Alvotech is a pure-play biosimilar company that develops, manufactures, and licenses biosimilar medicines to commercial partners who sell them to patients worldwide. Biosimilars are biological medicines highly similar to already-approved biologics, offering lower-cost alternatives once a reference product's patents expire. Alvotech does not sell directly to patients or pharmacies — it operates as a B2B business, licensing its intellectual property and supplying finished product to roughly 20 regional partners who handle marketing and distribution in their territories. Alvotech earns revenue through two streams: product revenue (~49% of revenues), where partners purchase product at 35–55% of their estimated net selling price, and license and milestone revenue (~51%), which is earned when Alvotech signs new partnerships or hits development milestones like regulatory approvals and commercial launches. Milestone revenue is lumpy but flows almost entirely to EBITDA, making it the primary profitability driver. Alvotech's two core products are AVT02, a biosimilar to Humira (adalimumab) for autoimmune conditions sold in 30+ markets, and AVT04, a biosimilar to Stelara (ustekinumab) for psoriasis and inflammatory bowel disease, launched in Europe, Japan, Canada, and the U.S. in 2024-2025. Three additional biosimilars — targeting Simponi, Eylea, and Prolia/Xgeva — received approvals in 2025 and are in early commercial launch. Alvotech has invested approximately $2B to build its integrated R&D and manufacturing platform in Reykjavik, Iceland, and argues that this infrastructure supports a growing portfolio with relatively modest incremental cost per new program.