REYKJAVIK, Iceland, July 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced certain preliminary, unaudited key financial information for the second quarter and six months ended June 30, 2024, as follows: Strong preliminary revenue growth with total revenues for the second quarter between $196 - $201 million. Preliminary total revenues for the first six months are $233 - $238 million, an approximately 10-fold increase compared to total revenues for the same period in 2023. Preliminary product revenues, from global sales of Alvotech's biosimilars to Humira® (adalimumab) and Stelara® (ustekinumab), for the second quarter are $51 – $54 million. Preliminary growth in the first half of approximately 180% year-over-year compared to the same period in 2023, with product revenues of $63 - $66 million for the first six months of this year. Preliminary milestone revenues in the second quarter are $145 - $147 million or $169 - $171 million for the first six months of 2024, primarily due to the achievement of top-line clinical results for certain clinical programs and multiple global product launches in the second quarter. Record quarter in terms of preliminary adjusted EBITDA. Preliminary adjusted EBITDA is $98 - $103 million for the second quarter or $60 - $65 million for the first six months of the year. This compares to an adjusted EBITDA loss of ($178) million for the first half of 2023. "We are very pleased with the preliminary outcome of the second quarter of 2024, with strong anticipated milestone revenues as well as significant growth in product revenues. We expect record operating performance, with positive adjusted EBITDA for the first time both for the quarter and the first half of the year. We expect that these results, in combination with our debt refinancing, will put us in an optimal position to drive revenue growth and profitability for the full year," said Robert Wessman, Chairman and CEO of Alvotech. This information reflects Alvotech's preliminary estimates, based on currently available information. Alvotech has provided estimated ranges, rather than point estimates, primarily because financial closing procedures for the quarter are not yet completed and final results may therefore vary from these estimates. These preliminary estimates have not been audited by our independent registered public accounting firm. The information in the press release is information that Alvotech is obliged to make public pursuant to the EU Market Abuse Regulation (MAR).  About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech has launched two biosimilars. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech's commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd ...