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"value": "1. General information Alvotech (the \u201cParent\u201d or the \u201cCompany\u201d or \u201cAlvotech\u201d) is a Luxembourg public limited company (soci\u00e9t\u00e9 anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Trade and Companies\u2019 Register under number B 258884. The Company was incorporated on 23 August 2021. These consolidated financial statements were approved by the Group\u2019s Board of Directors, and authorized for issue, on 26 March 2025. The Company and its subsidiaries (collectively referred to as the \u201cGroup\u201d) are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules. 1.1 Capital Reorganization On 15 June 2022 (the \u201cClosing Date\u201d), the Company consummated the capital reorganization with Alvotech Holdings S.A. and OACB (the \u201cBusiness Combination\u201d or \u201cCapital Reorganization\u201d) pursuant to the business combination agreement, dated as of 7 December 2021, as amended by an amendment agreement dated 18 April 2022 and 7 June 2022 (the \u201cBusiness Combination Agreement\u201d), by and among the Company, Oaktree Acquisition Corp. II (\u201cOACB\u201d) and the Predecessor. The closing of the Business Combination resulted in the following transactions: \u2022 OACB merged with and into the Company, whereby (i) all of the outstanding ordinary shares of OACB (\u201cOACB Ordinary Shares\u201d) were exchanged for ordinary shares of Alvotech (\u201cOrdinary Shares\u201d) on a one-for-one basis, pursuant to a share capital increase of Alvotech and (ii) all of the outstanding warrants of OACB ceased to represent a right to acquire OACB Ordinary Shares and now represent a right to be issued one Ordinary Share, with Alvotech as the surviving company in the merger. Prior to the merger OACB shares were redeemed, resulting in $9.8 million of cash proceeds from the OACB trust account; \u2022 Alvotech redeemed and canceled the initial shares held by the initial sole shareholder of Alvotech pursuant to a share capital reduction of Alvotech; \u2022 The legal form of Alvotech changed from a simplified joint stock company (soci\u00e9t\u00e9 par actions simplifi\u00e9e) to a public limited liability company (soci\u00e9t\u00e9 anonyme) under Luxembourg law; and \u2022 The Predecessor merged with and into the Parent, whereby all outstanding ordinary shares of the Predecessor (\u201cPredecessor Ordinary Shares\u201d) were exchanged for Ordinary Shares, pursuant to a share capital increase of Alvotech, with Alvotech as the surviving company in the merger. Concurrently with the execution of the Business Combination Agreement, OACB and Alvotech entered into subscription agreements (\u201cSubscription Agreements\u201d) with certain investors (the \u201cPIPE Financing\u201d). On 15 June 2022, immediately prior to the closing of the Business Combination, the PIPE Financing was closed, pursuant to the Subscription Agreements, in which subscribers collectively subscribed for 17,493,000 Ordinary Shares at $10.00 per share for an aggregate subscription price equal to $174.9 million. As part of the Business Combination, Predecessor shareholders were granted a total of 38,330,000 Ordinary Shares subject to certain vesting conditions (\u201cPredecessor Earn Out Shares\u201d). Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (\u201cOACB Earn Out Shares\u201d). Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding warrants (\u201cOACB Warrants\u201d), on substantially the same contractual terms and conditions as were in effect immediately prior to the Business Combination. See Note 28 for further details. The Business Combination was accounted for as a capital reorganization. Under this method of accounting, OACB was treated as the \u201cacquired\u201d company for financial reporting purposes, with Alvotech Holdings S.A. being the accounting acquirer and accounting predecessor. Accordingly, the capital reorganization was treated as the equivalent of Alvotech issuing shares at the closing of the Business Combination for the net assets of OACB as of the Closing Date, accompanied by a recapitalization. The capital reorganization, which was not within the scope of IFRS 3 since OACB did not meet the definition of a business in accordance with that guidance, was accounted for within the scope of IFRS 2. In accordance with IFRS 2, Alvotech recorded a one-time non-cash share listing expense of $83.4 million, recognized as a general and administrative expense, based on the excess of the fair value of 20Alvotech shares issued, at the Closing Date, over the fair value of OACB\u2019s identifiable net assets acquired. The fair value of shares issued was estimated based on a market price of $9.38 per share as of 15 June 2022. Shares (in 000s) OACB ShareholdersClass A Shareholders976,505Class B Shareholders5,000,000OACB Earn Out Shares1,250,000Total Alvotech Shares issued to OACB shareholders7,226,505Fair value of Shares issued to OACB as of 15 June 2022 $56,060 Fair value of OACB Earn Out Shares issued to OACB as of 15 June 2022 9,100 Estimated fair market value 65,160 Adjusted net liabilities of OACB as of 15 June 2022 (18,251) Difference \u2013 being the share listing expense 83,411 In connection with the Business Combination and PIPE Financing, the Company incurred $28.5 million of transaction costs, which represent legal, financial advisory, and other professional fees in connection with the Business Combination and PIPE Financing, during the year ended December 31, 2022. Of this amount, $5.6 million represented equity issuance costs related to PIPE Financing that were capitalized in share premium. The remaining $22.9 million was recognized as general and administrative expense. 1.2 Information about subsidiaries and joint ventures Issued and paid capital Proportion of ownership Principal (presented in Place of and voting power held by Entity nameactivitywhole shares)establishmentAlvotech 2024 2023Alvotech hf.Biopharm.4,356,613 Iceland 100.00% 100.00% Fasteignaf\u00e9lagi\u00f0 S\u00e6mundur hf.Real estate6,068,029 Iceland 100.00% 100.00% Alvotech Manco ehf. Group Serv.215,390 Iceland 100.00% 100.00% Alvotech Swiss AGBiopharm.153,930 Switzerland 100.00% 100.00% GlycoThera Holding S.\u00e0.r.l. Holding Co15,000 Luxembourg 100.00% \u2014% Glycothera Analytics GmbH (formerly Alvotech Hannover Biopharm.GmbH)29,983 Germany 100.00% 100.00% Glycothera Development GmbH (formerly Alvotech Germany Biopharm.GmbH)31,182 Germany 100.00% 100.00% Alvotech Biosciences India Pvt Biopharm.Limited 96,113 India 100.00% 100.00% Alvotech USA IncGroup Serv.10 USA 100.00% 100.00% Alvotech UK Limited Group Serv.135 UK 100.00% 100.00% Alvotech Malta Limited Group Serv.13,533 Malta 100.00% 100.00% Alvotech Spain, S.L.Group Serv.3,114 Spain 100.00% \u2014% Alvotech & CCHN Biopharm.Biopharmaceutical Co. Ltd*0 China \u2014% 50.00% * Alvotech & CCHN Biopharmaceutical Co. Ltd. unconsolidated joint venture was sold during 2024 (see Note 26). 211.3 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.\u00e0 r.l. (Aztiq) and Alvogen Lux Holdings S.\u00e0 r.l. (Alvogen), with 33.5% and 29.8% ownership interest as of 31 December 2024, respectively. The remaining 36.7% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2024. 1.4 Going concern The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group has incurred recurring losses since its inception, including net losses of $231.9 million, $551.7 million, and $513.6 million for the years ended 31 December 2024, 2023, and 2022, respectively, and had an accumulated deficit of $2,437.7 million as of 31 December 2024 and $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts. As of 31 December 2024, the Group had cash and cash equivalents of $51.4 million and current assets less current liabilities of $261.6 million. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech\u00b4s subsidiary Alvotech Manco. As of 31 December 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million.The Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the used exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion, obtained repayment from the Group in July 2024, upon the closing of the senior secured first lien term loan facility of $965.0 million, led by GoldenTree Asset Management (the \"Secured Loan Facility\").On 11 July 2024, the Company announced the closing of its previously executed Secured Loan Facility. The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. The Secured Loan Facility, for $965.0 million in aggregate principal amount, matures in July 2029. The first tranche is a first lien $900.0 million term loan which bears an interest rate of Secured Overnight Funding Rate (SOFR) plus 6.5% per annum. The second tranche is a $65.0 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum. This resulted in the concurrent settlement of its existing debt obligations.Additionally, the Group continues to focus its efforts on the launch and commercialization of its existing biosimilar programs, as follows:\u2022 In February 2024, the Company announced that the U.S. Food and Drug Administration (FDA) has approved Simlandi (adalimumab) injection, the AVT02 interchangeable biosimilar to Humira. Teva Pharmaceuticals International GmbH (\u201cTeva\u201d) is Alvotech\u2019s strategic partner for the exclusive commercialization of Simlandi in the United States. In April 2024, the Company signed an agreement with Quallent Pharmaceuticals (\"Quallent\") allowing the interchangeable biosimilar to be distributed under Quallent's private label in the U.S. Additionally, The Company extended its European commercial partner, STADA Arzneimittel AG (\u201cStada\u201d), commercial rights to AVT02 to Commonwealth of Independent States (CIS) countries in Central Asia in June 2024.\u2022 The FDA approved AVT04, a biosimilar to Stelara (ustekinumab), for the U.S. in April 2024 enabling a commercialization starting on or after 21 February 2025. Alvotech launched AVT04 in Canada with its commercial partner JAMP Pharma (\"Jamp\"), on March 1, 2024 and started commercialization in Japan with Fuji Pharma (\"Fuji\") in May 2024. In July 2024, the Company launched Uzpruvo, the first approved 22AVT04 biosimilar to Stelara across select European countries, with its commercial partner Stada. The Company extended Stada\u2019s commercial rights to AVT04 to CIS countries in Central Asia in June 2024. In October 2024, the FDA approved SELARSDI (ustekinumab) in a new presentation, 130 mg/26 ml solution in a single-dose vial for intravenous infusion. This approval paves the way for SELARSDI to further align its label with the indications of the reference product Stelara in the U.S. at launch, which is expected in the first quarter of 2025.\u2022 In April 2024, the Company announced positive topline results from a confirmatory clinical study for AVT05, a proposed biosimilar for Simponi and Simponi Aria (golimumab). In November 2024, the European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for AVT05. The approvals process is anticipated to be completed in the fourth quarter of 2025.\u2022 In May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, (\"Dr. Reddy\"), for the commercialization of AVT03, a proposed biosimilar to Prolia (denosumab) and Xgeva (denosumab), in the U.S., Europe and UK. Dr. Reddy\u2019s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. In June 2024, the Company extended its partnership with Stada who will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In July 2024, the Company announced positive topline results from a confirmatory patient study for AVT03. In October 2024, the EMA accepted a MAA for AVT03.\u2022 In June 2024, the Company entered into an exclusive partnership agreement with Mercury Pharma Group Limited (\u201cAdvanz\u201d) regarding the supply and commercialization of AVT06 (aflibercebt), its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. In August 2024, the European Medicines Agency (EMA) has accepted a Marketing Authorization Application for AVT06.\u2022 In September 2024, the Company announced the initiation of a confirmatory patient study for AVT16, a biosimilar candidate to Entyvio (vedolizumab). The Group expects to fund its activities through a combination of utilizing the existing cash, the projected cash generation from milestone collections and product revenues under agreements with its commercial partners, and the current funding arrangements it has access to. Due to the relatively recent launch of AVT02 and AVT04 products on which the Group is currently reliant for cash flow generation, the recent debt refinancing as set out above, and the anticipated future launches of AVT03, AVT05, AVT06, which are undergoing regulatory approval, there is still some level of uncertainty associated with the timing of future cash flow generation. This may mean that the Group ultimately might need to rely on other financing arrangements in the future, such as successive capital increases or debt financings that are not wholly within the control of the Group. If such funding is unavailable, then management may be required to delay, limit, reduce or terminate one or more of its research or product development programs or future commercialization efforts to free up sufficient cash. However, as the Group\u2019s cash flow projections indicate there will be sufficient cash flow generation over the next twelve months without the need for additional financing, such uncertainty does not represent a material uncertainty which gives rise to significant doubt over going concern. In conclusion, based on the existing cash on hand, funding received to date, and projected future cash flows, management concluded that the Group has the ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued. As such, the consolidated financial statements have been prepared on a going concern basis.",
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"value": "Notes to the Consolidated Financial Statements 1. General information Alvotech (the \u201cParent\u201d or the \u201cCompany\u201d or \u201cAlvotech\u201d) is a Luxembourg public limited company (soci\u00e9t\u00e9 anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and is registered with the Luxembourg Trade and Companies\u2019 Register under number B 258884. The Company was incorporated on 23 August 2021. These consolidated financial statements were approved by the Group\u2019s Board of Directors, and authorized for issue, on 26 March 2025. The Company and its subsidiaries (collectively referred to as the \u201cGroup\u201d) are a global biotech company specialized in the development and manufacture of biosimilar medicines for patients worldwide. The Group has commercialized a certain biosimilar product and has multiple biosimilar molecules. 1.1 Capital Reorganization On 15 June 2022 (the \u201cClosing Date\u201d), the Company consummated the capital reorganization with Alvotech Holdings S.A. and OACB (the \u201cBusiness Combination\u201d or \u201cCapital Reorganization\u201d) pursuant to the business combination agreement, dated as of 7 December 2021, as amended by an amendment agreement dated 18 April 2022 and 7 June 2022 (the \u201cBusiness Combination Agreement\u201d), by and among the Company, Oaktree Acquisition Corp. II (\u201cOACB\u201d) and the Predecessor. The closing of the Business Combination resulted in the following transactions: \u2022 OACB merged with and into the Company, whereby (i) all of the outstanding ordinary shares of OACB (\u201cOACB Ordinary Shares\u201d) were exchanged for ordinary shares of Alvotech (\u201cOrdinary Shares\u201d) on a one-for-one basis, pursuant to a share capital increase of Alvotech and (ii) all of the outstanding warrants of OACB ceased to represent a right to acquire OACB Ordinary Shares and now represent a right to be issued one Ordinary Share, with Alvotech as the surviving company in the merger. Prior to the merger OACB shares were redeemed, resulting in $9.8 million of cash proceeds from the OACB trust account; \u2022 Alvotech redeemed and canceled the initial shares held by the initial sole shareholder of Alvotech pursuant to a share capital reduction of Alvotech; \u2022 The legal form of Alvotech changed from a simplified joint stock company (soci\u00e9t\u00e9 par actions simplifi\u00e9e) to a public limited liability company (soci\u00e9t\u00e9 anonyme) under Luxembourg law; and \u2022 The Predecessor merged with and into the Parent, whereby all outstanding ordinary shares of the Predecessor (\u201cPredecessor Ordinary Shares\u201d) were exchanged for Ordinary Shares, pursuant to a share capital increase of Alvotech, with Alvotech as the surviving company in the merger. Concurrently with the execution of the Business Combination Agreement, OACB and Alvotech entered into subscription agreements (\u201cSubscription Agreements\u201d) with certain investors (the \u201cPIPE Financing\u201d). On 15 June 2022, immediately prior to the closing of the Business Combination, the PIPE Financing was closed, pursuant to the Subscription Agreements, in which subscribers collectively subscribed for 17,493,000 Ordinary Shares at $10.00 per share for an aggregate subscription price equal to $174.9 million. As part of the Business Combination, Predecessor shareholders were granted a total of 38,330,000 Ordinary Shares subject to certain vesting conditions (\u201cPredecessor Earn Out Shares\u201d). Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (\u201cOACB Earn Out Shares\u201d). Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding warrants (\u201cOACB Warrants\u201d), on substantially the same contractual terms and conditions as were in effect immediately prior to the Business Combination. See Note 28 for further details. The Business Combination was accounted for as a capital reorganization. Under this method of accounting, OACB was treated as the \u201cacquired\u201d company for financial reporting purposes, with Alvotech Holdings S.A. being the accounting acquirer and accounting predecessor. Accordingly, the capital reorganization was treated as the equivalent of Alvotech issuing shares at the closing of the Business Combination for the net assets of OACB as of the Closing Date, accompanied by a recapitalization. The capital reorganization, which was not within the scope of IFRS 3 since OACB did not meet the definition of a business in accordance with that guidance, was accounted for within the scope of IFRS 2. In accordance with IFRS 2, Alvotech recorded a one-time non-cash share listing expense of $83.4 million, recognized as a general and administrative expense, based on the excess of the fair value of 20Alvotech shares issued, at the Closing Date, over the fair value of OACB\u2019s identifiable net assets acquired. The fair value of shares issued was estimated based on a market price of $9.38 per share as of 15 June 2022. Shares (in 000s) OACB ShareholdersClass A Shareholders976,505Class B Shareholders5,000,000OACB Earn Out Shares1,250,000Total Alvotech Shares issued to OACB shareholders7,226,505Fair value of Shares issued to OACB as of 15 June 2022 $56,060 Fair value of OACB Earn Out Shares issued to OACB as of 15 June 2022 9,100 Estimated fair market value 65,160 Adjusted net liabilities of OACB as of 15 June 2022 (18,251) Difference \u2013 being the share listing expense 83,411 In connection with the Business Combination and PIPE Financing, the Company incurred $28.5 million of transaction costs, which represent legal, financial advisory, and other professional fees in connection with the Business Combination and PIPE Financing, during the year ended December 31, 2022. Of this amount, $5.6 million represented equity issuance costs related to PIPE Financing that were capitalized in share premium. The remaining $22.9 million was recognized as general and administrative expense. 1.2 Information about subsidiaries and joint ventures Issued and paid capital Proportion of ownership Principal (presented in Place of and voting power held by Entity nameactivitywhole shares)establishmentAlvotech 2024 2023Alvotech hf.Biopharm.4,356,613 Iceland 100.00% 100.00% Fasteignaf\u00e9lagi\u00f0 S\u00e6mundur hf.Real estate6,068,029 Iceland 100.00% 100.00% Alvotech Manco ehf. Group Serv.215,390 Iceland 100.00% 100.00% Alvotech Swiss AGBiopharm.153,930 Switzerland 100.00% 100.00% GlycoThera Holding S.\u00e0.r.l. Holding Co15,000 Luxembourg 100.00% \u2014% Glycothera Analytics GmbH (formerly Alvotech Hannover Biopharm.GmbH)29,983 Germany 100.00% 100.00% Glycothera Development GmbH (formerly Alvotech Germany Biopharm.GmbH)31,182 Germany 100.00% 100.00% Alvotech Biosciences India Pvt Biopharm.Limited 96,113 India 100.00% 100.00% Alvotech USA IncGroup Serv.10 USA 100.00% 100.00% Alvotech UK Limited Group Serv.135 UK 100.00% 100.00% Alvotech Malta Limited Group Serv.13,533 Malta 100.00% 100.00% Alvotech Spain, S.L.Group Serv.3,114 Spain 100.00% \u2014% Alvotech & CCHN Biopharm.Biopharmaceutical Co. Ltd*0 China \u2014% 50.00% * Alvotech & CCHN Biopharmaceutical Co. Ltd. unconsolidated joint venture was sold during 2024 (see Note 26). 211.3 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.\u00e0 r.l. (Aztiq) and Alvogen Lux Holdings S.\u00e0 r.l. (Alvogen), with 33.5% and 29.8% ownership interest as of 31 December 2024, respectively. The remaining 36.7% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2024. 1.4 Going concern The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group has incurred recurring losses since its inception, including net losses of $231.9 million, $551.7 million, and $513.6 million for the years ended 31 December 2024, 2023, and 2022, respectively, and had an accumulated deficit of $2,437.7 million as of 31 December 2024 and $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts. As of 31 December 2024, the Group had cash and cash equivalents of $51.4 million and current assets less current liabilities of $261.6 million. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech\u00b4s subsidiary Alvotech Manco. As of 31 December 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million.The Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the used exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion, obtained repayment from the Group in July 2024, upon the closing of the senior secured first lien term loan facility of $965.0 million, led by GoldenTree Asset Management (the \"Secured Loan Facility\").On 11 July 2024, the Company announced the closing of its previously executed Secured Loan Facility. The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. The Secured Loan Facility, for $965.0 million in aggregate principal amount, matures in July 2029. The first tranche is a first lien $900.0 million term loan which bears an interest rate of Secured Overnight Funding Rate (SOFR) plus 6.5% per annum. The second tranche is a $65.0 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum. This resulted in the concurrent settlement of its existing debt obligations.Additionally, the Group continues to focus its efforts on the launch and commercialization of its existing biosimilar programs, as follows:\u2022 In February 2024, the Company announced that the U.S. Food and Drug Administration (FDA) has approved Simlandi (adalimumab) injection, the AVT02 interchangeable biosimilar to Humira. Teva Pharmaceuticals International GmbH (\u201cTeva\u201d) is Alvotech\u2019s strategic partner for the exclusive commercialization of Simlandi in the United States. In April 2024, the Company signed an agreement with Quallent Pharmaceuticals (\"Quallent\") allowing the interchangeable biosimilar to be distributed under Quallent's private label in the U.S. Additionally, The Company extended its European commercial partner, STADA Arzneimittel AG (\u201cStada\u201d), commercial rights to AVT02 to Commonwealth of Independent States (CIS) countries in Central Asia in June 2024.\u2022 The FDA approved AVT04, a biosimilar to Stelara (ustekinumab), for the U.S. in April 2024 enabling a commercialization starting on or after 21 February 2025. Alvotech launched AVT04 in Canada with its commercial partner JAMP Pharma (\"Jamp\"), on March 1, 2024 and started commercialization in Japan with Fuji Pharma (\"Fuji\") in May 2024. In July 2024, the Company launched Uzpruvo, the first approved 22AVT04 biosimilar to Stelara across select European countries, with its commercial partner Stada. The Company extended Stada\u2019s commercial rights to AVT04 to CIS countries in Central Asia in June 2024. In October 2024, the FDA approved SELARSDI (ustekinumab) in a new presentation, 130 mg/26 ml solution in a single-dose vial for intravenous infusion. This approval paves the way for SELARSDI to further align its label with the indications of the reference product Stelara in the U.S. at launch, which is expected in the first quarter of 2025.\u2022 In April 2024, the Company announced positive topline results from a confirmatory clinical study for AVT05, a proposed biosimilar for Simponi and Simponi Aria (golimumab). In November 2024, the European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for AVT05. The approvals process is anticipated to be completed in the fourth quarter of 2025.\u2022 In May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, (\"Dr. Reddy\"), for the commercialization of AVT03, a proposed biosimilar to Prolia (denosumab) and Xgeva (denosumab), in the U.S., Europe and UK. Dr. Reddy\u2019s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. In June 2024, the Company extended its partnership with Stada who will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In July 2024, the Company announced positive topline results from a confirmatory patient study for AVT03. In October 2024, the EMA accepted a MAA for AVT03.\u2022 In June 2024, the Company entered into an exclusive partnership agreement with Mercury Pharma Group Limited (\u201cAdvanz\u201d) regarding the supply and commercialization of AVT06 (aflibercebt), its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. In August 2024, the European Medicines Agency (EMA) has accepted a Marketing Authorization Application for AVT06.\u2022 In September 2024, the Company announced the initiation of a confirmatory patient study for AVT16, a biosimilar candidate to Entyvio (vedolizumab). The Group expects to fund its activities through a combination of utilizing the existing cash, the projected cash generation from milestone collections and product revenues under agreements with its commercial partners, and the current funding arrangements it has access to. Due to the relatively recent launch of AVT02 and AVT04 products on which the Group is currently reliant for cash flow generation, the recent debt refinancing as set out above, and the anticipated future launches of AVT03, AVT05, AVT06, which are undergoing regulatory approval, there is still some level of uncertainty associated with the timing of future cash flow generation. This may mean that the Group ultimately might need to rely on other financing arrangements in the future, such as successive capital increases or debt financings that are not wholly within the control of the Group. If such funding is unavailable, then management may be required to delay, limit, reduce or terminate one or more of its research or product development programs or future commercialization efforts to free up sufficient cash. However, as the Group\u2019s cash flow projections indicate there will be sufficient cash flow generation over the next twelve months without the need for additional financing, such uncertainty does not represent a material uncertainty which gives rise to significant doubt over going concern. In conclusion, based on the existing cash on hand, funding received to date, and projected future cash flows, management concluded that the Group has the ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued. As such, the consolidated financial statements have been prepared on a going concern basis.2. Summary of significant accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance and in compliance with IFRS\u00ae Accounting Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\"), which comprise all standards and interpretations approved by the IASB, and as adopted by the European Union (\"EU\"). All amendments to IFRSs issued by the IASB that are effective for annual periods that begin on or after 1 January 2024 have been adopted as further described within the footnotes to the consolidated financial statements. The Group has not adopted any standards or amendments to standards in issue that are available for early adoption. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities which have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The consolidated financial statements are presented in U.S. Dollar (\"USD\") and all values are rounded to the nearest thousand unless otherwise indicated. 2.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group transactions, balances, income and expenses are eliminated in full in consolidation. 2.3 Investments in joint ventures To the extent the Group concludes that it does not control, and thus consolidate, a joint venture, the Group accounts for its interest in joint ventures using the equity method of accounting. As such, investments in a joint venture are initially recognized at cost and the carrying amount is subsequently adjusted for the Group\u2019s share of the profit or loss of the joint venture, as well as any distributions received from the joint venture. The Group carries its ownership interest in a joint venture as \u201cInvestment in joint venture\u201d on the consolidated statements of financial position. The Group\u2019s profit or loss includes its share of the profit or loss of the joint venture and, to the extent applicable, other comprehensive income or loss for the Group includes its share of other comprehensive income or loss of the joint venture. The Group\u2019s share of a joint venture\u2019s profit or loss in a particular year is presented as \u201cShare of net loss of joint venture\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The carrying amount of equity-accounted investments is assessed for impairment as a single asset. Impairment losses are incurred only if there is objective evidence of impairment as a result of loss events that have an impact on estimated future cash flows and that can be reliably estimated. Losses expected as a result of future events are not recognized. The Group recognized an impairment loss of $21.5 million related to its investment in the joint venture for the year ended 31 December 2023; the interests in the joint venture were sold during the year 2024, resulting in a net loss of $3.0 million (refer to Note 26). 2.4 Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires Group management to make judgments, estimates and assumptions about the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and other factors that are considered to be relevant. Judgments and assumptions involving key estimates are primarily made in relation to the measurement and recognition of revenue, the valuation of derivative financial liabilities, and the valuation of deferred tax assets. Existing circumstances and assumptions may change due to events arising that are beyond the Group\u2019s control. Therefore, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 2.5 Segment reporting The Group operates and manages its business as one operating segment based on the manner in which the Chief Executive Officer, the Group\u2019s chief operating decision maker, assesses performance and allocates resources across the Group. 