Alvotech reports 21 billion krónur loss despite record revenue in Iceland

The pharmaceutical company Alvotech reported a loss of 21 billion Icelandic krónur in the first half of the year, compared to an 11 billion krónur loss during the same period last year. This significant loss is primarily attributed to a sharp rise in financing costs, according to the company’s announcement.

Despite the losses, Alvotech experienced a remarkable increase in revenue. Total revenues hit 33 billion krónur, representing a tenfold increase from the same period last year, marking the highest earnings the company has ever recorded. Additionally, Alvotech achieved a positive gross margin for the first time, totaling nearly 9 billion krónur, a major turnaround from a negative 20 billion krónur gross margin reported for the same timeframe last year.