21,141	818	1,548	163,289

(d)Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2023.

Related party transactions for the year ended 31 December 2021 are as follows:


	Purchased service / interest	Sold service
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	—
Aztiq Fjárfestingar ehf. (a)	120	—
Fasteignafélagið Sæmundur hf. - Sister company	7,762	—
Alvogen Iceland ehf. - Sister company	454	2,308
Alvogen ehf. - Sister company	6	2
Alvogen UK - Sister company	299	—
Lotus Pharmaceuticals Co. Ltd. - Sister company (b)	—	312
Alvogen Emerging Markets - Sister company	238	—
Alvogen Korea co. Ltd - Sister company	—	9
Alvogen Inc. - Sister company	89	654
Alvogen Malta Sh. Services - Sister company	1,216	151
Alvogen Pharma Pvt Ltd - Sister Company	491	—
HRJÁF ehf - Sister company	1,415	—
L41 ehf.	29	—
Lambhagavegur 7 ehf.	713	—
	39,940	3,715

(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 21).

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).	2023
	Board fees	Pension contribution	Other long-term benefits	Shares at year-end**
Robert Wessman, Chairman of the board*	—	—	—	—
Richard Davies, Vice-Chairman	156	—	104	1,143,713
Ann Merchant, Board Member	113	—	104	10,582
Árni Harðarson, Board Member*	—	—	—	—
Faysal Kalmoua, Board Member*	—	—	—	—
Linda McGoldrick, Board Member	81	—	104	10,582
Lisa Graver, Board Member	71	—	104	10,582
Tomas Ekman, Board Member*	—	—	—	—
	421	—	416	1,175,459

*Waived their board compensation (both cash and equity)

**Direct share ownership


	2023
Key employees	Salaries and benefits	Pension contribution	Termination benefits	Other long- term benefits
Robert Wessman CEO	1,491	26	—	—
Other Executive Team Members (9)	5,020	346	52	9,456
	6,511	372	52	9,456


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	Other long-term benefits	Shares at year-end**
Robert Wessman, Chairman of the board	740	—	—	—
Richard Davies, 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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Loss for the year	$ (551,731)	$ (513,580)	$ (101,504)
Adjustments for non-cash items:
Gain on extinguishment of SARs liability	0	(4,803)	0
Share-listing expense	0	83,411	0
Long-term incentive plan expense	78	5,492	17,955
Depreciation and amortization	24,210	20,409	18,196
Impairment of property, plant and equipment	0	0	2,092
Impairment of other intangible assets	1,779	2,755	3,993
Change in allowance for receivables	18,500	0	0
Change in inventory reserves	8,341	0	0
Loss on disposal of property, plant and equipment	365	0	0
Impairment loss on investment in joint venture	21,519	0	0
Share of net loss of joint venture	7,153	2,590	2,418
Finance income	(4,823)	(2,549)	(51,568)
Finance costs	267,157	188,419	117,361
Loss/(Gain) on extinguishment of financial liabilities	0	27,311	(151,788)
Share-based payments	18,033	10,317	0
Exchange rate difference	5,183	(10,566)	(2,681)
Income tax benefit	(99,318)	(38,067)	(47,694)
Operating cash flow before movement in working capital	(283,554)	(228,861)	(193,220)
Increase in inventories	(11,304)	(32,412)	(29,412)
Increase in trade receivables	(8,320)	(3,576)	(28,813)
Increase / (decrease) in liabilities with related parties	2,161	56	(453)
(Increase) / decrease in contract assets	(17,393)	(9,218)	15,286
Increase in other assets	(802)	(17,194)	(4,363)
Increase in trade and other payables	31,772	16,442	14,318
Increase in contract liabilities	35,396	19,396	21,470
(Decrease) / increase in other liabilities	(5,182)	(21,384)	5,160
Cash used in operations	(257,226)	(276,751)	(200,027)
Interest received	3,649	568	16
Interest paid	(57,254)	(35,372)	(28,004)
Income tax paid	(1,354)	(834)	(155)
Net cash used in operating activities	(312,185)	(312,389)	(228,170)
Cash flows from investing activities
Acquisition of property, plant and equipment	(33,234)	(37,880)	(20,462)
Disposal of property, plant and equipment	133	379	0
Acquisition of intangible assets	(13,239)	(11,122)	(20,171)
Restricted cash in connection with amended bond agreement	0	(14,914)	0
Net cash used in investing activities	(46,340)	(63,537)	(40,633)
Cash flows from financing activities
Repayments of borrowings	(99,367)	(34,714)	(37,496)
Repayments of principal portion of lease liabilities	(8,269)	(11,147)	(7,350)
Proceeds from new borrowings	278,831	193,678	113,821
Gross proceeds from private placement equity offering	136,879	0	0
Gross private placement equity offering fee	(4,141)	0	0
Proceeds from warrants	6,390	0	0
Proceeds on issue of equity shares	0	0	185,856
Transaction cost from borrowings	(9,004)	(12,102)	0
Gross proceeds from the PIPE Financing	0	174,930	0
Gross PIPE Financing fees paid	0	(5,562)	0
Proceeds from the Capital Reorganization	0	9,827	0
Proceeds from loans from related parties	0	160,000	0
Repayment of loans from related parties	0	(50,000)	0
Net cash generated from financing activities	301,319	424,910	254,831
Increase / (decrease) in cash and cash equivalents	(57,206)	48,984	(13,972)
Cash and cash equivalents at the beginning of the year	66,427	17,556	31,689
Effect of movements in exchange rates on cash held	1,936	(113)	(161)
Cash and cash equivalents at the end of the year	$ 11,157	$ 66,427	$ 17,556

Cash And Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 11,157	$ 66,427	$ 17,556	$ 31,689
Cash and cash equivalents denominated in US dollars
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	1,466	10,377
Cash and cash equivalents denominated in other currencies
Disclosure of Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 9,691	$ 56,050

Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Share Based Payment Arrangements [Abstract]

Summary of Movements in RSUs

Movements in RSUs during the year ended 31 December 2023 are as follows:


	2023		2022
	RSUs	Weighted Average Fair Value	RSUs	Weighted Average Fair Value
Outstanding at 1 January	6,979,482	$6.72	—	—
New grants during the year	820,602	$8.79	7,659,044	$6.68
Forfeited during the year	(1,587,929)	$7.11	—	—
Vested during the year	(2,466,374)	$6.67	(679,562)	$6.30
Outstanding at 31 December	3,745,781	$7.04	6,979,482	$6.72

Summary of Share-based payment expense

The Group recognized $18.0 million and $10.3 million of share-based payment expense during the years ended 31 December 2023 and 2022, respectively, as follows:


	2023	2022
Cost of product revenue	3,319	1,522
Research and development expenses	3,991	2,994
General and administrative expenses	10,723	5,801
	18,033	10,317

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 26, 2024 USD ($) $ / shares shares	Feb. 23, 2024 $ / shares shares	Feb. 12, 2024 shares	Feb. 29, 2024 USD ($)	Mar. 20, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 26, 2024 kr / shares	Dec. 07, 2021 $ / shares
Disclosure of non-adjusting events after reporting period [line items]
Increase in share capital \| $								$ 833,440
Proceeds from warrants \| $						$ 6,390	$ 0	$ 0
Senior Bond Warrants
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)						2,479,962
OACB Warrants
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from the issuance of common stock \| $						$ 6,300
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares						$ 11.50				$ 11.50
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from the issuance of common stock \| $	$ 160,000			$ 160,000
Sale of stock issue price (in dollars per share) \| (per share)	$ 16.41								kr 2,250
Ordinary Shares \| OACB Warrants
Disclosure of non-adjusting events after reporting period [line items]
Number of shares called by each warrant or right						1
Ordinary Shares \| Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)	10,127,132	10,127,132
Increase in share capital \| $	$ 166,000			$ 166,000
Common stock par or stated value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Ordinary Shares \| Major ordinary share transactions \| Senior Bond Warrants
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)					1,501,599
Ordinary Shares \| Major ordinary share transactions \| OACB Warrants
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)					419,660
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares					$ 11.50
Number of shares called by each warrant or right					1
Proceeds from warrants \| $					$ 4,800
Ordinary Shares \| Major ordinary share transactions \| Tranche two \| OACB Earn Out Shares
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)			625,000
Ordinary Shares \| Major ordinary share transactions \| Tranche one \| OACB Earn Out Shares
Disclosure of non-adjusting events after reporting period [line items]
Increase decrease in shares issued (in shares)			19,165,000
Humira
Disclosure of non-adjusting events after reporting period [line items]
Revenue \| $						$ 12,200,000

Financial Instruments - Summary of Interest Rate Sensitivity Analysis (Details) - Interest rate risk - Variable interest rate financial liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure in tabular form of interest rate sensitivity analysis impact on profit before tax [line items]
Effect on financial statement	$ (89)	$ (186)
Effect on financial statement	$ 89	$ 186

Income Tax - Schedule Of Deferred Tax Recognized In The Consolidated Statements Of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 309,807	$ 209,496
Deferred tax liabilities attributable to other temporary differences	(53)	(309)
Net deferred tax assets	309,754	209,187	$ 170,268
Unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	301,375	205,290
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	11,941	6,832
Deferred tax liabilities attributable to other temporary differences	$ (3,562)	$ (2,935)

Salaries And Other Employee Expenses (Tables)

12 Months Ended

Dec. 31, 2023

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:


	2023	2022	2021
Salary expense	107,067	92,082	67,433
Defined contribution plan expense (1)	11,518	10,052	7,694
Long-term incentive plan expense	78	5,481	17,955
Share-based payments (see Note 23)	18,033	10,317	—
Other employee expense	19,718	11,670	10,274
Temporary labor	8,495	5,838	6,164
	164,909	135,440	109,520

(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 are incurred in accordance with the rules of the pension schemes.

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

Salaries and other employee expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows:


	2023	2022	2021
Cost of product revenue	76,908	42,501	—
Research and development expenses	44,339	52,962	71,588
General and administrative expenses	43,662	39,977	37,932
Total salary and other employee expenses	164,909	135,440	109,520

Litigation	12 Months Ended
Litigation	Dec. 31, 2023
Litigation [Abstract]
Litigation	Litigation 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”). 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. The Group incurred approximately $0.0 million, $8.7 million and $13.5 million in legal expenses during the years ended 31 December 2023, 2022, and 2021, respectively, in preparation for, and/or in relation to, these litigations. Aside from this matter, the Group is not currently a party to any material litigation or similar matters.

Long-Term Incentive Plans

12 Months Ended

Dec. 31, 2023

Disclosure Of Longterm incentive plans [Abstract]

Long-term incentive plans

Share appreciation rights

Prior to 2020, the Group granted SARs to three former employees. During the year ended 31 December 2021 and 2020, the Group granted SARs to one and two current employees, respectively. There were no new granted SARs in the years ended 31 December 2023 and 2022.

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, 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.

All liabilities described above have been fully settled in 2023 as follows:

•Shares were delivered to the two former employees, on a net basis after tax withholding, resulting in a total of 2,465,845 shares which has been reflected accordingly in Note 19.

•The employee who could choose between receiving $1.5 million or 150,000 Ordinary Shares elected to receive the cash payment.

Employee incentive plan

Movements in the Group’s employee incentive plan liabilities during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Balance at 1 January	12,317	14,935
Additions	78	5,075
Payments	(11,736)	(7,693)
Balance at 31 December prior to reclassification	659	12,317
Reclassified to other current liabilities	(659)	(11,773)
Balance at 31 December	—	544

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

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, and as adopted by the European Union ("EU").

All amendments to IFRSs issued by the IASB that are effective for annual periods that begin on or after 1 January 2023 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 recognized an impairment loss of $21.5 million related to its investment in the joint venture for the year ended 31 December 2023. No impairment losses were recognized in 2022 or 2021.

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, the impairment of the investment in the joint venture, the valuation of derivative financial liabilities, the valuation of restricted share units (“RSUs”), and the valuation of deferred tax assets. Apart from those involving estimations, critical accounting judgments include the Group’s evaluation as to whether it controls its joint venture in China and material uncertainties with respect to the Group’s going concern assessment.

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

A significant part 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 the product is still in early phase of 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. The Company did not capitalize any development expenses as intangible assets during the years ended 31 December 2023, 2022, and 2021 as not all the criteria in paragraph 57 of IAS 38 have been met.

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. Dollars and Icelandic Krona, and the majority of the Company’s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. 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 other current 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 and business combinations

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 for 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 2023. 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. 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
Intellectual property rights*			10 years

•From launch date

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 21. 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.

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.

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 2023, 2022, or 2021. All of the Group’s financial assets are measured at amortized cost as of 31 December 2023 and 2022.

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 2023, 2022, and 2021.

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 21. 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.

Liabilities to related parties

The majority of the Group’s liabilities to related parties 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 2021. 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 which became due on 31 December 2023.

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.

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.

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.

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 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.

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.

Share Capital - Summary of Movements in Ordinary Shares, Share Capital and Share Premium (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Issue of Shares Capital [Roll Forward]
Beginning Balance (in shares)	252,160,087
Beginning Balance	$ (564,416)	$ (135,612)	$ (867,243)
Issuance of Ordinary, (in shares)		186,576,505
PIPE Financing, (in shares)		17,493,000
Predecessor Earn Out Shares, (in shares)		38,330,000
OACB Earn Out Shares (in shares)		1,250,000
SARs Settlement (in shares)		3,510,582
Settlement of related party loans with Ordinary Shares, (in shares)		5,000,000
Capital contribution (in shares)	11,834,061
Vested earn-out shares (in shares)	0
Increase in share capital			833,440
Ending Balance (in shares)	266,821,844	252,160,087
Ending Balance	$ (932,493)	$ (564,416)	$ (135,612)
Predecessor Ordinary Shares
Issue of Shares Capital [Roll Forward]
Beginning Balance (in shares)		13,481,799	7,259,139
Share issue (in shares)			6,222,660
Elimination of Predecessor Ordinary Shares (in shares)		(13,481,799)
Ending Balance (in shares)			13,481,799
Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase decrease in shares issued (in shares)	2,479,962
Public Warrants
Issue of Shares Capital [Roll Forward]
Increase decrease in shares issued (in shares)	553,552
RSUs
Issue of Shares Capital [Roll Forward]
Increase decrease in shares issued (in shares)	838,919
SARs
Issue of Shares Capital [Roll Forward]
Increase decrease in shares issued (in shares)	(1,044,737)
Increase in share capital		$ 30,302
Share capital
Issue of Shares Capital [Roll Forward]
Beginning Balance	$ 2,126	135	$ 73
Share issue			62
Elimination of Predecessor Ordinary Shares		(135)
Issuance of Ordinary Shares (Note 1.1)		1,866
PIPE Financing (Note 1.1)		175
SARs Settlement (Note 22)		35
Settlement of related party loans with Ordinary Shares		50
Capital contribution	118
Vested earn-out shares	6
Increase in share capital			62
Ending Balance	2,279	2,126	135
Share capital \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	25
Share capital \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	6
Share capital \| RSUs
Issue of Shares Capital [Roll Forward]
Increase in share capital	8
Share capital \| SARs
Issue of Shares Capital [Roll Forward]
Increase in share capital	(10)	35
Share premium
Issue of Shares Capital [Roll Forward]
Beginning Balance	1,058,432	1,000,118	166,740
Share issue			833,378
Elimination of Predecessor Ordinary Shares		135
Issuance of Ordinary Shares (Note 1.1)		63,169
PIPE Financing (Note 1.1)		174,755
Transaction costs arising on share issue		(5,562)
Predecessor Earn Out Shares (Note 1.1)		(227,500)
OACB Earn Out Shares (Note 1.1)		(9,100)
SARs Settlement (Note 22)		30,267
Settlement of related party loans with Ordinary Shares		32,150
Capital contribution	132,618
Vested earn-out shares	8,300
Increase in share capital			833,378
Ending Balance	1,229,690	1,058,432	1,000,118
Share premium \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	27,159
Share premium \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	7,612
Share premium \| RSUs
Issue of Shares Capital [Roll Forward]
Increase in share capital	5,095
Share premium \| SARs
Issue of Shares Capital [Roll Forward]
Increase in share capital	(9,526)	30,267
Issued capital and share premium
Issue of Shares Capital [Roll Forward]
Beginning Balance	1,060,558	1,000,253	166,813
Share issue			833,440
Elimination of Predecessor Ordinary Shares		0
Issuance of Ordinary Shares (Note 1.1)		65,035
PIPE Financing (Note 1.1)		174,930
Transaction costs arising on share issue		(5,562)
Predecessor Earn Out Shares (Note 1.1)		(227,500)
OACB Earn Out Shares (Note 1.1)		(9,100)
SARs Settlement (Note 22)		30,302
Settlement of related party loans with Ordinary Shares		32,200
Capital contribution	132,736
Vested earn-out shares	8,306
Ending Balance	1,231,969	$ 1,060,558	$ 1,000,253
Issued capital and share premium \| Penny Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	27,184
Issued capital and share premium \| Public Warrants
Issue of Shares Capital [Roll Forward]
Increase in share capital	7,618
Issued capital and share premium \| RSUs
Issue of Shares Capital [Roll Forward]
Increase in share capital	5,103
Issued capital and share premium \| SARs
Issue of Shares Capital [Roll Forward]
Increase in share capital	$ (9,536)

Borrowings - Summary of consolidated statements of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Bonds issued	$ 862,544	$ 693,328
Other borrowings	97,615	71,242
Total outstanding borrowings, net of debt issue costs	960,159	764,570	$ 400,911
Less: current portion of borrowings	(38,025)	(19,916)
Total non-current borrowings	922,134	744,654
Senior Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued	549,411	530,506
Total outstanding borrowings, net of debt issue costs	549,411	530,506	394,129
2022 Convertible Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued	155,914	32,441
Aztiq Convertible Bond
Disclosure of detailed information about borrowings [line items]
Bonds issued	80,663	65,793
Alvogen Facility
Disclosure of detailed information about borrowings [line items]
Loans received	76,556	64,588
Total outstanding borrowings, net of debt issue costs	$ 76,556	$ 64,588	$ 0

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Schedule of composition of other current liabilities

The composition of other current liabilities as of 31 December 2023 and 2022 is as follows:


	2023	2022
Unpaid salary and salary related expenses	31,340	15,620
Accrued interest	3,333	2,249
Accrued vacation leave	6,075	5,025
Employee incentive plan	659	12,433
Accrued expenses	21,313	18,720
	62,720	54,047

Share-Based Payments

12 Months Ended

Dec. 31, 2023

Disclosure Of Share Based Payment Arrangements [Abstract]

Share-based payments

On 1 December 2022, the Renumeration Committee authorized and the Group granted RSUs to employees, executives, and directors granting rights to Ordinary Shares once vesting conditions are met. Compensation expense for RSUs is determined based upon the market price of the Ordinary Shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a 1 to 4-year period, with a 1-year cliff vesting period

and subsequent monthly vesting, resulting from participants completing a service condition. Movements in RSUs during the year ended 31 December 2023 are as follows:


	2023		2022
	RSUs	Weighted Average Fair Value	RSUs	Weighted Average Fair Value
Outstanding at 1 January	6,979,482	$6.72	—	—
New grants during the year	820,602	$8.79	7,659,044	$6.68
Forfeited during the year	(1,587,929)	$7.11	—	—
Vested during the year	(2,466,374)	$6.67	(679,562)	$6.30
Outstanding at 31 December	3,745,781	$7.04	6,979,482	$6.72

The Group recognized $18.0 million and $10.3 million of share-based payment expense during the years ended 31 December 2023 and 2022, respectively, as follows:


	2023	2022
Cost of product revenue	3,319	1,522
Research and development expenses	3,991	2,994
General and administrative expenses	10,723	5,801
	18,033	10,317

Income Tax - Schedule Of The Movement In Net Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liability (asset) [Roll Forward]
Deferred tax liability (asset)	$ 209,187	$ 170,268
Deferred tax credited to profit or loss	100,567	38,919
Deferred tax liability (asset)	309,754	209,187
Deferred tax assets	309,807	209,496
Deferred tax credited to profit or loss	$ (53)	$ (309)

Other Current Assets - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Other Current Assets [Line Items]
Other current assets	$ 31,871	$ 31,871	$ 32,949
AVT23
Other Current Assets [Line Items]
Derecognition, prepaid development costs		3,500
Other current assets	18,500	$ 18,500
AVT23 \| Intellectual property rights
Other Current Assets [Line Items]
Derecognition of intangible asset	$ 15,000

Other Intangible assets

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about intangible assets [abstract]

Other Intangible assets

Other intangible assets consist of software, customer relationships, and licensed intellectual property rights. Movements in intangible assets during the years ended 31 December 2023 and 2022 are as follows:


	Software	Customer relationships	Intellectual property rights	Total
Cost
Balance at 1 January 2023	13,684	2,181	15,000	30,865
Reclassification of assets	1,002	—	—	1,002
Additions	4,094	—	6,000	10,094
Impairment	(1,779)	—	—	(1,779)
Retirement	—	—	(15,000)	(15,000)
Translation difference	72	90	—	162
Balance at 31 December 2023	17,073	2,271	6,000	25,344
Amortization
Balance at 1 January 2023	3,343	1,870	—	5,213
Amortization	626	318	—	944
Translation difference	28	83	—	111
Balance at 31 December 2023	3,997	2,271	—	6,268
Net carrying amount
Balance at 31 December 2023	13,076	—	6,000	19,076


	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

Additions during the year ended 31 December 2023 were primarily comprised of licensed intellectual property rights from Kashiv as detailed below.

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:


	2023	2022	2021
Cost of product revenue	318	471	—
Research and development expenses	8	—	324
General and administrative expenses	618	262	599
	944	733	923

At 31 December 2023 and 2022, 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 $1.8 million and $2.8 million during the years ended 31 December 2023 and 2022, respectively. The impairment charge was recognized as an expense within “General and administrative expense”. For the year ended 31 December 2022, the impairment was recognized as an expense as follows: $2.1 million in "Cost of product revenue" and $0.7 million in "General and administrative expense".

At 31 December 2023, following the termination of the agreement with Biosana, the Group derecognized $15.0 million of other intangible assets relating to intellectual property rights for the co-development and commercialization of AVT23. A corresponding receivable was recognized to reflect the claim against Biosana for full reimbursement. See further information on the receivable in Note 18.

Alvotech entered into an exclusive product licensing and supply agreement with Kashiv for the development and commercialization of AVT23 in September 2023. Under the terms of the agreement, Kashiv granted Alvotech an exclusive right for AVT23 which will be produced using Kashiv’s proprietary process technology and commercialized by Alvotech in specific territories. In exchange, Alvotech made an upfront payment of $3.0 million upon the signing of the agreement, with an additional $3.0 million due upon the beginning of Phase 3 which coincides with the clinical trial application ("CTA") submission.

In addition, Alvotech may be obligated to pay Kashiv up to an aggregate of $25 million (including the $6 million upfront payments mentioned above), payable upon the achievement of various development and regulatory milestones, as well as certain tiered royalty payments up to an aggregate of $15 million based on commercial sales of AVT23. The agreement terminates 10 years after the launch of AVT23 and is subject to certain customary termination rights.