2.6 Revenue recognition Product revenueThe Company recognizes revenue from the sale of its biosimilar product to commercial partners, identified as the customer, when control is transferred, and the performance obligations have been satisfied. This is when the title passes to the customer, which is upon shipment of the product. At that point, the commercial partner has full discretion over the channel and price to sell the products. Revenue is recognized based on the net selling price from the commercial partners, which is considered to be the transaction price and includes estimated rebates, returns and chargebacks, and other forms of variable consideration recognized by the customer. Variable consideration is accounted for by the Company only to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. Variable consideration, which includes any adjustments to the net selling price, is estimated based on the most likely amount method on a contract-by-contract basis. Out-licensing revenueA significant part of the Group\u2019s revenue is generated from long-term out-license contracts which provide the customer with an exclusive right to market and sell products in a particular territory once such products are approved for commercialization. These contracts typically include the Group\u2019s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. The Group concludes that the license, development services and commercial supply are separate performance obligations. This is because customers generally have the capabilities to perform the necessary development, manufacturing and commercialization activities on their own or with readily available resources and have the requisite expertise in the industry and the territory for which the license has been granted. Further, the intellectual property is generally in a later phase of development at the time the license is granted such that any subsequent development activities performed by the Group are not expected to significantly modify or transform the intellectual property. The fact that the Group is contractually obligated to perform development activities for and provide commercial supply to the customer does not impact this conclusion. The Group\u2019s promise to provide commercial supply to its customers is contingent upon the achievement of regulatory approval in the particular territory for which the license has been granted. The consideration to which the Group is entitled pursuant to these contracts generally includes upfront payments and payments based upon the achievement of development and regulatory milestones. All contracts include a potential refund obligation whereby the Group must refund the consideration paid by the customer in the event of a technical failure or the occurrence of certain other matters that result in partial or full cancellation of the contract. As such, the entire transaction price is comprised of variable consideration, which is estimated using the most likely amount method due to the binary nature of the outcomes under these contracts. Such variable consideration is included in the transaction price only when it is highly probable that doing so will not result in a significant reversal of cumulative revenue recognized when the underlying uncertainty associated with the variable consideration is subsequently resolved. The Group does not account for a significant financing component since a substantial amount of consideration promised by the customer is variable and the amount or timing of that consideration varies on the basis of a future event that is not substantially within the control of either party. Certain contracts also include commercialization milestones upon the first commercial sale of a product in a particular territory, as well as royalties. Commercialization milestones and royalties are accounted for as sales-based royalties; therefore, such amounts are not included in the transaction price and recognized as performance revenue until the underlying sale that triggers the milestone or royalty occurs. Upfront payments, when applicable, are received in advance of transferring control of all goods and services. Therefore, a portion of upfront payments is recorded as a contract liability upon receipt. Due to the existence of refund provisions, upfront payments and certain development milestone payments are generally included in the transaction price upon submission of the first clinical trial application to the respective regulatory agency, since it is at this point in time that a significant reversal of cumulative revenue recognized related to such payments is no longer highly probable. Other development and regulatory milestones may not be included in the transaction price until such milestones are achieved due to the degree of uncertainty associated with achieving these milestones. Contract liabilities are presented on the consolidated statements of financial position as either current or non-current based upon forecasted performance. In certain contracts, the Group may transfer control of goods and services, and thus recognize revenue, prior to having the right to invoice the customer. In these circumstances, the Group recognizes contract assets for revenue recognized, and subsequently reclasses the contract asset to trade receivables upon issuing an invoice and the right to consideration is only conditional on the passage of time. Contract assets are presented on the consolidated statements of financial position as either current or non-current based upon the expected timing of settlement. The standalone selling prices of the development services and the license to intellectual property are not directly observable and, therefore, are estimated. The standalone selling price of the development services is estimated based on the expected costs to be incurred during the development period, using various data points such as the underlying development budget, contractual milestones and performance completed at the time of entering into the contract with a customer. The standalone selling price of the license is estimated using the residual approach on the basis that the Group licenses intellectual property for a broad range of amounts and has not previously licensed intellectual property on a standalone basis. Therefore, the Group first allocates the transaction price to the development services and subsequently allocates the remainder of the transaction price to the license. If the product is still in early phase of development and the constraint on variable consideration has not been resolved, all the transaction price is allocated to the development service. The standalone selling price of the commercial supply is directly observable and the stated prices in the Group\u2019s supply contracts reflect the standalone selling price of such goods. The licenses to intellectual property are right of use licenses on the basis that the ongoing development work performed by the Group does not significantly affect the intellectual property to which the customer has rights. Therefore, control of the license transfers to the customer at the point in time when the right to use the license is granted to the customer. The license is generally granted to the customer at the time the contract is executed with the customer. The Group satisfies its performance obligation related to the development services over time as the Group\u2019s performance enhances the value of the licensed intellectual property controlled by the customer throughout the performance period. The Group recognizes revenue using a cost-based input measure since this measure best reflects the progress of the development services and, therefore, the pattern of transfer of control of the services to the customer. In certain instances, the Group may subcontract services to other parties for which the Group is ultimately responsible. Costs incurred for such subcontracted services are included in the Group\u2019s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group\u2019s progress toward satisfying its performance obligation may result in adjustments to cumulative revenue recognized at the time the change in estimate occurs. Upon the achievement of regulatory approval and the commencement of commercial sale of its products, the Group will satisfy its performance obligation related to commercial supply at the point in time when control of the manufactured product is transferred to the customer. Transfer of control for such goods will occur in accordance with the stated shipping terms. The Group does not incur incremental costs of obtaining a contract with a customer that would require capitalization. Costs to fulfill performance obligations are not incurred in advance of performance and, as such, are expensed when incurred. Other revenueOther revenue primarily consists of clinical trial support services rendered by the Group for its customers, which is recognized as the service is provided. Revenue for such services is presented in the consolidated statements of profit or loss and other comprehensive income or loss net of any discounts. 2.7 Cost of product revenue Cost of product revenue includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs and royalty costs related to in-license agreements. 2.8 Research and development expenses Research and development expenses primarily consist of personnel costs, material and other lab supply costs, facility costs and internal and external costs related to the execution of studies and other development program advancement initiatives. Such expenses also include costs incurred in preparation for commercial launch, such as designing and developing commercial-scale manufacturing capabilities and processes, quality control processes, production asset validation and other related activities. The costs also include amortization, depreciation and impairment losses related to software, property, plant and equipment, and right-of-use assets used in research and development activities and pre-commercial manufacturing and quality control activities. An internally generated intangible asset arising from the Group\u2019s development is recognized only if the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; the intent to complete the intangible asset and use or sell it; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditures incurred from the date when the intangible asset first meets the aforementioned recognition criteria. If an internally-generated intangible asset cannot be recognized, the related development expenditure is charged to profit or loss in the period in which it is incurred. Expenditures related to research and development activities are recognized as an expense in the period in which they are incurred. The Company did not capitalize any development expenses as intangible assets during the years ended 31 December 2024 and 2023 as not all the criteria in paragraph 57 of IAS 38 have been met.2.9 General and administrative expenses General and administration expenses primarily consist of personnel-related costs, including salaries and other related compensation expense, for corporate and other administrative and operational functions including finance, human resources, information technology and legal, as well as facility-related costs. These costs relate to the operation of the business and are not related to research and development initiatives. Expenditures related to general and administration activities are recognized as an expense in the period in which they are incurred. 2.10 Finance income and finance cost Finance income consists of changes in the fair value of derivative financial liabilities and interest income. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance cost consists of changes in the fair value of derivative financial liabilities, interest expense related to lease liabilities and borrowings, accretion of borrowings and amortization of deferred debt issue costs. 2.11 Foreign currency translation The consolidated financial statements are presented in U.S. Dollars, which is the Group\u2019s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group\u2019s expenses are incurred in U.S. Dollars and Icelandic Krona, and the majority of the Company\u2019s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. Transactions in currencies other than the Group\u2019s presentation currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise. Exchange differences arising on translation of a foreign controlled subsidiary are recognized in other comprehensive income or loss and accumulated in a translation reserve within equity. The cumulative translation amount is reclassified to profit or loss if and when the net investment in the foreign controlled subsidiary is disposed. 2.12 Fair value measurements The Group measures certain financial liabilities at fair value through profit or loss (FVTPL) at each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair values of such financial liabilities, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices in active markets for identical assets and liabilities; \u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (e.g., prices) or indirectly (e.g., derived from prices); and \u2022 Level 3: inputs for the asset or liability that are unobservable. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other current assets, contract assets, trade and other payables and other current liabilities in the Group\u2019s consolidated statements of financial position approximate their fair value because of the short maturities and nature of these instruments. For liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period. 2.13 Goodwill and other intangible assets Goodwill and business combinationsAcquisitions are first reviewed to determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not meet the definition of a business, the Group will account for the transaction as an asset acquisition. If the definition of a business combination is met, the Group will account for the transaction using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.Goodwill represents the excess of the purchase price of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities, contingent liabilities, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree. Goodwill is reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or as additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Group did not complete any business combinations during the years ended 31 December 2024 and 31 December 2023. Other intangible assetsOther intangible assets consist of software, customer relationships, and intellectual property rights. Intangible assets acquired in a business combination are identified and recognized separately from goodwill if they satisfy the definition of an intangible asset and their fair values can be reliably measured. The cost of intangible assets is their fair value at the acquisition date. Intangible assets with finite useful lives are reported at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The following useful lives are used in the calculation of amortization: Software3-10 yearsCustomer relationships7 yearsIntellectual property rights*10 years\u2022 From launch dateCertain of the Group\u2019s intellectual property rights have been pledged to secure borrowings as further described in Note 21.Intangible assets with indefinite useful lives are reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.2.14 Income tax Income tax includes the current tax and deferred tax charge recorded in the consolidated statements of profit or loss and other comprehensive income or loss. Current taxThe current tax expense is based on taxable profit for the year. Taxable profit differs from \u2018profit before tax\u2019 as reported in the consolidated statements of profit or loss and other comprehensive income or loss because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s current tax expense is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Accruals for tax contingencies are made when it is not probable that a tax authority will accept the tax position, based upon management\u2019s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Accruals for tax contingencies are measured using either the most likely amount or the expected value amount depending on which method the entity expects to better predict the resolution of the uncertainty. Deferred taxDeferred tax is provided in full for all temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, except to the extent the temporary difference arises from: \u2022 The initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither the taxable profit nor accounting profit; \u2022 The initial recognition of residual goodwill (for deferred tax liabilities only); or \u2022 Investments in subsidiaries, branches, associates and joint ventures, where the Group is able to control the timing of the reversal of the temporary difference and it is not probable that it will reverse in the foreseeable future. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilized against future taxable income. The deferred taxes are measured according to the respective territorial current tax rules and tax rates assumed in the year in which the assets are expected to be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amount of the assets and liabilities. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the consolidated statements of profit or loss and other comprehensive income or loss, except when the tax arises from a business combination or it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis in that taxation authority. 2.15 Property, plant and equipment Property, plant and equipment is recognized as an asset when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured in a reliable manner. Property, plant and equipment which qualifies for recognition as an asset are initially measured at cost. The cost of property, plant and equipment includes an asset\u2019s purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Depreciation is calculated and recognized as an expense on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are used in the calculation of depreciation: Facility40 yearsFacility equipment5-20 yearsComputer equipment3 yearsLeasehold improvements3-15 yearsFurniture and fixtures5 yearsCertain of the Group\u2019s property, plant and equipment assets have been pledged to secure borrowings as further described in Note 21. Significant disposals of pledged assets are subject to lender approval. Upon disposal or retirement of an asset, the difference between the sales proceeds, if applicable, and the carrying amount of the asset is recognized in the consolidated statements of profit or loss and other comprehensive income or loss at the time of disposal or retirement. At the end of each reporting period, or sooner if events triggering an interim impairment assessment occur, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that the value of such assets are impaired. Triggering events that warrant an interim impairment assessment include, but are not limited to, the technical obsolescence of equipment or failure of such equipment to meet regulatory requirements. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss and the carrying amount of the asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and value in use. 2.16 Inventories Inventories, which consist of raw materials and supplies, work in progress and finished goods are stated at the lower of cost or net realizable value. Net realizable value is the expected sales price less completion costs and costs to be incurred in marketing, selling and distributing the inventory. Cost is calculated using the weighted average cost method or the first-in, first-out method, depending on the nature of the inventory. Inventories include direct costs for raw materials and supplies and, as applicable, direct and indirect labor and overhead expenses that have been incurred to bring inventories to their present location and condition. If the net realizable value is lower than the carrying amount, a write-down of inventory is recognized for the amount by which the carrying amount exceeds net realizable value.The Group\u2019s inventories have been pledged to secure borrowings as further described in Note 21.2.17 Financial assets Recognition of financial assetsFinancial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, other than financial assets measured at FVTPL, are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at FVTPL are recognized immediately in profit or loss. There were no transaction costs related to the acquisition of financials assets in 2024 and 2023. All of the Group\u2019s financial assets are measured at amortized cost as of 31 December 2024 and 2023. Financial assets measured at amortized costFinancial assets measured at amortized cost are debt instruments that give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s financial assets measured at amortized cost are trade receivables, certain other current assets, receivables from related parties, restricted cash and cash and cash equivalents. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assetsThe Group recognizes a loss allowance for expected credit losses (\"ECL\") on its trade receivables and other debt instruments that are measured at amortized cost. In addition, although contract assets are not financial assets, a loss allowance for ECL are also recognized for such assets. ECL is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecasted direction of conditions at the reporting date, including time value of money where appropriate. The Group writes off a financial asset when there is no reasonable expectation of recovery, such as information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. A trade receivable or contract asset that is considered uncollectible is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. The Group did not write off any trade receivables or contract assets during the years ended 31 December 2024 and 2023 except for the Biosana related asset which was fully reserved (see Note 18). The Group estimates impairment for related party receivables on an individual basis. No impairment is recognized for restricted cash or cash and cash equivalents as management has estimated that the effects of any calculated ECL would be immaterial. Derecognition of financial assetsThe Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset as well as an associated liability. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income or loss and accumulated in equity is recognized in profit or loss. 2.18 Financial liabilities Financial liabilitiesThe Group\u2019s financial liabilities consist of trade and other payables, certain other current liabilities loans and borrowings, lease liabilities, derivative financial instruments, long-term incentive plans, share appreciation right plans and other long-term liability to a related party. All financial liabilities are initially measured at fair value. Loans and borrowings are recorded net of directly attributable transaction costs and less the value attributable to any embedded derivative financial instruments, if applicable. The Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, substantially modified or have expired. Additionally, management elected, as part of its accounting policy, to recognize the difference between the carrying amount of the financial liabilities and the fair value of the consideration paid for the extinguishment in the consolidated statement of profit or loss and other comprehensive income or loss. Financial liabilities subsequently measured at amortized costAfter initial recognition, financial liabilities other than derivative financial instruments and awards issued pursuant to long-term incentive plans are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts all estimated future cash payments through the expected life of the financial liability, or a shorter period if appropriate, to the amortized cost of a financial liability. The effective interest rate includes the effects of any discount or premium on acquisition of the financial liability, as well as any fees or costs incurred upon acquisition. Financial liabilities subsequently measured at FVTPLDerivative financial instruments Certain rights and features pursuant to borrowing arrangements and other contracts may provide the counterparty with one or more financial instruments that need to be evaluated and potentially accounted for separately by the Group. These financial instruments are either embedded in a host instrument or are treated as a separate financial instrument if they are contractually transferable independent from the host instrument. Such rights and features pursuant to the Group\u2019s contracts with both third parties and related parties include earn out rights, conversion rights and warrant rights. Equity conversion features within host debt instruments that meet the definition of a derivative and have economic and risk characteristics that are not closely related to the host instrument are embedded derivatives that are separated from the host instrument and accounted for separately. As part of the accounting for embedded derivatives or separate financial instruments, management considers the appropriate accounting classification under IAS 32. Embedded derivatives and separate financial instruments that meet the fixed-for-fixed criteria are classified as equity and initially measured at fair value. Warrant rights that provide the holder with an option to purchase ordinary shares at a specified price or pursuant to a specified formula are generally separate derivative financial instruments that are accounted for as derivative liabilities. Earn Out Shares grant the holder with a variable number of Ordinary Shares based on certain vesting conditions tied to the stock price and are accounted for as derivative liabilities. In the event that the fair value of any derivative liabilities, determined using unobservable inputs, exceeds the transaction price of a borrowing arrangement, the Group records a deferred loss at the inception of the borrowing arrangement for the difference between the fair value of the derivative liabilities and the transaction price of the borrowing arrangement. Such deferred losses are recognized over the term of the related borrowing arrangement using the straight-line method of amortization. The deferred loss is netted against derivative financial liabilities on the consolidated statements of financial position. Amortization of the deferred loss is recognized as a component of \u201cFinance costs\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The Group recognized derivative liabilities related to the Predecessor Earn Out Shares, OACB Earn Out Shares and assumed OACB warrants. Additionally, the Group recognized an embedded derivative for the conversion feature associated with the Tranche A Convertible Bonds, as further described in Note 27. These features are liability-classified, rather than equity-classified, because the Group is obligated to issue a variable number of ordinary shares to the holder upon conversion or exercise of the feature. Therefore, these derivative liabilities were initially recorded at fair value and remeasured to fair value at each reporting period with gains and losses arising from changes in the fair value recognized in finance income or finance costs, as appropriate. The fair values of the derivative liabilities were determined using a valuation approach that incorporated a range of inputs that are both observable and unobservable in nature. The inputs used in the initial and subsequent fair value measurements predominantly relate to (i) the price of the Group\u2019s Ordinary Shares (ii) the volatility of the Group\u2019s Ordinary Shares, (ii) a risky discount rate corresponding to the credit risk associated with the repayment of the host debt instruments, and (iii) the probabilities of each derivative being exercised by the holder and the timing of such exercises. The probabilities are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The Group will derecognize any derivative liabilities if and when the rights are exercised by the holders or the time period during which the rights can be exercised expires. Long-term incentive plans Management Incentive PlanThe Group can issue share options, restricted share units (\u201cRSUs\u201d), and other share-based awards under the Company\u2019s new incentive plan (the \u201cManagement Incentive Plan\u201d) which was approved by the Board in June 2022. Awards issued under the Management Incentive Plan are accounted for in accordance with IFRS 2. Share-based payments are classified as equity-settled share-based payments as the Company intends to settle the awards with equity and has the commercial substance to do so. Share-based payments are measured at the grant date fair value of the instruments issued and recognized over the expected vesting periods. The number of shares expected to vest are reviewed and adjusted at the end of each reporting period such that the amount of expense recognized shall be based on the number of equity instruments that will eventually vest. 2.19 Litigation and other contingencies The Group may, from time to time, become involved in legal proceedings arising out of the normal course of its operations. For instance, as a developer and manufacturer of biosimilars, the Group may be subject to lawsuits alleging patent infringement or other similar claims filed by the reference product sponsor. Similarly, the Group may utilize patent challenge procedures to challenge the validity, enforceability or infringement of the reference product sponsor\u2019s patents. Other parties may also file patent infringement claims against the Group alleging that the Group\u2019s products or manufacturing process techniques infringe their patents. The Group establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. When such conditions are not met for a specific legal matter, no reserve is established. Although management currently believes that resolving claims against the Group, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Group, these matters are subject to inherent uncertainties and management\u2019s view of these matters may change in the future. It is possible that an unfavorable outcome of a lawsuit or other contingency could have a material impact on the liquidity, results of operations, or financial condition of the Group. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount of loss can be reasonably estimated. Accruals are based only on information available at the time of the assessment, due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Group\u2019s results of operations in a given period. The Group maintains liability insurance coverages for various claims and exposures. The Group\u2019s insurance coverage limits its maximum exposure on claims; however, the Group is responsible for any uninsured portion of losses. Management believes that present insurance coverage is sufficient to cover potential exposures. 2.20 Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for those with a lease term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group\u2019s leased assets consist of various real estate, fleet and equipment leases. Right-of-use assets reflect the initial measurement of the lease liability, lease payments made at or before the lease commencement date and any initial direct costs less lease incentives that may have been received by the Group. These assets are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset to the Group or the lease includes a purchase option that the Group is reasonably certain to exercise, the related right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, which is the rate of interest that the Group would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment based on information available at the commencement date of the lease. The lease payments included in the measurement of the lease liability comprise fixed payments (including in-substance fixed payments) less any incentives, variable lease payments that depend on an index or rate, expected residual guarantees and the exercise price of purchase options reasonably certain to be exercised by the Group. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, using the effective interest method, and by reducing the carrying amount to reflect payments made during the lease term. The Group remeasures the lease liability if the lease term has changed, when lease payments based on an index or rate change or when a lease contract is modified and the modification is not accounted for as a separate lease. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, lessees are not required to separate non-lease components from lease components, and instead account for any lease and associated non-lease components as a single lease component. The Group has used this practical expedient. 