Alvotech rises on higher Q1 revenue

Alvotech SA

21/05/2024 23:11

** Shares of biotech company Alvotech SA  ALVO.O  rise 4.8%
to $14.61 after the bell  
    ** Co reports Q1 total revenue of $36.9 mln vs $15.9 mln a
year ago 
    ** Raises 2024 topline revenue forecast to $400-$500 mln,
tightens outlook for bottom line to $100-$150 mln
    ** Reports Q1 net loss of $218.7 mln vs $276.2 mln a year
ago 
    ** Co said earlier on Tuesday it had entered into an
agreement with Dr. Reddy's Laboratories  REDY.NS  to
commercialize a biosimilar to Amgen's  AMGN.O  bone disease
drugs Prolia and Xgeva
    ** Stock up 21.4% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))