Goodwill

12 Months Ended

Dec. 31, 2023

Disclosure of Goodwill [Abstract]

Goodwill

The Group’s goodwill balances as of 31 December 2023 and 2022 are as follows:


	2023	2022
Balance as of 1 January	11,643	12,367
Translation difference	415	(724)
Balance as of 31 December	12,058	11,643

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 2024-2030 which reflect the recent business developments of the Group and has been approved by management and the Board of Directors. 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 2030 have been extrapolated using a negative 5% terminal rate in both the 2023 and 2022 value in use calculations, respectively. A discount rate of 25.0% (2022: 27.6%) 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 2023 and 2022, 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.

Income Tax - Schedule Of Expiration Of Unused Tax Losses (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Disclosure of income tax [Line Items]
Tax losses expire	$ 1,513,723
2024-2026
Disclosure of income tax [Line Items]
Tax losses expire	68,821
2027-2029
Disclosure of income tax [Line Items]
Tax losses expire	289,608
Later
Disclosure of income tax [Line Items]
Tax losses expire	$ 1,155,294

Segment Reporting - Summary Of Detailed Information About Noncurrent Assets Excluding Financial Instruments And Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical areas [line items]
Non-current assets, excluding financial instruments and deferred tax assets	$ 426,947	$ 338,792
Europe
Disclosure of geographical areas [line items]
Non-current assets, excluding financial instruments and deferred tax assets	415,659	334,837
North America
Disclosure of geographical areas [line items]
Non-current assets, excluding financial instruments and deferred tax assets	5,094	240
Asia and Other
Disclosure of geographical areas [line items]
Non-current assets, excluding financial instruments and deferred tax assets	$ 6,194	$ 3,715

Related Parties - Schedule of Information About Board of Directors Remuneration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Information About Board of Directors Remuneration [Line Items]
Pension contribution	$ 372	$ 608
Other long- term benefits	$ 9,456	$ 5,015
Shares at year-end (in shares)	266,821,844	252,160,087
Salaries and benefits	$ 6,511	$ 6,292
Termination benefits	52	1,977
Net Compensation Expense
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	421	927
Pension contribution	0	0
Other long- term benefits	$ 416	$ 0
Shares at year-end (in shares)	1,175,459	1,133,131
Robert Wessman, Chairman of the board
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees		$ 740
Pension contribution	$ 26	0
Other long- term benefits	0	$ 0
Shares at year-end (in shares)		0
Salaries and benefits	1,491
Termination benefits	0
Robert Wessman, Chairman of the board \| Compensation Waived
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	0
Pension contribution	0
Other long- term benefits	$ 0
Shares at year-end (in shares)	0
Richard Davies, Vice-Chairman
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 156	$ 68
Pension contribution	0	0
Other long- term benefits	$ 104	$ 0
Shares at year-end (in shares)	1,143,713	1,133,131
Ann Merchant, Board Member
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 113	$ 43
Pension contribution	0	0
Other long- term benefits	$ 104	$ 0
Shares at year-end (in shares)	10,582	0
Árni Harðarson, Board Member* \| Compensation Waived
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 0	$ 0
Pension contribution	0	0
Other long- term benefits	$ 0	$ 0
Shares at year-end (in shares)	0	0
Faysal Kalmoua, Board \| Compensation Waived
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 0	$ 0
Pension contribution	0	0
Other long- term benefits	$ 0	$ 0
Shares at year-end (in shares)	0	0
Linda McGoldrick, Board Member
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 81	$ 38
Pension contribution	0	0
Other long- term benefits	$ 104	$ 0
Shares at year-end (in shares)	10,582	0
Lisa Graver, Board Member
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 71	$ 38
Pension contribution	0	0
Other long- term benefits	$ 104	$ 0
Shares at year-end (in shares)	10,582	0
Tomas Ekman, Board Member*
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees		$ 0
Pension contribution		0
Other long- term benefits		$ 0
Shares at year-end (in shares)		0
Tomas Ekman, Board Member* \| Compensation Waived
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees	$ 0
Pension contribution	0
Other long- term benefits	$ 0
Shares at year-end (in shares)	0
Mark Levick CEO
Schedule of Information About Board of Directors Remuneration [Line Items]
Pension contribution		$ 162
Other long- term benefits		0
Salaries and benefits		892
Termination benefits		1,157
Other Executive Team Members
Schedule of Information About Board of Directors Remuneration [Line Items]
Pension contribution	$ 346	446
Other long- term benefits	9,456	5,015
Salaries and benefits	5,020	5,400
Termination benefits	$ 52	820
Hirofumi Imai, Board member
Schedule of Information About Board of Directors Remuneration [Line Items]
Board fees		0
Pension contribution		0
Other long- term benefits		$ 0
Shares at year-end (in shares)		0

Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Purchased service / interest	$ 32,781	$ 21,141	$ 39,940
Sold service	597	818	3,715
Receivables	896	1,548
Payables/ borrowings	217,956	163,289
Gross private placement equity offering fee	4,141	0	0
Alvogen Lux Holdings S.à r.l. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	11,968	5,415
Sold service	0	0
Receivables	0	0
Payables/ borrowings	76,556	64,588
ATP Holdings ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	9,193	1,254
Sold service	0	0
Receivables	0	765
Payables/ borrowings	49,560	81,254
Gross private placement equity offering fee	3,300
Aztiq Fjárfestingar ehf. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	216	120
Sold service	4	0	0
Receivables	0	0
Payables/ borrowings	0	20
Fasteignafélagið Sæmundur hf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		7,189	7,762
Sold service		0	0
Receivables		0
Payables/ borrowings		0
Fasteignafélagið Eyjólfur ehf - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		0
Sold service		196
Receivables		0
Payables/ borrowings		0
Aztiq Consulting ehf. – Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	178	442
Sold service	69	0
Receivables	0	0
Payables/ borrowings	54	25
Flóki-Art ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	88
Sold service	0
Receivables	0
Payables/ borrowings	422
Alvogen Iceland ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	19	465	454
Sold service	1	174	2,308
Receivables	0	0
Payables/ borrowings	484	484
Alvogen ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0	6
Sold service	152	68	2
Receivables	16	1
Payables/ borrowings	0	0
Alvogen UK - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	273		299
Sold service	0		0
Receivables	0
Payables/ borrowings	581
Alvogen Finance B.V. - Sister Company
Disclosure of transactions between related parties [line items]
Purchased service / interest	3,382
Sold service	0
Receivables	0
Payables/ borrowings	65
Lotus Pharmaceuticals Co. Ltd. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0	0
Sold service	29	3	312
Receivables	29	2
Payables/ borrowings	7,440	7,440
Lotus International Pte. Ltd. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	2	4
Receivables	0	3
Payables/ borrowings	0	0
Alvogen Emerging Markets - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	108	98	238
Sold service	0	0	0
Receivables	0	0
Payables/ borrowings	0	0
Alvogen Korea co. Ltd - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest		0	0
Sold service		1	9
Receivables		0
Payables/ borrowings		0
Alvogen Inc. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	305	585	89
Sold service	0	266	654
Receivables	0	12
Payables/ borrowings	284	222
Alvotech and CCHT Biopharmaceutical Co., Ltd.
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	0
Sold service	0	0
Receivables	758	758
Payables/ borrowings	539	0
Adalvo Limited - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	402	1,218
Sold service	189	106
Receivables	86	0
Payables/ borrowings	337	349
Adalvo UK - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0
Sold service	49
Receivables	0
Payables/ borrowings	0
Flóki Invest ehf - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	680
Sold service	0
Receivables	0
Payables/ borrowings	251
Floki Holdings S.à r.l. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	40
Sold service	0
Receivables	0
Payables/ borrowings	0
L41 ehf.
Disclosure of transactions between related parties [line items]
Purchased service / interest		26	29
Sold service		0	0
Receivables		0
Payables/ borrowings		0
Alvogen Malta Sh. Services - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	0	603	1,216
Sold service	0	0	151
Receivables	7	7
Payables/ borrowings	0	0
Alvogen Spain SL - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	14	117
Sold service	0	0
Receivables	0	0
Payables/ borrowings	15	0
Norwich Clinical Services Ltd - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	642	301
Sold service	0	0
Receivables	0	0
Payables/ borrowings	170	31
Fasteignafélagið Eyjólfur ehf - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	3,807
Sold service	102
Receivables	0
Payables/ borrowings	69,732
Flóki fasteignir ehf. - Sister company
Disclosure of transactions between related parties [line items]
Purchased service / interest	1,682	1,516
Sold service	0	0
Receivables	0	0
Payables/ borrowings	$ 11,466	8,876
Alvogen Pharma Pvt Ltd - Sister Company
Disclosure of transactions between related parties [line items]
Purchased service / interest		1,159	491
Sold service		0	$ 0
Receivables		0
Payables/ borrowings		0
Lambahagavegur 7 ehf
Disclosure of transactions between related parties [line items]
Purchased service / interest		537
Sold service		0
Receivables		0
Payables/ borrowings		$ 0

Summary of Significant Accounting Policies - Summary of Useful Lives of Depreciation (Details)	12 Months Ended
	Dec. 31, 2023
Facility
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	40 years
Facility equipment \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	5 years
Facility equipment \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	20 years
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	3 years
Leasehold improvements \| Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	3 years
Leasehold improvements \| Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	15 years
Furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Useful life of depreciation	5 years

Salaries And Other Employee Expenses - Additional Information (Details) - Individuals Individuals in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Salaries And Other Employee Expenses [Abstract]
Average number of individuals employed	999	858	645

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Impairment loss on investment in joint venture	$ 21,519	$ 0	$ 0
Number of operating segments \| segement	1
Payables/ borrowings	$ 217,956	$ 163,289
Lotus pharmaceutical co. ltd
Disclosure of detailed information about property, plant and equipment [line items]
Upfront payment			1,900
Payables/ borrowings			$ 7,400

Leases - Summary of Leases Assets About Right-Of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Right Of Used Assets [Roll Forward]
Beginning balance	$ 47,501	$ 126,801
Adjustments for indexed leases	7,354	10,201
New leases	74,109	9,583
Cancelled leases	(139)	0
Derecognition due to acquisition of Alvotech Facility (see Note 12)	0	(88,941)
Reclassification	(443)
Depreciation	(8,913)	(9,869)	$ (8,699)
Translation difference	333	(274)
Ending balance	$ 119,802	$ 47,501	$ 126,801

Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Expense from share-based payment transactions		$ 18,033	$ 10,317
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	4 years

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41421
Entity Registrant Name	ALVOTECH
Entity Incorporation, State or Country Code	N4
Entity Address, Address Line One	9
Entity Address, Address Line Two	Rue de Bitbourg
Entity Address, Postal Zip Code	1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
Entity Common Stock, Shares Outstanding	266,821,844
Class of warrants or rights outstanding (in shares)	10,363,094
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001898416
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2023
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares
Trading Symbol	ALVO
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	ALVOW
Security Exchange Name	NASDAQ
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Sæmundargata 15-19
Entity Address, Postal Zip Code	102
Entity Address, City or Town	Reykjavík
Entity Address, Country	IS
Contact Personnel Name	Robert Wessman
City Area Code	354
Local Phone Number	422 4500

Summary Of Significant Accounting Policies (Table)

12 Months Ended

Dec. 31, 2023

Disclosure Of Summary Of Significant Accounting Policies [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
Intellectual property rights*			10 years