2.21 Loss per share Holders of the Predecessor Earn Out Shares and OACB Earn Out Shares have equal dividend and participation rights to the ordinary shareholders. However, these participating securities are classified as liabilities and as such, the shares held are not included in the weighted average number of ordinary shares outstanding in the basic loss per share calculation. The calculation of basic loss per share is based on the loss for the year attributable to ordinary shareholders of the Group and the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed by dividing the loss for the year attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding in the basic loss per share calculation, both of which are adjusted for the effects of all dilutive potential ordinary shares. Antidilutive effects of potential ordinary shares, which result in an increase in earnings per share or a reduction in loss per share, are not recognized in the computation of diluted loss per share.3. New accounting standards Management has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU effective on or after 1 January 2024 has not had a significant effect on the Consolidated financial statements, specifically:\u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Lease back;\u2013 Amendment to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants; and\u2013 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements.New or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. Management does not anticipate any significant impact on the consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the statements of profit or loss and other comprehensive income or loss and to differentiate between earnings from operating activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results. Management is currently assessing the impact of this new standard.4. Segment reporting As disclosed in Note 2, the Group operates and manages its business as one operating segment. A significant portion of the Group\u2019s revenue is generated from long-term out-license contracts which provide the customer with exclusive or semi-exclusive rights to a particular territory, which generally span multiple countries or a particular continent, as well as the Group\u2019s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. Therefore, based on the nature of the customer agreements, revenue information is not currently available on a country-by-country basis. Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group\u2019s customers pursuant to its out-license contracts, is as follows: 2024 2023Europe 157,587 63,510 USA 273,036 9,430 Rest of World 59,059 18,494 489,682 91,434 Non-current assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows: 2024 2023Europe 451,066 415,659 USA 6,407 5,094 Rest of World 10,547 6,194 468,020 426,947 Revenue from transactions with individual customers that exceeds ten percent or more of the Group\u2019s total revenue is as follows: 2024 2023Revenue % Total Revenue % Total Customer A 144,384 29.5% 9,430 10.3% Customer B 72,105 14.7% 46,954 51.4% Customer C 26,094 5.3% 8,876 9.7% Customer D 72,339 14.8% 16,556 18.1% Customer E 101,862 20.8% \u2014 \u2014%5. Revenue Disaggregated revenue The following table summarizes the Group\u2019s revenue from contracts with customers, disaggregated by the type of good or service and timing of transfer of control of such goods and services to customers during the years ended 31 December 2024 and 2023: 2024 2023Product revenue (point in time revenue recognition) 273,472 48,699 License revenue (point in time revenue recognition) 75,813 7,775 Performance revenue (point in time revenue recognition) 42,391 4,402 Development and other service revenue (over time revenue recognition) 98,006 30,558 489,682 91,434 Performance revenue is disaggregated from license revenue as the Company reached significant performance milestones during the year. Those were previously reported under license revenue in 2023.Reassessment of measure of progress Subsequent changes to the estimate of the transaction price are recorded as adjustments to revenue in the period of change. The Group updates the measure of progress estimates on a quarterly basis. The quarterly changes in estimates did not result in material adjustments to the Group\u2019s previously reported revenue or trade receivables during the years ended 31 December 2024 and 2023.Contract assets and liabilities A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below: Contract Contract Assets Liabilities 31 December 2022 28,656 93,932 Contract asset additions 19,634 \u2014 Amounts transferred to trade receivables (2,412) \u2014 Derecognition of contract liability \u2014 (42,089) Customer prepayments \u2014 100,555 Revenue recognized \u2014 (23,101) Foreign currency adjustment 171 3,147 31 December 2023 46,049 132,444 Contract asset additions 133,756 \u2014 Amounts transferred to trade receivables (88,564) \u2014 Derecognition of contract liability \u2014 (331) Customer prepayments \u2014 51,255 Revenue recognized \u2014 (82,454) Foreign currency adjustment (1,227) (4,213) 31 December 2024 90,014 96,701 The net increase in contract assets as of 31 December 2024 is due to the revenue recognized when the performance obligation has been met which is offset by transfer of amounts to trade receivables on the basis that the Group\u2019s right to that consideration is no longer contingent on its performance. The net decrease in contract liabilities as of 31 December 2024 is due to revenue recognized when the performance obligation has been met which is offset by customer prepayments in advance of the Group\u2019s performance. As of 31 December 2024, $22.7 million and $67.3 million are recorded as non-current contract assets and current contract assets, respectively. Non-current contract assets will materialize over the next 2 to 3 years. As of 31 December 2024, $80.7 million and $16.0 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 5 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates. Remaining performance obligations Due to the long-term nature of the Group\u2019s out-license contracts, the Group\u2019s obligations pursuant to such contracts represent partially unsatisfied performance obligations at year-end. The revenues under existing out-license contracts with original expected durations of more than one year are estimated to be $265.5 million. The Group expects to recognize the majority of these revenues over the next 5 years. 6. Salaries and other employee expenses The average number of individuals employed by the Group during the years ended 31 December 2024 and 2023 was 1,011 and 999, respectively. The aggregate salary and other employee expenses incurred by the Group for these employees were as follows: 2024 2023Salary expense 109,042 107,067 (1)Defined contribution plan expense 11,168 11,518 Long-term incentive plan expense 198 78 Share-based payments (see Note 22) 7,626 18,033 Other employee expense 19,998 19,718 Temporary labor 5,994 8,495 154,026 164,909 (1)Defined contribution plan expense consists of costs incurred by the Group for employees of certain subsidiaries that are required by local laws to participate in pension schemes. These pension schemes are not sponsored or administered by the Group. Pursuant to the requirements of the schemes, the Group is required to contribute a certain percentage of its payroll costs to the pension schemes. Such contributions are charged to the consolidated statements of profit or loss and other comprehensive income or loss as they are incurred in accordance with the rules of the pension schemes. Salaries and other employee expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 77,241 76,908 Research and development expenses 37,652 44,339 General and administrative expenses 39,133 43,662 Total salary and other employee expenses 154,026 164,9097. Finance income and finance costs Finance income earned for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives 75,528 \u2014 Interest income from cash and cash equivalents 4,577 4,547 Other interest income 40 276 80,145 4,823 Finance costs incurred for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives (see Note 27) (145,564) (132,333) Interest on debt and borrowings (147,373) (129,327) Interest on lease liabilities (see Note 13) (6,614) (3,840) Amortization of deferred debt issue costs (3,614) (1,657) (303,165) (267,157)8. Depreciation, amortization and impairment Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Depreciation and impairment of property, plant and equipment (see Note 12) 17,105 14,353 Depreciation of right of use assets (see Note 13) 13,377 8,913 Amortization and impairment of intangible assets (see Note 15) 819 2,723 31,301 25,989 Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 18,683 15,582 Research and development expenses 8,359 6,886 General and administrative expenses 4,259 3,521 Total depreciation, amortization and impairment expense 31,301 25,9899. Audit fees 2024 2023Financial Statement audit fees 3,335 2,876 Other fees, including tax services 279 462 Total fees 3,614 3,338 Financial Statements audit fees consist of fees for the audit of our annual financial statements and other professional services provided in connection with the statutory and regulatory filings or engagements, including fees for the review of our interim financial information. Other fees, including tax services, include fees for review of our current and historical financial information included in our SEC registration statements, fees for tax compliance, tax advice, and tax planning. 10. Income tax Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2024 and 2023 is as follows: 2024 2023Current taxDirect taxes - current 1,149 1,307 Direct taxes \u2013 prior year (48) (60) Total current tax 1,101 1,247 Deferred taxCurrent 7,284 (89,847) Prior year 5,916 (10,719) Total deferred tax 13,200 (100,565) Total income tax charge / (benefit) 14,301 (99,318) The prior year deferred tax impact of $5.9 million mainly relates to foreign currency impact on losses denominated in Icelandic krona.The factors affecting the tax charge during the year ended 31 December 2024 relate to the utilization of the deferred tax asset on accumulated tax losses previously recognized . The factors affecting the tax benefit during the year ended 31 December 2023 relate to the recognition of a deferred tax asset on accumulated tax losses, as management assessed that it was probable that the accumulated tax losses would be fully utilized in the coming years.There were no accruals for tax contingencies during the years ended 31 December 2024 and 2023.The effective tax rate for the year of -6.6% (2023: 15.3%) is lower than the applicable Luxembourgish statutory rate of corporation tax. The reconciling items between the statutory rate and the effective tax rate are as follows: 2024 2023Tax rate 24.9% 24.9% Effect of tax rate in foreign jurisdictions 0.8% (3.4%) Permanent Differences (17.4%) (6.7%) Non-recognition of tax losses (12.2%) (1.5%) Other items (2.8%) 1.9% Effective tax rate (6.6%) 15.3% The movement in net deferred taxes during the years ended 31 December 2024 and 2023 is as follows: 2024 2023Balance at 1 January 309,754 209,187 Deferred tax credited to profit or loss (13,205) 100,567 Balance at 31 December 296,549 309,754 Deferred tax assets 298,360 309,807 (Deferred tax liabilities) (1,811) (53) 2024 2023Deferred Tax Assets and Liabilities DTA (DTL) DTA (DTL)Intangible Assets 751 \u2014 (1,131) (8) Tangible Assets 530 (849) (1,967) (10) Inventory Reserves 1,384 \u2014 1,829 \u2014 Bad Debt Reserves 3,483 \u2014 3,700 \u2014 Employee Benefits 4,611 \u2014 5,652 \u2014 Provisions and accruals \u2014 (679) (410) \u2014 Other (275) (283) 760 (35) Taxable Losses 287,874 \u2014 301,375 \u2014 Total Deferred Taxes 298,360 (1,811) 309,807 (53) Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 requires these to be presented after such offset in the consolidated statements of financial position. The closing deferred tax balances included above are after offset; however, the disclosure of deferred tax assets by category below are presented before such offset. The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2024 and 2023 is composed of: 2024 2023Deferred tax assets attributable to tax loss carryforwards 287,874 301,375Deferred tax assets attributable to other temporary differences 10,760 11,941(Deferred tax liabilities) attributable to other temporary differences (2,085) (3,562)Net deferred tax assets / (liabilities) 296,549 309,754A deferred tax liability has been recognized in relation to ordinary timing differences arising from depreciation and other provisions. A deferred tax liability of $2.1 million and $3.6 million has been recognized as of 31 December 2024 and 2023, respectively.A deferred tax asset has been recognized in relation to ordinary timing differences arising from amortization, depreciation, reserves, employee benefits and tax losses carried forward in the Group. The deferred tax asset on tax losses relates to tax losses arising in Iceland, and management considers probable that future forecasted profit associated with product, license and other revenue will be available to offset the cumulative tax losses as of 31 December 2024. In assessing the probability of recovery, management has reviewed the Group's long-term plan, for the years 2025-20230, that has been used for the going concern assessment and the goodwill and fixed asset impairment testing. This long-term plan anticipates successful completion of biosimilar programs currently in the pipeline and execution of future commercial launches that will support profitability in the near future. The forecasts included in the long-term plan are evaluated to incorporate potential uncertainty associated with the amount and timing of expected future revenues, driven by factors such as potential competition and the inherent risk associated with biosimilar product development. No deferred tax asset is recognized on tax losses arising in Luxembourg as their recoverability is unlikely to be realized.A net deferred tax asset of $296.5 million and $309.8 million is recognized as of 31 December 2024 and 2023, respectively.These tax losses expire as follows: 2025-2027 118,340 2028-2030 392,857 Later 969,441 Indefinite \u2014 Total 1,480,638 As of 31 December 2024, the Group has total unused tax losses of $1,480.6 million which is comprised of $1,439.4 million of accumulated tax losses in Iceland and $41.2 million accumulated tax losses in Luxembourg.11. Loss per share Basic loss per share is computed by dividing loss for the year by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed by adjusting the calculation of basic loss per share for the effects of dilutive potential ordinary shares from financial instruments that may be converted or exercised into ordinary shares of the Group. For the years ended 31 December 2024 and 2023, 31,432,382 and 86,745,377, respectively, potential ordinary shares pursuant to the RSUs, Senior Bond Warrants, Aztiq Convertible Bond, 2022 Convertible Bonds, OACB Warrants, Predecessor Earn Out Shares, and OACB Earn Out Shares (as defined and discussed in Notes 21 and 27) were excluded in the calculation of diluted loss per share, since the effect of doing so would result in a reduction of loss per share and thus be antidilutive. The calculation of basic and diluted loss per share for the years ended 31 December 2024 and 2023 is as follows (in thousands, except for share and per share amounts):2024 2023EarningsLoss for the year (231,864) (551,731) Number of sharesWeighted average number of ordinary shares outstanding267,924,570 227,256,469Basic and diluted loss per share (0.87) (2.43)12. Property, plant and equipment Property, plant and equipment consists of facility, facility equipment, furniture, fixtures and leasehold improvements, and computer equipment. Movements within property, plant and equipment during the years ended 31 December 2024 and 2023 are as follows: Furniture, fixtures and Facilityleasehold Computer Facility Equipment improvements equipment Total CostBalance at 1 January 2024 115,000 176,718 10,878 2,312 304,908 Additions \u2014 61,633 3,517 98 65,248 Translation difference \u2014 (880) (94) (22) (996) Balance at 31 December 2024 115,000 237,471 14,301 2,388 369,160 DepreciationBalance at 1 January 2024 3,234 59,497 3,815 1,583 68,129 Depreciation 2,875 13,189 776 265 17,105 Translation difference \u2014 (579) (22) (19) (620) Balance at 31 December 2024 6,109 72,107 4,569 1,829 84,614 Net carrying amountBalance at 31 December 2024 108,891 165,364 9,732 559 284,546 Furniture, fixtures and Facilityleasehold Computer Facility Equipment improvements equipment Total CostBalance at 1 January 2023 115,000 145,150 9,598 1,959 271,707 Reclassification of assets \u2014 2,771 (112) (7) 2,652 Additions \u2014 29,351 1,500 518 31,369 Disposals \u2014 (1,233) (23) (136) (1,392) Translation difference \u2014 679 (85) (22) 572 Balance at 31 December 2023 115,000 176,718 10,878 2,312 304,908 DepreciationBalance at 1 January 2023 359 46,002 3,233 1,519 51,113 Reclassification of assets \u2014 3,330 (112) (7) 3,211 Depreciation 2,875 10,572 676 230 14,353 Disposals \u2014 (737) (22) (136) (895) Translation difference \u2014 330 40 (23) 347 Balance at 31 December 2023 3,234 59,497 3,815 1,583 68,129 Net carrying amountBalance at 31 December 2023 111,766 117,221 7,063 729 236,779 On 12 December 2024 the Group entered into a settlement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. with respect to Alvotech hf.'s equipment located in the leased premises and operated by Alvotech hf., which had been acquired by Faseignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. This resulted in an amendment of the lease agreement (see Note 13). The settlement amount was $14.8 million.The Group pledged $284.5 million and $127.4 million of property, plant and equipment as collateral to secure bank loans with third parties as of 31 December 2024 and 2023, respectively. 13. Leases The Group\u2019s leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group\u2019s right-of-use assets and the movements during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Right-of-use assetsBalance at 1 January 119,802 47,501 Adjustments for indexed leases 6,283 7,354 New leases 41,506 74,109 Cancelled leases (476) (139) Remeasurement due to acquisition of equipment (27,902) \u2014 Reclassification \u2014 (443) Depreciation (13,377) (8,913) Translation difference (638) 333 Balance at 31 December 125,198 119,802 The Group entered into a lease agreement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 14 years as of 31 December 2024. The building is 140,000 square feet. The construction was completed in 2024 and the final details are expected to be finalized in 2025. The lease amount is in substance fixed and is based on construction cost. On 12 December 2024 the Group entered into a settlement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. with respect to Alvotech hf.'s equipment located in the leased premises and operated by Alvotech hf., which had been acquired by Faseignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. This resulted in an amendment of the lease agreement which resulted in a partial termination of the right-of-use asset amounting to $27.9 million and remeasurement of the lease liability reducing the liability by $28.3 million. The Group recognized $0.4 million income due to this remeasurement in the consolidated statements of profit or loss and other comprehensive income or loss. The related right-of-use asset as of 31 December 2024 amounts to $78.7 million.The Group\u2019s right-of-use assets as of 31 December 2024 and 2023 are comprised of the following: 2024 2023Right-of-use assetsFacilities 117,931 110,692 Fleet 268 389 Equipment 6,999 8,721 125,198 119,802 At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The Group\u2019s lease liabilities and the movements during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Lease liabilitiesBalance at 1 January 115,315 40,532 Adjustments for indexed leases 6,325 7,405 New leases 41,584 72,882 Cancelled leases (484) (167) Installment payments (10,725) (7,260) Remeasurement due to acquisition of equipment (28,252) \u2014 Foreign currency adjustment (1,695) 1,932 Translation difference (416) (9) Balance at 31 December 121,652 115,315 Current liabilities (9,515) (9,683) Non-current liabilities 112,137 105,632 The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2024 and 2023 in relation to the Group\u2019s lease arrangements are as follows: 2024 2023Depreciation expense from right-of-use assetsFacilities (11,922) (7,631) Fleet (161) (180) Equipment (1,294) (1,102) Total depreciation expense from right-of-use assets (13,377) (8,913) Interest expense on lease liabilities (6,614) (3,840) Foreign currency difference on lease liability (1,695) (1,932) Gain/(loss) from extinguishment of lease agreement 375 (28) Total amount recognized in profit and loss (21,311) (14,713) The maturity analysis of undiscounted lease payments as of 31 December 2024 and 2023 is as follows: 2024 2023Less than one year 16,731 14,637 One to five years 58,722 51,053 Thereafter 101,703 89,682 177,156 155,372 The Group\u2019s lease liabilities as of 31 December 2024 and 2023 do not include short-term leases and low value leases. During these years the Group expensed $0.2 million and $0.7 million, respectively, in relation to such leases. 14. Goodwill The Group\u2019s goodwill balances as of 31 December 2024 and 2023 are as follows: 2024 2023Balance as of 1 January 12,058 11,643 Translation difference (728) 415 Balance as of 31 December 11,330 12,058 Goodwill is recognized at the Group level and allocated to group of cash-generating units, which represents the lowest level at which goodwill is monitored. The recoverable amount of the cash-generating unit is determined based on a value in use calculation which uses cash flow projections based on the financial forecast for the period 2025-2030 which reflect the recent business developments of the Group and has been approved by management and the Board of Directors. The Group determined that the terminal growth rate and the discount rate are the key assumptions used in determining the current estimate of value in use. Cash flows beyond 2031 have been extrapolated using a negative 5% terminal rate in both the 2024 and 2023 value in use calculations, respectively. A discount rate of 24.3% (2023: 25.0%) per annum was used in determining the current estimate of value in use. Since the recoverable amount of the cash-generating unit was substantially in excess of its carrying amount as of 31 December 2024 and 2023, management believes that any reasonably possible change in the key assumptions on which the recoverable amount of the cash-generating unit is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount. There were no goodwill impairment charges recognized in the consolidated statements of profit or loss and other comprehensive income or loss in any prior periods. 15. Other Intangible assets Other intangible assets consist of software, customer relationships, and licensed intellectual property rights. Movements in intangible assets during the years ended 31 December 2024 and 2023 are as follows: Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2024 17,073 2,271 6,000 25,344 Additions 2,409 \u2014 \u2014 2,409 Translation difference (248) (137) \u2014 (385) Balance at 31 December 2024 19,234 2,134 6,000 27,368 AmortizationBalance at 1 January 2024 3,997 2,271 \u2014 6,268 Amortization 819 \u2014 \u2014 819 Translation difference (203) (137) \u2014 (340) Balance at 31 December 2024 4,613 2,134 \u2014 6,747 Net carrying amountBalance at 31 December 2024 14,621 \u2014 6,000 20,621 Additions during the year ended 31 December 2024 were primarily the implementation of our new SAP system. Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2023 13,684 2,181 15,000 30,865 Reclassification of assets 1,002 \u2014 \u2014 1,002 Additions 4,094 \u2014 6,000 10,094 Impairment (1,779) \u2014 \u2014 (1,779) Retirement \u2014 \u2014 (15,000) (15,000) Translation difference 72 90 \u2014 162 Balance at 31 December 2023 17,073 2,271 6,000 25,344 AmortizationBalance at 1 January 2023 3,343 1,870 \u2014 5,213 Amortization 626 318 \u2014 944 Translation difference 28 83 \u2014 111 Balance at 31 December 2023 3,997 2,271 \u2014 6,268 Net carrying amountBalance at 31 December 2023 13,076 \u2014 6,000 19,076 Additions during the year ended 31 December 2023 were primarily comprised of licensed intellectual property rights from Kashiv as detailed below. Expense for amortization of the Group\u2019s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue \u2014 318 Research and development expenses 21 8 General and administrative expenses 798 618 819 944 At 31 December 2024 the Group performed a review of its intangible assets and determined that there was no impairment in 2024. At 31 December 2023, the Group determined certain software development had been abandoned. In assessing recoverable amount, the Group determined the market for resale was non-existent. Management therefore determined to fully impair the assets, resulting in an impairment charge of $1.8 million during the year ended 31 December 2023. The impairment charge for the year ended 31 December 2023 was recognized as an expense within \u201cGeneral and administrative expense\u201d.At 31 December 2023, following the termination of the agreement with Biosana, the Group derecognized $15.0 million of other intangible assets relating to intellectual property rights for the co-development and commercialization of AVT23. A corresponding receivable was recognized to reflect the claim against Biosana (see Note 18 for further information).Alvotech entered into an exclusive product licensing and supply agreement with Kashiv for the development and commercialization of AVT23 in September 2023. Under the terms of the agreement, Kashiv granted Alvotech an exclusive right for AVT23 which will be produced using Kashiv\u2019s proprietary process technology and commercialized by Alvotech in specific territories. In exchange, Alvotech made an upfront payment of $3.0 million upon the signing of the agreement, with an additional $3.0 million due upon the beginning of Phase 3 which coincides with the clinical trial application (\"CTA\") submission.In addition, Alvotech may be obligated to pay Kashiv up to an aggregate of $25 million (including the $6 million upfront payments mentioned above), payable upon the achievement of various development and regulatory milestones, as well as certain tiered royalty payments up to an aggregate of $15 million based on commercial sales of AVT23. The agreement terminates 10 years after the launch of AVT23 and is subject to certain customary termination rights.16. Cash and cash equivalents Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Cash and cash equivalents denominated in US dollars 36,930 1,466 Cash and cash equivalents denominated in other currencies 14,498 9,691 51,428 11,157 Restricted cashRestricted cash relates to cash that may only be used pursuant to certain of the Group\u2019s borrowing arrangements (see note 21). Therefore, these deposits are not available for general use by the Group. Movements in restricted cash balances during the years ended 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Balance at 1 January 26,132 25,187 Interest income 740 945 Release during the period (26,872) \u2014 Balance at 31 December \u2014 26,13217. Inventories The Group\u2019s inventory balances as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Raw materials and supplies 53,566 51,524 Work in progress 81,243 33,068 Finished goods \u2014 244 Inventory reserves (6,920) (10,403) Total Balance 127,889 74,433 The increase in inventory from 31 December 2023 to 31 December 2024 is due to the expansion of the commercial launch of certain of the Group\u2019s biosimilar products.The Group recognized $117.9 million and $42.8 million within cost of goods sold during the years ended 31 December 2024 and 2023, respectively.During the years ended 31 December 2024 and 2023, write-down of inventories amounted to $6.9 million and $10.4 million, respectively, due to product expiration and results from quality control inspections. There was a reversal of inventory write-downs of $8.9 million during the year ended 31 December 2024. There was no reversal of inventory write-downs during the year ended 31 December 2023.18. Other current assets The composition of other current assets as of 31 December 2024 and 31 December 2023 is as follows:31 December 31 December 20242023Value-added tax 17,719 8,801 Prepaid expenses 23,984 22,035 Proceeds receivable from sale of joint venture (Note 26) 5,950 \u2014 Other short-term receivables 411 1,035 48,064 31,871 During the year 2023, the Group terminated the co-development agreement with Biosana for AVT23 and derecognized $15.0 million of other intangible assets and $3.5 million of prepaid development costs. A receivable of $18.5 million was recognized under other current assets which was fully reserved due to the uncertainty that it would be collected. In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year.19. Share capital Share capital and share premium of the Group\u2019s Ordinary Shares issued as of 31 December 2024, and 2023 are as follows (in thousands, except for share amounts): 2024 2023Share Share capital and capital and share share Sharespremium SharespremiumOrdinary Shares301,805,677 2,009,884 266,821,844 1,231,969 Total share capital and share premium301,805,677 2,009,884 266,821,844 1,231,969 The authorised capital, excluding the share capital, is set at $59.0 million, consisting of 5,901,355,465 shares, each having a nominal value of $0.01.On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech\u00b4s subsidiary Alvotech Manco. As of 31 December 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million.The Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion, obtained repayment from the Group in July 2024, upon the closing of the Secured Loan Facility of $965.0 million.Movements in the Group\u2019s Ordinary shares, share capital and share premium during the years ended 31 December 2024 and 2023 are as follows (in thousands, except for share amounts): Predecessor Ordinary Ordinary Share Share SharesShares capital premium TotalBalance at 1 January 2023252,160,087 \u2014 2,126 1,058,432 1,060,558Capital contribution11,834,061 \u2014 118 132,618 132,736 Vested earn-out shares\u2014 \u2014 6 8,300 8,306 Penny warrants (Note 27)2,479,962 \u2014 25 27,159 27,184 Public warrants (Note 27)553,552 \u2014 6 7,612 7,618 Settlement of RSUs with shares (Note 22)838,919 \u2014 8 5,095 5,103 Settlement of SARs with shares(1,044,737) \u2014 (10) (9,526) (9,536) Balance at 31 December 2023266,821,844 \u2014 2,279 1,229,690 1,231,969Capital contribution9,213,333 \u2014 92 144,547 144,639 Vested earn-out shares\u2014 \u2014 198 310,703 310,901 Penny warrants (Note 27)1,718,845 \u2014 17 24,293 24,310 Public warrants (Note 27)419,660 \u2014 4 6,691 6,695 Settlement of RSUs with shares (Note 22)1,549,290 \u2014 15 5,890 5,905 Settlement of options with shares9,127 \u2014 0 105 105 Conversion of convertible bonds (Note 21)22,073,578 \u2014 221 285,139 285,360 Balance at 31 December 2024301,805,677 \u2014 2,826 2,007,058 2,009,884No dividends were paid or declared during the years ended 31 December 2024 and 2023.At 31 December 2024 and 2023 Alvotech Manco ehf., a subsidiary of Alvotech hf., owned 22,995,363 and 22,905,618 Ordinary Shares in Alvotech. Such shares are intended for the future issuance of Ordinary Shares under the Management Incentive Plan and other equity offerings. 