Alvotech (NASDAQ: ALVO) shares are experiencing a significant pre-market plunge of 8.39% on Thursday, extending the previous day's losses as investors continue to react to the company's disappointing third-quarter results and lowered full-year guidance.

The sharp decline follows Wednesday's 7.68% drop after Alvotech reported Q3 revenue of $113.744 million, falling short of analyst expectations of $117.203 million. Despite a 24% increase in nine-month revenue to $420 million, the company reduced its full-year 2025 revenue guidance to $570-$600 million and lowered its adjusted EBITDA forecast to $130-$150 million, further dampening investor sentiment.

Adding to the pressure on Alvotech's stock are ongoing regulatory concerns stemming from an FDA inspection of its Reykjavik facility in July. While the company emphasized that resolving these issues is a "top priority," the unresolved status continues to weigh on investor confidence. Furthermore, Alvotech's cash position decreased to $42.8 million as of September 30, driven by inventory build-up, capital expenditures, and recent acquisitions. Although the company secured a new $100 million working capital option, the cash burn rate remains a concern for investors, contributing to the continued sell-off in pre-market trading.