•From launch date

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

Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Product revenue	$ 48,699	$ 24,836	$ 0
License and other revenue	42,735	58,193	36,772
Other income	1,948	1,988	2,912
Cost of product revenue	(160,856)	(64,095)	0
Research and development expenses	(210,827)	(180,622)	(191,006)
General and administrative expenses	(76,559)	(186,742)	(84,134)
Operating loss	(354,860)	(346,442)	(235,456)
Share of net loss of joint venture	(7,153)	(2,590)	(2,418)
Impairment loss on investment in joint venture	21,519	0	0
Finance income	4,823	2,549	51,568
Finance costs	(267,157)	(188,419)	(117,361)
Exchange rate differences	(5,183)	10,566	2,681
(Loss) / gain on extinguishment of financial liabilities	0	(27,311)	151,788
Non-operating (loss) / profit	(296,189)	(205,205)	86,258
Loss before taxes	(651,049)	(551,647)	(149,198)
Income tax benefit	99,318	38,067	47,694
Loss for the year	(551,731)	(513,580)	(101,504)
Item that will be reclassified to profit or loss in subsequent periods:
Exchange rate differences on translation of foreign operations	(86)	(6,111)	(305)
Total comprehensive loss	$ (551,817)	$ (519,691)	$ (101,809)
Loss per share
Basic (in dollars per share)	$ (2.43)	$ (2.60)	$ (0.92)
Diluted (in dollars per share)	$ (2.43)	$ (2.60)	$ (0.92)

Depreciation, Amortization And Impairment (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022, and 2021 are as follows:


	2023	2022	2021
Depreciation and impairment of property, plant and equipment (see Note 12)	14,353	9,807	10,666
Depreciation of right of use assets (see Note 13)	8,913	9,869	8,699
Amortization and impairment of intangible assets (see Note 15)	2,723	3,488	4,916
	25,989	23,164	24,281

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


	2023	2022	2021
Cost of product revenue	15,582	10,053	—
Research and development expenses	6,886	9,757	21,764
General and administrative expenses	3,521	3,354	2,517
Total depreciation, amortization and impairment expense	25,989	23,164	24,281

Financial Instruments - Summary of the Maximum Credit Risk Exposure of the Groups Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	$ 80,848	$ 136,498
Cash and cash equivalents
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	11,157	66,427
Restricted cash
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	26,132	25,187
Other assets
Disclosure Of Credit Risk [Line Items]
Maximum exposure to credit risk	$ 43,559	$ 44,884

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	$ 236,779	$ 220,594
Right-of-use assets	119,802	47,501
Goodwill	12,058	11,643
Other intangible assets	19,076	25,652
Contract assets	10,856	3,286
Investment in joint venture	18,494	48,568
Other long-term assets	2,244	5,780
Restricted cash	26,132	25,187
Deferred tax assets	309,807	209,496
Total non-current assets	755,248	597,707
Current assets
Inventories	74,433	71,470
Trade receivables	41,292	32,972
Contract assets	35,193	25,370
Other current assets	31,871	32,949
Receivables from related parties	896	1,548
Cash and cash equivalents	11,157	66,427
Total current assets	194,842	230,736
Total assets	950,090	828,443
Equity
Share capital	2,279	2,126
Share premium	1,229,690	1,058,432
Other reserves	42,911	30,582
Translation reserve	(1,528)	(1,442)
Accumulated deficit	(2,205,845)	(1,654,114)
Total equity	(932,493)	(564,416)
Non-current liabilities
Borrowings	922,134	744,654
Derivative financial liabilities	520,553	380,232
Other long-term liability to related party	0	7,440
Lease liabilities	105,632	35,369
Long-term incentive plan	0	544
Contract liabilities	73,261	57,017
Deferred tax liability	53	309
Total non-current liabilities	1,621,633	1,225,565
Current liabilities
Trade and other payables	80,563	49,188
Lease liabilities	9,683	5,163
Current maturities of borrowings	38,025	19,916
Liabilities to related parties	9,851	1,131
Contract liabilities	59,183	36,915
Taxes payable	925	934
Other current liabilities	62,720	54,047
Total current liabilities	260,950	167,294
Total liabilities	1,882,583	1,392,859
Total equity and liabilities	$ 950,090	$ 828,443

Other Intangible assets - Summary of Detailed Information About Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	$ 25,652
Amortization	944	$ 733	$ 923
Ending balance	19,076	25,652
Software
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	10,341
Ending balance	13,076	10,341
Customer relationships
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	311
Ending balance	0	311
Intellectual property rights
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	15,000
Ending balance	6,000	15,000
Cost
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	30,865	26,106
Reclassification of assets	1,002
Additions	10,094	7,682
Impairment	(1,779)	(2,755)
Retirement	(15,000)
Translation difference	162	(168)
Ending balance	25,344	30,865	26,106
Cost \| Software
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	13,684	8,777
Reclassification of assets	1,002
Additions	4,094	7,682
Impairment	(1,779)	(2,755)
Retirement	0
Translation difference	72	(20)
Ending balance	17,073	13,684	8,777
Cost \| Customer relationships
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	2,181	2,329
Reclassification of assets	0
Additions	0
Impairment	0
Retirement	0
Translation difference	90	(148)
Ending balance	2,271	2,181	2,329
Cost \| Intellectual property rights
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	15,000	15,000
Reclassification of assets	0
Additions	6,000	0
Impairment	0	0
Retirement	(15,000)
Translation difference	0	0
Ending balance	6,000	15,000	15,000
Amortization
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	5,213	4,597
Translation difference	111	(117)
Amortization	944	733
Ending balance	6,268	5,213	4,597
Amortization \| Software
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	3,343	2,933
Translation difference	28	(13)
Amortization	626	423
Ending balance	3,997	3,343	2,933
Amortization \| Customer relationships
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	1,870	1,664
Translation difference	83	(104)
Amortization	318	310
Ending balance	2,271	1,870	1,664
Amortization \| Intellectual property rights
Intangible Assets Other Than Goodwill [Roll Forward]
Beginning balance	0	0
Translation difference	0	0
Amortization	0	0
Ending balance	$ 0	$ 0	$ 0

Segment Reporting - Summary Of Detailed Information About Revenue From Transactions With Individual Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A
Disclosure of major customers [line items]
Revenue	$ 9,430	$ 17,940	$ 10,070
Percentage of entity's revenue	10.30%	21.60%	27.40%
Customer B
Disclosure of major customers [line items]
Revenue	$ 46,954	$ 38,376	$ 18,369
Percentage of entity's revenue	51.40%	46.20%	50.00%
Customer C
Disclosure of major customers [line items]
Revenue	$ 8,876	$ 12,840	$ 1,590
Percentage of entity's revenue	9.70%	15.50%	4.30%
Customer D
Disclosure of major customers [line items]
Revenue	$ 16,556	$ 0	$ 0
Percentage of entity's revenue	18.10%	0.00%	0.00%

- 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 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Audit Fees - Summary Of Detailed Information About Audit Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Audit Fees [Abstract]
Financial Statement audit fees	$ 2,876	$ 2,615	$ 5,502
Other fees, including tax services	462	676	136
Total fees	$ 3,339	$ 3,291	$ 5,638

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Goodwill [Abstract]

Summary of Goodwill

The Group’s goodwill balances as of 31 December 2023 and 2022 are as follows:


	2023	2022
Balance as of 1 January	11,643	12,367
Translation difference	415	(724)
Balance as of 31 December	12,058	11,643

Financial Instruments - Summary of Impact on the Groups Operations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EUR
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.105	1.061
Average rate	1.091	1.052
Change	4.10%
GBP
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.275	1.204
Average rate	1.266	1.233
Change	5.90%
ISK
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	0.007	0.007
Average rate	0.007	0.007
Change	5.10%
CHF
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	1.188	1.071
Average rate	1.156	1.047
Change	10.90%
INR
Disclosure in tabular form of foreign exchange rate [line items]
Closing rate	0.012	0.012
Average rate	0.012	0.013
Change	0.10%

Segment Reporting - Summary Of Detailed Information About Revenue From Customers Based On Geographical Market (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of operating segments [abstract]
Number of operating segments \| segement	1
Disclosure of geographical areas [line items]
Revenue	$ 91,434	$ 83,029	$ 36,772
Europe
Disclosure of geographical areas [line items]
Revenue	63,510	39,433	20,509
North America
Disclosure of geographical areas [line items]
Revenue	18,306	30,780	11,660
Asia and Other
Disclosure of geographical areas [line items]
Revenue	$ 9,618	$ 12,816	$ 4,603

Salaries And Other Employee Expenses

12 Months Ended

Dec. 31, 2023

Disclosure Of Salaries And Other Employee Expenses [Abstract]

Salaries and other employee expenses

The average number of individuals employed by the Group during the years ended 31 December 2023, 2022, and 2021 was 999, 858, and 645, respectively. The aggregate salary and other employee expenses incurred by the Group for these employees were as follows:


	2023	2022	2021
Salary expense	107,067	92,082	67,433
Defined contribution plan expense (1)	11,518	10,052	7,694
Long-term incentive plan expense	78	5,481	17,955
Share-based payments (see Note 23)	18,033	10,317	—
Other employee expense	19,718	11,670	10,274
Temporary labor	8,495	5,838	6,164
	164,909	135,440	109,520

Salaries and other employee expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows:


	2023	2022	2021
Cost of product revenue	76,908	42,501	—
Research and development expenses	44,339	52,962	71,588
General and administrative expenses	43,662	39,977	37,932
Total salary and other employee expenses	164,909	135,440	109,520

Leases - Summary Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation of right of use assets (see Note 13)	$ (8,913)	$ (9,869)	$ (8,699)
Interest expense on lease liabilities	(3,840)	(6,022)	(6,423)
Foreign currency difference on lease liability	(1,932)	11,682	3,744
Loss from extinguishment of lease agreement (see Note 12)	(28)	(3,859)	0
Total amount recognized in profit and loss	(14,713)	(8,068)	(11,378)
Right-of-use assets	119,802	47,501	126,801
Facilities
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation of right of use assets (see Note 13)	(7,631)	(9,423)	(8,228)
Right-of-use assets	110,692	41,702
Fleet
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation of right of use assets (see Note 13)	(180)	(119)	(38)
Right-of-use assets	389	339
Equipment
Disclosure Of Detailed Information About Lease Cost [Line Items]
Depreciation of right of use assets (see Note 13)	(1,102)	(327)	$ (433)
Right-of-use assets	$ 8,721	$ 5,460

Cash And Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [abstract]

Summary of Cash and Cash Equivalents

Cash and cash equivalents as of 31 December 2023 and 2022 are as follows:


	2023	2022
Cash and cash equivalents denominated in US dollars	1,466	10,377
Cash and cash equivalents denominated in other currencies	9,691	56,050
	11,157	66,427

Summary of Restricted Cash

Movements in restricted cash balances during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Balance at 1 January	25,187	10,087
Additions during the year	—	14,914
Interest income	945	186
Balance at 31 December	26,132	25,187

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]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	7,226,505
Estimated fair market value	$ 65,160
Adjusted net liabilities of OACB as of 15 June 2022	(18,251)
Difference – being the share listing expense	$ 83,411
OACB Earn Out Shares
Schedule of fair value of shares issued and noncash share listing expense [line items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	1,250,000
Estimated fair market value	$ 9,100
Ordinary Shares
Schedule of fair value of shares issued and noncash share listing expense [line items]
Estimated fair market value	$ 56,060
Ordinary Shares \| Class A Shareholders
Schedule of fair value of shares issued and noncash share listing expense [line items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	976,505
Ordinary Shares \| Class B Shareholders
Schedule of fair value of shares issued and noncash share listing expense [line items]
Total Alvotech Shares issued to OACB shareholders (in shares) \| shares	5,000,000

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax
Direct taxes - current	$ 1,307	$ 1,015	$ 706
Direct taxes – prior year	(60)	(115)	491
Total current tax	1,247	900	1,197
Deferred tax
Current	(89,847)	(54,236)	(48,414)
Prior year	(10,718)	15,269	(477)
Total deferred tax	(100,565)	(38,967)	(48,891)
Total income tax benefit	$ (99,318)	$ (38,067)	$ (47,694)

- 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

Inventories - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Inventories [Line Items]
Inventory write-down	$ 10,400	$ 2,100	$ 1,200
Reversal of inventory write-down	0	0	$ 0
Cost of product revenue
Disclosure of Inventories [Line Items]
Cost of inventories recognised as expense	$ 42,800	$ 20,900

Income Tax

12 Months Ended

Dec. 31, 2023

Disclosure Of Income Tax [Abstract]

Income Tax

Income tax

Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 is as follows:


Current tax
	2023	2022	2021
Direct taxes - current	1,307	1,015	706
Direct taxes – prior year	(60)	(115)	491
Total current tax	1,247	900	1,197
Deferred tax
Current	(89,847)	(54,236)	(48,414)
Prior year	(10,718)	15,269	(477)
Total deferred tax	(100,565)	(38,967)	(48,891)
Total income tax benefit	(99,318)	(38,067)	(47,694)

The prior year deferred tax impact of $10.7 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 2023 and 2022 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 2023, 2022, and 2021.

