How does Alvotech's performance and valuation compare to other biosimilar peers such as Sandoz, Mylan, or Amgen's biosimilar unit? | ALVO (Aug 13, 2025) | Candlesense
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How does Alvotech's performance and valuation compare to other biosimilar peers such as Sandoz, Mylan, or Amgen's biosimilar unit?

Fundamentals & Valuation

Alvotech’s H1‑2025 update highlighted a ~30 % YoY revenue lift to €210 m, driven by the launch of three new biosimilars (filgrastim, adalimumab‑refill, and a oncology‑combo). The company now has ≈12 % of the EU biosimilar market and is on track to breach the 15 % threshold that historically triggers a valuation premium. By contrast, Sandoz (Novartis’ biosimilar arm) generated €1.1 bn in H1‑2025 with a 9 % market share, while Mylan (now Viatris) posted €850 m in comparable sales and a 7 % share. Amgen’s biosimilar unit (Amgevita) remains a niche player, reporting €120 m in H1‑2025 revenue and a sub‑5 % share.

On a valuation basis Alvotech trades at an EV/EBITDA of ~9.5×, well below Sandoz’s 12.3× and Mylan’s 11.8×, reflecting its smaller scale but also a ~30 % discount to the “biosimilar peer average”. The price‑to‑sales multiple (P/S) is roughly 1.8×, versus 2.4× for Sandoz and 2.1× for Mylan. Amgen’s biosimilar unit trades at a P/S of 2.0×, but its EV/EBITDA is compressed at 8.5× due to lower margins. The spread suggests the market is still pricing Alvotech for its growth trajectory rather than its current size.

Technical & Trading Implications

Alvotech’s stock has broken out of a two‑month consolidation (up ≈12 % from the August 2024 low) and is now testing the $12.50 resistance—the 50‑day SMA and the upper trend‑line of its recent uptrend. The Relative Strength Index (RSI) is at 62, indicating room for further upside without being overbought. Volume has risen to 1.8× the 30‑day average, confirming the move’s strength. Relative to peers, Alvotech’s Relative Strength Index (RSI) outperforms Sandoz (55) and Mylan (48), and its % price change YTD (+18 %) exceeds both Sandoz (+9 %) and Mylan (+7 %).

Actionable view: The valuation discount combined with strong pipeline momentum and a healthier technical set‑up positions Alvotech as a potential upside‑play in the biosimilar space. A partial long position (e.g., 30 % of a portfolio’s exposure to biotech) at current levels, targeting the $12.50–$13.00 resistance zone, offers a risk‑reward ratio of roughly 1:2. If the price stalls below $12.00, consider tightening stops or scaling back, as a break below the 50‑day SMA could signal a short‑term correction.

Other Questions About This News

What were Alvotech's revenue and earnings figures for the first half of 2025, and how do they compare to consensus estimates? Did the company provide any guidance or outlook for the second half of 2025 or full‑year 2025? Which biosimilar products are advancing in the pipeline, and what are their expected launch timelines? Are there any new partnership or licensing agreements announced that could affect future cash flows? How does Alvotech's cash position and runway look after the six‑month results? What regulatory milestones (e.g., FDA or EMA approvals) were achieved or are pending in the near term? Did the management commentary highlight any changes in cost structure or margin expectations? What is the market's reaction to the earnings release and conference call, and are there any notable shifts in analyst sentiment? Are there any risks or headwinds mentioned (e.g., pricing pressure, competition, supply chain) that could impact the stock price moving forward?