May. 7 at 2:11 PM
My take on Q1 numbers and today’s earnings call:
Overall:
$ALVO’s business model is working, they are growing revenues double digit, with an expected acceleration in 2027. Profitability is around the corner, they will be cash flow positive this year. They re-confirmed guidance for 2026. Overall, 2026 will be a year of relatively slow growth for
$ALVO, with 2027 with a significant acceleration of growth in revenue and profits.
In Q1 there was an impact in manufacturing due to the changes that are being implemented as response to the concerns of the FDA. These changes should be finalized in Q2, so manufacturing will commence with full throughput very soon.
$ALVO sees this as a short term investment into the future.
Currently there is an FDA inspection going on, which should be concluded later this week.
Resubmission of the BLAs for AVT03, AVT05 and AVT06 are still targeted for Q2, the US launch for these product are still targeted for Q4 2026, or early 2027 the latest.