The effective tax rate for the year of 15.3% (2022: 6.9%, 2021: 32.0%) 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:


	2023		2022		2021
Tax rate	24.9	%	24.9	%	24.9	%
Effect of tax rate in foreign jurisdictions	(3.4	%)	(2.4	%)	(8.2	%)
Permanent differences	(6.7	%)	(8.9	%)	30.4
Non-recognition of tax losses	(1.5	%)	(3.8	%)	(15.0	%)
Other items	2.0	%	(2.9	%)	(0.1)
Effective tax rate	15.3	%	6.9	%	32.0	%

The movement in net deferred taxes during the years ended 31 December 2023 and 2022 is as follows:


	2023	2022
Balance at 1 January	209,187	170,268
Deferred tax credited to profit or loss	100,567	38,919
Balance at 31 December	309,754	209,187
Deferred tax assets	309,807	209,496
Deferred tax liabilities	(53)	(309)

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 2023 and 2022 is as follows:


	2023	2022
Deferred tax assets attributable to temporary differences in respect of tax losses	301,375	205,290
Deferred tax assets attributable to other temporary differences	11,941	6,832
Deferred tax liabilities attributable to other temporary differences	(3,562)	(2,935)
Net deferred tax assets	309,754	209,187

A deferred tax liability has been recognized in relation to ordinary timing differences arising from depreciation, amortization, other provisions and difference in measurement basis of customer relationships. A deferred tax liability of $3.6 million and $2.9 million has been recognized as of 31 December 2023 and 2022, 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 deferred tax asset on tax losses relates to tax losses arising in Iceland, and management considers probable that future forecasted profit associated with product and out-licensing revenue will be available to offset the cumulative tax losses as of 31 December 2023. No deferred tax asset is recognized on tax losses arising in Luxembourg as their recoverability is unlikely to be realized. A deferred tax asset of $309.8 million and $209.5 million is recognized as of 31 December 2023 and 2022, respectively.

These tax losses expire as follows:


2024-2026			68,821
2027-2029			289,608
Later			1,155,294
			1,513,723

As of December 2023, the Group has total unused tax losses of $1,514 million which is comprised of $1,501 million of accumulated tax losses in Iceland and $13 million accumulated tax losses in Luxembourg.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [abstract]

Summary of consolidated statements of financial position


	2023	2022
Senior Bonds	549,411	530,506
2022 Convertible Bonds	155,914	32,441
Aztiq Convertible Bond	80,663	65,793
Alvogen Facility	76,556	64,588
Other borrowings	97,615	71,242
Total outstanding borrowings, net of debt issue costs	960,159	764,570
Less: current portion of borrowings	(38,025)	(19,916)
Total non-current borrowings	922,134	744,654

Summary of movements in the group's outstanding borrowings

Movements in the Group’s outstanding borrowings during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Borrowings, net at 1 January	764,570	400,911
Recognition of deferred debt issue costs	(6,115)	(2,889)
Accretion/derecognition of borrowings discount	15,770	35,065
Recognition of new borrowings discount	(50,953)	(43,241)
Proceeds from new borrowings	275,311	467,196
Loans from related party converted to equity	—	(50,000)
Repayments of borrowings	(99,367)	(83,951)
Accrued interest	58,212	40,424
Amortization of deferred debt issue costs	1,657	23
Foreign currency exchange difference	1,075	1,032
Borrowings, net at 31 December	960,159	764,570


	1 January 2023	Financing Cash flows (a)	Capitalized loan cost changes	Fair value changes, including accretion	Other changes (b)	Foreign exchange impact	31 December 2023
2022 Convertible Bonds and Aztiq Convertible Bond	98,234	145,358	1,657	(36,071)	27,603	(204)	236,577
Senior Bonds (including related party)	530,506	—	—	888	18,017	—	549,411
Other borrowings	71,242	25,102	—	—	(8)	1,279	97,615
Alvogen Facility	64,588	—	—	—	11,968	—	76,556
Borrowings, net	764,570	170,460	1,657	(35,183)	57,580	1,075	960,159

(a)The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.


	1 January 2022	Financing Cash flows (a)	Capitalized loan cost changes	Fair value changes, including accretion	Other changes (b)	Foreign exchange impact	Conversion to Equity	Other non-cash movements	31 December 2022
2022 Convertible Bonds and Aztiq Convertible Bond	—	55,852	(2,865)	(40,245)	1,528	444	—	83,520	98,234
Senior Bonds (including related party)	394,129	70,000	—	32,069	34,308	—	—	—	530,506
Other borrowings	6,782	33,112	—	—	762	588	—	29,998	71,242
Alvogen Facility	—	110,000	—	—	4,588	—	(50,000)	—	64,588
Borrowings, net	400,911	268,964	(2,865)	(8,176)	41,186	1,032	(50,000)	113,518	764,570

(a)The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.

(b)Other changes include interest accruals and payments.

Schedule of maturities of outstanding borrowings

Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2023 and 2022 are as follows:


	2023	2022
Within one year	38,025	19,916
Within two years	867,273	3,804
Within three years	4,932	696,646
Within four years	37,857	3,374
Thereafter	12,072	40,830
	960,159	764,570

Financial Instruments - Summary of Analysis Assumes that all Other Variables (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Variable increase	10.00%	10.00%
Variable decrease	10.00%	10.00%
EUR
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities	$ (974)	$ (991)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities	974	991
GBP
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities	(341)	(143)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities	341	143
ISK
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities	(14,156)	(6,002)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities	14,156	6,002
CHF
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities	(715)	(724)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities	715	724
INR
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities	(37)	(51)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities	$ 37	$ 51

Financial Instruments - Summary of Material Differences Between the Fair Value and Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Bonds issued	$ 862,544	$ 693,328
Fair Value	944,102	720,285
Senior Bonds
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Bonds issued	549,411	530,506
Fair Value	559,867	535,167
Aztiq Convertible Bond
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Bonds issued	80,663	65,793
Fair Value	84,756	65,772
2022 Convertible Bonds
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Bonds issued	155,914	32,441
Fair Value	217,419	52,463
Alvogen Facility
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items]
Bonds issued	76,556	64,588
Fair Value	$ 82,060	$ 66,883

Interests In Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of joint ventures [abstract]

Schedule of Information About Joint Venture


Name of entity	Place of business	Ownership interest				Carrying Amount
		2023		2022		2023	2022
Alvotech & CCHN Biopharmaceutical Co., Ltd.	China	50	%	50	%	18,494	48,568

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 2023 and 2022:


	2023	2022
Balance at 1 January	48,568	55,307
Share in losses	(7,153)	(2,590)
Impairment loss on investment in joint venture	(21,519)	—
Translation difference	(1,402)	(4,149)
Balance at 31 December	18,494	48,568

Share-Based Payments - Summary of share-based payment expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 18,033	$ 10,317
Cost of product revenue
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	3,319	1,522
Research and development expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	3,991	2,994
General and administrative expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions	$ 10,723	$ 5,801

Other reserves

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Other reserves

The composition of other reserves as of 31 December 2023 and 2022 is as follows:


	2023	2022
Equity component of convertible bonds	21,391	16,034
Share based payments	21,520	14,548
	42,911	30,582

Finance Income And Finance Costs - Summary Of Detailed Information About Finance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Finance Income [Abstract]
Changes in the fair value of derivatives (see Note 28)	$ 132,333	$ 96,981	$ 2,804
Interest on debt and borrowings	129,327	71,452	106,548
Consenting fee (see Note 21)	0	7,430	0
Loss on remeasurement of bonds (see Note 21)	0	6,511	0
Interest on lease liabilities (see Note 13)	3,840	6,022	6,423
Amortization of deferred debt issue costs	1,657	23	1,586
Finance costs	$ 267,157	$ 188,419	$ 117,361

Financial Instruments - Summary of Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Borrowings (measured at amortized cost)	$ 960,159	$ 764,570	$ 400,911
Derivative financial liabilities (measured at FVTPL)	520,553	380,232
Other long-term liability to related party (measured at amortized cost)	0	7,440
Long-term incentive plan (measured at FVTPL)	0	544
Trade and other payables (measured at amortized cost)	80,563	49,188
Lease liabilities (measured at amortized cost)	115,315	40,532	$ 122,140
Liabilities to related parties	9,851	1,131
Other current liabilities	61,873	53,664
Financial liabilities	$ 1,748,314	$ 1,297,301

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Basis of preparation

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

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

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.

Revenue recognition

Product revenue

Out-licensing revenue

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

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.

Research and development expenses

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

Foreign currency translation

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.

Goodwill and other intangible assets

Goodwill and business combinations

The Group did not complete any business combinations during the years ended 31 December 2023. 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
Intellectual property rights*			10 years

•From launch date

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

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

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.

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

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

Financial liabilities subsequently measured at amortized cost

Financial liabilities subsequently measured at FVTPL

Derivative financial instruments

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.

Liabilities to related parties

Long-term incentive plans

Share appreciation rights

Employee incentive plan

Management Incentive Plan

Litigation and other contingencies

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.

Leases

Loss per share

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 2023:

IFRS 17 - Insurance Contracts

In May 2017, the IASB issued IFRS 17, Insurance Contracts, which replaces IFRS 4, Insurance Contracts. This standard sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts that are within the scope of IFRS 17. In June 2020, the IASB issued Amendments to IFRS 17, which addresses concerns and implementation challenges that were identified after IFRS 17, Insurance Contracts, was published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023. IFRS 17 requires fundamental accounting changes to how insurance contracts are measured and accounted for. It introduces the general measurement model, based on a risk-adjusted present value of future cash flows that will arise as the insurance contract is fulfilled. This new measurement model aims to provide relevant information of the future cash flows. The general measurement model is modified for the measurement of reinsurance contracts held, direct participating contracts, and investment contracts with discretionary participation features. Also, while the general measurement model applies to all groups of insurance contracts in scope of IFRS 17, a simplified approach (a premium allocation approach) may be used to measure contracts that meet certain criteria. IFRS 17 also includes new disclosure requirements, providing more clarity and transparency for users of financial statements. The adoption of the standard did not have a material impact on the consolidated financial statements of the Group.