20. Other reserves The composition of other reserves as of 31 December 2024 and 2023 is as follows:2024 2023Equity component of convertible bonds \u2014 21,391 Share based payments 17,272 21,520 17,272 42,91121. Borrowings The Group\u2019s debt consists of interest-bearing borrowings from financial institutions and third parties. Outstanding borrowings, net of transaction costs and debt discounts, presented on the consolidated statements of financial position as current and non-current as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Senior Bonds \u2014 549,411 2022 Convertible Bonds \u2014 155,914 Aztiq Convertible Bonds \u2014 80,663 Alvogen Facility \u2014 76,556 Senior Secured First Lien Term Loan Facility 990,744 \u2014 Other borrowings 77,840 97,615 Total outstanding borrowings, net of debt issue costs 1,068,584 960,159 Less: current portion of borrowings (32,702) (38,025) Total non-current borrowings 1,035,882 922,134 Senior Secured First Lien Term Loan Facility On 7 June 2024, the Company entered into a $965.0 million senior secured first lien term loan facility, enabling the Company to improve cost of capital, address upcoming debt maturities in 2025 and add incremental cash to the statement of financial position. Upon the closing of the Secured Loan Facility, the Company was required to settle its existing debt obligations.On 10 July 2024, the Company closed its previously executed Secured Loan Facility. The closing has allowed Alvotech to refinance outstanding debt obligations on 10 July 2024 and 11 July 2024, reducing the cost of capital and improving its overall debt maturity profile. The Secured Loan Facility, for $965.0 million in aggregate principal amount, matures in July 2029. The first tranche is a first lien $900.0 million term loan which bears an interest rate of SOFR plus 6.5% per annum (the \"First Tranche Facility\"). The second tranche is a $65.0 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum (the \"Second Tranche Facility\"). This resulted in the concurrent settlement of its existing debt obligations as described below.The refinancing resulted in net cash proceeds of $140.5 million after transaction costs paid of $32.6 million. The Group has pledged key assets, including trade receivables, inventory, bank accounts, equity interests in its subsidiaries, intellectual property, equipment (1st lien pledge), and the manufacturing facility (2nd lien pledge) as collateral to secure the Secured Loan Facility.Under the terms of the Secured Loan Facility, the First Tranche Facility includes payments of 0.25% of aggregated principal amount at the closing date that are due quarterly with a final maturity in July 2029 and the Group can elect payment-in-kind interest for any quarterly payment due on or before 30 June 2025, provided that if such election is made, the annual interest rate will increased by 0.75%. The Second Tranche Facility is a bullet loan with a final maturity in July 2029 and payment-in-kind interest.The Group has the option, at any time, to prepay all or any part of the First Tranche Facility in exchange for the payment of the redemption premium pursuant to the terms of the Secured Loan Facility agreement at the time of such prepayment. The Group can elect to prepay the Second Tranche Facility once the First Tranche Facility has been repaid in full.The Group is in compliance with all representations and non-financial covenants required by the Secured Loan Facility agreement.As of 31 December 2024, the carrying amount of the Secured Loan Facility is $990.7 million.Conversion of the 2022 Convertible Bonds and the Aztiq Convertible BondsOn 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the transaction date exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interests. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Secured Loan Facility.A loss on extinguishment of financial liabilities of $58.3 million related to the conversion of existing debt obligations was recorded during the year ended 31 December 2024, including the following:\u2022 Conversion of all the Tranche A and some of the Tranche B of the 2022 Convertible Bonds with a principal value of $195.2 million, and $0.6 million of accrued interest, resulting in a loss on extinguishment of $56.3 million; and\u2022 Conversion of some of the Aztiq Convertible Bonds with a principal value of $24.5 million, and $0.4 million of accrued interest, resulting in a loss on extinguishment of $2.0 million. Refinancing of existing debt obligationsAs described above, the Company refinanced its outstanding debt obligations following the close of the Secured Loan Facility. This resulted in the extinguishment of the Senior Bonds, the Alvogen Facility, and a portion of other outstanding borrowings. A loss on extinguishment of financial liabilities of $10.7 million related to the refinancing of existing debt obligations was recorded during the year ended 31 December 2024, including the following:\u2022 Repayment of the Senior Bonds with a principal value of $550.8 million, and $4.7 million of accrued interest, resulting in a loss on extinguishment of $1 million;\u2022 Repayment of the unconverted 2022 Convertible Bonds with a principal value of $43.7 million, and $0.5 million of accrued interest, resulting in a loss on extinguishment of $2.9 million; and\u2022 Repayment of the unconverted Aztiq Convertible Bonds with a principal value of $72.4 million, and $1.0 million of accrued interest, resulting in a loss on extinguishment of $6.8 million.Facility loans The Group assumed the Facility loans as part of the asset acquisition for the manufacturing facility in Reykjavik. On 9 December 2022, the Group extinguished the assumed loans from Arion banki hf., with an outstanding balance of $30.9 million, with two new loans from Landsbankinn hf. for $48.8 million, with variable interest rate. The refinancing resulted in net cash proceeds of $17.2 million after transaction costs paid. The Group has pledged the facility as collateral to secure these loans (1st lien pledge), as further described in Note 12.These two loans were denominated in Icelandic Krona and included a conversion clause to convert them into USD. The conversion of these two loans took place in March 2023.Under the terms of the loan agreements after conversion, the first loan includes annuity payments that are due monthly with a final maturity in December 2029 and a variable interest rate of SOFR plus a margin of 4.75%. The second loan is a bullet loan with a final maturity in December 2027 and a variable interest rate of SOFR plus a margin of 3.75%The Group determined that conversion to USD of the two loans was a substantial modification to loan agreements and accounted for the transaction as an extinguishment. No gain or loss was recognized as part of the extinguishment.As part of securing the Secured Loan Facility in June 2024, the two loans have been merged into one loan with annuity payments that is due monthly with a final maturity in February 2030 and a variable interest rate of SOFR plus a margin of 4.05%.As of 31 December 2024, the carrying amount of the Facility loans is $45.8 million, compared to $48.5 million as of 31 December 2023.Other borrowings On 22 February 2022, the Group entered into a credit facility agreement with Landsbankinn hf., which was amended in July 2024, with the ability to draw down an amount up to $18.3 million. The credit facility is in place to help finance equipment purchases in the future. Per the terms of the credit facility, the agreement expires on 1 September 2025 and the borrowings have a variable interest rate of USD SOFR plus a margin of 4.95%. As of 31 December 2024, the outstanding balance on the credit facility was $18.3 million, compared to $7.8 million as of 31 December 2023. On 22 February 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $3.2 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in February 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $2.2 million, compared to $2.5 million as of 31 December 2023.On 5 August 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $1.8 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in February 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $1.3 million, compared to $1.6 million as of 31 December 2023. On 4 August 2023, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $11.5 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in July 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $9.7 million, compared to $11.0 million as of 31 December 2023.The Group is in compliance with all representations and non-financial covenants required by these agreements. In addition, the Group has pledged equipment as collateral to secure these borrowings, as further described in Note 12. Movements in the Group\u2019s outstanding borrowings during the year ended 31 December 2024 are as follows: 2024Borrowings, net at 1 January960,159 Recognition of deferred debt issue costs(32,601) Accretion/derecognition of borrowings discount13,127 Loss on extinguishment69,047 Proceeds from new borrowings1,064,958 Bonds converted to equity(220,736) Repayments of borrowings(874,412) Accrued interest88,206 Amortization of deferred debt issue costs3,614 Foreign currency exchange difference(2,777) Borrowings, net at 31 December1,068,584 The table below details the changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated cash flow statement as cash flows from financing activities.Fair value Financing Capitalizechanges, Foreign 31 1 January Cash flows d loan cost including Other exchange Conversion December 2024(a)changesaccretionchanges (b)impactto equity20242022 Convertible Bonds and Aztiq Convertible Bonds 236,577 (116,108) 761 80,829 21,454 (2,777) (220,736) \u2014 Senior Bonds 549,411 (550,755) \u2014 1,344 \u2014 \u2014 \u2014 \u2014 Senior Secured First Lien Term Loan Facility \u2014 927,899 2,852 59,993 990,744 Other borrowings 97,615 (19,760) \u2014 \u2014 (15) \u2014 \u2014 77,840 Alvogen Facility 76,556 (83,330) \u2014 \u2014 6,773 \u2014 \u2014 \u2014 Borrowings, net 960,159 157,945 3,614 82,174 88,205 (2,777) 1,068,584 (a) This represents the proceeds from the Secured Loan Facility and the repayments of the existing borrowings in the cash flow statement as described above.(b) Other changes include interest accruals and effects of interest payments including $60 million PIK interest from the Secured Loan Facility and $15.1 million of PIK interest converted to equity following the settlement of existing debt obligations.Fair value Financing Capitalized changes, Other Foreign 31 1 January Cash flows loan cost including changes exchange December 2023(a)changesaccretion(b)impact20232022 Convertible Bonds and Aztiq Convertible Bonds 98,234 145,358 1,657 (36,071) 27,603 (204) 236,577 Senior Bonds 530,506 \u2014 \u2014 888 18,017 \u2014 549,411 Other borrowings 71,242 25,102 \u2014 \u2014 (8) 1,279 97,615 Alvogen Facility 64,588 \u2014 \u2014 \u2014 11,968 \u2014 76,556 Borrowings, net 764,570 170,460 1,657 (35,183) 57,580 1,075 960,159 (a) The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.(b) Other changes include interest accruals and payments.The weighted-average interest rates of outstanding borrowings for the years ended 31 December 2024 and 31 December 2023 are 12.4% and 12.73%, respectively.Contractual maturities of principal amounts on the Group\u2019s outstanding borrowings as of 31 December 2024 are as follows: 31 December 2024Within one year 32,702 Within two years 14,590 Within three years 14,784 Within four years 14,996 Thereafter 992,539 1,069,61122. Share-based payments On 1 December 2022, the Remuneration Committee authorized and the Group granted RSUs to employees, executives, and directors, granting rights to Ordinary Shares once vesting conditions are met. Compensation expense for RSUs is determined based upon the market price of the Ordinary Shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a 1 to 4-year period, with a 1-year cliff vesting period and either subsequent monthly vesting or annual vesting, resulting from participants completing a service condition. Movements in RSUs during the years ended 31 December 2024 and 2023 are as follows:2024 2023Weighted Weighted Average Average RSUs Fair Value RSUsFair ValueOutstanding at 1 January 3,745,781 $7.04 6,979,482 $6.72 New grants during the period 673,425 $11.66 820,602 $8.79 Forfeited during the period (589,482) $7.98 (1,587,929) $7.11 Vested during the period (1,487,906) $6.99 (2,466,374) $6.67 Outstanding at 31 December 2,341,818 $8.17 3,745,781 $7.04 The Group recognized $7.6 million and $18.0 million of share-based payment expense during the years ended 31 December 2024 and 2023, respectively, as follows:2024 2023Cost of product revenue 941 3,319 Research and development expenses 1,879 3,991 General and administrative expenses 4,806 10,723 7,626 18,03323. Litigation The Group was involved in four litigations (all now dismissed) in the United States adverse to AbbVie arising out of the development of Alvotech\u2019s AVT02 product, and the filing of a biologics license application with the U.S. Food and Drug Administration seeking regulatory approval (the \u201cAbbVie Litigations\u201d).Alvotech entered into the AbbVie U.S. Agreement with AbbVie Inc. and AbbVie Biotechnology Ltd with respect to AVT02 for the U.S. market. Pursuant to the settlement component of the AbbVie U.S. Agreement, the parties agreed to stipulate to the dismissal of all claims, counterclaims and potential claims in the four U.S. litigations, with each party to bear its own fees and costs. The parties further agreed to release each other from certain claims and demands. The Group incurred approximately $0.0 million and $0.0 million in legal expenses during the years ended 31 December 2024 and 2023, respectively, in preparation for, and/or in relation to, these litigations. Aside from this matter, the Group is not currently a party to any material litigation or similar matters.24. Related parties Related parties are those parties which have considerable influence over the Group, directly or indirectly, including a parent company, owners or their families, large investors, key management personnel and their families and parties that are controlled by or dependent on the Group, such as affiliates and joint ventures. Key management personnel include the Group\u2019s executive officers and directors, since these individuals have the authority and responsibility for planning, directing and controlling the activities of the Group. Interests in subsidiaries are set out in Note 1. Transactions with related partiesA related party transaction is a transfer of resources, services or obligations between the Group and a related party, regardless of whether a price is charged. The Group engages with related parties for both purchased and sold services, loans and other borrowings and other activities. Lease agreements with related partiesThe Group entered into a lease agreement with Fasteignafelagid Eyjolfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 14 years as of 31 December 2024. The building is 140,000 square feet. The construction was completed in 2024 and the final details are expected to be finalized in 2025. Lease liabilities as of 31 December 2024 amount to $80.6 million. The Group entered into six separate lease agreements with Fl\u00f3ki Fasteignir ehf. in 2024 for apartment buildings in Iceland used for temporary housing of employees and third-party contractors. The remaining lease terms approximate 10 years, on average, as of 31 December 2024. Lease liabilities as of 31 December 2024 for the new leases amount to $1.5 million.The Group entered into office sublease sharing agreement with Alvogen UK Ltd. in August 2023. The agreement was effective from 1 January 2023 and shall terminate upon the expiration or termination of the lease. The office is approximately 5,500 square feet and the group leases 30% of the premises, containing approximately 1,645 square feet of space. Lease liabilities as of 31 December 2024 amount to $0.5 million.The Group entered into an art lease agreement with Fl\u00f3ki-Art ehf. in January 2023, as a result of the Share Purchase Agreement pursuant to which the Group rent pieces of art located in S\u00e6mundargata 15-19, Reykjavik. The remaining lease term for the leased asset is 14 years as of 31 December 2024. Lease liabilities as of 31 December amount to $0.4 million.The Group provides and receives certain support services through arrangements with Aztiq, Alvogen, and Adalvo Ltd. (Adalvo). Services provided to Alvogen consist of finance, administrative, legal and human resource services. Services received from Alvogen primarily consist of marketing, salary processing, and information technology support services. Services received from Adalvo primarily consist of legal, regulatory, supply chain management, and portfolio and market intelligence services. Purchased service includes rental fees and service expenses, as described above. Rental fees and service expenses with related parties are presented as \u201cGeneral and administrative expenses\u201d or \u201cResearch and development expenses\u201d in the consolidated statements of profit or loss and other comprehensive income or loss, depending on the nature of the service performed and expense incurred by the Group. Rental liabilities from lease arrangements with related parties are presented as a component of \u201cLease liabilities\u201d on the consolidated statements of financial position. Service payables are presented as \u201cLiabilities to related parties\u201d on the consolidated statements of financial position. Interest includes interest expense on borrowings. Interest expenses on loans from related parties are presented as \u201cFinance costs\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. Borrowings are presented as \u201cBorrowings\u201d and \u201cCurrent maturities of borrowings\u201d on the consolidated statements of financial position. See Note 21 for further details on the borrowing arrangements with related parties. Sold service includes services provided to related parties, as described above. Income from related parties for such services are presented as \u201cOther income\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. Amounts receivable for such activities are presented as \u201cReceivables from related parties\u201d on the consolidated statements of financial position. The Group has not recorded bad debt provisions for its receivables from related parties. Related party transactions as of 31 December 2024 are as follows:Purchases /Payables/ interest Sold service ReceivablesborrowingsAlvogen Lux Holdings S.\u00e0 r.l. \u2013 Sister company (a) 9,754 \u2014 \u2014 \u2014 ATP Holdings ehf. - Sister company (a) 4,926 \u2014 \u2014 \u2014 Aztiq Consulting ehf. \u2013 Sister company 192 \u2014 \u2014 2 Fl\u00f3ki-Art ehf. - Sister company 52 \u2014 \u2014 410 Alvogen Iceland ehf. - Sister company 25 \u2014 \u2014 \u2014 Alvogen ehf. - Sister company \u2014 132 18 \u2014 Alvogen UK - Sister company 233 \u2014 \u2014 76 Alvogen Finance B.V. - Sister Company 565 \u2014 \u2014 \u2014 Alvogen Inc. - Sister company 355 \u2014 3 619 Adalvo Limited - Sister company 265 220 97 149 L41 ehf. - Sister company 53 \u2014 \u2014 \u2014 Fl\u00f3ki Invest ehf - Sister company 696 32 \u2014 60 Alvogen Spain SL - Sister company \u2014 \u2014 \u2014 14 Norwich Clinical Services Ltd - Sister company 906 \u2014 \u2014 177 Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur ehf - Sister company 28,456 \u2014 \u2014 87,946 Fl\u00f3ki fasteignir ehf. - Sister company 2,300 \u2014 \u2014 10,937 48,778 384 118 100,390 (a) The full amount of purchased service relates to interest expenses from long-term liabilities which have been extinguished (see Note 21).Related party transactions as of 31 December 2023 are as follows: Purchased service / Payables/ interest Sold service ReceivablesborrowingsAlvogen Lux Holdings S.\u00e0 r.l. \u2013 Sister company (a) 11,968 \u2014 \u2014 76,556 ATP Holdings ehf. - Sister company (a) 9,193 \u2014 \u2014 49,560 Aztiq Consulting ehf. - Sister company 178 69 \u2014 54 Fl\u00f3ki-Art ehf. - Sister company 88 \u2014 \u2014 422 Alvogen Iceland ehf. - Sister company 19 1 \u2014 484 Alvogen ehf. - Sister company \u2014 152 16 \u2014 Alvogen UK - Sister company 273 \u2014 \u2014 581 Alvogen Finance B.V. - Sister company 3,382 \u2014 \u2014 65 Lotus Pharmaceuticals Co. Ltd. - Sister company (b) \u2014 29 29 7,440 Lotus International Pte. Ltd. - Sister company \u2014 2 \u2014 \u2014 Alvogen Emerging Markets - Sister company 108 \u2014 \u2014 \u2014 Alvogen Inc. - Sister company 305 \u2014 \u2014 284 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) \u2014 \u2014 758 539 Adalvo Limited - Sister company 402 189 86 337 Adalvo UK - Sister company \u2014 49 \u2014 \u2014 Fl\u00f3ki Invest ehf. - Sister company 680 4 \u2014 251 Floki Holdings S.\u00e0 r.l. \u2013 Sister company 40 \u2014 \u2014 \u2014 Alvogen Malta Sh. Services - Sister company \u2014 \u2014 7 \u2014 Alvogen Spain SL - Sister Company 14 \u2014 \u2014 15 Norwich Clinical Services Ltd - Sister company 642 \u2014 \u2014 170 Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur ehf - Sister company (d) 3,807 102 \u2014 69,732 Fl\u00f3ki fasteignir ehf. - Sister company 1,682 \u2014 \u2014 11,466 32,781 597 896 217,956 (a) The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities including discount and accretion (see Note 21). (b) Payables to Lotus Pharmaceuticals Co. Ltd. consists of an other current liability. This other current liability is presented as \u201cLiabilities to related party\u201d on the unaudited condensed consolidated interim statements of financial position. (c) The amount receivable from Alvotech & CCHN Biopharmaceutical Co., Ltd. relates to amounts due for reference drugs used in research and development studies and certain consulting fees incurred by the Group.(d) Refer to Note 13 for the details of the new lease. Commitments and guaranteesThe Group does not have any contractual commitments with its related parties other than the receivables, loans and payables previously disclosed. Key management personnelAt 31 December 2024 and 2023 there were no loans to the members of the Board of Directors and the CEO. In addition, there were no transactions carried out between the Group and members of the Board of Directors nor the CEO in the years ended 31 December 2024 and 2023. The Board of Directors\u2019 remuneration is shown in the table below. Board of Directors\u2019 fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2024Pension Other long-Shares at Board feescontributionterm benefitsyear-end**Robert Wessman, Chairman of the board* \u2014 \u2014 \u2014 \u2014Richard Davies, Vice-Chairman 156 \u2014 183 1,163,422Ann Merchant, Board Member 112 \u2014 183 21,164\u00c1rni Har\u00f0arson, Board Member* \u2014 \u2014 \u2014 \u2014Faysal Kalmoua, Board Member* \u2014 \u2014 \u2014 \u2014Hj\u00f6rleifur P\u00e1lsson, Board Member (from 7 June 2024) 41 \u2014 \u2014 2,350Linda McGoldrick, Board Member 92 \u2014 183 21,164Lisa Graver, Board Member 68 \u2014 183 21,164Tomas Ekman, Board Member* \u2014 \u2014 \u2014 \u2014 469 \u2014 732 1,229,264* Waived their board compensation (both cash and equity)** Direct share ownership 2024Salaries and Pension Termination Other long- term Key employeesbenefitscontributionbenefitsbenefitsRobert Wessman CEO 2,176 147 \u2014 \u2014 Other Executive Team Members (10) 5,332 362 125 13,844 7,508 509 125 13,844 Board of Directors\u2019 fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2023Pension Other long-Shares at Board feescontributionterm benefitsyear-end**Robert Wessman, Chairman of the board* \u2014 \u2014 \u2014 \u2014Richard Davies, Vice-Chairman 156 \u2014 104 1,143,713Ann Merchant, Board Member 113 \u2014 104 10,582\u00c1rni Har\u00f0arson, Board Member* \u2014 \u2014 \u2014 \u2014Faysal Kalmoua, Board Member* \u2014 \u2014 \u2014 \u2014Linda McGoldrick, Board Member 81 \u2014 104 10,582Lisa Graver, Board Member 71 \u2014 104 10,582Tomas Ekman, Board Member* \u2014 \u2014 \u2014 \u2014 421 \u2014 416 1,175,459* Waived their board compensation (both cash and equity)** Direct share ownership 2023Salaries and Pension Termination Other long- term Key employeesbenefitscontributionbenefitsbenefitsRobert Wessman CEO 1,491 26 \u2014 \u2014 Other Executive Team Members (9) 5,020 346 52 9,456 6,511 372 52 9,45625. Other current liabilities The composition of other current liabilities as of 31 December 2024 and 31 December 2023 is as follows: 31 December 31 December 20242023Unpaid salary and salary related expenses 14,465 31,340 Accrued interest 428 3,333 Accrued vacation leave 6,631 6,075 Employee incentive plan \u2014 659 Accrued royalties 15,858 5,001 Accrued profit sharing 12,604 \u2014 Accrued other expenses 9,418 16,312 59,404 62,72026. Interests in joint ventures In September 2018, Alvotech hf., a subsidiary of the Group, entered into a joint venture agreement with Changchun High & New Technology Industries (Group) Inc. (the \u201cjoint venture partner\u201d, \"CCHN\") to form a newly created joint venture entity, Alvotech & CCHN Biopharmaceutical Co., Ltd. (the \u201cjoint venture\u201d or \u201cJVCO\u201d). The purpose of the JVCO is to develop, manufacture and sell biosimilar products in the Chinese market. The JVCO\u2019s place of business is also the country of incorporation. Ownership interest Carrying AmountPlace of Name of entitybusiness2024 2023 2024 2023Alvotech & CCHN Biopharmaceutical Co., Ltd.China \u2014% 50% \u2014% 18,494 In June 2024, Alvotech hf. sold its share in the joint venture for a gross proceeds of $18.0 million (less $1.3 million in transaction costs). The sale resulted in a net loss of $3.0 million, including accumulated translation difference, recognized during the year ended 31 December 2024. The total gross proceeds was $18.0 million, and the unpaid portion of $6.0 million is classified as other short-term assets.The following table provides the change in the Group\u2019s interest in a joint venture during the years ended 31 December 2024 and 2023: 2024 2023Balance at 1 January 18,494 48,568 Share in losses \u2014 (7,153) Sale of shares in joint venture (18,494) \u2014 Translation difference \u2014 (1,402) Balance at 31 December \u2014 18,49427. Financial instruments Accounting classification and carrying amountsFinancial assets as of 31 December 2024 and 2023, all of which are measured at amortized cost, are as follows: 31 December 31 December 20242023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other current assets 6,361 1,035 Receivables from related parties 118 896 Other long-term assets 213 336 218,337 80,848 Financial liabilities as of 31 December 2024 and 2023 are as follows:31 December 31 December 20242023Borrowings (measured at amortized cost) 1,068,584 960,159 Derivative financial liabilities (measured at FVTPL) 210,224 520,553 Trade and other payables (measured at amortized cost) 67,126 80,563 Lease liabilities (measured at amortized cost) 121,652 115,315 Liabilities to related parties (measured at amortized cost) 8,465 9,851 Other current liabilities 58,903 61,873 1,534,954 1,748,314 It is management\u2019s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of, in 2024, the Secured Loan Facility, and, in 2023, the Senior Bonds, Aztiq Convertible Bond, 2022 Convertible Bonds, and Alvogen Facility, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. Material differences between the fair values and carrying amounts of these borrowings are identified as follows: 31 December 2024Carrying Amount Fair ValueSenior Secured First Lien Term Loan Facility 990,744 969,077 990,744 969,077 31 December 2023Carrying Amount Fair ValueSenior Bonds 549,411 559,867 Aztiq Convertible Bond 80,663 84,756 2022 Convertible Bonds 155,914 217,419 Alvogen Facility 76,556 82,060 862,544 944,102 Fair value measurementsThe following tables illustrate the fair value measurement hierarchy of the Group\u2019s financial instruments measured at fair value on a recurring basis as of 31 December 2024 and 31 December 2023: 31 December 2024Level 1 Level 2 Level 3 TotalPredecessor Earn Out Shares \u2014 179,300 \u2014 179,300 OACB Warrants 30,924 \u2014 \u2014 30,924 30,924 179,300 \u2014 210,224 31 December 2023Level 1 Level 2 Level 3 TotalSenior Bond Warrants 19,715 \u2014 \u2014 19,715 Tranche A Conversion Feature \u2014 \u2014 118,830 118,830 Predecessor Earn Out Shares \u2014 349,900 \u2014 349,900 OACB Earn Out Shares \u2014 6,200 \u2014 6,200 OACB Warrants 25,908 \u2014 \u2014 25,908 45,623 356,100 118,830 520,553 The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the year ended 31 December 2024. During the year ended 31 December 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,718,845 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The Tranche A Conversion Feature was extinguished upon the conversion of the Tranche A 2022 Convertible Bonds on 1 July 2024 (refer to Note 21 for further details). In February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. Predecessor Earn Out Shares In February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss.The Predecessor Earn Out Shares had a fair value of $179.3 million as of 31 December 2024, resulting in $130.5 million of finance costs for the year ended 31 December 2024. The fair value of the Predecessor Earn Out Shares was determined using Monte Carlo analysis that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares: 31 December 31 December 20242023Number of shares 19,165,000 38,330,000Share price $13.23 $11.48 Volatility rate 52.0 % 55.0 %Risk-free rate 4.26 % 3.97 %OACB Warrants During the year ended 31 December 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The OACB warrants had a fair value of $30.9 million as of 31 December 2024. The fair value of the warrants was derived from the publicly quoted trading price at the valuation date. The change in fair value of the OACB Warrants resulted in $6.9 million of finance costs for the year ended 31 December 2024. Capital managementThe capital structure of the Group consists of equity, debt and cash. For the foreseeable future, the Board of Directors will maintain a capital structure that supports the Group\u2019s strategic objectives through managing the budgeting process, maintaining strong investor relations and managing the financial risks of the Group, as further described below. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2024 and 2023. Financial risk managementThe Group\u2019s corporate treasury function provides services across the organization, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the Group\u2019s operations through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including interest rate risk and foreign currency risk), credit risk and liquidity risk. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of fluctuations in market interest rates primarily relates to the cash in bank and borrowings that are subject to floating interest rates. The following table provides an interest rate sensitivity analysis for the effect on loss before tax. The analysis assumes that all other variables, such as foreign currency exchange rates, remain constant. 2024 2023Variable-rate financial instruments +100 (9,873) (89) Variable-rate financial instruments -100 9,873 89 Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group uses the U.S. dollar as its reporting currency and conducts business on a global basis in various currencies. As a result, the Group is exposed to foreign currency exchange movements, primarily in European, Icelandic and UK market currencies, as well as in the Swiss franc. Below are the foreign currencies that have the most significant impact on the Group\u2019s operations. Closing rate Average rateChange2024 2023 2024 2023EUR 1.038 1.105 1.082 1.091 (6.0%) GBP 1.251 1.275 1.278 1.266 (1.8%) ISK 0.007 0.007 0.007 0.007 (2.0%) CHF 1.103 1.188 1.136 1.156 (7.2%) INR 0.012 0.012 0.012 0.012 (2.6%) The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2024 are as follows: NetAssets Liabilitiesassets EUR 49,968 23,847 26,121 GBP 315 3,669 (3,354) ISK 3,162 154,048 (150,886) CHF 2,522 2,837 (315) INR 881 536 345 The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows: Net Assets Liabilitiesassets EUR 36,568 46,303 (9,735) GBP 69 3,479 (3,410) ISK 3,247 144,812 (141,565) CHF 335 7,488 (7,153) INR 167 536 (369) A reasonable possible strengthening or weakening of the Group\u2019s significant foreign currencies against the U.S. dollar would affect the measurement of financial instruments denominated in a foreign currency and affect profit or loss and equity by the amount shown in the sensitivity analysis table below. The analysis assumes that all other variables, such as interest rates, remain constant. EUR GBP ISK CHF INR Year ended 31 December 2024-10% weakening (2,612) 335 15,089 32 (35) + 10% strengthening 2,612 (335) (15,089) (32) 35 Year ended 31 December 2023-10% weakening (974) (341) (14,156) (715) (37) + 10% strengthening 974 341 14,156 715 37 Credit risk Credit risk is the risk that a counterparty will not fulfill its contractual obligations under a financial instrument contract, leading to a financial loss for the Group. The maximum credit risk exposure for the Group\u2019s financial assets as of 31 December 2024 and 2023 is as follows: 2024 2023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other assets 6,692 2,267 218,337 80,848 The Group\u2019s cash and cash equivalents are deposited with high-quality financial institutions. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Group has not experienced any losses on its deposits of cash and cash equivalents and restricted cash yet monitors the credit rating of these financial institutions on a periodic basis. Other assets primarily consist of other current assets, as described in Note 18, and contract assets recognized in connection with the Group\u2019s performance pursuant to its contracts with customers, all of which are large multinational pharmaceutical companies. In 2023, the Group recognized a receivable of $18.5 million in other current assets following the termination of the co-development agreement with Biosana which was fully reserved as of 31 December 2023 due to the uncertainty of its collection (see Note 18). In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year. There are no other significant amounts past due as of 31 December 2024 and 2023 and the Group concludes that any expected credit losses with respect to these assets, except as described above, is immaterial. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.Contractual maturities of financial assets and liabilities as of 31 December 2024 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 166,696 \u2014 \u2014 166,696 Variable-interest bearing 51,428 213 \u2014 51,641 Total financial assets 218,124 213 \u2014 218,337 Financial liabilitiesNon-interest bearing 126,029 \u2014 \u2014 126,029 Derivative liabilities \u2014 210,224 \u2014 210,224 Variable-interest bearing - Borrowings 75,235 127,313 1,470,805 1,673,353 Total financial liabilities 201,264 337,537 1,470,805 2,009,606 Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 43,223 \u2014 \u2014 43,223 Variable-interest bearing 11,157 \u2014 26,468 37,625 Total financial assets 54,380 \u2014 26,468 80,848 Financial liabilitiesNon-interest bearing 142,436 \u2014 \u2014 142,436 Fixed-interest bearing - Borrowings 66,309 1,101,185 \u2014 1,167,494 Derivative liabilities \u2014 520,553 \u2014 520,553 Variable-interest bearing - Borrowings 44,995 10,198 65,826 121,019 Total financial liabilities 253,740 1,631,936 65,826 1,951,502 Refer to Note 13 for the maturity analysis of the Group\u2019s undiscounted lease payments. 28. Supplemental cash flow information Supplement cash flow information as of 31 December 2024 and 2023 is included below. (see Note 21 for non-cash movements in borrowings).Non-cash investing and financing activities2024 2023Acquisition of property, plant and equipment in trade payables and other current liabilities 13,917 2,266 Acquisition of intangibles in trade payables and other current liabilities \u2014 930 Right-of-use assets obtained through new leases 41,506 74,109 Sale of joint venture 5,950 \u2014 Settlement of borrowings through refinancing 118,330 \u2014 Settlement of transaction cost through refinancing 28,365 \u2014 Equity issued through conversion of borrowings 263,969 \u2014 Settlement of RSUs with shares 5,076 678 Settlement of SARs with shares \u2014 13,76729. Subsequent events The Group evaluated subsequent events through 26 March 2025, the date that the consolidated financial statements were available to be issued. On 27 January 2025, the Company announced filing acceptance of U.S. Biologics License Applications (BLA) for AVT05, a proposed biosimilar to Simponi and Simponi Aria (golimumab). The FDA review process for these applications is anticipated to be completed in the fourth quarter of 2025.On 18 February 2025, the Company announced that the FDA has accepted for review a BLA for AVT06, Alvotech\u2019s proposed biosimilar to Eylea (aflibercept), a biologic used to treat eye disorders, including diseases which can lead to vision loss or blindness. The process to obtain regulatory approval is anticipated to be completed in the fourth quarter of 2025.On 21 February 2025, the Company announced the availability of SELARSDI (ustekinumab) injection in the U.S., a biosimilar to Stelara (ustekinumab), for the treatment of psoriatic arthritis, plaque psoriasis, Crohn\u2019s disease, ulcerative colitis, pediatric plaque psoriasis and pediatric psoriatic arthritis. On 18 March 2025, the Company announced the FDA acceptance of BLA for AVT03, a proposed biosimilar to Prolia and Xgeva (denosumab).On 20 March 2025, the Company announced the acquisition of Xbrane Biopharma AB's (\"Xbrane\") research and development operations and a biosimilar candidate, further expanding the Company's development capabilities, and establishing a footprint in the Swedish life science sector. Xbrane retains other pre-clinical development programs and will focus on the commercialization of this portfolio. The purchase price for the acquisition amounts to approximately SEK 275 million (approximately $27 million) and will be payable in cash at closing for SEK 102.2 million and by assumption of SEK 172.8 million in debt and accounts payable. The creditors have agreed to accept payment for SEK 152.8 million of the debt with Alvotech equity shares. Closing of the acquisition is expected to occur in April 2025 and is contingent on approvals from the relevant authorities and Xbrane's shareholders. The Company also announced that it intends to explore the possibility of a listing of Swedish Depository Receipts (SDR), equity share equivalents, on Nasdaq Stockholm, in the future. ",
