Alvotech (NASDAQ: ALVO) birti í dag uppgjör fyrir árið 2022 og kynnti nýjustu áfanga í rekstri félagsins.
„Rekstur Alvotech gekk vel á árinu 2022. Félagið var skráð á hlutabréfamarkað í Bandaríkjunum og á Íslandi og bættust á annað þúsund hluthafa í hóp eigenda félagsins sem ég vil bjóða velkomna. Það var jafnframt ánægjulegt að sjá mikinn vöxt í tekjum félagsins á milli ára sem nam 114%, en sala á AVT02, líftæknilyfjahliðstæðu við Humira, er nú hafin í 17 löndum. Alvotech hélt áfram að fjárfesta í framleiðsluaðstöðu sinni á Íslandi ásamt því að fjárfesta enn frekar í lyfjaþróun félagsins,“ sagði Róbert Wessman, stjórnarformaður og forstjóri Alvotech. „Við hlökkum til framhaldsins á árinu 2023 sem verður án efa spennandi. Úttekt Matvæla- og lyfjaeftirlits Bandaríkjanna (FDA) á framleiðsluaðstöðu Alvotech á Íslandi hefst mánudaginn 6. mars og mun standa yfir til 17. mars. Starfsfólk Alvotech hefur undirbúið félagið vel fyrir þessa úttekt og reiknum við með að geta hafið markaðssetningu 1. júlí nk. í Bandaríkjunum á líftæknilyfjahliðstæðu okkar við Humira, sem er þó háð samþykki FDA.“
Nýjustu áfangar
Í desember sl. tilkynnti Alvotech að FDA hefði staðfest að afstaða yrði tekin 13. apríl nk. til upprunalegrar umsóknar fyrirtækisins um markaðsleyfi fyrir AVT02 sem líftæknilyfjahliðstæðu við Humira í háum styrk. Samhliða var tilkynnt að FDA geri ekki frekari athugasemdir við umsókn um markaðsleyfi fyrir AVT02 sem útskiptilega hliðstæðu við Humira í háum styrk. Samþykki krefst jákvæðrar niðurstöðu úr úttekt FDA á framleiðsluaðstöðu Alvotech í Reykjavík. Í janúar gekkst Alvotech undir úttekt Evrópsku lyfjastofnunarinnar (EMA) á góðum framleiðsluháttum og endurnýjaði stofnunin í kjölfarið GMP framleiðsluleyfi fyrirtækisins fyrir Evrópumarkað.
Í janúar sl. tilkynnti Alvotech að FDA og EMA hefðu samþykkt að taka til umfjöllunar umsókn um markaðsleyfi fyrir AVT04, fyrirhugaða líftæknilyfjahliðstæðu við Stelara® (ustekinumab). Klínískar rannsóknir hófust á þremur líftæknilyfjahliðstæðum til viðbótar, AVT03 (fyrirhugaðri hliðstæðu við Prolia/Xgeva), AVT06 (fyrirhugaðri hliðstæðu við Eylea) og AVT05 (fyrirhugaðri hliðstæðu við Simponi/Simponi Aria).
Í febrúar 2023 kynnti Alvotech niðurstöðu lokaðs hlutafjárútboðs að fjárhæð 137,0 milljónir dollara, með þátttöku innlendra aðila. Í desember 2022 kynnti Alvotech niðurstöðu lokaðs útboðs á breytilegum víkjandi skuldabréfum að fjárhæð 70,0 milljónir dollara. Í sama mánuði samþykkti Nasdaq Iceland umsókn Alvotech um töku hlutabréfa fyrirtækisins til viðskipta á Aðalmarkaði Nasdaq Iceland og hófust viðskipti með bréfin á Aðalmarkaðnum 8. desember 2022, en áður höfðu viðskipti með bréfin farið fram á Nasdaq Iceland First North markaðnum, frá 23. júní 2022. Þá hafa viðskipti verið með bréfin á bandaríska Nasdaq markaðnum síðan 16. júní 2022.
Helstu niðurstöður fjárhagsuppgjörs fyrir árið 2022
Ítarlegri umfjöllun um afkomu félagsins má finna í enskri útgáfu fréttatilkynningarinnar.
