1. The Teva for complex biologic drugs

2. A generic drug maker for biotech's blockbuster medicines

• AVZULATM / AVSOLA (Adalimumab Biosimilar): This biosimilar to Humira is Alvotech's first approved product, used to treat a range of autoimmune and inflammatory diseases.
• Ustekinumab Biosimilar (AVT04): A high-concentration biosimilar candidate to Stelara, targeting inflammatory conditions such as Crohn's disease, ulcerative colitis, and psoriasis.
• Denosumab Biosimilar (AVT03): A biosimilar candidate to Xgeva and Prolia, intended for the treatment of osteoporosis and prevention of skeletal-related events in cancer patients.

Major Customers of Alvotech (ALVO)

Alvotech (ALVO) is a biotechnology company focused on the development and manufacturing of biosimilar medicines. They primarily sell or license their products to other pharmaceutical companies, who then handle the commercialization, distribution, and sales to healthcare providers or end-users. Therefore, their major customers are other pharmaceutical companies.

• Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) - A key strategic partner for the commercialization of several biosimilar candidates, particularly in the United States.
• STADA Arzneimittel AG - A long-standing strategic partner for the commercialization of several biosimilar candidates across Europe and other regions. (STADA Arzneimittel AG is a privately held company).
• Fuji Pharma Co., Ltd. (TYO: 4550) - A partner for the commercialization of biosimilar candidates in Japan.

• Fresenius Kabi AG (subsidiary of Fresenius SE & Co. KGaA, symbol: FMS)

Róbert Wessman, Founder, Chairman and CEO

Róbert Wessman founded Alvotech in 2013. [cite: 1, 9, 13, 18 in previous search output] He has a distinguished career in the pharmaceutical industry, having previously served as CEO of Actavis, where he transformed it into a global generics company before stepping down in 2008. [cite: 9, 18 in previous search output] Following Actavis, he founded Alvogen in 2009, building it into a significant global generics player and serving as its CEO and Chairman. [cite: 9, 18 in previous search output] Mr. Wessman is also a founding partner of the Aztiq Group and has founded other companies such as Adalvo, Almaject, and Almatica Pharma. [cite: 9, 18 in previous search output] His strategic achievements have been the subject of multiple Harvard Business School case studies. [cite: 8, 9, 18 in previous search output] EQT, a private equity fund, acquired a majority stake in Adalvo in July 2025. [cite: 6 in previous search output]

Linda Jónsdóttir, Chief Financial Officer

Linda Jónsdóttir was appointed CFO of Alvotech in July 2025. She brings extensive international experience in finance and corporate leadership from various industries, including banking, food technology, transportation, and healthcare. Prior to Alvotech, Ms. Jónsdóttir spent 15 years in senior roles at Marel, a global leader in food processing technology, where her positions included Director of Treasury and Investor Relations, Chief Financial Officer, and Chief Operating Officer, until she stepped down in 2024. She has also served on several boards, including those in banking and private equity funds.

Hafrun Fridriksdottir, Chief Operating Officer

Hafrun Fridriksdottir was appointed Chief Operating Officer of Alvotech, effective January 1, 2023. She previously served as Executive Vice President and Head of Global R&D at Teva from 2017. [cite: 9, 18 in previous search output] Before joining Teva, she led Global Generic R&D for Allergan, which was formerly Actavis, until its merger with Teva in 2016. [cite: 18 in previous search output] At Teva, Dr. Fridriksdottir was responsible for all global development activities, managing a pipeline of over 1,000 generic products and dozens of biosimilars, and leading 3,500 employees worldwide. [cite: 9, 18 in previous search output]

Anil Okay, Chief Commercial Officer

Anil Okay has an extensive background in commercial operations, business development, and mergers and acquisitions within the pharmaceutical industry. He concurrently serves as the Chief Executive Officer of Adalvo Ltd., a company he started in 2018 and developed into a leading B2B company in Europe. Prior to joining Alvotech, Mr. Okay was the Head of Global Licensing for HELM AG and held positions of increasing responsibility at Abdi Ibrahim, where he headed international market operations. He began his career at Sanofi as a medical representative.

Joseph E. McClellan, Chief Scientific & Technical Officer

Joseph E. McClellan leads Alvotech's Research & Development and Technical Operations functions, overseeing the process of bringing biosimilars to market across global sites. With over 20 years of industry experience, he has an outstanding track record in medicine development and commercialization. Before joining Alvotech, Mr. McClellan spent 17 years at Wyeth and Pfizer, gaining broad experience in various areas of biologic medicine development, including biosimilars and innovator biologics. His last role at Pfizer was Global Head of Biosimilars Development, where he led the asset team for Pfizer's biosimilar infliximab, IXIFI, and contributed to securing major market approvals for six unique biosimilar molecules.

The rapidly intensifying price erosion and aggressive market access strategies within the highly competitive U.S. biosimilar market represent a clear emerging threat. This trend, prominently observed in the adalimumab (Humira) biosimilar segment where Alvotech's Simlandi recently launched, features numerous biosimilar entrants vying for market share. The combination of multiple product launches, aggressive formulary positioning by pharmacy benefit managers (PBMs), and swift price declines is creating a more challenging and less profitable market environment than historically seen or anticipated. This dynamic threatens Alvotech's ability to achieve projected market share and profitability for its currently launched and pipeline biosimilars, potentially undermining the return on significant R&D and manufacturing investments.

