Alvotech (NASDAQ:ALVO) Q2 2024 Earnings Conference Call August 16, 2024 8:00 AM ET

Company Participants

Benedikt Stefansson - Senior Director, Investor Relations and Global Communications
Robert Wessman - Founder, Chairman and Chief Executive Officer
Anil Okay - Chief Commercial Officer
Joel Morales - Chief Financial Officer

Conference Call Participants

Carl Byrnes - Northland Capital Markets
Kirsty Ross Stewart - Citi

Operator

Good day, and thank you for standing by. Welcome to the Alvotech’s Q2 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Benedikt Stefansson. Please go ahead.

Benedikt Stefansson

Thank you, and good morning or afternoon to everyone joining us on this call today. Yesterday evening, the company issued a press release that can be found on our investor portal, investors.alvotech.com. The release reports financial results for the first half of 2024 and provides a business update. Additionally, presentation slides that cover our call today have been posted on our investor website and you'll hear our speakers referring to this slide presentation during their comments. You'll find all material posted for this earnings call on our Investor portal, investors.alvotech.com under the News & Events menu, Earnings Calendar, Q2 2024 Earnings.

Please note that our presentation materials and some of our statements that we make today may include forward-looking statements. These statements do not ensure future performance and are subject to risks and uncertainties that are outlined in company filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from forward-looking statements that are made.

With me on today's call are Robert Wessman, Chairman and Chief Executive Officer of Alvotech; Anil Okay, Chief Commercial Officer; Joel Morales, Chief Financial Officer; and Ming Li, Chief Strategy Officer.

With that, I would like to turn the call over to Robert Wessman. Robert?

Robert Wessman

Thank you, Benedikt, and greetings to everyone joining us on the call here today. It's a very exciting time at Alvotech. Alvotech is transitioning into global business, which we always intended when we started this venture 11 years ago. For the second quarter and first half of 2024, the company generated record results across the total revenues, revenues from product sales, milestone revenues and adjusted EBITDA. The total revenues for the first half of the year were $235.6 million, which represents an increase of over 10 times compared to the same period in 2023.