IAS 1 (Amendment) - Disclosure of Accounting Policies

The IASB issued Disclosure of Accounting Policies (Amendments to IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. The amendments replace the requirement for entities to disclose their significant accounting policies with the requirement to disclose their material accounting policy information. The amendments also include guidance to help entities apply the definition of material in making decisions about accounting policy disclosures. The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group.

IAS 8 (Amendments) - Definition of Accounting Estimates

The IASB issued amendments on IAS 8 to help entities to distinguish between accounting policies and accounting estimates. The amendments clarify how companies distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. The distinction between the two is important because changes in accounting policies are applied retrospectively, while changes in accounting estimates are applied prospectively. The amendments further clarify that accounting estimates are monetary amounts in the financial statements and are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops accounting estimates to achieve the objective set out by an accounting policy. The amendments are reflected in all financial statements and disclosures of the Group. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group.

IAS 12 (Amendments) - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction

The IASB issued amendments on IAS 12, which clarifies how companies shall account for deferred tax on transactions such as leases and decommissioning obligations, with a focus on reducing diversity in practice. The amendments narrow the scope of the initial recognition exemption in paragraphs 15 and 24 of IAS 12 so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize deferred tax assets and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group.

IAS 12 (Amendments) - International Tax Reform—Pillar Two Model Rules

In March 2022, the OECD released technical guidance on its 15% global minimum tax agreed as the second ‘pillar’ of a project to address the tax challenges arising from digitalisation of the economy. This guidance elaborates on the application and operation of the Global Anti-Base Erosion (GloBE) Rules agreed and released in December 2021 which lay out a co-ordinated system to ensure that multinational enterprises with revenues above €750 million pay tax of at least 15% on the income arising in each of the jurisdictions in which they operate. In May 2023, the IASB issued amendments to IAS12 Income Taxes to introduce a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As the Company does not meet the revenue thresholds, this guidance had no impact on the Group's consolidated financial statements.

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.

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

The IASB issued 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 2024, with early application permitted. The Group currently evaluates the impact of these amendments on the consolidated financial statements.

IAS 1 (Amendments) – Non-current Liabilities with Covenants

These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group currently evaluates the impact of these amendments on the consolidated financial statements.

IFRS 16 (Amendment) - Lease Liability in a Sale and Leaseback

This amendment adds subsequent measurement requirements for sale and leaseback transactions. This amendment includes requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group anticipates that the application of this amendment will not have a material impact on the consolidated financial statements.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Total salary and other employee expenses	$ 164,909	$ 135,440	$ 109,520
Cost of product revenue
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Total salary and other employee expenses	76,908	42,501	0
Research and development expenses
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Total salary and other employee expenses	44,339	52,962	71,588
General and administrative expenses
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items]
Total salary and other employee expenses	$ 43,662	$ 39,977	$ 37,932

Finance Income And Finance Costs

12 Months Ended

Dec. 31, 2023

Disclosure Of Finance Income [Abstract]

Finance income and finance costs

Finance income earned during the years ended 31 December 2023, 2022 and 2021 is as follows:


	2023	2022	2021
Changes in the fair value of derivatives (see Note 28)	—	1,637	51,549
Interest income from cash and cash equivalents	4,547	556	18
Other interest income	276	356	1
	4,823	2,549	51,568

Finance costs incurred during the years ended 31 December 2023, 2022, and 2021 are as follows:


	2023	2022	2021
Changes in the fair value of derivatives (see Note 28)	132,333	96,981	2,804
Interest on debt and borrowings	129,327	71,452	106,548
Consenting fee (see Note 21)	—	7,430	—
Loss on remeasurement of bonds (see Note 21)	—	6,511	—
Interest on lease liabilities (see Note 13)	3,840	6,022	6,423
Amortization of deferred debt issue costs	1,657	23	1,586
	267,157	188,419	117,361

Share-Based Payments - Summary of Movements in RSUs (Details) - RSUs	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
RSUs
Outstanding (in shares) \| shares	6,979,482	0
New grants during the year (in shares) \| shares	820,602	7,659,044
Forfeited during the year (in shares) \| shares	(1,587,929)	0
Vested during the year (in shares) \| shares	(2,466,374)	(679,562)
Outstanding (in shares) \| shares	3,745,781	6,979,482
Weighted Average Fair Value
Beginning Outstanding (in dollars per share) \| $ / shares	$ 6.72	$ 0
Granted (in dollars per share) \| $ / shares	8.79	6.68
Forfeited (in dollars per share) \| $ / shares	7.11	0
Vested (in dollars per share) \| $ / shares	6.67	6.30
Ending Outstanding (in dollars per share) \| $ / shares	$ 7.04	$ 6.72

Depreciation, Amortization And Impairment

12 Months Ended

Dec. 31, 2023

Disclosure Of Depreciation Amortization And Imapirment [Abstract]

Depreciation, amortization and impairment

Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2023, 2022, and 2021 are as follows:


	2023	2022	2021
Depreciation and impairment of property, plant and equipment (see Note 12)	14,353	9,807	10,666
Depreciation of right of use assets (see Note 13)	8,913	9,869	8,699
Amortization and impairment of intangible assets (see Note 15)	2,723	3,488	4,916
	25,989	23,164	24,281

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


	2023	2022	2021
Cost of product revenue	15,582	10,053	—
Research and development expenses	6,886	9,757	21,764
General and administrative expenses	3,521	3,354	2,517
Total depreciation, amortization and impairment expense	25,989	23,164	24,281

Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance as of 1 January	$ 11,643	$ 12,367
Translation difference	415	(724)
Balance as of 31 December	$ 12,058	$ 11,643

Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Goodwill [Line Items]
Growth rate used to extrapolate cash flow projections	5.00%	5.00%
Discount rate applied to cash flow projections	25.00%	27.60%
Goodwill
Disclosure of Goodwill [Line Items]
Impairment loss recognised in profit or loss, goodwill	$ 0	$ 0

Borrowings - Summary of non-cash changes in the group’s outstanding borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Borrowings [Roll Forward]
Beginning Borrowings	$ 764,570	$ 400,911
Financing Cash flows	170,460	268,964
Capitalized loan cost changes	1,657	(2,865)
Fair value changes, including accretion	(35,183)	(8,176)
Other changes	57,580	41,186
Foreign currency exchange difference	1,075	1,032
Conversion to Equity		(50,000)
Other non-cash movements		113,518
Ending Borrowings	960,159	764,570	$ 400,911
Gross private placement equity offering fee	4,141	0	0
Payments for debt issue costs	9,004	12,102	0
2022 Convertible Bonds and Aztiq Convertible Bond
Borrowings [Roll Forward]
Beginning Borrowings	98,234	0
Financing Cash flows	145,358	55,852
Capitalized loan cost changes	1,657	(2,865)
Fair value changes, including accretion	(36,071)	(40,245)
Other changes	27,603	1,528
Foreign currency exchange difference	(204)	444
Conversion to Equity		0
Other non-cash movements		83,520
Ending Borrowings	236,577	98,234	0
Proceeds from current borrowings	3,500
Payments for debt issue costs	9,000
Senior Bonds
Borrowings [Roll Forward]
Beginning Borrowings	530,506	394,129
Financing Cash flows	0	70,000
Capitalized loan cost changes	0	0
Fair value changes, including accretion	888	32,069
Other changes	18,017	34,308
Foreign currency exchange difference	0	0
Other non-cash movements		0
Ending Borrowings	549,411	530,506	394,129
Other borrowings
Borrowings [Roll Forward]
Beginning Borrowings	71,242	6,782
Financing Cash flows	25,102	33,112
Capitalized loan cost changes	0	0
Fair value changes, including accretion	0	0
Other changes	(8)	762
Foreign currency exchange difference	1,279	588
Other non-cash movements		29,998
Ending Borrowings	97,615	71,242	6,782
Alvogen Facility
Borrowings [Roll Forward]
Beginning Borrowings	64,588	0
Financing Cash flows	0	110,000
Capitalized loan cost changes	0	0
Fair value changes, including accretion	0	0
Other changes	11,968	4,588
Foreign currency exchange difference	0	0
Conversion to Equity		(50,000)
Other non-cash movements		0
Ending Borrowings	$ 76,556	$ 64,588	$ 0

Cash And Cash Equivalents

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [abstract]

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 of 31 December 2023 and 2022 are as follows:


	2023	2022
Cash and cash equivalents denominated in US dollars	1,466	10,377
Cash and cash equivalents denominated in other currencies	9,691	56,050
	11,157	66,427

Restricted cash

Restricted cash relates to cash that may only be used pursuant to certain of the Group’s borrowing arrangements. Therefore, these deposits are not available for general use by the Group. Movements in restricted cash balances during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Balance at 1 January	25,187	10,087
Additions during the year	—	14,914
Interest income	945	186
Balance at 31 December	26,132	25,187

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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Schedule of quantitative information about right-of-use assets

The carrying amounts of the Group’s right-of-use assets and the movements during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Right-of-use assets
Balance at 1 January	47,501	126,801
Adjustments for indexed leases	7,354	10,201
New leases	74,109	9,583
Cancelled leases	(139)	—
Derecognition due to acquisition of Alvotech Facility (see Note 12)	—	(88,941)
Reclassification	(443)
Depreciation	(8,913)	(9,869)
Translation difference	333	(274)
Balance at 31 December	119,802	47,501

Schedule of detailed information about classes of right of use assets

The Group’s right-of-use assets as of 31 December 2023 and 2022 are comprised of the following:


	2023	2022
Right-of-use assets
Facilities	110,692	41,702
Fleet	389	339
Equipment	8,721	5,460
	119,802	47,501

Schedule of detailed information about lease liabilities

The Group’s lease liabilities and the movements during the years ended 31 December 2023 and 2022 are as follows:


	2023	2022
Lease liabilities
Balance at 1 January	40,532	122,140
Adjustments for indexed leases	7,405	10,247
New leases	72,882	7,458
Cancelled leases	(167)	—
Installment payments	(7,260)	(7,655)
Derecognition due to acquisition of Alvotech Facility (see Note 12)	—	(80,075)
Foreign currency adjustment	1,932	(11,682)
Translation difference	(9)	99
Balance at 31 December	115,315	40,532
Current liabilities	(9,683)	(5,163)
Non-current liabilities	105,632	35,369

Schedule of detailed information about lease cost


	2023	2022	2021
Depreciation expense from right-of-use assets
Facilities	(7,631)	(9,423)	(8,228)
Fleet	(180)	(119)	(38)
Equipment	(1,102)	(327)	(433)
Total depreciation expense from right-of-use assets	(8,913)	(9,869)	(8,699)
Interest expense on lease liabilities	(3,840)	(6,022)	(6,423)
Foreign currency difference on lease liability	(1,932)	11,682	3,744
Loss from extinguishment of lease agreement (see Note 12)	(28)	(3,859)	—
Total amount recognized in profit and loss	(14,713)	(8,068)	(11,378)

Schedule of detailed information about maturity analysis for lease liabilities

The maturity analysis of undiscounted lease payments as of 31 December 2023 and 2022 is as follows:


	2023	2022
Less than one year	14,637	6,000
One to five years	51,053	20,160
Thereafter	89,682	22,274
	155,372	48,434

Other Current Assets - Summary of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current Assets [Abstract]
Value-added tax	$ 8,801	$ 6,468
Prepaid expenses	22,035	20,601
Proceeds receivable from Convertible Bonds (see Note 21)	0	3,520
Derivative asset	0	851
Other short-term receivables	1,035	1,509
Total	$ 31,871	$ 32,949

Leases - Summary of Classes of Right-Of-Use Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	$ 119,802	$ 47,501	$ 126,801
Facilities
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	110,692	41,702
Fleet
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	389	339
Equipment
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items]
Right-of-use assets	$ 8,721	$ 5,460