Streymi af uppgjörs- og kynningarfundi
Alvotech efnir til uppgjörs- og kynningarfundar sem sendur verður út í beinu vefstreymi fimmtudaginn 2. mars nk. kl. 13 að íslenskum tíma. Upplýsingar um hvernig hægt er að tengjast vefstreyminu er að finna á fjárfestasíðu Alvotech, https://investors.alvotech.com undir liðnum News and Events – Events and Presentation. Þar verður einnig hægt að nálgast upptöku af fundinum að honum loknum.
Um Alvotech
Alvotech, stofnað af Róberti Wessman, er líftæknifyrirtæki sem einbeitir sér að þróun og framleiðslu líftæknihliðstæðulyfja fyrir sjúklinga um allan heim. Alvotech stefnir að því að verða leiðandi fyrirtæki á sviði líftæknihliðstæðulyfja. Til að tryggja hámarksgæði eru allir þættir í þróun og framleiðslu í höndum fyrirtækisins. Alvotech vinnur að þróun átta líftæknilyfjahliðstæða sem nýst geta sjúklingum með sjálfsofnæmis-, augn- og öndunarfærasjúkdóma, beinþynningu eða krabbamein. Alvotech hefur gert samninga um sölu, markaðssetningu og dreifingu við samstarfsaðila á öllum helstu mörkuðum, í Bandaríkjunum, Evrópu, Japan, Kína, öðrum hlutum Asíu, Rómönsku-Ameríku, Afríku og Mið-Austurlöndum. Meðal samstarfsaðila Alvotech eru Teva Pharmaceuticals, dótturfélag Teva Pharmaceutical Industries Ltd. (markaðsaðili í Bandaríkjunum), STADA Arzneimittel AG (Evrópa), Fuji Pharma Co., Ltd (Japan), Cipla/Cipla Gulf/Cipla Med Pro (Ástralía, Nýja Sjáland, Afríka), JAMP Pharma Corporation (Kanada), Yangtze River Pharmaceutical (Group) Co., Ltd. (Kína), DKSH (Taívan, Hong Kong, Kambódía, Malasía, Singapore, Indonesía, Indland, Bangladess og Pakistan), YAS Holding LLC (Miðausturlönd og Norður Afríka), Abdi Ibrahim (Tyrkland), Kamada Ltd. (KMDA; Ísrael), Mega Labs, Stein, Libbs, Tuteur and Saval (Rómanska-Ameríka) og Lotus Pharmaceuticals Co., Ltd. (Taíland, Víetnam, Filippseyjar og Suður-Kórea).
Alvotech, fjárfestatengsl og samskiptasvið
Benedikt Stefánsson
alvotech.ir[at]alvotech.com
Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the years ended 31 December 2022, 2021 and 2020 | |||||||
2022 | 2021 | 2020 | |||||
USD in thousands | |||||||
Product revenue ..................................................................................................... | 24,836 | - | - | ||||
License and other revenue ..................................................................................... | 58,193 | 36,772 | 66,616 | ||||
Other income .......................................................................................................... | 1,988 | 2,912 | 2,833 | ||||
Cost of product revenue ........................................................................................ | (64,095) | - | - | ||||
Research and development expenses .................................................................... | (180,622) | (191,006) | (148,072) | ||||
General and administrative expenses ................................................................... | (186,742) | (84,134) | (58,914) | ||||
Operating loss | (346,442) | (235,456) | (137,537) | ||||
Share of net loss of joint venture .......................................................................... | (2,590) | (2,418) | (1,505) | ||||
Finance income ....................................................................................................... | 2,549 | 51,568 | 5,608 | ||||
Finance costs ........................................................................................................... | (188,419) | (117,361) | (161,551) | ||||
Exchange rate difference ....................................................................................... | 10,566 | 2,681 | 3,215 | ||||
(Loss) / gain on extinguishment of financial liabilities ....................................... | (27,311) | 151,788 | - | ||||
Non-operating (loss) / profit | (205,205) | 86,258 | (154,233) | ||||
Loss before taxes | (551,647) | (149,198) | (291,770) | ||||
Income tax benefit ................................................................................................. | 38,067 | 47,694 | 121,726 | ||||
Loss for the year | (513,580) | (101,504) | (170,044) | ||||
Other comprehensive income / (loss) | |||||||
Item that will be reclassified to profit or loss in subsequent periods: | |||||||
Exchange rate differences on translation of foreign operations ........................ | (6,111) | (305) | 5,954 | ||||
Total comprehensive loss | (519,691) | (101,809) | (164,090) | ||||
Loss per share | |||||||
Basic and diluted loss for the period per share .................................................... | (2.60) | (0.92) | (1.82) |
Consolidated Statements of Financial Position as of 31 December 2022 and 2021 | |||||||
USD in thousands | 31 December 2022 | 31 December 2021 | |||||
Non-current assets | |||||||
Property, plant and equipment ....................................................................................... | 220,594 | 78,530 | |||||
Right-of-use assets ........................................................................................................... | 47,501 | 126,801 | |||||
Goodwill ........................................................................................................................... | 11,643 | 12,367 | |||||
Other intangible assets .................................................................................................... | 25,652 | 21,509 | |||||
Contract assets ................................................................................................................. | 3,286 | 1,479 | |||||
Investments in joint venture ........................................................................................... | 48,568 | 55,307 | |||||
Other long-term assets .................................................................................................... | 5,780 | 1,663 | |||||
