Alvotech (NYSE:ALVO) Releases Earnings Results, Misses Expectations By $0.81 EPS

Alvotech (NYSE:ALVOGet Free Report) released its quarterly earnings data on Tuesday. The company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.81), Yahoo Finance reports. The firm had revenue of $36.89 million for the quarter. During the same period last year, the company earned ($1.24) EPS. Alvotech updated its FY 2024 guidance to EPS.

Alvotech Stock Down 3.0 %

Shares of ALVO opened at $13.58 on Friday. Alvotech has a fifty-two week low of $6.70 and a fifty-two week high of $18.00. The firm’s 50 day moving average price is $13.36 and its 200 day moving average price is $12.85.

Analysts Set New Price Targets

Separately, Barclays upped their price target on shares of Alvotech from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, March 22nd.

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About Alvotech

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Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer. The company's lead program is AVT02, a high concentration formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as age-related macular degeneration, macular edema, and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia, which is in the pre-clinical phase to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.

See Also

Earnings History for Alvotech (NYSE:ALVO)

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