General information - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 26, 2024 USD ($) $ / shares shares	Feb. 23, 2024 $ / shares shares	Feb. 23, 2024 $ / shares kr / shares shares	Jun. 15, 2022 USD ($) shares shares $ / shares	Feb. 29, 2024 USD ($)	Mar. 20, 2024 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
General Information About Financial Statements [Line Items]
Proceeds from the capital reorganization				$ 9,800			$ 0	$ 9,827	$ 0
Reorganization, share listing expense				$ 83,411
Fair value of shares issued, market price (in dollars per share) \| $ / shares				$ 9.38
General and administrative expense							76,559	186,742	84,134
Net loss							551,731	513,580	101,504
Accumulated deficit							(2,205,845)	(1,654,114)
Cash and cash equivalents							11,157	$ 66,427	17,556	$ 31,689
Current assets less current liabilities							$ (66,100)
Increase in share capital									$ 833,440
Major ordinary share transactions
General Information About Financial Statements [Line Items]
Proceeds from the issuance of common stock	$ 160,000				$ 160,000
Aztiq Pharma Partners Sarl
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary							37.90%	40.70%
Alvogen
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary							33.70%	35.80%
Other Subsidiaries
General Information About Financial Statements [Line Items]
Percentage of ownership interest in subsidiary							28.40%	23.50%
Maximum percentage of ownership interest held by each shareholder							2.4	2.4
Business Combination and PIPE Financing
General Information About Financial Statements [Line Items]
Transaction costs								$ 28,500
Expense capitalized								5,600
General and administrative expense								$ 22,900
OACB Warrants
General Information About Financial Statements [Line Items]
Outstanding (in shares) \| shares				10,916,647
OACB Warrants
General Information About Financial Statements [Line Items]
Proceeds from the issuance of common stock							$ 6,300
Ordinary Shares \| Major ordinary share transactions
General Information About Financial Statements [Line Items]
Increase in share capital	$ 166,000				$ 166,000
Increase decrease in shares issued (in shares) \| shares	10,127,132	10,127,132	10,127,132
Common stock par or stated value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Weighted average share price (in dollar per share) \| (per share)		$ 16.41	$ 2,250
Ordinary Shares \| Predecessor Earn Out Shares
General Information About Financial Statements [Line Items]
Number of instruments granted in share-based payment arrangement (in shares) \| shares				38,330,000
Ordinary Shares \| OACB Earn Out Shares
General Information About Financial Statements [Line Items]
Number of instruments granted in share-based payment arrangement (in shares) \| shares				1,250,000
Ordinary Shares \| Subscription Agreements
General Information About Financial Statements [Line Items]
Common stock, shares subscribed (in shares) \| shares				17,493,000
Common stock, subscription (in dollars per share) \| $ / shares				$ 10.00
Common stock, value, subscriptions				$ 174,900
Ordinary Shares \| OACB Warrants
General Information About Financial Statements [Line Items]
Number of shares called by each warrant or right \| shares							1
Ordinary Shares \| OACB Warrants \| Major ordinary share transactions
General Information About Financial Statements [Line Items]
Number of shares called by each warrant or right \| shares						1
Increase decrease in shares issued (in shares) \| shares						419,660

Share Capital

12 Months Ended

Dec. 31, 2023

Disclosure of classes of share capital [abstract]

Share Capital

Share capital

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all liabilities. Equity instruments issued by a Group entity are recognized in the amount of the proceeds received, net of direct issue costs.

Prior to the Capital Reorganization the Group’s equity consisted of Class A and Class B ordinary shares (together the “Predecessor Ordinary Shares”). The Group’s authorized share capital was $99.7 million, consisting of the equivalent of 99,961,829 Class A or Class B ordinary shares with a par value of $0.01 per share. All share capital issued as of 31 December 2023 and 2022 was fully paid.

The Capital Reorganization resulted in the following share capital activity:

•All of the outstanding Predecessor Ordinary Shares were exchanged for 180,600,000 Ordinary Shares and 38,330,000 Predecessor Earn Out Shares;

•976,505 of Class A OACB Ordinary Shares were exchanged for Ordinary Shares;

•6,250,000 of Class B OACB Ordinary Shares were exchanged for 5,000,000 Ordinary Shares and 1,250,000 OACB Earn Out Shares; and

•17,493,000 Ordinary Shares were issued in the PIPE Financing.

No dividends were paid or declared during the years ended 31 December 2023, 2022, and 2021.

Share capital and share premium of the Group’s Ordinary Shares issued as of 31 December 2023, and 2022 are as follows (in thousands, except for share amounts):


	2023		2022
	Shares	Share capital and share premium	Shares	Share capital and share premium
Ordinary Shares	266,821,844	1,231,969	252,160,087	1,060,558
Total share capital and share premium	266,821,844	1,231,969	252,160,087	1,060,558

On 10 February 2023, the Company completed a private placement equity offering for gross proceeds of $137.0 million, and transaction costs of $4.1 million, of its ordinary shares, par value $0.01 per share, at a purchase price of $11.57 per share. The shares were 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 derivative financial liability related to the Senior Bond Warrants since the Company has not anymore the obligation to issue the penny warrants representing 1.0% of the fully diluted ordinary share capital.

This was accounted for as an extinguishment of a derivative financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. See Notes 21 and 28 for further information.


	Ordinary Shares	Predecessor Ordinary Shares	Share capital	Share premium	Total
Balance at 1 January 2021	—	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 1.1)	38,330,000	—	—	(227,500)	(227,500)
OACB Earn Out Shares (Note 1.1)	1,250,000	—	—	(9,100)	(9,100)
SARs Settlement (Note 22)	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
Capital contribution	11,834,061	—	118	132,618	132,736
Vested earn-out shares	—	—	6	8,300	8,306
Penny warrants (Note 28)	2,479,962	—	25	27,159	27,184
Public warrants (Note 28)	553,552	—	6	7,612	7,618
Settlement of RSUs with shares (Note 23)	838,919	—	8	5,095	5,103
Settlement of SARs with shares (Note 22)	(1,044,737)	—	(10)	(9,526)	(9,536)
Balance at 31 December 2023	266,821,844	—	2,279	1,229,690	1,231,969

Alvotech Manco ehf., a subsidiary of Alvotech hf., owns 22,905,618 Ordinary Shares in Alvotech. Such shares are intended for the future issuance of Ordinary Shares under the Management Incentive Plan and other equity offerings.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from contracts with customers [Abstract]

Summary Of The Groups' Revenue From Contracts With Customers


	2023	2022	2021
Product revenue (point in time revenue recognition)	48,699	24,836	—
License revenue (point in time revenue recognition)	12,177	424	1,453
Development and other service revenue (over time revenue recognition)	30,558	57,769	35,319
	91,434	83,029	36,772

Summary Of Reconciliation Of Contract Assets And Contract Liabilities

Contract assets and liabilities

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


	Contract Assets	Contract Liabilities
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
Contract asset additions	19,634	—
Amounts transferred to trade receivables	(2,412)	—
Derecognition of contract liability	—	(42,089)
Customer prepayments	—	100,555
Revenue recognized	—	(23,101)
Foreign currency adjustment	171	3,147
31 December 2023	46,049	132,444

