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

Alvotech (NYSE:ALVO) released its quarterly earnings results on Wednesday. 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 company had revenue of $36.89 million during the quarter. During the same quarter in the previous year, the business posted ($1.24) earnings per share.

Alvotech Stock Performance

NYSE ALVO opened at $13.58 on Friday. Alvotech has a 52 week low of $6.70 and a 52 week high of $18.00. The stock’s 50 day moving average price is $13.36 and its two-hundred day moving average price is $12.85.

Wall Street Analysts Forecast Growth

Separately, Barclays lifted their price target on Alvotech from $17.00 to $20.00 and gave the company an “overweight” rating in a report 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.