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"value": "1.2 Information about subsidiaries and joint ventures Issued and paid capital Proportion of ownership Principal (presented in Place of and voting power held by Entity nameactivitywhole shares)establishmentAlvotech 2024 2023Alvotech hf.Biopharm.4,356,613 Iceland 100.00% 100.00% Fasteignaf\u00e9lagi\u00f0 S\u00e6mundur hf.Real estate6,068,029 Iceland 100.00% 100.00% Alvotech Manco ehf. Group Serv.215,390 Iceland 100.00% 100.00% Alvotech Swiss AGBiopharm.153,930 Switzerland 100.00% 100.00% GlycoThera Holding S.\u00e0.r.l. Holding Co15,000 Luxembourg 100.00% \u2014% Glycothera Analytics GmbH (formerly Alvotech Hannover Biopharm.GmbH)29,983 Germany 100.00% 100.00% Glycothera Development GmbH (formerly Alvotech Germany Biopharm.GmbH)31,182 Germany 100.00% 100.00% Alvotech Biosciences India Pvt Biopharm.Limited 96,113 India 100.00% 100.00% Alvotech USA IncGroup Serv.10 USA 100.00% 100.00% Alvotech UK Limited Group Serv.135 UK 100.00% 100.00% Alvotech Malta Limited Group Serv.13,533 Malta 100.00% 100.00% Alvotech Spain, S.L.Group Serv.3,114 Spain 100.00% \u2014% Alvotech & CCHN Biopharm.Biopharmaceutical Co. Ltd*0 China \u2014% 50.00% * Alvotech & CCHN Biopharmaceutical Co. Ltd. unconsolidated joint venture was sold during 2024 (see Note 26). 21",
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"value": "1.2 Information about subsidiaries and joint ventures Issued and paid capital Proportion of ownership Principal (presented in Place of and voting power held by Entity nameactivitywhole shares)establishmentAlvotech 2024 2023Alvotech hf.Biopharm.4,356,613 Iceland 100.00% 100.00% Fasteignaf\u00e9lagi\u00f0 S\u00e6mundur hf.Real estate6,068,029 Iceland 100.00% 100.00% Alvotech Manco ehf. Group Serv.215,390 Iceland 100.00% 100.00% Alvotech Swiss AGBiopharm.153,930 Switzerland 100.00% 100.00% GlycoThera Holding S.\u00e0.r.l. Holding Co15,000 Luxembourg 100.00% \u2014% Glycothera Analytics GmbH (formerly Alvotech Hannover Biopharm.GmbH)29,983 Germany 100.00% 100.00% Glycothera Development GmbH (formerly Alvotech Germany Biopharm.GmbH)31,182 Germany 100.00% 100.00% Alvotech Biosciences India Pvt Biopharm.Limited 96,113 India 100.00% 100.00% Alvotech USA IncGroup Serv.10 USA 100.00% 100.00% Alvotech UK Limited Group Serv.135 UK 100.00% 100.00% Alvotech Malta Limited Group Serv.13,533 Malta 100.00% 100.00% Alvotech Spain, S.L.Group Serv.3,114 Spain 100.00% \u2014% Alvotech & CCHN Biopharm.Biopharmaceutical Co. Ltd*0 China \u2014% 50.00% * Alvotech & CCHN Biopharmaceutical Co. Ltd. unconsolidated joint venture was sold during 2024 (see Note 26). 2126. Interests in joint ventures In September 2018, Alvotech hf., a subsidiary of the Group, entered into a joint venture agreement with Changchun High & New Technology Industries (Group) Inc. (the \u201cjoint venture partner\u201d, \"CCHN\") to form a newly created joint venture entity, Alvotech & CCHN Biopharmaceutical Co., Ltd. (the \u201cjoint venture\u201d or \u201cJVCO\u201d). The purpose of the JVCO is to develop, manufacture and sell biosimilar products in the Chinese market. The JVCO\u2019s place of business is also the country of incorporation. Ownership interest Carrying AmountPlace of Name of entitybusiness2024 2023 2024 2023Alvotech & CCHN Biopharmaceutical Co., Ltd.China \u2014% 50% \u2014% 18,494 In June 2024, Alvotech hf. sold its share in the joint venture for a gross proceeds of $18.0 million (less $1.3 million in transaction costs). The sale resulted in a net loss of $3.0 million, including accumulated translation difference, recognized during the year ended 31 December 2024. The total gross proceeds was $18.0 million, and the unpaid portion of $6.0 million is classified as other short-term assets.The following table provides the change in the Group\u2019s interest in a joint venture during the years ended 31 December 2024 and 2023: 2024 2023Balance at 1 January 18,494 48,568 Share in losses \u2014 (7,153) Sale of shares in joint venture (18,494) \u2014 Translation difference \u2014 (1,402) Balance at 31 December \u2014 18,494",
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"value": "1.3 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.\u00e0 r.l. (Aztiq) and Alvogen Lux Holdings S.\u00e0 r.l. (Alvogen), with 33.5% and 29.8% ownership interest as of 31 December 2024, respectively. The remaining 36.7% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2024.2.21 Loss per share Holders of the Predecessor Earn Out Shares and OACB Earn Out Shares have equal dividend and participation rights to the ordinary shareholders. However, these participating securities are classified as liabilities and as such, the shares held are not included in the weighted average number of ordinary shares outstanding in the basic loss per share calculation. The calculation of basic loss per share is based on the loss for the year attributable to ordinary shareholders of the Group and the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed by dividing the loss for the year attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding in the basic loss per share calculation, both of which are adjusted for the effects of all dilutive potential ordinary shares. Antidilutive effects of potential ordinary shares, which result in an increase in earnings per share or a reduction in loss per share, are not recognized in the computation of diluted loss per share.",
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"value": "1.4 Going concern The Group has primarily funded its operations with proceeds from the issuance of ordinary shares and the issuance of loans and borrowings to both related parties and third parties. The Group has incurred recurring losses since its inception, including net losses of $231.9 million, $551.7 million, and $513.6 million for the years ended 31 December 2024, 2023, and 2022, respectively, and had an accumulated deficit of $2,437.7 million as of 31 December 2024 and $2,205.8 million as of 31 December 2023. The Group has not generated positive operational cash flow, largely due to the continued focus on biosimilar product development and expansion efforts. As of 31 December 2024, the Group had cash and cash equivalents of $51.4 million and current assets less current liabilities of $261.6 million. On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech\u00b4s subsidiary Alvotech Manco. As of 31 December 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million.The Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the used exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion, obtained repayment from the Group in July 2024, upon the closing of the senior secured first lien term loan facility of $965.0 million, led by GoldenTree Asset Management (the \"Secured Loan Facility\").On 11 July 2024, the Company announced the closing of its previously executed Secured Loan Facility. The closing has allowed Alvotech to refinance outstanding debt obligations, reduce the cost of capital and improve its overall debt maturity profile. The Secured Loan Facility, for $965.0 million in aggregate principal amount, matures in July 2029. The first tranche is a first lien $900.0 million term loan which bears an interest rate of Secured Overnight Funding Rate (SOFR) plus 6.5% per annum. The second tranche is a $65.0 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum. This resulted in the concurrent settlement of its existing debt obligations.Additionally, the Group continues to focus its efforts on the launch and commercialization of its existing biosimilar programs, as follows:\u2022 In February 2024, the Company announced that the U.S. Food and Drug Administration (FDA) has approved Simlandi (adalimumab) injection, the AVT02 interchangeable biosimilar to Humira. Teva Pharmaceuticals International GmbH (\u201cTeva\u201d) is Alvotech\u2019s strategic partner for the exclusive commercialization of Simlandi in the United States. In April 2024, the Company signed an agreement with Quallent Pharmaceuticals (\"Quallent\") allowing the interchangeable biosimilar to be distributed under Quallent's private label in the U.S. Additionally, The Company extended its European commercial partner, STADA Arzneimittel AG (\u201cStada\u201d), commercial rights to AVT02 to Commonwealth of Independent States (CIS) countries in Central Asia in June 2024.\u2022 The FDA approved AVT04, a biosimilar to Stelara (ustekinumab), for the U.S. in April 2024 enabling a commercialization starting on or after 21 February 2025. Alvotech launched AVT04 in Canada with its commercial partner JAMP Pharma (\"Jamp\"), on March 1, 2024 and started commercialization in Japan with Fuji Pharma (\"Fuji\") in May 2024. In July 2024, the Company launched Uzpruvo, the first approved 22AVT04 biosimilar to Stelara across select European countries, with its commercial partner Stada. The Company extended Stada\u2019s commercial rights to AVT04 to CIS countries in Central Asia in June 2024. In October 2024, the FDA approved SELARSDI (ustekinumab) in a new presentation, 130 mg/26 ml solution in a single-dose vial for intravenous infusion. This approval paves the way for SELARSDI to further align its label with the indications of the reference product Stelara in the U.S. at launch, which is expected in the first quarter of 2025.\u2022 In April 2024, the Company announced positive topline results from a confirmatory clinical study for AVT05, a proposed biosimilar for Simponi and Simponi Aria (golimumab). In November 2024, the European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for AVT05. The approvals process is anticipated to be completed in the fourth quarter of 2025.\u2022 In May 2024, the Company announced its collaboration with Dr. Reddy's Laboratories SA, (\"Dr. Reddy\"), for the commercialization of AVT03, a proposed biosimilar to Prolia (denosumab) and Xgeva (denosumab), in the U.S., Europe and UK. Dr. Reddy\u2019s commercialization rights are exclusive for the U.S., and semi-exclusive for Europe and the UK. In June 2024, the Company extended its partnership with Stada who will assume marketing license for AVT03 in Europe through semi-exclusive rights, including Switzerland and the UK, as well as exclusive rights in selected markets in Central Asia and the Middle East. In July 2024, the Company announced positive topline results from a confirmatory patient study for AVT03. In October 2024, the EMA accepted a MAA for AVT03.\u2022 In June 2024, the Company entered into an exclusive partnership agreement with Mercury Pharma Group Limited (\u201cAdvanz\u201d) regarding the supply and commercialization of AVT06 (aflibercebt), its proposed biosimilar to Eylea in Europe, except for Germany and France where the rights are semi-exclusive. In August 2024, the European Medicines Agency (EMA) has accepted a Marketing Authorization Application for AVT06.\u2022 In September 2024, the Company announced the initiation of a confirmatory patient study for AVT16, a biosimilar candidate to Entyvio (vedolizumab). The Group expects to fund its activities through a combination of utilizing the existing cash, the projected cash generation from milestone collections and product revenues under agreements with its commercial partners, and the current funding arrangements it has access to. Due to the relatively recent launch of AVT02 and AVT04 products on which the Group is currently reliant for cash flow generation, the recent debt refinancing as set out above, and the anticipated future launches of AVT03, AVT05, AVT06, which are undergoing regulatory approval, there is still some level of uncertainty associated with the timing of future cash flow generation. This may mean that the Group ultimately might need to rely on other financing arrangements in the future, such as successive capital increases or debt financings that are not wholly within the control of the Group. If such funding is unavailable, then management may be required to delay, limit, reduce or terminate one or more of its research or product development programs or future commercialization efforts to free up sufficient cash. However, as the Group\u2019s cash flow projections indicate there will be sufficient cash flow generation over the next twelve months without the need for additional financing, such uncertainty does not represent a material uncertainty which gives rise to significant doubt over going concern. In conclusion, based on the existing cash on hand, funding received to date, and projected future cash flows, management concluded that the Group has the ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued. As such, the consolidated financial statements have been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__22": {
"value": "2. Summary of significant accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance and in compliance with IFRS\u00ae Accounting Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\"), which comprise all standards and interpretations approved by the IASB, and as adopted by the European Union (\"EU\"). All amendments to IFRSs issued by the IASB that are effective for annual periods that begin on or after 1 January 2024 have been adopted as further described within the footnotes to the consolidated financial statements. The Group has not adopted any standards or amendments to standards in issue that are available for early adoption. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities which have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The consolidated financial statements are presented in U.S. Dollar (\"USD\") and all values are rounded to the nearest thousand unless otherwise indicated. 2.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group transactions, balances, income and expenses are eliminated in full in consolidation. 2.3 Investments in joint ventures To the extent the Group concludes that it does not control, and thus consolidate, a joint venture, the Group accounts for its interest in joint ventures using the equity method of accounting. As such, investments in a joint venture are initially recognized at cost and the carrying amount is subsequently adjusted for the Group\u2019s share of the profit or loss of the joint venture, as well as any distributions received from the joint venture. The Group carries its ownership interest in a joint venture as \u201cInvestment in joint venture\u201d on the consolidated statements of financial position. The Group\u2019s profit or loss includes its share of the profit or loss of the joint venture and, to the extent applicable, other comprehensive income or loss for the Group includes its share of other comprehensive income or loss of the joint venture. The Group\u2019s share of a joint venture\u2019s profit or loss in a particular year is presented as \u201cShare of net loss of joint venture\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The carrying amount of equity-accounted investments is assessed for impairment as a single asset. Impairment losses are incurred only if there is objective evidence of impairment as a result of loss events that have an impact on estimated future cash flows and that can be reliably estimated. Losses expected as a result of future events are not recognized. The Group recognized an impairment loss of $21.5 million related to its investment in the joint venture for the year ended 31 December 2023; the interests in the joint venture were sold during the year 2024, resulting in a net loss of $3.0 million (refer to Note 26). 2.4 Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires Group management to make judgments, estimates and assumptions about the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and other factors that are considered to be relevant. Judgments and assumptions involving key estimates are primarily made in relation to the measurement and recognition of revenue, the valuation of derivative financial liabilities, and the valuation of deferred tax assets. Existing circumstances and assumptions may change due to events arising that are beyond the Group\u2019s control. Therefore, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 2.5 Segment reporting The Group operates and manages its business as one operating segment based on the manner in which the Chief Executive Officer, the Group\u2019s chief operating decision maker, assesses performance and allocates resources across the Group. 2.6 Revenue recognition Product revenueThe Company recognizes revenue from the sale of its biosimilar product to commercial partners, identified as the customer, when control is transferred, and the performance obligations have been satisfied. This is when the title passes to the customer, which is upon shipment of the product. At that point, the commercial partner has full discretion over the channel and price to sell the products. Revenue is recognized based on the net selling price from the commercial partners, which is considered to be the transaction price and includes estimated rebates, returns and chargebacks, and other forms of variable consideration recognized by the customer. Variable consideration is accounted for by the Company only to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. Variable consideration, which includes any adjustments to the net selling price, is estimated based on the most likely amount method on a contract-by-contract basis. Out-licensing revenueA significant part of the Group\u2019s revenue is generated from long-term out-license contracts which provide the customer with an exclusive right to market and sell products in a particular territory once such products are approved for commercialization. These contracts typically include the Group\u2019s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. The Group concludes that the license, development services and commercial supply are separate performance obligations. This is because customers generally have the capabilities to perform the necessary development, manufacturing and commercialization activities on their own or with readily available resources and have the requisite expertise in the industry and the territory for which the license has been granted. Further, the intellectual property is generally in a later phase of development at the time the license is granted such that any subsequent development activities performed by the Group are not expected to significantly modify or transform the intellectual property. The fact that the Group is contractually obligated to perform development activities for and provide commercial supply to the customer does not impact this conclusion. The Group\u2019s promise to provide commercial supply to its customers is contingent upon the achievement of regulatory approval in the particular territory for which the license has been granted. The consideration to which the Group is entitled pursuant to these contracts generally includes upfront payments and payments based upon the achievement of development and regulatory milestones. All contracts include a potential refund obligation whereby the Group must refund the consideration paid by the customer in the event of a technical failure or the occurrence of certain other matters that result in partial or full cancellation of the contract. As such, the entire transaction price is comprised of variable consideration, which is estimated using the most likely amount method due to the binary nature of the outcomes under these contracts. Such variable consideration is included in the transaction price only when it is highly probable that doing so will not result in a significant reversal of cumulative revenue recognized when the underlying uncertainty associated with the variable consideration is subsequently resolved. The Group does not account for a significant financing component since a substantial amount of consideration promised by the customer is variable and the amount or timing of that consideration varies on the basis of a future event that is not substantially within the control of either party. Certain contracts also include commercialization milestones upon the first commercial sale of a product in a particular territory, as well as royalties. Commercialization milestones and royalties are accounted for as sales-based royalties; therefore, such amounts are not included in the transaction price and recognized as performance revenue until the underlying sale that triggers the milestone or royalty occurs. Upfront payments, when applicable, are received in advance of transferring control of all goods and services. Therefore, a portion of upfront payments is recorded as a contract liability upon receipt. Due to the existence of refund provisions, upfront payments and certain development milestone payments are generally included in the transaction price upon submission of the first clinical trial application to the respective regulatory agency, since it is at this point in time that a significant reversal of cumulative revenue recognized related to such payments is no longer highly probable. Other development and regulatory milestones may not be included in the transaction price until such milestones are achieved due to the degree of uncertainty associated with achieving these milestones. Contract liabilities are presented on the consolidated statements of financial position as either current or non-current based upon forecasted performance. In certain contracts, the Group may transfer control of goods and services, and thus recognize revenue, prior to having the right to invoice the customer. In these circumstances, the Group recognizes contract assets for revenue recognized, and subsequently reclasses the contract asset to trade receivables upon issuing an invoice and the right to consideration is only conditional on the passage of time. Contract assets are presented on the consolidated statements of financial position as either current or non-current based upon the expected timing of settlement. The standalone selling prices of the development services and the license to intellectual property are not directly observable and, therefore, are estimated. The standalone selling price of the development services is estimated based on the expected costs to be incurred during the development period, using various data points such as the underlying development budget, contractual milestones and performance completed at the time of entering into the contract with a customer. The standalone selling price of the license is estimated using the residual approach on the basis that the Group licenses intellectual property for a broad range of amounts and has not previously licensed intellectual property on a standalone basis. Therefore, the Group first allocates the transaction price to the development services and subsequently allocates the remainder of the transaction price to the license. If the product is still in early phase of development and the constraint on variable consideration has not been resolved, all the transaction price is allocated to the development service. The standalone selling price of the commercial supply is directly observable and the stated prices in the Group\u2019s supply contracts reflect the standalone selling price of such goods. The licenses to intellectual property are right of use licenses on the basis that the ongoing development work performed by the Group does not significantly affect the intellectual property to which the customer has rights. Therefore, control of the license transfers to the customer at the point in time when the right to use the license is granted to the customer. The license is generally granted to the customer at the time the contract is executed with the customer. The Group satisfies its performance obligation related to the development services over time as the Group\u2019s performance enhances the value of the licensed intellectual property controlled by the customer throughout the performance period. The Group recognizes revenue using a cost-based input measure since this measure best reflects the progress of the development services and, therefore, the pattern of transfer of control of the services to the customer. In certain instances, the Group may subcontract services to other parties for which the Group is ultimately responsible. Costs incurred for such subcontracted services are included in the Group\u2019s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group\u2019s progress toward satisfying its performance obligation may result in adjustments to cumulative revenue recognized at the time the change in estimate occurs. Upon the achievement of regulatory approval and the commencement of commercial sale of its products, the Group will satisfy its performance obligation related to commercial supply at the point in time when control of the manufactured product is transferred to the customer. Transfer of control for such goods will occur in accordance with the stated shipping terms. The Group does not incur incremental costs of obtaining a contract with a customer that would require capitalization. Costs to fulfill performance obligations are not incurred in advance of performance and, as such, are expensed when incurred. Other revenueOther revenue primarily consists of clinical trial support services rendered by the Group for its customers, which is recognized as the service is provided. Revenue for such services is presented in the consolidated statements of profit or loss and other comprehensive income or loss net of any discounts. 2.7 Cost of product revenue Cost of product revenue includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs and royalty costs related to in-license agreements. 2.8 Research and development expenses Research and development expenses primarily consist of personnel costs, material and other lab supply costs, facility costs and internal and external costs related to the execution of studies and other development program advancement initiatives. Such expenses also include costs incurred in preparation for commercial launch, such as designing and developing commercial-scale manufacturing capabilities and processes, quality control processes, production asset validation and other related activities. The costs also include amortization, depreciation and impairment losses related to software, property, plant and equipment, and right-of-use assets used in research and development activities and pre-commercial manufacturing and quality control activities. An internally generated intangible asset arising from the Group\u2019s development is recognized only if the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; the intent to complete the intangible asset and use or sell it; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditures incurred from the date when the intangible asset first meets the aforementioned recognition criteria. If an internally-generated intangible asset cannot be recognized, the related development expenditure is charged to profit or loss in the period in which it is incurred. Expenditures related to research and development activities are recognized as an expense in the period in which they are incurred. The Company did not capitalize any development expenses as intangible assets during the years ended 31 December 2024 and 2023 as not all the criteria in paragraph 57 of IAS 38 have been met.2.9 General and administrative expenses General and administration expenses primarily consist of personnel-related costs, including salaries and other related compensation expense, for corporate and other administrative and operational functions including finance, human resources, information technology and legal, as well as facility-related costs. These costs relate to the operation of the business and are not related to research and development initiatives. Expenditures related to general and administration activities are recognized as an expense in the period in which they are incurred. 2.10 Finance income and finance cost Finance income consists of changes in the fair value of derivative financial liabilities and interest income. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance cost consists of changes in the fair value of derivative financial liabilities, interest expense related to lease liabilities and borrowings, accretion of borrowings and amortization of deferred debt issue costs. 