Borrowings - Additional Information (Details) $ / shares in Units, kr in Billions																		1 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 31, 2023 ISK (kr)	Jul. 24, 2023 USD ($)	Dec. 20, 2022 USD ($) tranch	Dec. 09, 2022 USD ($)	Nov. 16, 2022 USD ($) $ / shares	Jul. 12, 2022 USD ($) shares	Jun. 15, 2022 USD ($)	Jun. 01, 2022 USD ($)	Apr. 12, 2022 USD ($)	Apr. 11, 2022 USD ($) Loan	Mar. 31, 2022 USD ($)	Mar. 29, 2022 USD ($)	Mar. 11, 2022 USD ($)	Feb. 22, 2022 USD ($)	Dec. 07, 2021 USD ($) shares	Jun. 24, 2021 USD ($) shares	Mar. 31, 2022 USD ($)	Mar. 29, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 24, 2021 USD ($)	Dec. 31, 2023 USD ($) tranche agreement $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 14, 2023 USD ($)	Aug. 04, 2023 USD ($)	Jan. 25, 2023 USD ($)	Aug. 05, 2022 USD ($)	May 09, 2022 USD ($)	Dec. 31, 2016 USD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds \| kr		kr 13.0
Bonds issued																						$ 862,544,000	$ 693,328,000
Property, plant and equipment, pledged as security																						$ 127,400,000	122,400,000
Number of tranches				2																		2
Proceeds from new borrowings																						$ 278,831,000	$ 193,678,000	$ 113,821,000
Settlement of related party loans with Ordinary Shares, (in shares) \| shares																							5,000,000
Extinguishment of borrowings						$ 63,200,000
Extinguishment of borrowings accrued interest						$ 3,200,000
Borrowings (measured at amortized cost)																						960,159,000	$ 764,570,000	400,911,000
Repayments of borrowings																						99,367,000	34,714,000	$ 37,496,000
Landsbankinn hf
Disclosure of detailed information about borrowings [line items]
Debt instrument face value															$ 8,000,000
Borrowings (measured at amortized cost)																						7,800,000	13,900,000
Landsbankinn hf \| Matured On March 2029
Disclosure of detailed information about borrowings [line items]
Debt instrument face value															$ 3,200,000
Borrowings (measured at amortized cost)																						2,500,000	2,900,000
Landsbankinn hf \| Matured on August 2029
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																												$ 1,800,000
Borrowings (measured at amortized cost)																						1,600,000	1,800,000
Landsbankinn hf \| Matured on august 2030
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																										$ 11,500,000
Borrowings (measured at amortized cost)																						11,000,000
Landsbankinn hf \| Matured on March 2024
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																									$ 25,000,000
Borrowings (measured at amortized cost)																									$ 25,000,000
Landsbankinn hf \| Matured on March 2024 \| Trade receivables
Disclosure of detailed information about borrowings [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities																						25,000,000
Landsbankinn hf \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate															4.95%
Landsbankinn hf \| Secured Overnight Financing Rate \| Matured On March 2029
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate															4.25%
Landsbankinn hf \| Secured Overnight Financing Rate \| Matured on august 2030
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate																												4.25%
Landsbankinn hf \| Secured Overnight Financing Rate \| Matured on March 2024
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate																									3.50%
Other related parties \| ATP Holding ehf.
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds	$ 30,000,000
Senior Bond Warrants
Disclosure of detailed information about borrowings [line items]
Warrants issuable as a percentage of fully diluted ordinary shares						1.00%
Senior Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued																						549,411,000	$ 530,506,000
Property, plant and equipment, pledged as security																						$ 600,000,000
Weighted average
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																						12.73%	12.41%	14.83%
Convertible Bond
Disclosure of detailed information about borrowings [line items]
Borrowings redemption conversion price (in dollars per share) \| $ / shares																						$ 10.00
Senior Bonds
Disclosure of detailed information about borrowings [line items]
Bonds issued																						$ 549,411,000	$ 530,506,000
Borrowings (measured at amortized cost)																						549,411,000	530,506,000	$ 394,129,000
Tranche A Convertible Debt
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds	100,000,000
Debt instrument face value				$ 59,100,000
Bonds issued																						107,100,000
Borrowings, interest rate				15.00%
Proceeds from new borrowings				$ 3,500,000
Borrowings conversion feature fair value	$ 45,600,000			24,900,000
Tranche B Convertible Debt
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds			$ 40,000,000
Debt instrument face value				$ 600,000
Bonds issued																						48,800,000
Borrowings, interest rate				12.50%
Debt instruments issued																											$ 10,000,000
Financial liabilities, at fair value			$ 3,900,000																								$ 1,400,000
Aztiq Convertible Bond
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 80,000,000
Bonds issued																						80,663,000	65,793,000
Borrowings, interest rate						12.50%
Borrowings redemption conversion price (in dollars per share) \| $ / shares						$ 10.00
Aztiq Convertible Bond \| Aztiq
Disclosure of detailed information about borrowings [line items]
Bonds issued																						15,100,000
Aztiq Convertible Bond \| Financial liabilities at amortised cost, category
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 64,000,000
Aztiq Convertible Bond \| Aztiq Conversion Feature
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						16,000,000
Aztiq Facility Loans
Disclosure of detailed information about borrowings [line items]
Asset acquisition consideration loans assumed						30,000,000
Alvogen Facility
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings								$ 50,000,000											$ 25,000,000
Borrowings repurchased face amount							$ 25,000,000
Settlement of related party loans with Ordinary Shares, (in shares) \| shares							2,500,000
Borrowings (measured at amortized cost)																						76,556,000	64,588,000	0
Loans received																						$ 76,556,000	64,588,000
Alvogen Facility \| Borrowings Tranche One
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings															$ 15,000,000
Alvogen Facility \| Borrowings Tranche Two
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings													$ 10,000,000
Aztiq Facility
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings																		$ 25,000,000
Borrowings repurchased face amount							$ 25,000,000
Settlement of related party loans with Ordinary Shares, (in shares) \| shares							2,500,000
Aztiq Facility \| Borrowings Tranche One
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings														$ 15,000,000
Aztiq Facility \| Borrowings Tranche Two
Disclosure of detailed information about borrowings [line items]
Proceeds from new borrowings												$ 10,000,000
Alvogen Facility and Aztiq Facility
Disclosure of detailed information about borrowings [line items]
Borrowings repurchased face amount							$ 50,000,000
Settlement of related party loans with Ordinary Shares							$ 32,200,000
Alvogen Loan
Disclosure of detailed information about borrowings [line items]
Debt instrument face value									$ 20,000,000		$ 40,000,000
Borrowings, interest rate									10.00%		10.00%
Number of separate installments \| Loan											2
Loan agreement
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate									10.00%
Proceeds from new borrowings									$ 20,000,000	$ 20,000,000	$ 20,000,000
Aggregate borrowings indebtedness																													$ 40,000,000
Alvogen Subordinated Loan
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 63,300,000
Borrowings, interest rate						17.50%
Proceeds from new borrowings						$ 50,000,000
Interest payable						3,300,000
Borrowings (measured at amortized cost)						$ 113,200,000
Repayments of borrowings				$ 50,000,000
Alvogen Loan Warrants
Disclosure of detailed information about borrowings [line items]
Percnetage of warrants issued representing fully diluted ordinary share						4.00%
Borrowings (measured at amortized cost)						$ 1,300,000
Facility Loans \| Final Maturity in December 2029 \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate																						4.75%
Facility Loans \| Final Maturity in December 2027 \| Secured Overnight Financing Rate
Disclosure of detailed information about borrowings [line items]
Borrowings, variable interest rate																						3.75%
Facility Loans \| Arion banki hf
Disclosure of detailed information about borrowings [line items]
Borrowings repurchase amount					$ 30,900,000
Facility Loans \| Landsbankinn hf
Disclosure of detailed information about borrowings [line items]
Debt instrument face value					48,800,000
Borrowings (measured at amortized cost)																						$ 48,500,000
Number of loans \| agreement																						2
Proceeds from borrowings net of transaction costs					$ 17,200,000
Facility Loans \| Bottom of range \| Landsbankinn hf
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate					8.30%
Facility Loans \| Top of range \| Landsbankinn hf
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate					9.30%
Other Borrowings Financial Institution \| USD SOFR
Disclosure of detailed information about borrowings [line items]
Debt instrument face value																														$ 25,900,000
Borrowings (measured at amortized cost)																						$ 500,000	$ 3,200,000
Borrowings, variable interest rate																						4.95%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond
Disclosure of detailed information about borrowings [line items]
Repayment of bonds																	$ 55,300,000
Premium payment on bonds																	6,100,000
Extension premium to bond holders																	8,100,000
Additional extension premium to bondholders																	2,600,000
Prepayment penalty percentage on bonds																							2.00%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two
Disclosure of detailed information about borrowings [line items]
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities																				$ 6,500,000
Minimum amount of restricted cash to be maintained																				25,000,000.0
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two \| Consent Fees To Bondholders
Disclosure of detailed information about borrowings [line items]
Consent fees to bond holders																				$ 7,400,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																				7.50%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two \| Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																				10.00%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two
Disclosure of detailed information about borrowings [line items]
Gain (loss) on extinguishment of debt including change in fair value																							$ 40,900,000
Transaction costs																							12,100,000
Carrying value of debt extinguished																							440,100,000
Accrued interest on debt extiguished																							4,800,000
Net cash proceeds from the transaction																							57,900,000
Recognition of derivative liabilities at fair value																							15,400,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Contingently Issuable Penny Warrants
Disclosure of detailed information about borrowings [line items]
Class of warrants or rights exercise price per share (in dollars per share) \| $ / shares						$ 0.01
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Contingently Issuable Penny Warrants \| Tranche A
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 \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Contingently Issuable Penny Warrants \| Tranche B
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 \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Senior Bond Interest Rate Feature (included in other current assets)
Disclosure of detailed information about borrowings [line items]
Recognition of derivative asset																							4,600,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Senior Bond Warrants
Disclosure of detailed information about borrowings [line items]
Recognition of derivative liabilities at fair value																							528,200,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Before The Terms Of The Second Amendment
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 455,700,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| After The Terms Of The Second Amendment
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 525,700,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						10.75%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two \| Top of range
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						12.00%
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Principal Component
Disclosure of detailed information about borrowings [line items]
Bonds issued																								363,100,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Interest Component
Disclosure of detailed information about borrowings [line items]
Bonds issued																								31,000,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Issued To A New Bond Holder
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds																	113,800,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Issued To The Existing Noteholder
Disclosure of detailed information about borrowings [line items]
Proceeds from issue of bonds																	113,800,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Issued To The Existing And A New Bond Holder
Disclosure of detailed information about borrowings [line items]
Issues fair value measurement liabilities																	358,800,000
Debt instrument face value																	$ 397,400,000				$ 397,400,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Substantial Modification Of Convertible Bonds And Derivative Liabilities
Disclosure of detailed information about borrowings [line items]
Fair value changes, including accretion																					$ 0
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities																							$ 2,600,000
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Reduction In Interest Rate If Additional Shares Are Issued Within Six Months \| Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate																				7.50%
Shares issuance period for interest decrease																	6 months
Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Increase In The Face Value Of The Bonds \| Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two
Disclosure of detailed information about borrowings [line items]
Debt instrument face value						$ 70,000,000
Class A Shareholders \| BCA Framework Agreement \| Convertible Ordinary Shares \| Ordinary Shares
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period exercise of warrants (in shares) \| shares																1,522,103
Public warrants exercised																$ 101,300,000
Stock shares issued during the period conversion of convertible securities (in shares) \| shares																2,306,555
Issue of convertible instruments																$ 166,800,000
Class A Shareholders \| BCA Framework Agreement \| Convertible Ordinary Shares \| Ordinary Shares \| Payment Of In Kind Accrued Interest As A Result Of Warrant Exercise
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period exercise of warrants (in shares) \| shares																1,137,248
Public warrants exercised																$ 73,700,000
Class A Shareholders \| BCA Framework Agreement \| Convertible Shareholder Loan \| Ordinary Shares
Disclosure of detailed information about borrowings [line items]
Gain loss on extinguishment of debt																								149,200,000
Class A Shareholders \| BCA Framework Agreement \| Convertible Shareholder Loan \| Ordinary Shares \| Finance Income
Disclosure of detailed information about borrowings [line items]
Fair value changes, including accretion																								$ 48,700,000
Class A Shareholders \| Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Ordinary Shares
Disclosure of detailed information about borrowings [line items]
Stock shares issued during the period conversion of convertible securities (in shares) \| shares																	455,687
Class A Shareholders \| Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Ordinary Shares \| Principal And Accrued Interest Component.
Disclosure of detailed information about borrowings [line items]
Issue of convertible instruments																	$ 100,700,000
Conversion period prior to extinguishment																	14 days
Prepayment period with additional premium																	3 years
Class A Shareholders \| Convertible Bond Agreement Two Thousand And Eighteen \| Convertible Bond \| Ordinary Shares \| Premium Component
Disclosure of detailed information about borrowings [line items]
Issue of convertible instruments																	$ 4,800,000

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

Supplement cash flow information for the years ended 31 December 2023, 2022, and 2021 is included below (see Note 21 for non-cash movements in borrowings).


Non-cash investing and financing activities	2023	2022	2021
Acquisition of property, plant and equipment in trade payables and other current liabilities	2,266	4,131	3,812
Acquisition of intangibles in trade payables and other current liabilities	930	4,075	—
Right-of-use assets obtained through new operating leases	74,109	9,583	18,871
Purchase of 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
Acquisition of other intangible assets through financing agreements	—	—	461
Settlement of RSUs with shares	678	—	—
Settlement of SARs with shares	13,767	—	—

General information (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule 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
				31.12.2023		31.12.2022
Alvotech hf	Biopharm.	3,893,650	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.	215,390	Iceland	100.00	%	100.00	%
Alvotech Biosciences India Private Ltd	Biopharm	96,113	India	100.00	%	100.00	%
Fasteignafelagið Sæmundur hf	Real estate	12,965,337	Iceland	100.00	%	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 27).

Leases - Summary of Maturity Analysis For Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 155,372	$ 48,434
Less than one year
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	14,637	6,000
One to five years
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	51,053	20,160
Thereafter
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items]
Gross lease liabilities	$ 89,682	$ 22,274

Audit Fees

12 Months Ended

Dec. 31, 2023

Disclosure Of Audit Fees [Abstract]

Audit fees


	2023	2022	2021
Financial Statement audit fees	2,876	2,615	5,502
Other fees, including tax services	462	676	136
Total fees	3,339	3,291	5,638

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

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

Audit fees for 2021 included fees for the audit of the consolidated financial statements for 2019 and 2020.

Financial Instruments - Summary of Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 520,553	$ 381,083
Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	45,623	10,152
Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	356,100	286,700
Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	118,830	84,231
Senior Bond Warrants
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	19,715	45,325
Senior Bond Warrants \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	19,715	0
Senior Bond Warrants \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		0
Senior Bond Warrants \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	45,325
Tranche A Conversion Feature
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	118,830	38,055
Tranche A Conversion Feature \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Tranche A Conversion Feature \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Tranche A Conversion Feature \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	118,830	38,055
Senior Bond Interest Rate Feature (included in other current assets)
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		851
Senior Bond Interest Rate Feature (included in other current assets) \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		0
Senior Bond Interest Rate Feature (included in other current assets) \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		0
Senior Bond Interest Rate Feature (included in other current assets) \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities		851
Predecessor Earn Out Shares
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	349,900	276,200
Predecessor Earn Out Shares \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
Predecessor Earn Out Shares \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	349,900	276,200
Predecessor Earn Out Shares \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Earn Out Shares
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	6,200	10,500
OACB Earn Out Shares \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Earn Out Shares \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	6,200	10,500
OACB Earn Out Shares \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Warrants
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	25,908	10,152
OACB Warrants \| Level 1
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	25,908	10,152
OACB Warrants \| Level 2
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	0	0
OACB Warrants \| Level 3
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items]
Derivative financial liabilities	$ 0	$ 0