Alvotech's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Alvotech (ALVO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Alvotech vs Its Competitors
- TTM: Trailing 12-month revenue of 589M vs 236,739M combined for its competitors (0.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months), vs accelerating (+69.1%) for its tracked peer group.
- Growth: Alvotech generated 19.7% revenue growth year over year in Q4 2025, vs 5.6% for its competitors combined.
- Profitability: Its 4.7% net margin compares with 19.2% for the peer group.
- Scale: Alvotech ranks #43 of 165 companies by market capitalization in the Biotechnology & Pharmaceuticals industry, holding 0.1% of industry market cap.
- Peer revenue share: Alvotech accounted for 0.6% of combined revenue among its tracked peer group, up from 0.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.40M compares with $0.99M for the peer group (0.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ALVO Sales vs. its Competitors, Q4 2025
Alvotech reported revenue growth of 19.70 % year on year in Q4 2025, above its competitors' combined revenue growth of 5.55 %.
With a net margin of 4.74 %, Alvotech reported lower profitability than its competitors (19.21 %).
Alvotech generated 0.58 % of the combined sales of its peer group, up from 0.52 % a year earlier.
API endpoints for this dataset
Alvotech vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Alvotech reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Alvotech and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Alvotech | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Alvotech's competitor groups requires a Commercial License.
For context: the Biotechnology & Pharmaceuticals industry grew revenue 20.8% year over year, combined, vs 19.7% for Alvotech. Alvotech's share of combined industry revenue moved from 1.32% to 1.31%, a loss of 0.01 percentage points.
Alvotech's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Alvotech | Yes | Yes | Yes | Yes |
| Competitors combined (47) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 62.50 % (5 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ALVO Stock Performance relative to its Competitors
ALVO Stock Performance relative to Similar-Size Competitors
ALVO Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Kymera Therapeutics Inc | 282.9% | Outperformed |
| 2 | Teva Pharmaceutical Industries Limited | 282.9% | Outperformed |
| 3 | Exelixis Inc | 282.9% | Outperformed |
| 4 | Halozyme Therapeutics Inc | 282.9% | Outperformed |
| 5 | Viatris Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Alvotech's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Alvotech's Comment on Competition and Industry Peers
Publicly Traded Peers of Alvotech
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Alvotech |
1,325.61 | 588.90 |
 Abbvie Inc |
510,761.28 | 66,014.00 |
 Novartis Ag |
316,573.15 | 56,674.00 |
 Amgen Inc |
250,392.32 | 38,095.00 |
 Gilead Sciences Inc |
209,630.07 | 30,988.00 |
 Teva Pharmaceutical Industries Limited |
49,425.74 | 14,020.00 |
| SUBTOTAL | 1,483,722.60 | 237,799.75 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Alvotech versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Alvotech's Competitors Named by the Company
Competitive relationships identified from Alvotech reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Amgen Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Alvotech's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Alvotech's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Amgen Inc | Reportable 100.00 % |
| Teva Pharmaceutical Industries Limited | United States 42.55 % |
| Biogen Inc | Reportable 100.00 % |
| Viatris Inc | Developed Markets 59.34 % |
| Exelixis Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Alvotech's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Alvotech | 1,326 | 403,359 | 19,123 |
| Abbvie Inc | 510,761 | 1,158,140 | 181,509 |
| Novartis Ag | 316,573 | 752,973 | 185,566 |
| Amgen Inc | 250,392 | 2,930,385 | 672,538 |
| Gilead Sciences Inc | 209,630 | 1,822,824 | -227,235 |
| Teva Pharmaceutical Industries Limited | 49,426 | 412,960 | 14,963 |
| PEERS TOTAL | 1,482,397 | 989,995 | 114,121 |
Alvotech's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Gilead Sciences Inc | United States 76.66 % |
| Teva Pharmaceutical Industries Limited | Europe 30.49 % |
| Exelixis Inc | United States 92.47 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Alvotech's Position in Industry Market Structure
Market-capitalization share and concentration across all 158 companies in Alvotech's industry classification, broader than the peer set above. Market cap in millions of $.Alvotech ranks #43 of 158 companies by market capitalization in its industry, holding 0.14 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,384, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Amgen Inc | 250,392 | 26.45 % |
| 2 | Gilead Sciences Inc | 208,290 | 22.00 % |
| 3 | Moderna Inc | 96,101 | 10.15 % |
| 4 | Argenx Se | 59,081 | 6.24 % |
| 5 | Revolution Medicines Inc | 1,234 | 5.2% |
| 6 | Biogen Inc | 1,234 | 5.2% |
| 7 | Biontech Se | 1,234 | 5.2% |
| 8 | Mesoblast Limited | 1,234 | 5.2% |
| 9 | Exelixis Inc | 1,234 | 5.2% |
| 10 | Neurocrine Biosciences Inc | 1,234 | 5.2% |