2.11 Foreign currency translation The consolidated financial statements are presented in U.S. Dollars, which is the Group\u2019s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group\u2019s expenses are incurred in U.S. Dollars and Icelandic Krona, and the majority of the Company\u2019s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. Transactions in currencies other than the Group\u2019s presentation currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise. Exchange differences arising on translation of a foreign controlled subsidiary are recognized in other comprehensive income or loss and accumulated in a translation reserve within equity. The cumulative translation amount is reclassified to profit or loss if and when the net investment in the foreign controlled subsidiary is disposed. 2.12 Fair value measurements The Group measures certain financial liabilities at fair value through profit or loss (FVTPL) at each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair values of such financial liabilities, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices in active markets for identical assets and liabilities; \u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (e.g., prices) or indirectly (e.g., derived from prices); and \u2022 Level 3: inputs for the asset or liability that are unobservable. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other current assets, contract assets, trade and other payables and other current liabilities in the Group\u2019s consolidated statements of financial position approximate their fair value because of the short maturities and nature of these instruments. For liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period. 2.13 Goodwill and other intangible assets Goodwill and business combinationsAcquisitions are first reviewed to determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not meet the definition of a business, the Group will account for the transaction as an asset acquisition. If the definition of a business combination is met, the Group will account for the transaction using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.Goodwill represents the excess of the purchase price of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities, contingent liabilities, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree. Goodwill is reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or as additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Group did not complete any business combinations during the years ended 31 December 2024 and 31 December 2023. Other intangible assetsOther intangible assets consist of software, customer relationships, and intellectual property rights. Intangible assets acquired in a business combination are identified and recognized separately from goodwill if they satisfy the definition of an intangible asset and their fair values can be reliably measured. The cost of intangible assets is their fair value at the acquisition date. Intangible assets with finite useful lives are reported at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The following useful lives are used in the calculation of amortization: Software3-10 yearsCustomer relationships7 yearsIntellectual property rights*10 years\u2022 From launch dateCertain of the Group\u2019s intellectual property rights have been pledged to secure borrowings as further described in Note 21.Intangible assets with indefinite useful lives are reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.2.14 Income tax Income tax includes the current tax and deferred tax charge recorded in the consolidated statements of profit or loss and other comprehensive income or loss. Current taxThe current tax expense is based on taxable profit for the year. Taxable profit differs from \u2018profit before tax\u2019 as reported in the consolidated statements of profit or loss and other comprehensive income or loss because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s current tax expense is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Accruals for tax contingencies are made when it is not probable that a tax authority will accept the tax position, based upon management\u2019s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Accruals for tax contingencies are measured using either the most likely amount or the expected value amount depending on which method the entity expects to better predict the resolution of the uncertainty. Deferred taxDeferred tax is provided in full for all temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, except to the extent the temporary difference arises from: \u2022 The initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither the taxable profit nor accounting profit; \u2022 The initial recognition of residual goodwill (for deferred tax liabilities only); or \u2022 Investments in subsidiaries, branches, associates and joint ventures, where the Group is able to control the timing of the reversal of the temporary difference and it is not probable that it will reverse in the foreseeable future. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilized against future taxable income. The deferred taxes are measured according to the respective territorial current tax rules and tax rates assumed in the year in which the assets are expected to be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amount of the assets and liabilities. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the consolidated statements of profit or loss and other comprehensive income or loss, except when the tax arises from a business combination or it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis in that taxation authority. 2.15 Property, plant and equipment Property, plant and equipment is recognized as an asset when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured in a reliable manner. Property, plant and equipment which qualifies for recognition as an asset are initially measured at cost. The cost of property, plant and equipment includes an asset\u2019s purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Depreciation is calculated and recognized as an expense on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are used in the calculation of depreciation: Facility40 yearsFacility equipment5-20 yearsComputer equipment3 yearsLeasehold improvements3-15 yearsFurniture and fixtures5 yearsCertain of the Group\u2019s property, plant and equipment assets have been pledged to secure borrowings as further described in Note 21. Significant disposals of pledged assets are subject to lender approval. Upon disposal or retirement of an asset, the difference between the sales proceeds, if applicable, and the carrying amount of the asset is recognized in the consolidated statements of profit or loss and other comprehensive income or loss at the time of disposal or retirement. At the end of each reporting period, or sooner if events triggering an interim impairment assessment occur, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that the value of such assets are impaired. Triggering events that warrant an interim impairment assessment include, but are not limited to, the technical obsolescence of equipment or failure of such equipment to meet regulatory requirements. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss and the carrying amount of the asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and value in use. 2.16 Inventories Inventories, which consist of raw materials and supplies, work in progress and finished goods are stated at the lower of cost or net realizable value. Net realizable value is the expected sales price less completion costs and costs to be incurred in marketing, selling and distributing the inventory. Cost is calculated using the weighted average cost method or the first-in, first-out method, depending on the nature of the inventory. Inventories include direct costs for raw materials and supplies and, as applicable, direct and indirect labor and overhead expenses that have been incurred to bring inventories to their present location and condition. If the net realizable value is lower than the carrying amount, a write-down of inventory is recognized for the amount by which the carrying amount exceeds net realizable value.The Group\u2019s inventories have been pledged to secure borrowings as further described in Note 21.2.17 Financial assets Recognition of financial assetsFinancial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, other than financial assets measured at FVTPL, are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at FVTPL are recognized immediately in profit or loss. There were no transaction costs related to the acquisition of financials assets in 2024 and 2023. All of the Group\u2019s financial assets are measured at amortized cost as of 31 December 2024 and 2023. Financial assets measured at amortized costFinancial assets measured at amortized cost are debt instruments that give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s financial assets measured at amortized cost are trade receivables, certain other current assets, receivables from related parties, restricted cash and cash and cash equivalents. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assetsThe Group recognizes a loss allowance for expected credit losses (\"ECL\") on its trade receivables and other debt instruments that are measured at amortized cost. In addition, although contract assets are not financial assets, a loss allowance for ECL are also recognized for such assets. ECL is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecasted direction of conditions at the reporting date, including time value of money where appropriate. The Group writes off a financial asset when there is no reasonable expectation of recovery, such as information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. A trade receivable or contract asset that is considered uncollectible is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. The Group did not write off any trade receivables or contract assets during the years ended 31 December 2024 and 2023 except for the Biosana related asset which was fully reserved (see Note 18). The Group estimates impairment for related party receivables on an individual basis. No impairment is recognized for restricted cash or cash and cash equivalents as management has estimated that the effects of any calculated ECL would be immaterial. Derecognition of financial assetsThe Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset as well as an associated liability. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income or loss and accumulated in equity is recognized in profit or loss. 2.18 Financial liabilities Financial liabilitiesThe Group\u2019s financial liabilities consist of trade and other payables, certain other current liabilities loans and borrowings, lease liabilities, derivative financial instruments, long-term incentive plans, share appreciation right plans and other long-term liability to a related party. All financial liabilities are initially measured at fair value. Loans and borrowings are recorded net of directly attributable transaction costs and less the value attributable to any embedded derivative financial instruments, if applicable. The Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, substantially modified or have expired. Additionally, management elected, as part of its accounting policy, to recognize the difference between the carrying amount of the financial liabilities and the fair value of the consideration paid for the extinguishment in the consolidated statement of profit or loss and other comprehensive income or loss. Financial liabilities subsequently measured at amortized costAfter initial recognition, financial liabilities other than derivative financial instruments and awards issued pursuant to long-term incentive plans are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts all estimated future cash payments through the expected life of the financial liability, or a shorter period if appropriate, to the amortized cost of a financial liability. The effective interest rate includes the effects of any discount or premium on acquisition of the financial liability, as well as any fees or costs incurred upon acquisition. Financial liabilities subsequently measured at FVTPLDerivative financial instruments Certain rights and features pursuant to borrowing arrangements and other contracts may provide the counterparty with one or more financial instruments that need to be evaluated and potentially accounted for separately by the Group. These financial instruments are either embedded in a host instrument or are treated as a separate financial instrument if they are contractually transferable independent from the host instrument. Such rights and features pursuant to the Group\u2019s contracts with both third parties and related parties include earn out rights, conversion rights and warrant rights. Equity conversion features within host debt instruments that meet the definition of a derivative and have economic and risk characteristics that are not closely related to the host instrument are embedded derivatives that are separated from the host instrument and accounted for separately. As part of the accounting for embedded derivatives or separate financial instruments, management considers the appropriate accounting classification under IAS 32. Embedded derivatives and separate financial instruments that meet the fixed-for-fixed criteria are classified as equity and initially measured at fair value. Warrant rights that provide the holder with an option to purchase ordinary shares at a specified price or pursuant to a specified formula are generally separate derivative financial instruments that are accounted for as derivative liabilities. Earn Out Shares grant the holder with a variable number of Ordinary Shares based on certain vesting conditions tied to the stock price and are accounted for as derivative liabilities. In the event that the fair value of any derivative liabilities, determined using unobservable inputs, exceeds the transaction price of a borrowing arrangement, the Group records a deferred loss at the inception of the borrowing arrangement for the difference between the fair value of the derivative liabilities and the transaction price of the borrowing arrangement. Such deferred losses are recognized over the term of the related borrowing arrangement using the straight-line method of amortization. The deferred loss is netted against derivative financial liabilities on the consolidated statements of financial position. Amortization of the deferred loss is recognized as a component of \u201cFinance costs\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The Group recognized derivative liabilities related to the Predecessor Earn Out Shares, OACB Earn Out Shares and assumed OACB warrants. Additionally, the Group recognized an embedded derivative for the conversion feature associated with the Tranche A Convertible Bonds, as further described in Note 27. These features are liability-classified, rather than equity-classified, because the Group is obligated to issue a variable number of ordinary shares to the holder upon conversion or exercise of the feature. Therefore, these derivative liabilities were initially recorded at fair value and remeasured to fair value at each reporting period with gains and losses arising from changes in the fair value recognized in finance income or finance costs, as appropriate. The fair values of the derivative liabilities were determined using a valuation approach that incorporated a range of inputs that are both observable and unobservable in nature. The inputs used in the initial and subsequent fair value measurements predominantly relate to (i) the price of the Group\u2019s Ordinary Shares (ii) the volatility of the Group\u2019s Ordinary Shares, (ii) a risky discount rate corresponding to the credit risk associated with the repayment of the host debt instruments, and (iii) the probabilities of each derivative being exercised by the holder and the timing of such exercises. The probabilities are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The Group will derecognize any derivative liabilities if and when the rights are exercised by the holders or the time period during which the rights can be exercised expires. Long-term incentive plans Management Incentive PlanThe Group can issue share options, restricted share units (\u201cRSUs\u201d), and other share-based awards under the Company\u2019s new incentive plan (the \u201cManagement Incentive Plan\u201d) which was approved by the Board in June 2022. Awards issued under the Management Incentive Plan are accounted for in accordance with IFRS 2. Share-based payments are classified as equity-settled share-based payments as the Company intends to settle the awards with equity and has the commercial substance to do so. Share-based payments are measured at the grant date fair value of the instruments issued and recognized over the expected vesting periods. The number of shares expected to vest are reviewed and adjusted at the end of each reporting period such that the amount of expense recognized shall be based on the number of equity instruments that will eventually vest. 2.19 Litigation and other contingencies The Group may, from time to time, become involved in legal proceedings arising out of the normal course of its operations. For instance, as a developer and manufacturer of biosimilars, the Group may be subject to lawsuits alleging patent infringement or other similar claims filed by the reference product sponsor. Similarly, the Group may utilize patent challenge procedures to challenge the validity, enforceability or infringement of the reference product sponsor\u2019s patents. Other parties may also file patent infringement claims against the Group alleging that the Group\u2019s products or manufacturing process techniques infringe their patents. The Group establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. When such conditions are not met for a specific legal matter, no reserve is established. Although management currently believes that resolving claims against the Group, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Group, these matters are subject to inherent uncertainties and management\u2019s view of these matters may change in the future. It is possible that an unfavorable outcome of a lawsuit or other contingency could have a material impact on the liquidity, results of operations, or financial condition of the Group. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount of loss can be reasonably estimated. Accruals are based only on information available at the time of the assessment, due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Group\u2019s results of operations in a given period. The Group maintains liability insurance coverages for various claims and exposures. The Group\u2019s insurance coverage limits its maximum exposure on claims; however, the Group is responsible for any uninsured portion of losses. Management believes that present insurance coverage is sufficient to cover potential exposures. 2.20 Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for those with a lease term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group\u2019s leased assets consist of various real estate, fleet and equipment leases. Right-of-use assets reflect the initial measurement of the lease liability, lease payments made at or before the lease commencement date and any initial direct costs less lease incentives that may have been received by the Group. These assets are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset to the Group or the lease includes a purchase option that the Group is reasonably certain to exercise, the related right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, which is the rate of interest that the Group would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment based on information available at the commencement date of the lease. The lease payments included in the measurement of the lease liability comprise fixed payments (including in-substance fixed payments) less any incentives, variable lease payments that depend on an index or rate, expected residual guarantees and the exercise price of purchase options reasonably certain to be exercised by the Group. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, using the effective interest method, and by reducing the carrying amount to reflect payments made during the lease term. The Group remeasures the lease liability if the lease term has changed, when lease payments based on an index or rate change or when a lease contract is modified and the modification is not accounted for as a separate lease. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, lessees are not required to separate non-lease components from lease components, and instead account for any lease and associated non-lease components as a single lease component. The Group has used this practical expedient. 2.21 Loss per share Holders of the Predecessor Earn Out Shares and OACB Earn Out Shares have equal dividend and participation rights to the ordinary shareholders. However, these participating securities are classified as liabilities and as such, the shares held are not included in the weighted average number of ordinary shares outstanding in the basic loss per share calculation. The calculation of basic loss per share is based on the loss for the year attributable to ordinary shareholders of the Group and the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed by dividing the loss for the year attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding in the basic loss per share calculation, both of which are adjusted for the effects of all dilutive potential ordinary shares. Antidilutive effects of potential ordinary shares, which result in an increase in earnings per share or a reduction in loss per share, are not recognized in the computation of diluted loss per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance and in compliance with IFRS\u00ae Accounting Standards (\"IFRS\") as issued by the International Accounting Standards Board (\"IASB\"), which comprise all standards and interpretations approved by the IASB, and as adopted by the European Union (\"EU\"). All amendments to IFRSs issued by the IASB that are effective for annual periods that begin on or after 1 January 2024 have been adopted as further described within the footnotes to the consolidated financial statements. The Group has not adopted any standards or amendments to standards in issue that are available for early adoption. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and financial liabilities which have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The consolidated financial statements are presented in U.S. Dollar (\"USD\") and all values are rounded to the nearest thousand unless otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "2.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group transactions, balances, income and expenses are eliminated in full in consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "2.3 Investments in joint ventures To the extent the Group concludes that it does not control, and thus consolidate, a joint venture, the Group accounts for its interest in joint ventures using the equity method of accounting. As such, investments in a joint venture are initially recognized at cost and the carrying amount is subsequently adjusted for the Group\u2019s share of the profit or loss of the joint venture, as well as any distributions received from the joint venture. The Group carries its ownership interest in a joint venture as \u201cInvestment in joint venture\u201d on the consolidated statements of financial position. The Group\u2019s profit or loss includes its share of the profit or loss of the joint venture and, to the extent applicable, other comprehensive income or loss for the Group includes its share of other comprehensive income or loss of the joint venture. The Group\u2019s share of a joint venture\u2019s profit or loss in a particular year is presented as \u201cShare of net loss of joint venture\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The carrying amount of equity-accounted investments is assessed for impairment as a single asset. Impairment losses are incurred only if there is objective evidence of impairment as a result of loss events that have an impact on estimated future cash flows and that can be reliably estimated. Losses expected as a result of future events are not recognized. The Group recognized an impairment loss of $21.5 million related to its investment in the joint venture for the year ended 31 December 2023; the interests in the joint venture were sold during the year 2024, resulting in a net loss of $3.0 million (refer to Note 26).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "2.4 Critical accounting judgments and key sources of estimation uncertainty The preparation of the consolidated financial statements in conformity with IFRS requires Group management to make judgments, estimates and assumptions about the reported amounts of assets, liabilities, income and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and other factors that are considered to be relevant. Judgments and assumptions involving key estimates are primarily made in relation to the measurement and recognition of revenue, the valuation of derivative financial liabilities, and the valuation of deferred tax assets. Existing circumstances and assumptions may change due to events arising that are beyond the Group\u2019s control. Therefore, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "2.5 Segment reporting The Group operates and manages its business as one operating segment based on the manner in which the Chief Executive Officer, the Group\u2019s chief operating decision maker, assesses performance and allocates resources across the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "2.6 Revenue recognition Product revenueThe Company recognizes revenue from the sale of its biosimilar product to commercial partners, identified as the customer, when control is transferred, and the performance obligations have been satisfied. This is when the title passes to the customer, which is upon shipment of the product. At that point, the commercial partner has full discretion over the channel and price to sell the products. Revenue is recognized based on the net selling price from the commercial partners, which is considered to be the transaction price and includes estimated rebates, returns and chargebacks, and other forms of variable consideration recognized by the customer. Variable consideration is accounted for by the Company only to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. Variable consideration, which includes any adjustments to the net selling price, is estimated based on the most likely amount method on a contract-by-contract basis. Out-licensing revenueA significant part of the Group\u2019s revenue is generated from long-term out-license contracts which provide the customer with an exclusive right to market and sell products in a particular territory once such products are approved for commercialization. These contracts typically include the Group\u2019s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. The Group concludes that the license, development services and commercial supply are separate performance obligations. This is because customers generally have the capabilities to perform the necessary development, manufacturing and commercialization activities on their own or with readily available resources and have the requisite expertise in the industry and the territory for which the license has been granted. Further, the intellectual property is generally in a later phase of development at the time the license is granted such that any subsequent development activities performed by the Group are not expected to significantly modify or transform the intellectual property. The fact that the Group is contractually obligated to perform development activities for and provide commercial supply to the customer does not impact this conclusion. The Group\u2019s promise to provide commercial supply to its customers is contingent upon the achievement of regulatory approval in the particular territory for which the license has been granted. The consideration to which the Group is entitled pursuant to these contracts generally includes upfront payments and payments based upon the achievement of development and regulatory milestones. All contracts include a potential refund obligation whereby the Group must refund the consideration paid by the customer in the event of a technical failure or the occurrence of certain other matters that result in partial or full cancellation of the contract. As such, the entire transaction price is comprised of variable consideration, which is estimated using the most likely amount method due to the binary nature of the outcomes under these contracts. Such variable consideration is included in the transaction price only when it is highly probable that doing so will not result in a significant reversal of cumulative revenue recognized when the underlying uncertainty associated with the variable consideration is subsequently resolved. The Group does not account for a significant financing component since a substantial amount of consideration promised by the customer is variable and the amount or timing of that consideration varies on the basis of a future event that is not substantially within the control of either party. Certain contracts also include commercialization milestones upon the first commercial sale of a product in a particular territory, as well as royalties. Commercialization milestones and royalties are accounted for as sales-based royalties; therefore, such amounts are not included in the transaction price and recognized as performance revenue until the underlying sale that triggers the milestone or royalty occurs. Upfront payments, when applicable, are received in advance of transferring control of all goods and services. Therefore, a portion of upfront payments is recorded as a contract liability upon receipt. Due to the existence of refund provisions, upfront payments and certain development milestone payments are generally included in the transaction price upon submission of the first clinical trial application to the respective regulatory agency, since it is at this point in time that a significant reversal of cumulative revenue recognized related to such payments is no longer highly probable. Other development and regulatory milestones may not be included in the transaction price until such milestones are achieved due to the degree of uncertainty associated with achieving these milestones. Contract liabilities are presented on the consolidated statements of financial position as either current or non-current based upon forecasted performance. In certain contracts, the Group may transfer control of goods and services, and thus recognize revenue, prior to having the right to invoice the customer. In these circumstances, the Group recognizes contract assets for revenue recognized, and subsequently reclasses the contract asset to trade receivables upon issuing an invoice and the right to consideration is only conditional on the passage of time. Contract assets are presented on the consolidated statements of financial position as either current or non-current based upon the expected timing of settlement. The standalone selling prices of the development services and the license to intellectual property are not directly observable and, therefore, are estimated. The standalone selling price of the development services is estimated based on the expected costs to be incurred during the development period, using various data points such as the underlying development budget, contractual milestones and performance completed at the time of entering into the contract with a customer. The standalone selling price of the license is estimated using the residual approach on the basis that the Group licenses intellectual property for a broad range of amounts and has not previously licensed intellectual property on a standalone basis. Therefore, the Group first allocates the transaction price to the development services and subsequently allocates the remainder of the transaction price to the license. If the product is still in early phase of development and the constraint on variable consideration has not been resolved, all the transaction price is allocated to the development service. The standalone selling price of the commercial supply is directly observable and the stated prices in the Group\u2019s supply contracts reflect the standalone selling price of such goods. The licenses to intellectual property are right of use licenses on the basis that the ongoing development work performed by the Group does not significantly affect the intellectual property to which the customer has rights. Therefore, control of the license transfers to the customer at the point in time when the right to use the license is granted to the customer. The license is generally granted to the customer at the time the contract is executed with the customer. The Group satisfies its performance obligation related to the development services over time as the Group\u2019s performance enhances the value of the licensed intellectual property controlled by the customer throughout the performance period. The Group recognizes revenue using a cost-based input measure since this measure best reflects the progress of the development services and, therefore, the pattern of transfer of control of the services to the customer. In certain instances, the Group may subcontract services to other parties for which the Group is ultimately responsible. Costs incurred for such subcontracted services are included in the Group\u2019s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group\u2019s progress toward satisfying its performance obligation may result in adjustments to cumulative revenue recognized at the time the change in estimate occurs. Upon the achievement of regulatory approval and the commencement of commercial sale of its products, the Group will satisfy its performance obligation related to commercial supply at the point in time when control of the manufactured product is transferred to the customer. Transfer of control for such goods will occur in accordance with the stated shipping terms. The Group does not incur incremental costs of obtaining a contract with a customer that would require capitalization. Costs to fulfill performance obligations are not incurred in advance of performance and, as such, are expensed when incurred. Other revenueOther revenue primarily consists of clinical trial support services rendered by the Group for its customers, which is recognized as the service is provided. Revenue for such services is presented in the consolidated statements of profit or loss and other comprehensive income or loss net of any discounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__29-1": {
