Alvotech SA reported total revenues of $420.0 million for the first nine months of 2025, marking a 24% increase compared to the same period last year. Product and service revenue rose by 85% to $237.0 million, while license and other revenue decreased by 13% to $182.0 million. Adjusted EBITDA was $68.0 million, a 21% decline, attributed to increased R&D investments and lower licensing revenues. The company recorded a net profit of $136.5 million, or $0.47 per share, reversing a net loss of $164.9 million in the prior-year period. Finance income totaled $170.7 million, mainly due to favorable revaluation of derivative liabilities. Alvotech continued to streamline its capital structure, recording a $17.7 million net gain from debt modifications and consolidations in June 2025. Q2 2024 was the strongest quarter, with Q4 expected to lead in 2025.