Alvotech (ALVO) said Wednesday that it expects potential US tariffs on imported pharmaceuticals to have little effect on its 2025 revenue.

The company said its biosimilars, made in Iceland, would face a minimum tariff of 10%, translating to less than 1% of projected product revenue.

Under contract terms, the company said customers are responsible for all costs of transport and import duties to the US, which are therefore not expected to be paid by Alvotech.