Alvotech (NYSE:ALVO) Posts Earnings Results, Misses Estimates By $0.81 EPS

Alvotech (NYSE:ALVO) released its quarterly earnings results on Tuesday. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.81), Yahoo Finance reports. The company had revenue of $36.89 million during the quarter. During the same period in the prior year, the firm posted ($1.24) earnings per share. Alvotech updated its FY 2024 guidance to EPS.

Alvotech Price Performance

Shares of NYSE:ALVO opened at $13.58 on Friday. The business’s 50 day simple moving average is $13.36 and its 200 day simple moving average is $12.85. Alvotech has a 1 year low of $6.70 and a 1 year high of $18.00.

Analysts Set New Price Targets

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

About Alvotech

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.