Alvotech, a public company with the symbol ALVO, focuses on developing and manufacturing biosimilar medicines. The addressable markets for their main biosimilar products are substantial and span global and regional markets.

Here are the addressable market sizes for Alvotech's key pipeline products:

• AVT02 (adalimumab biosimilar, referencing Humira):
  • The global Humira biosimilar market was valued at approximately $3.28 billion in 2024 and is projected to grow to $3.7 billion in 2025, reaching an estimated $5.96 billion by 2029 with a compound annual growth rate (CAGR) of 12.6% to 13%. Some forecasts indicate a global CAGR of 26.0% from 2024 to 2030 for the Humira biosimilar market.
  • North America was the largest regional market for Humira biosimilars in 2024 and is expected to account for a 45.2% share in 2025.
  • Alvotech's AVT02 (marketed as Simlandi in the U.S.) currently holds the second-largest market share among Humira biosimilars in the United States and is anticipated to achieve a 50% U.S. market share by the end of 2025. The original biologic, Humira, generated over $20 billion in global sales in 2021.
• AVT04 (ustekinumab biosimilar, referencing Stelara):
  • The global Stelara (ustekinumab) market was valued at approximately $11.17 billion in 2024 and is expected to grow to $11.85 billion in 2025, with a CAGR of 6.0%. However, due to biosimilar competition and patent expiration, the global Stelara market is estimated to decline from $9.53 billion in 2025 to $2.96 billion by 2032, at a negative CAGR of -15.4%.
  • North America was the leading region in the Stelara market in 2024 and is projected to maintain the largest share, at 44.8%, in 2025. The Asia-Pacific region is expected to be the fastest-growing market.
  • Alvotech's AVT04 (marketed as Selarsdi in the U.S.) secured interchangeable status from the FDA in April 2025, and its U.S. market share surpassed 20% of the total Stelara market by July 2025. Global Stelara sales for the full 12-month period in 2024 were approximately US$10.4 billion.
• AVT03 (denosumab biosimilar, referencing Prolia/Xgeva):
  • The combined sales of the reference biologics, Prolia and Xgeva, exceeded US$6 billion in the year leading up to September 30, 2023.
  • The European denosumab market is currently valued at approximately US$1 billion.
  • AVT03 targets a global market estimated to be over $3.5 billion.
• AVT05 (golimumab biosimilar, referencing Simponi/Simponi Aria):
  • The global market for Simponi is estimated to be around $1.5 billion.
  • U.S. sales for Simponi were less than $300 million in the first half of 2025.
  • Annual global sales for Simponi are predicted to decrease to $743 million by 2031 with the introduction of biosimilars.
• AVT06 (aflibercept biosimilar, referencing Eylea):
  • The global Eylea market reached approximately $9.38 billion in 2023, with projections to grow to $12.73 billion in 2028 and $16.99 billion in 2033. Other estimates indicate the Eylea market size grew from $9.94 billion in 2024 to $10.51 billion in 2025, with an anticipated increase to $13.64 billion by 2029.
  • North America held the largest share of the Eylea market in 2023, accounting for 67.26%, or $6.3 billion, with the U.S. market specifically expected to gain $1.66 billion.
  • The global Eylea market is estimated to be valued at USD 838.6 million in 2025 and is expected to decline to USD 673.7 million by 2032 due to increased competition from biosimilars.
• AVT23 (omalizumab biosimilar, referencing Xolair):
  • Specific addressable market size for Xolair biosimilars was not readily available in the search results.

Expected Drivers of Future Revenue Growth for Alvotech (ALVO)

Over the next 2-3 years, Alvotech's revenue growth is anticipated to be driven by several key factors:

1. Continued Commercialization and Market Share Growth of Humira Biosimilar (AVT02): Alvotech expects strong volume and product revenue growth from its biosimilar to Humira (marketed as SIMLANDI in America and HUKYNDRA in Europe). The company aims to further increase its market share, particularly in the U.S. where it holds a significant position among Humira biosimilars, and continue its rollout into new global markets.
2. Launch and Expansion of Stelara Biosimilar (AVT04): The successful launch of SELARSDI, Alvotech's biosimilar to Stelara, in the U.S. in Q1 2025, and its continued expansion into ex-U.S. markets like Europe, Canada, and Japan, are expected to be significant revenue drivers. Increased formulary inclusion by Pharmacy Benefit Managers (PBMs) in the latter half of 2025 is projected to boost contributions from this product.
3. Introduction of New Biosimilar Products: Alvotech plans for rapid pipeline expansion with several new biosimilar launches. The company expects to file at least three additional products in major global markets, including the U.S. and EU, in 2024. Furthermore, planned launches for biosimilars to Prolia, Xgeva, Simponi, Simponi Aria, and Eylea in 2025, along with three additional new biosimilar programs globally before the end of the year, are anticipated to fuel substantial growth.
4. Achievement of Licensing and Milestone Revenues: A significant portion of Alvotech's revenue is derived from licensing deals and the achievement of development and performance-based milestones. The company anticipates continued milestone revenue recognition, driven by new licensing agreements and the advancement of its product pipeline through regulatory approvals and contractual sales targets.
5. Geographic Market Expansion: Alvotech's strategy includes a global approach to biosimilars, with ongoing efforts to launch its products into new markets beyond North America and Europe. This geographic diversification is expected to contribute to sustained top-line growth.