| 43 | Alvotech | 1,305 | 0.14 % |
Market cap and industry share for the rest of Alvotech's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Alvotech's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 38 | Vir Biotechnology Inc | 1,861 | 128.38 % |
| 39 | Novavax inc | 1,610 | 38.88 % |
| 40 | Taysha Gene Therapies Inc | 1,509 | 0.70 % |
| 41 | Immunocore Holdings Plc | 1,502 | -9.39 % |
| 42 | Hemab Therapeutics Holdings Inc | 1,234 | 12.3% |
| 43 | Alvotech | 1,305 | -6.63 % |
| 44 | Inhibrx Biosciences Inc | 1,234 | 12.3% |
| 45 | Monte Rosa Therapeutics Inc | 1,234 | 12.3% |
| 46 | Vor Biopharma Inc | 1,234 | 12.3% |
| 47 | Valneva Se | 1,234 | 12.3% |
| 48 | Solid Biosciences Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Alvotech's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Alvotech's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Biotechnology & Pharmaceuticals industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (159 companies). See the full Biotechnology & Pharmaceuticals industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 60.00 % | 35.06 % (avg) | +24.9 pp |
| Operating Margin | 13.28 % | industry median | +7.8 pp |
| EBITDA Margin | 23.15 % | -2.95 % (avg) | +26.1 pp |
| Capital Intensity (Capex / Revenue) | 10.95 % | 8.95 % (avg) | +2.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Alvotech's Valuation vs Competitive Position
Valuation multiples vs the Biotechnology & Pharmaceuticals industry average (159 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Biotechnology & Pharmaceuticals industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 63.2x | 28.3x | +34.8x |
| EV / EBITDA | - | 17.6x | - |
| P/B | - | 5.1x | - |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | 5.06 % | -12.21 % (avg) | 17.27 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Alvotech's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | 29.92 % | 251.08 % | 19.70 % |
| Operating Margin | - | 14.16 % | 13.28 % |
| Return on Invested Capital | -43.95 % | 5.40 % | 5.06 % |
| P/E | - | - | 63.2x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Alvotech's Strategic Group Map
Alvotech is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Alvotech's trailing-12-month revenue growth of 19.7% and operating margin of 13.3% compares with an average of 12.4% growth and 8.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Alvotech sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Alvotech's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Alvotech falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 8.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Alvotech's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,384 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 10.95 % vs industry average 8.95 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Alvotech's dedicated Suppliers and Customers pages, not here.
Alvotech's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Alvotech falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Alvotech's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 7.8 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.01x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (56.50 %) show financial-distress signals, a possible opening to gain share.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Alvotech's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Alvotech | 0.57 | 1.89 | - |
| Abbvie Inc | 0.19 | 0.79 | - |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
| Amgen Inc | 0.46 | 1.26 | 5.86 |
| Gilead Sciences Inc | - | 1.52 | 1.47 |
| Teva Pharmaceutical Industries Limited | 0.26 | 0.96 | 2.09 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Alvotech's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Alvotech | Q4 2025 | +19.7 % | - |
| Abbvie Inc | Q3 2026 | +10.3 % | +2,143.6 % |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| Amgen Inc | Q2 2026 | +9.5 % | +65.9 % |
| Gilead Sciences Inc | Q3 2026 | +6.8 % | -20.4 % |
| Teva Pharmaceutical Industries Limited | Q3 2026 | -1.9 % | -46.3 % |
| PEERS TOTAL | +9.1 % | +31.3 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Alvotech's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Alvotech | Q4 2025 | +27.1 % | +20.1 % |
| Abbvie Inc | Q3 2026 | -19.2 % | -21.0 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
| Amgen Inc | Q2 2026 | -6.6 % | +39.0 % |
| Gilead Sciences Inc | Q3 2026 | +0.1 % | +61.2 % |
| Teva Pharmaceutical Industries Limited | Q3 2026 | -10.2 % | +200.0 % |
Alvotech's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Alvotech | 1.88% | 1.53% | - |
| Abbvie Inc | 7.48% | 12.87% | - |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
| Amgen Inc | 9.48% | 13.08% | 89.32% |
| Gilead Sciences Inc | - | - | - |
| Teva Pharmaceutical Industries Limited | 1.26% | 1.96% | 6.37% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Alvotech's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Alvotech | 45.50 | 2.25 |
| Abbvie Inc | 49.61 | 7.74 |
| Novartis Ag | 22.64 | 5.59 |
| Amgen Inc | 28.59 | 6.57 |
| Gilead Sciences Inc | - | 6.76 |
| Teva Pharmaceutical Industries Limited | 55.96 | 3.53 |
| PEERS AVERAGE | 54.21 | 6.24 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.