Restricted cash ................................................................................................................. | 25,187 | 10,087 | |||||
Deferred tax assets .......................................................................................................... | 209,496 | 170,418 | |||||
Total non-current assets | 597,707 | 478,161 | |||||
Current assets | |||||||
Inventories ....................................................................................................................... | 71,470 | 39,058 | |||||
Trade receivables ............................................................................................................. | 32,972 | 29,396 | |||||
Contract assets ................................................................................................................. | 25,370 | 17,959 | |||||
Other current assets ........................................................................................................ | 32,949 | 14,736 | |||||
Receivables from related parties ..................................................................................... | 1,548 | 1,111 | |||||
Cash and cash equivalents .............................................................................................. | 66,427 | 17,556 | |||||
Total current assets | 230,736 | 119,816 | |||||
Total assets | 828,443 | 597,977 |
Consolidated Statements of Financial Position as of 31 December 2022 and 2021 | |||||||
USD in thousands | 31 December 2022 | 31 December 2021 | |||||
Equity | |||||||
Share capital ..................................................................................................................... | 2,126 | 135 | |||||
Share premium ................................................................................................................. | 1,058,432 | 1,000,118 | |||||
Other reserves .................................................................................................................. | 30,582 | - | |||||
Translation reserve .......................................................................................................... | (1,442) | 4,669 | |||||
Accumulated deficit ......................................................................................................... | (1,654,114) | (1,140,534) | |||||
Total equity | (564,416) | (135,612) | |||||
Non-current liabilities | |||||||
Borrowings ....................................................................................................................... | 744,654 | 398,140 | |||||
Derivative financial liabilities .......................................................................................... | 380,232 | - | |||||
Other long-term liability to related party ....................................................................... | 7,440 | 7,440 | |||||
Lease liabilities ................................................................................................................. | 35,369 | 114,845 | |||||
Long-term incentive plan ................................................................................................ | 544 | 56,334 | |||||
Contract liabilities ............................................................................................................ | 57,017 | 44,844 | |||||
Deferred tax liability ........................................................................................................ | 309 | 150 | |||||
Total non-current liabilities | 1,225,565 | 621,753 | |||||
Current liabilities | |||||||
Trade and other payables ................................................................................................ | 49,188 | 28,587 | |||||
Lease liabilities ................................................................................................................. | 5,163 | 7,295 | |||||
Current maturities of borrowings .................................................................................. | 19,916 | 2,771 | |||||
Liabilities to related parties ............................................................................................. | 1,131 | 638 | |||||
Contract liabilities ............................................................................................................ | 36,915 | 29,692 | |||||
Taxes payable ................................................................................................................... | 934 | 841 | |||||
Other current liabilities ................................................................................................... | 54,047 | 42,012 | |||||
Total current liabilities | 167,294 | 111,836 | |||||
Total liabilities | 1,392,859 | 733,589 | |||||
Total equity and liabilities | 828,443 | 597,977 |
Consolidated Statements of Cash Flows for the years ended 31 December 2022, 2021 and 2020 | |||||||
2022 | 2021 | 2020 | |||||
USD in thousands | |||||||
Cash flows from operating activities | |||||||
Loss for the year ..................................................................................................... | (513,580) | (101,504) | (170,044) | ||||
Adjustments for non-cash items: | |||||||
Gain on extinguishment of SARs liability ............................................................ | (4,803) | - | - | ||||
Share listing expense .............................................................................................. | 83,411 | - | - | ||||
Long-term incentive plan expense ........................................................................ | 5,492 | 17,955 | 18,053 | ||||
Depreciation and amortization ............................................................................. | 20,409 | 18,196 | 16,419 | ||||
