Alvotech's stock plummeted 9.52% during intraday trading on Thursday, extending losses from earlier sessions.

The sharp decline follows the biotechnology company's disappointing first-quarter 2026 financial results, which showed revenue of $105.9 million - a 20.3% decrease from the same period last year and significantly below analyst estimates of $140.85 million. The company also reported breakeven earnings per share, missing expectations of 2 cents per share.

CEO Lisa Graver attributed the weaker performance to a production slowdown related to facility improvements, which impacted both revenues and EBITDA. While the company maintained its full-year revenue guidance of $650-$700 million and adjusted EBITDA guidance of $180-$220 million, investors reacted negatively to the quarterly miss.