Impairment of property, plant and equipment .................................................... | - | 2,092 | 2,142 | ||||
Impairment of other intangible assets .................................................................. | 2,755 | 3,993 | - | ||||
Share of net loss of joint venture .......................................................................... | 2,590 | 2,418 | 1,505 | ||||
Finance income ....................................................................................................... | (2,549) | (51,568) | (5,608) | ||||
Finance costs ........................................................................................................... | 188,419 | 117,361 | 161,551 | ||||
Loss/(Gain) on extinguishment of financial liabilities ........................................ | 27,311 | (151,788) | - | ||||
Share based payments ............................................................................................ | 10,317 | - | - | ||||
Exchange rate difference ....................................................................................... | (10,566) | (2,681) | (3,215) | ||||
Income tax benefit / (expense) ............................................................................. | (38,067) | (47,694) | (121,726) | ||||
Operating cash flow before movement in working capital | (228,861) | (193,220) | (100,923) | ||||
Increase in inventories ........................................................................................... | (32,412) | (29,412) | (3,255) | ||||
(Increase) / decrease in trade receivables ............................................................ | (3,576) | (28,813) | 21,771 | ||||
Increase / (decrease) in liabilities with related parties ......................................... | 56 | (453) | 1,674 | ||||
(Increase) / (increase) in contract assets ............................................................... | (9,218) | 15,286 | (11,667) | ||||
Increase in other assets .......................................................................................... | (17,194) | (4,363) | (7,383) | ||||
Increase in trade and other payables ..................................................................... | 16,442 | 14,318 | 227 | ||||
Increase in contract liabilities ................................................................................ | 19,396 | 21,470 | 24,019 | ||||
(Decrease) / increase in other liabilities ................................................................ | (21,384) | 5,160 | 7,134 | ||||
Cash used in operations | (276,751) | (200,027) | (68,403) | ||||
Interest received ..................................................................................................... | 568 | 16 | 212 | ||||
Interest paid ............................................................................................................ | (35,372) | (28,004) | (5,664) | ||||
Income tax paid ...................................................................................................... | (834) | (155) | (440) | ||||
Net cash used in operating activities | (312,389) | (228,170) | (74,295) |
Cash flows from investing activities | |||||||
Acquisition of property, plant and equipment ..................................................... | (37,880) | (20,462) | (7,485) | ||||
Disposal of property, plant and equipment ......................................................... | 379 | - | 79 | ||||
Acquisition of intangible assets ............................................................................. | (11,122) | (20,171) | (4,497) | ||||
Restricted cash in connection with the amended bond agreement .................... | (14,914) | - | (5,000) | ||||
Net cash used in investing activities | (63,537) | (40,633) | (16,903) | ||||
Cash flows from financing activities | |||||||
Repayments of borrowings .................................................................................... | (34,714) | (37,496) | (2,896) | ||||
Repayments of principal portion of lease liabilities ............................................. | (11,147) | (7,350) | (6,087) | ||||
Proceeds from new borrowings ............................................................................ | 193,678 | 113,821 | 30,000 | ||||
Proceeds on issue of equity shares ........................................................................ | - | 185,856 | 34,385 | ||||
Extinguishment financing fees .............................................................................. | (12,102) | - | - | ||||
Gross proceeds from the PIPE Financing ........................................................... | 174,930 | - | - | ||||
Gross PIPE Financing fees paid ........................................................................... | (5,562) | - | - | ||||
Proceeds from the Capital Reorganization .......................................................... | 9,827 | - | - | ||||
Proceeds from loans from related parties ............................................................ | 160,000 | - | - | ||||
Repayment of loans from related parties ............................................................. | (50,000) | - | - | ||||
Net cash generated from financing activities | 424,910 | 254,831 | 55,402 | ||||
Increase / (decrease) in cash and cash equivalents ............................................. | 48,984 | (13,972) | (35,796) | ||||
Cash and cash equivalents at the beginning of the year ...................................... | 17,556 | 31,689 | 67,403 | ||||
Effect of movements in exchange rates on cash held ......................................... | (113) | (161) | 82 | ||||
Cash and cash equivalents at the end of the year ..................................... | 66,427 | 17,556 | 31,689 |