"value": "2.7 Cost of product revenue Cost of product revenue includes the cost of inventory sold, labor costs, manufacturing overhead expenses and reserves for expected scrap, as well as shipping and freight costs and royalty costs related to in-license agreements.5. Revenue Disaggregated revenue The following table summarizes the Group\u2019s revenue from contracts with customers, disaggregated by the type of good or service and timing of transfer of control of such goods and services to customers during the years ended 31 December 2024 and 2023: 2024 2023Product revenue (point in time revenue recognition) 273,472 48,699 License revenue (point in time revenue recognition) 75,813 7,775 Performance revenue (point in time revenue recognition) 42,391 4,402 Development and other service revenue (over time revenue recognition) 98,006 30,558 489,682 91,434 Performance revenue is disaggregated from license revenue as the Company reached significant performance milestones during the year. Those were previously reported under license revenue in 2023.Reassessment of measure of progress Subsequent changes to the estimate of the transaction price are recorded as adjustments to revenue in the period of change. The Group updates the measure of progress estimates on a quarterly basis. The quarterly changes in estimates did not result in material adjustments to the Group\u2019s previously reported revenue or trade receivables during the years ended 31 December 2024 and 2023.Contract assets and liabilities A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below: Contract Contract Assets Liabilities 31 December 2022 28,656 93,932 Contract asset additions 19,634 \u2014 Amounts transferred to trade receivables (2,412) \u2014 Derecognition of contract liability \u2014 (42,089) Customer prepayments \u2014 100,555 Revenue recognized \u2014 (23,101) Foreign currency adjustment 171 3,147 31 December 2023 46,049 132,444 Contract asset additions 133,756 \u2014 Amounts transferred to trade receivables (88,564) \u2014 Derecognition of contract liability \u2014 (331) Customer prepayments \u2014 51,255 Revenue recognized \u2014 (82,454) Foreign currency adjustment (1,227) (4,213) 31 December 2024 90,014 96,701 The net increase in contract assets as of 31 December 2024 is due to the revenue recognized when the performance obligation has been met which is offset by transfer of amounts to trade receivables on the basis that the Group\u2019s right to that consideration is no longer contingent on its performance. The net decrease in contract liabilities as of 31 December 2024 is due to revenue recognized when the performance obligation has been met which is offset by customer prepayments in advance of the Group\u2019s performance. As of 31 December 2024, $22.7 million and $67.3 million are recorded as non-current contract assets and current contract assets, respectively. Non-current contract assets will materialize over the next 2 to 3 years. As of 31 December 2024, $80.7 million and $16.0 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 5 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates. Remaining performance obligations Due to the long-term nature of the Group\u2019s out-license contracts, the Group\u2019s obligations pursuant to such contracts represent partially unsatisfied performance obligations at year-end. The revenues under existing out-license contracts with original expected durations of more than one year are estimated to be $265.5 million. The Group expects to recognize the majority of these revenues over the next 5 years.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__31": {
"value": "2.8 Research and development expenses Research and development expenses primarily consist of personnel costs, material and other lab supply costs, facility costs and internal and external costs related to the execution of studies and other development program advancement initiatives. Such expenses also include costs incurred in preparation for commercial launch, such as designing and developing commercial-scale manufacturing capabilities and processes, quality control processes, production asset validation and other related activities. The costs also include amortization, depreciation and impairment losses related to software, property, plant and equipment, and right-of-use assets used in research and development activities and pre-commercial manufacturing and quality control activities. An internally generated intangible asset arising from the Group\u2019s development is recognized only if the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; the intent to complete the intangible asset and use or sell it; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditures incurred from the date when the intangible asset first meets the aforementioned recognition criteria. If an internally-generated intangible asset cannot be recognized, the related development expenditure is charged to profit or loss in the period in which it is incurred. Expenditures related to research and development activities are recognized as an expense in the period in which they are incurred. The Company did not capitalize any development expenses as intangible assets during the years ended 31 December 2024 and 2023 as not all the criteria in paragraph 57 of IAS 38 have been met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "2.8 Research and development expenses Research and development expenses primarily consist of personnel costs, material and other lab supply costs, facility costs and internal and external costs related to the execution of studies and other development program advancement initiatives. Such expenses also include costs incurred in preparation for commercial launch, such as designing and developing commercial-scale manufacturing capabilities and processes, quality control processes, production asset validation and other related activities. The costs also include amortization, depreciation and impairment losses related to software, property, plant and equipment, and right-of-use assets used in research and development activities and pre-commercial manufacturing and quality control activities. An internally generated intangible asset arising from the Group\u2019s development is recognized only if the Group can demonstrate: the technical feasibility of completing the intangible asset so that it will be available for use or sale; the intent to complete the intangible asset and use or sell it; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditures incurred from the date when the intangible asset first meets the aforementioned recognition criteria. If an internally-generated intangible asset cannot be recognized, the related development expenditure is charged to profit or loss in the period in which it is incurred. Expenditures related to research and development activities are recognized as an expense in the period in which they are incurred. The Company did not capitalize any development expenses as intangible assets during the years ended 31 December 2024 and 2023 as not all the criteria in paragraph 57 of IAS 38 have been met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "2.9 General and administrative expenses General and administration expenses primarily consist of personnel-related costs, including salaries and other related compensation expense, for corporate and other administrative and operational functions including finance, human resources, information technology and legal, as well as facility-related costs. These costs relate to the operation of the business and are not related to research and development initiatives. Expenditures related to general and administration activities are recognized as an expense in the period in which they are incurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "2.10 Finance income and finance cost Finance income consists of changes in the fair value of derivative financial liabilities and interest income. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Finance cost consists of changes in the fair value of derivative financial liabilities, interest expense related to lease liabilities and borrowings, accretion of borrowings and amortization of deferred debt issue costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "2.11 Foreign currency translation The consolidated financial statements are presented in U.S. Dollars, which is the Group\u2019s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group\u2019s expenses are incurred in U.S. Dollars and Icelandic Krona, and the majority of the Company\u2019s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. Transactions in currencies other than the Group\u2019s presentation currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise. Exchange differences arising on translation of a foreign controlled subsidiary are recognized in other comprehensive income or loss and accumulated in a translation reserve within equity. The cumulative translation amount is reclassified to profit or loss if and when the net investment in the foreign controlled subsidiary is disposed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "2.12 Fair value measurements The Group measures certain financial liabilities at fair value through profit or loss (FVTPL) at each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair values of such financial liabilities, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices in active markets for identical assets and liabilities; \u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly (e.g., prices) or indirectly (e.g., derived from prices); and \u2022 Level 3: inputs for the asset or liability that are unobservable. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other current assets, contract assets, trade and other payables and other current liabilities in the Group\u2019s consolidated statements of financial position approximate their fair value because of the short maturities and nature of these instruments. For liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "2.13 Goodwill and other intangible assets Goodwill and business combinationsAcquisitions are first reviewed to determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not meet the definition of a business, the Group will account for the transaction as an asset acquisition. If the definition of a business combination is met, the Group will account for the transaction using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.Goodwill represents the excess of the purchase price of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities, contingent liabilities, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree. Goodwill is reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or as additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Group did not complete any business combinations during the years ended 31 December 2024 and 31 December 2023. Other intangible assetsOther intangible assets consist of software, customer relationships, and intellectual property rights. Intangible assets acquired in a business combination are identified and recognized separately from goodwill if they satisfy the definition of an intangible asset and their fair values can be reliably measured. The cost of intangible assets is their fair value at the acquisition date. Intangible assets with finite useful lives are reported at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The following useful lives are used in the calculation of amortization: Software3-10 yearsCustomer relationships7 yearsIntellectual property rights*10 years\u2022 From launch dateCertain of the Group\u2019s intellectual property rights have been pledged to secure borrowings as further described in Note 21.Intangible assets with indefinite useful lives are reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "2.13 Goodwill and other intangible assets Goodwill and business combinationsAcquisitions are first reviewed to determine whether a set of assets acquired constitute a business and should be accounted for as a business combination. If the assets acquired do not meet the definition of a business, the Group will account for the transaction as an asset acquisition. If the definition of a business combination is met, the Group will account for the transaction using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in the consolidated statements of profit or loss and other comprehensive income or loss as incurred.Goodwill represents the excess of the purchase price of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities, contingent liabilities, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree. Goodwill is reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the business combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or as additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The Group did not complete any business combinations during the years ended 31 December 2024 and 31 December 2023. Other intangible assetsOther intangible assets consist of software, customer relationships, and intellectual property rights. Intangible assets acquired in a business combination are identified and recognized separately from goodwill if they satisfy the definition of an intangible asset and their fair values can be reliably measured. The cost of intangible assets is their fair value at the acquisition date. Intangible assets with finite useful lives are reported at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful life and amortization method are reviewed at each balance sheet date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The following useful lives are used in the calculation of amortization: Software3-10 yearsCustomer relationships7 yearsIntellectual property rights*10 years\u2022 From launch dateCertain of the Group\u2019s intellectual property rights have been pledged to secure borrowings as further described in Note 21.Intangible assets with indefinite useful lives are reviewed for impairment at least annually, and whenever there is an indication that the asset may be impaired. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The value in use calculation is performed using discounted expected future cash flows. The discount rate applied to these cash flows is based on the weighted average cost of capital and reflects current market assessments of the time value of money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "2.14 Income tax Income tax includes the current tax and deferred tax charge recorded in the consolidated statements of profit or loss and other comprehensive income or loss. Current taxThe current tax expense is based on taxable profit for the year. Taxable profit differs from \u2018profit before tax\u2019 as reported in the consolidated statements of profit or loss and other comprehensive income or loss because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s current tax expense is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Accruals for tax contingencies are made when it is not probable that a tax authority will accept the tax position, based upon management\u2019s interpretation of applicable laws and regulations and the expectation of how the tax authority will resolve the matter. Accruals for tax contingencies are measured using either the most likely amount or the expected value amount depending on which method the entity expects to better predict the resolution of the uncertainty. Deferred taxDeferred tax is provided in full for all temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, except to the extent the temporary difference arises from: \u2022 The initial recognition of an asset or a liability in a transaction that is not a business combination and that affects neither the taxable profit nor accounting profit; \u2022 The initial recognition of residual goodwill (for deferred tax liabilities only); or \u2022 Investments in subsidiaries, branches, associates and joint ventures, where the Group is able to control the timing of the reversal of the temporary difference and it is not probable that it will reverse in the foreseeable future. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilized against future taxable income. The deferred taxes are measured according to the respective territorial current tax rules and tax rates assumed in the year in which the assets are expected to be utilized. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amount of the assets and liabilities. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited to the consolidated statements of profit or loss and other comprehensive income or loss, except when the tax arises from a business combination or it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis in that taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "2.15 Property, plant and equipment Property, plant and equipment is recognized as an asset when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured in a reliable manner. Property, plant and equipment which qualifies for recognition as an asset are initially measured at cost. The cost of property, plant and equipment includes an asset\u2019s purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Depreciation is calculated and recognized as an expense on a straight-line basis over an asset\u2019s estimated useful life. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are used in the calculation of depreciation: Facility40 yearsFacility equipment5-20 yearsComputer equipment3 yearsLeasehold improvements3-15 yearsFurniture and fixtures5 yearsCertain of the Group\u2019s property, plant and equipment assets have been pledged to secure borrowings as further described in Note 21. Significant disposals of pledged assets are subject to lender approval. Upon disposal or retirement of an asset, the difference between the sales proceeds, if applicable, and the carrying amount of the asset is recognized in the consolidated statements of profit or loss and other comprehensive income or loss at the time of disposal or retirement. At the end of each reporting period, or sooner if events triggering an interim impairment assessment occur, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that the value of such assets are impaired. Triggering events that warrant an interim impairment assessment include, but are not limited to, the technical obsolescence of equipment or failure of such equipment to meet regulatory requirements. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss and the carrying amount of the asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and value in use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "2.16 Inventories Inventories, which consist of raw materials and supplies, work in progress and finished goods are stated at the lower of cost or net realizable value. Net realizable value is the expected sales price less completion costs and costs to be incurred in marketing, selling and distributing the inventory. Cost is calculated using the weighted average cost method or the first-in, first-out method, depending on the nature of the inventory. Inventories include direct costs for raw materials and supplies and, as applicable, direct and indirect labor and overhead expenses that have been incurred to bring inventories to their present location and condition. If the net realizable value is lower than the carrying amount, a write-down of inventory is recognized for the amount by which the carrying amount exceeds net realizable value.The Group\u2019s inventories have been pledged to secure borrowings as further described in Note 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "2.17 Financial assets Recognition of financial assetsFinancial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, other than financial assets measured at FVTPL, are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at FVTPL are recognized immediately in profit or loss. There were no transaction costs related to the acquisition of financials assets in 2024 and 2023. All of the Group\u2019s financial assets are measured at amortized cost as of 31 December 2024 and 2023. Financial assets measured at amortized costFinancial assets measured at amortized cost are debt instruments that give rise to contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s financial assets measured at amortized cost are trade receivables, certain other current assets, receivables from related parties, restricted cash and cash and cash equivalents. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assetsThe Group recognizes a loss allowance for expected credit losses (\"ECL\") on its trade receivables and other debt instruments that are measured at amortized cost. In addition, although contract assets are not financial assets, a loss allowance for ECL are also recognized for such assets. ECL is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecasted direction of conditions at the reporting date, including time value of money where appropriate. The Group writes off a financial asset when there is no reasonable expectation of recovery, such as information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. A trade receivable or contract asset that is considered uncollectible is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. The Group did not write off any trade receivables or contract assets during the years ended 31 December 2024 and 2023 except for the Biosana related asset which was fully reserved (see Note 18). The Group estimates impairment for related party receivables on an individual basis. No impairment is recognized for restricted cash or cash and cash equivalents as management has estimated that the effects of any calculated ECL would be immaterial. Derecognition of financial assetsThe Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset as well as an associated liability. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income or loss and accumulated in equity is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "2.18 Financial liabilities Financial liabilitiesThe Group\u2019s financial liabilities consist of trade and other payables, certain other current liabilities loans and borrowings, lease liabilities, derivative financial instruments, long-term incentive plans, share appreciation right plans and other long-term liability to a related party. All financial liabilities are initially measured at fair value. Loans and borrowings are recorded net of directly attributable transaction costs and less the value attributable to any embedded derivative financial instruments, if applicable. The Group derecognizes financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled, substantially modified or have expired. Additionally, management elected, as part of its accounting policy, to recognize the difference between the carrying amount of the financial liabilities and the fair value of the consideration paid for the extinguishment in the consolidated statement of profit or loss and other comprehensive income or loss. Financial liabilities subsequently measured at amortized costAfter initial recognition, financial liabilities other than derivative financial instruments and awards issued pursuant to long-term incentive plans are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts all estimated future cash payments through the expected life of the financial liability, or a shorter period if appropriate, to the amortized cost of a financial liability. The effective interest rate includes the effects of any discount or premium on acquisition of the financial liability, as well as any fees or costs incurred upon acquisition. Financial liabilities subsequently measured at FVTPLDerivative financial instruments Certain rights and features pursuant to borrowing arrangements and other contracts may provide the counterparty with one or more financial instruments that need to be evaluated and potentially accounted for separately by the Group. These financial instruments are either embedded in a host instrument or are treated as a separate financial instrument if they are contractually transferable independent from the host instrument. Such rights and features pursuant to the Group\u2019s contracts with both third parties and related parties include earn out rights, conversion rights and warrant rights. Equity conversion features within host debt instruments that meet the definition of a derivative and have economic and risk characteristics that are not closely related to the host instrument are embedded derivatives that are separated from the host instrument and accounted for separately. As part of the accounting for embedded derivatives or separate financial instruments, management considers the appropriate accounting classification under IAS 32. Embedded derivatives and separate financial instruments that meet the fixed-for-fixed criteria are classified as equity and initially measured at fair value. Warrant rights that provide the holder with an option to purchase ordinary shares at a specified price or pursuant to a specified formula are generally separate derivative financial instruments that are accounted for as derivative liabilities. Earn Out Shares grant the holder with a variable number of Ordinary Shares based on certain vesting conditions tied to the stock price and are accounted for as derivative liabilities. In the event that the fair value of any derivative liabilities, determined using unobservable inputs, exceeds the transaction price of a borrowing arrangement, the Group records a deferred loss at the inception of the borrowing arrangement for the difference between the fair value of the derivative liabilities and the transaction price of the borrowing arrangement. Such deferred losses are recognized over the term of the related borrowing arrangement using the straight-line method of amortization. The deferred loss is netted against derivative financial liabilities on the consolidated statements of financial position. Amortization of the deferred loss is recognized as a component of \u201cFinance costs\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. The Group recognized derivative liabilities related to the Predecessor Earn Out Shares, OACB Earn Out Shares and assumed OACB warrants. Additionally, the Group recognized an embedded derivative for the conversion feature associated with the Tranche A Convertible Bonds, as further described in Note 27. These features are liability-classified, rather than equity-classified, because the Group is obligated to issue a variable number of ordinary shares to the holder upon conversion or exercise of the feature. Therefore, these derivative liabilities were initially recorded at fair value and remeasured to fair value at each reporting period with gains and losses arising from changes in the fair value recognized in finance income or finance costs, as appropriate. The fair values of the derivative liabilities were determined using a valuation approach that incorporated a range of inputs that are both observable and unobservable in nature. The inputs used in the initial and subsequent fair value measurements predominantly relate to (i) the price of the Group\u2019s Ordinary Shares (ii) the volatility of the Group\u2019s Ordinary Shares, (ii) a risky discount rate corresponding to the credit risk associated with the repayment of the host debt instruments, and (iii) the probabilities of each derivative being exercised by the holder and the timing of such exercises. The probabilities are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The Group will derecognize any derivative liabilities if and when the rights are exercised by the holders or the time period during which the rights can be exercised expires. Long-term incentive plans Management Incentive PlanThe Group can issue share options, restricted share units (\u201cRSUs\u201d), and other share-based awards under the Company\u2019s new incentive plan (the \u201cManagement Incentive Plan\u201d) which was approved by the Board in June 2022. Awards issued under the Management Incentive Plan are accounted for in accordance with IFRS 2. Share-based payments are classified as equity-settled share-based payments as the Company intends to settle the awards with equity and has the commercial substance to do so. Share-based payments are measured at the grant date fair value of the instruments issued and recognized over the expected vesting periods. The number of shares expected to vest are reviewed and adjusted at the end of each reporting period such that the amount of expense recognized shall be based on the number of equity instruments that will eventually vest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "2.19 Litigation and other contingencies The Group may, from time to time, become involved in legal proceedings arising out of the normal course of its operations. For instance, as a developer and manufacturer of biosimilars, the Group may be subject to lawsuits alleging patent infringement or other similar claims filed by the reference product sponsor. Similarly, the Group may utilize patent challenge procedures to challenge the validity, enforceability or infringement of the reference product sponsor\u2019s patents. Other parties may also file patent infringement claims against the Group alleging that the Group\u2019s products or manufacturing process techniques infringe their patents. The Group establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. When such conditions are not met for a specific legal matter, no reserve is established. Although management currently believes that resolving claims against the Group, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Group, these matters are subject to inherent uncertainties and management\u2019s view of these matters may change in the future. It is possible that an unfavorable outcome of a lawsuit or other contingency could have a material impact on the liquidity, results of operations, or financial condition of the Group. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount of loss can be reasonably estimated. Accruals are based only on information available at the time of the assessment, due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Group\u2019s results of operations in a given period. The Group maintains liability insurance coverages for various claims and exposures. The Group\u2019s insurance coverage limits its maximum exposure on claims; however, the Group is responsible for any uninsured portion of losses. Management believes that present insurance coverage is sufficient to cover potential exposures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "2.20 Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for those with a lease term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group\u2019s leased assets consist of various real estate, fleet and equipment leases. Right-of-use assets reflect the initial measurement of the lease liability, lease payments made at or before the lease commencement date and any initial direct costs less lease incentives that may have been received by the Group. These assets are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset to the Group or the lease includes a purchase option that the Group is reasonably certain to exercise, the related right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, which is the rate of interest that the Group would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term in a similar economic environment based on information available at the commencement date of the lease. The lease payments included in the measurement of the lease liability comprise fixed payments (including in-substance fixed payments) less any incentives, variable lease payments that depend on an index or rate, expected residual guarantees and the exercise price of purchase options reasonably certain to be exercised by the Group. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, using the effective interest method, and by reducing the carrying amount to reflect payments made during the lease term. The Group remeasures the lease liability if the lease term has changed, when lease payments based on an index or rate change or when a lease contract is modified and the modification is not accounted for as a separate lease. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, lessees are not required to separate non-lease components from lease components, and instead account for any lease and associated non-lease components as a single lease component. The Group has used this practical expedient.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "3. New accounting standards Management has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU effective on or after 1 January 2024 has not had a significant effect on the Consolidated financial statements, specifically:\u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Lease back;\u2013 Amendment to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants; and\u2013 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements.New or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. Management does not anticipate any significant impact on the consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the statements of profit or loss and other comprehensive income or loss and to differentiate between earnings from operating activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results. Management is currently assessing the impact of this new standard.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "3. New accounting standards Management has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU effective on or after 1 January 2024 has not had a significant effect on the Consolidated financial statements, specifically:\u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Lease back;\u2013 Amendment to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants; and\u2013 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements.New or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the EU. Management does not anticipate any significant impact on the consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the statements of profit or loss and other comprehensive income or loss and to differentiate between earnings from operating activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change reported net results. Management is currently assessing the impact of this new standard.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "4. Segment reporting As disclosed in Note 2, the Group operates and manages its business as one operating segment. A significant portion of the Group\u2019s revenue is generated from long-term out-license contracts which provide the customer with exclusive or semi-exclusive rights to a particular territory, which generally span multiple countries or a particular continent, as well as the Group\u2019s promises to continue development of the underlying compound and to provide supply of the product to the customer upon commercialization. Therefore, based on the nature of the customer agreements, revenue information is not currently available on a country-by-country basis. Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group\u2019s customers pursuant to its out-license contracts, is as follows: 2024 2023Europe 157,587 63,510 USA 273,036 9,430 Rest of World 59,059 18,494 489,682 91,434 Non-current assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows: 2024 2023Europe 451,066 415,659 USA 6,407 5,094 Rest of World 10,547 6,194 468,020 426,947 Revenue from transactions with individual customers that exceeds ten percent or more of the Group\u2019s total revenue is as follows: 2024 2023Revenue % Total Revenue % Total Customer A 144,384 29.5% 9,430 10.3% Customer B 72,105 14.7% 46,954 51.4% Customer C 26,094 5.3% 8,876 9.7% Customer D 72,339 14.8% 16,556 18.1% Customer E 101,862 20.8% \u2014 \u2014%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "5. Revenue Disaggregated revenue The following table summarizes the Group\u2019s revenue from contracts with customers, disaggregated by the type of good or service and timing of transfer of control of such goods and services to customers during the years ended 31 December 2024 and 2023: 2024 2023Product revenue (point in time revenue recognition) 273,472 48,699 License revenue (point in time revenue recognition) 75,813 7,775 Performance revenue (point in time revenue recognition) 42,391 4,402 Development and other service revenue (over time revenue recognition) 98,006 30,558 489,682 91,434 Performance revenue is disaggregated from license revenue as the Company reached significant performance milestones during the year. Those were previously reported under license revenue in 2023.Reassessment of measure of progress Subsequent changes to the estimate of the transaction price are recorded as adjustments to revenue in the period of change. The Group updates the measure of progress estimates on a quarterly basis. The quarterly changes in estimates did not result in material adjustments to the Group\u2019s previously reported revenue or trade receivables during the years ended 31 December 2024 and 2023.Contract assets and liabilities A reconciliation of the beginning and ending balances of contract assets and contract liabilities is shown in the table below: Contract Contract Assets Liabilities 31 December 2022 28,656 93,932 Contract asset additions 19,634 \u2014 Amounts transferred to trade receivables (2,412) \u2014 Derecognition of contract liability \u2014 (42,089) Customer prepayments \u2014 100,555 Revenue recognized \u2014 (23,101) Foreign currency adjustment 171 3,147 31 December 2023 46,049 132,444 Contract asset additions 133,756 \u2014 Amounts transferred to trade receivables (88,564) \u2014 Derecognition of contract liability \u2014 (331) Customer prepayments \u2014 51,255 Revenue recognized \u2014 (82,454) Foreign currency adjustment (1,227) (4,213) 31 December 2024 90,014 96,701 The net increase in contract assets as of 31 December 2024 is due to the revenue recognized when the performance obligation has been met which is offset by transfer of amounts to trade receivables on the basis that the Group\u2019s right to that consideration is no longer contingent on its performance. The net decrease in contract liabilities as of 31 December 2024 is due to revenue recognized when the performance obligation has been met which is offset by customer prepayments in advance of the Group\u2019s performance. As of 31 December 2024, $22.7 million and $67.3 million are recorded as non-current contract assets and current contract assets, respectively. Non-current contract assets will materialize over the next 2 to 3 years. As of 31 December 2024, $80.7 million and $16.0 million are recorded as non-current contract liabilities and current contract liabilities, respectively. Non-current contract liabilities will be recognized as revenue over the next 2 to 5 years as either services are rendered or contractual milestones are achieved, depending on the performance obligation to which the payment relates. Remaining performance obligations Due to the long-term nature of the Group\u2019s out-license contracts, the Group\u2019s obligations pursuant to such contracts represent partially unsatisfied performance obligations at year-end. The revenues under existing out-license contracts with original expected durations of more than one year are estimated to be $265.5 million. The Group expects to recognize the majority of these revenues over the next 5 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "6. Salaries and other employee expenses The average number of individuals employed by the Group during the years ended 31 December 2024 and 2023 was 1,011 and 999, respectively. The aggregate salary and other employee expenses incurred by the Group for these employees were as follows: 2024 2023Salary expense 109,042 107,067 (1)Defined contribution plan expense 11,168 11,518 Long-term incentive plan expense 198 78 Share-based payments (see Note 22) 7,626 18,033 Other employee expense 19,998 19,718 Temporary labor 5,994 8,495 154,026 164,909 (1)Defined contribution plan expense consists of costs incurred by the Group for employees of certain subsidiaries that are required by local laws to participate in pension schemes. These pension schemes are not sponsored or administered by the Group. Pursuant to the requirements of the schemes, the Group is required to contribute a certain percentage of its payroll costs to the pension schemes. Such contributions are charged to the consolidated statements of profit or loss and other comprehensive income or loss as they are incurred in accordance with the rules of the pension schemes. Salaries and other employee expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 77,241 76,908 Research and development expenses 37,652 44,339 General and administrative expenses 39,133 43,662 Total salary and other employee expenses 154,026 164,909",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "7. Finance income and finance costs Finance income earned for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives 75,528 \u2014 Interest income from cash and cash equivalents 4,577 4,547 Other interest income 40 276 80,145 4,823 Finance costs incurred for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives (see Note 27) (145,564) (132,333) Interest on debt and borrowings (147,373) (129,327) Interest on lease liabilities (see Note 13) (6,614) (3,840) Amortization of deferred debt issue costs (3,614) (1,657) (303,165) (267,157)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__52": {
"value": "7. Finance income and finance costs Finance income earned for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives 75,528 \u2014 Interest income from cash and cash equivalents 4,577 4,547 Other interest income 40 276 80,145 4,823 Finance costs incurred for the years ended 31 December 2024 and 2023 are as follows: 2024 2023Changes in the fair value of derivatives (see Note 27) (145,564) (132,333) Interest on debt and borrowings (147,373) (129,327) Interest on lease liabilities (see Note 13) (6,614) (3,840) Amortization of deferred debt issue costs (3,614) (1,657) (303,165) (267,157)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "8. Depreciation, amortization and impairment Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Depreciation and impairment of property, plant and equipment (see Note 12) 17,105 14,353 Depreciation of right of use assets (see Note 13) 13,377 8,913 Amortization and impairment of intangible assets (see Note 15) 819 2,723 31,301 25,989 Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 18,683 15,582 Research and development expenses 8,359 6,886 General and administrative expenses 4,259 3,521 Total depreciation, amortization and impairment expense 31,301 25,989",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__55": {
"value": "8. Depreciation, amortization and impairment Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Depreciation and impairment of property, plant and equipment (see Note 12) 17,105 14,353 Depreciation of right of use assets (see Note 13) 13,377 8,913 Amortization and impairment of intangible assets (see Note 15) 819 2,723 31,301 25,989 Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 18,683 15,582 Research and development expenses 8,359 6,886 General and administrative expenses 4,259 3,521 Total depreciation, amortization and impairment expense 31,301 25,989",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__54": {
"value": "8. Depreciation, amortization and impairment Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Depreciation and impairment of property, plant and equipment (see Note 12) 17,105 14,353 Depreciation of right of use assets (see Note 13) 13,377 8,913 Amortization and impairment of intangible assets (see Note 15) 819 2,723 31,301 25,989 Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue 18,683 15,582 Research and development expenses 8,359 6,886 General and administrative expenses 4,259 3,521 Total depreciation, amortization and impairment expense 31,301 25,989",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__57": {
"value": "9. Audit fees 2024 2023Financial Statement audit fees 3,335 2,876 Other fees, including tax services 279 462 Total fees 3,614 3,338 Financial Statements audit fees consist of fees for the audit of our annual financial statements and other professional services provided in connection with the statutory and regulatory filings or engagements, including fees for the review of our interim financial information. Other fees, including tax services, include fees for review of our current and historical financial information included in our SEC registration statements, fees for tax compliance, tax advice, and tax planning.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "10. Income tax Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2024 and 2023 is as follows: 2024 2023Current taxDirect taxes - current 1,149 1,307 Direct taxes \u2013 prior year (48) (60) Total current tax 1,101 1,247 Deferred taxCurrent 7,284 (89,847) Prior year 5,916 (10,719) Total deferred tax 13,200 (100,565) Total income tax charge / (benefit) 14,301 (99,318) The prior year deferred tax impact of $5.9 million mainly relates to foreign currency impact on losses denominated in Icelandic krona.The factors affecting the tax charge during the year ended 31 December 2024 relate to the utilization of the deferred tax asset on accumulated tax losses previously recognized . The factors affecting the tax benefit during the year ended 31 December 2023 relate to the recognition of a deferred tax asset on accumulated tax losses, as management assessed that it was probable that the accumulated tax losses would be fully utilized in the coming years.There were no accruals for tax contingencies during the years ended 31 December 2024 and 2023.The effective tax rate for the year of -6.6% (2023: 15.3%) is lower than the applicable Luxembourgish statutory rate of corporation tax. The reconciling items between the statutory rate and the effective tax rate are as follows: 2024 2023Tax rate 24.9% 24.9% Effect of tax rate in foreign jurisdictions 0.8% (3.4%) Permanent Differences (17.4%) (6.7%) Non-recognition of tax losses (12.2%) (1.5%) Other items (2.8%) 1.9% Effective tax rate (6.6%) 15.3% The movement in net deferred taxes during the years ended 31 December 2024 and 2023 is as follows: 2024 2023Balance at 1 January 309,754 209,187 Deferred tax credited to profit or loss (13,205) 100,567 Balance at 31 December 296,549 309,754 Deferred tax assets 298,360 309,807 (Deferred tax liabilities) (1,811) (53) 2024 2023Deferred Tax Assets and Liabilities DTA (DTL) DTA (DTL)Intangible Assets 751 \u2014 (1,131) (8) Tangible Assets 530 (849) (1,967) (10) Inventory Reserves 1,384 \u2014 1,829 \u2014 Bad Debt Reserves 3,483 \u2014 3,700 \u2014 Employee Benefits 4,611 \u2014 5,652 \u2014 Provisions and accruals \u2014 (679) (410) \u2014 Other (275) (283) 760 (35) Taxable Losses 287,874 \u2014 301,375 \u2014 Total Deferred Taxes 298,360 (1,811) 309,807 (53) Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 requires these to be presented after such offset in the consolidated statements of financial position. The closing deferred tax balances included above are after offset; however, the disclosure of deferred tax assets by category below are presented before such offset. The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2024 and 2023 is composed of: 2024 2023Deferred tax assets attributable to tax loss carryforwards 287,874 301,375Deferred tax assets attributable to other temporary differences 10,760 11,941(Deferred tax liabilities) attributable to other temporary differences (2,085) (3,562)Net deferred tax assets / (liabilities) 296,549 309,754A deferred tax liability has been recognized in relation to ordinary timing differences arising from depreciation and other provisions. A deferred tax liability of $2.1 million and $3.6 million has been recognized as of 31 December 2024 and 2023, respectively.A deferred tax asset has been recognized in relation to ordinary timing differences arising from amortization, depreciation, reserves, employee benefits and tax losses carried forward in the Group. The deferred tax asset on tax losses relates to tax losses arising in Iceland, and management considers probable that future forecasted profit associated with product, license and other revenue will be available to offset the cumulative tax losses as of 31 December 2024. In assessing the probability of recovery, management has reviewed the Group's long-term plan, for the years 2025-20230, that has been used for the going concern assessment and the goodwill and fixed asset impairment testing. This long-term plan anticipates successful completion of biosimilar programs currently in the pipeline and execution of future commercial launches that will support profitability in the near future. The forecasts included in the long-term plan are evaluated to incorporate potential uncertainty associated with the amount and timing of expected future revenues, driven by factors such as potential competition and the inherent risk associated with biosimilar product development. No deferred tax asset is recognized on tax losses arising in Luxembourg as their recoverability is unlikely to be realized.A net deferred tax asset of $296.5 million and $309.8 million is recognized as of 31 December 2024 and 2023, respectively.These tax losses expire as follows: 2025-2027 118,340 2028-2030 392,857 Later 969,441 Indefinite \u2014 Total 1,480,638 As of 31 December 2024, the Group has total unused tax losses of $1,480.6 million which is comprised of $1,439.4 million of accumulated tax losses in Iceland and $41.2 million accumulated tax losses in Luxembourg.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "The movement in net deferred taxes during the years ended 31 December 2024 and 2023 is as follows: 2024 2023Balance at 1 January 309,754 209,187 Deferred tax credited to profit or loss (13,205) 100,567 Balance at 31 December 296,549 309,754 Deferred tax assets 298,360 309,807 (Deferred tax liabilities) (1,811) (53) 2024 2023Deferred Tax Assets and Liabilities DTA (DTL) DTA (DTL)Intangible Assets 751 \u2014 (1,131) (8) Tangible Assets 530 (849) (1,967) (10) Inventory Reserves 1,384 \u2014 1,829 \u2014 Bad Debt Reserves 3,483 \u2014 3,700 \u2014 Employee Benefits 4,611 \u2014 5,652 \u2014 Provisions and accruals \u2014 (679) (410) \u2014 Other (275) (283) 760 (35) Taxable Losses 287,874 \u2014 301,375 \u2014 Total Deferred Taxes 298,360 (1,811) 309,807 (53) Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 requires these to be presented after such offset in the consolidated statements of financial position. The closing deferred tax balances included above are after offset; however, the disclosure of deferred tax assets by category below are presented before such offset. The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2024 and 2023 is composed of: 2024 2023Deferred tax assets attributable to tax loss carryforwards 287,874 301,375Deferred tax assets attributable to other temporary differences 10,760 11,941(Deferred tax liabilities) attributable to other temporary differences (2,085) (3,562)Net deferred tax assets / (liabilities) 296,549 309,754A deferred tax liability has been recognized in relation to ordinary timing differences arising from depreciation and other provisions. A deferred tax liability of $2.1 million and $3.6 million has been recognized as of 31 December 2024 and 2023, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "11. Loss per share Basic loss per share is computed by dividing loss for the year by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed by adjusting the calculation of basic loss per share for the effects of dilutive potential ordinary shares from financial instruments that may be converted or exercised into ordinary shares of the Group. For the years ended 31 December 2024 and 2023, 31,432,382 and 86,745,377, respectively, potential ordinary shares pursuant to the RSUs, Senior Bond Warrants, Aztiq Convertible Bond, 2022 Convertible Bonds, OACB Warrants, Predecessor Earn Out Shares, and OACB Earn Out Shares (as defined and discussed in Notes 21 and 27) were excluded in the calculation of diluted loss per share, since the effect of doing so would result in a reduction of loss per share and thus be antidilutive. The calculation of basic and diluted loss per share for the years ended 31 December 2024 and 2023 is as follows (in thousands, except for share and per share amounts):2024 2023EarningsLoss for the year (231,864) (551,731) Number of sharesWeighted average number of ordinary shares outstanding267,924,570 227,256,469Basic and diluted loss per share (0.87) (2.43)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "12. Property, plant and equipment Property, plant and equipment consists of facility, facility equipment, furniture, fixtures and leasehold improvements, and computer equipment. Movements within property, plant and equipment during the years ended 31 December 2024 and 2023 are as follows: Furniture, fixtures and Facilityleasehold Computer Facility Equipment improvements equipment Total CostBalance at 1 January 2024 115,000 176,718 10,878 2,312 304,908 Additions \u2014 61,633 3,517 98 65,248 Translation difference \u2014 (880) (94) (22) (996) Balance at 31 December 2024 115,000 237,471 14,301 2,388 369,160 DepreciationBalance at 1 January 2024 3,234 59,497 3,815 1,583 68,129 Depreciation 2,875 13,189 776 265 17,105 Translation difference \u2014 (579) (22) (19) (620) Balance at 31 December 2024 6,109 72,107 4,569 1,829 84,614 Net carrying amountBalance at 31 December 2024 108,891 165,364 9,732 559 284,546 Furniture, fixtures and Facilityleasehold Computer Facility Equipment improvements equipment Total CostBalance at 1 January 2023 115,000 145,150 9,598 1,959 271,707 Reclassification of assets \u2014 2,771 (112) (7) 2,652 Additions \u2014 29,351 1,500 518 31,369 Disposals \u2014 (1,233) (23) (136) (1,392) Translation difference \u2014 679 (85) (22) 572 Balance at 31 December 2023 115,000 176,718 10,878 2,312 304,908 DepreciationBalance at 1 January 2023 359 46,002 3,233 1,519 51,113 Reclassification of assets \u2014 3,330 (112) (7) 3,211 Depreciation 2,875 10,572 676 230 14,353 Disposals \u2014 (737) (22) (136) (895) Translation difference \u2014 330 40 (23) 347 Balance at 31 December 2023 3,234 59,497 3,815 1,583 68,129 Net carrying amountBalance at 31 December 2023 111,766 117,221 7,063 729 236,779 On 12 December 2024 the Group entered into a settlement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. with respect to Alvotech hf.'s equipment located in the leased premises and operated by Alvotech hf., which had been acquired by Faseignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. This resulted in an amendment of the lease agreement (see Note 13). The settlement amount was $14.8 million.The Group pledged $284.5 million and $127.4 million of property, plant and equipment as collateral to secure bank loans with third parties as of 31 December 2024 and 2023, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "13. Leases The Group\u2019s leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group\u2019s right-of-use assets and the movements during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Right-of-use assetsBalance at 1 January 119,802 47,501 Adjustments for indexed leases 6,283 7,354 New leases 41,506 74,109 Cancelled leases (476) (139) Remeasurement due to acquisition of equipment (27,902) \u2014 Reclassification \u2014 (443) Depreciation (13,377) (8,913) Translation difference (638) 333 Balance at 31 December 125,198 119,802 The Group entered into a lease agreement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 14 years as of 31 December 2024. The building is 140,000 square feet. The construction was completed in 2024 and the final details are expected to be finalized in 2025. The lease amount is in substance fixed and is based on construction cost. On 12 December 2024 the Group entered into a settlement with Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. with respect to Alvotech hf.'s equipment located in the leased premises and operated by Alvotech hf., which had been acquired by Faseignaf\u00e9lagi\u00f0 Eyj\u00f3lfur hf. This resulted in an amendment of the lease agreement which resulted in a partial termination of the right-of-use asset amounting to $27.9 million and remeasurement of the lease liability reducing the liability by $28.3 million. The Group recognized $0.4 million income due to this remeasurement in the consolidated statements of profit or loss and other comprehensive income or loss. The related right-of-use asset as of 31 December 2024 amounts to $78.7 million.The Group\u2019s right-of-use assets as of 31 December 2024 and 2023 are comprised of the following: 2024 2023Right-of-use assetsFacilities 117,931 110,692 Fleet 268 389 Equipment 6,999 8,721 125,198 119,802 At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The Group\u2019s lease liabilities and the movements during the years ended 31 December 2024 and 2023 are as follows: 2024 2023Lease liabilitiesBalance at 1 January 115,315 40,532 Adjustments for indexed leases 6,325 7,405 New leases 41,584 72,882 Cancelled leases (484) (167) Installment payments (10,725) (7,260) Remeasurement due to acquisition of equipment (28,252) \u2014 Foreign currency adjustment (1,695) 1,932 Translation difference (416) (9) Balance at 31 December 121,652 115,315 Current liabilities (9,515) (9,683) Non-current liabilities 112,137 105,632 The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2024 and 2023 in relation to the Group\u2019s lease arrangements are as follows: 2024 2023Depreciation expense from right-of-use assetsFacilities (11,922) (7,631) Fleet (161) (180) Equipment (1,294) (1,102) Total depreciation expense from right-of-use assets (13,377) (8,913) Interest expense on lease liabilities (6,614) (3,840) Foreign currency difference on lease liability (1,695) (1,932) Gain/(loss) from extinguishment of lease agreement 375 (28) Total amount recognized in profit and loss (21,311) (14,713) The maturity analysis of undiscounted lease payments as of 31 December 2024 and 2023 is as follows: 2024 2023Less than one year 16,731 14,637 One to five years 58,722 51,053 Thereafter 101,703 89,682 177,156 155,372 The Group\u2019s lease liabilities as of 31 December 2024 and 2023 do not include short-term leases and low value leases. During these years the Group expensed $0.2 million and $0.7 million, respectively, in relation to such leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "14. Goodwill The Group\u2019s goodwill balances as of 31 December 2024 and 2023 are as follows: 2024 2023Balance as of 1 January 12,058 11,643 Translation difference (728) 415 Balance as of 31 December 11,330 12,058 Goodwill is recognized at the Group level and allocated to group of cash-generating units, which represents the lowest level at which goodwill is monitored. The recoverable amount of the cash-generating unit is determined based on a value in use calculation which uses cash flow projections based on the financial forecast for the period 2025-2030 which reflect the recent business developments of the Group and has been approved by management and the Board of Directors. The Group determined that the terminal growth rate and the discount rate are the key assumptions used in determining the current estimate of value in use. Cash flows beyond 2031 have been extrapolated using a negative 5% terminal rate in both the 2024 and 2023 value in use calculations, respectively. A discount rate of 24.3% (2023: 25.0%) per annum was used in determining the current estimate of value in use. Since the recoverable amount of the cash-generating unit was substantially in excess of its carrying amount as of 31 December 2024 and 2023, management believes that any reasonably possible change in the key assumptions on which the recoverable amount of the cash-generating unit is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount. There were no goodwill impairment charges recognized in the consolidated statements of profit or loss and other comprehensive income or loss in any prior periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__63-1": {
"value": "14. Goodwill The Group\u2019s goodwill balances as of 31 December 2024 and 2023 are as follows: 2024 2023Balance as of 1 January 12,058 11,643 Translation difference (728) 415 Balance as of 31 December 11,330 12,058 Goodwill is recognized at the Group level and allocated to group of cash-generating units, which represents the lowest level at which goodwill is monitored. The recoverable amount of the cash-generating unit is determined based on a value in use calculation which uses cash flow projections based on the financial forecast for the period 2025-2030 which reflect the recent business developments of the Group and has been approved by management and the Board of Directors. The Group determined that the terminal growth rate and the discount rate are the key assumptions used in determining the current estimate of value in use. Cash flows beyond 2031 have been extrapolated using a negative 5% terminal rate in both the 2024 and 2023 value in use calculations, respectively. A discount rate of 24.3% (2023: 25.0%) per annum was used in determining the current estimate of value in use. Since the recoverable amount of the cash-generating unit was substantially in excess of its carrying amount as of 31 December 2024 and 2023, management believes that any reasonably possible change in the key assumptions on which the recoverable amount of the cash-generating unit is based would not cause the carrying amount of the cash-generating unit to exceed its recoverable amount. There were no goodwill impairment charges recognized in the consolidated statements of profit or loss and other comprehensive income or loss in any prior periods.15. Other Intangible assets Other intangible assets consist of software, customer relationships, and licensed intellectual property rights. Movements in intangible assets during the years ended 31 December 2024 and 2023 are as follows: Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2024 17,073 2,271 6,000 25,344 Additions 2,409 \u2014 \u2014 2,409 Translation difference (248) (137) \u2014 (385) Balance at 31 December 2024 19,234 2,134 6,000 27,368 AmortizationBalance at 1 January 2024 3,997 2,271 \u2014 6,268 Amortization 819 \u2014 \u2014 819 Translation difference (203) (137) \u2014 (340) Balance at 31 December 2024 4,613 2,134 \u2014 6,747 Net carrying amountBalance at 31 December 2024 14,621 \u2014 6,000 20,621 Additions during the year ended 31 December 2024 were primarily the implementation of our new SAP system. Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2023 13,684 2,181 15,000 30,865 Reclassification of assets 1,002 \u2014 \u2014 1,002 Additions 4,094 \u2014 6,000 10,094 Impairment (1,779) \u2014 \u2014 (1,779) Retirement \u2014 \u2014 (15,000) (15,000) Translation difference 72 90 \u2014 162 Balance at 31 December 2023 17,073 2,271 6,000 25,344 AmortizationBalance at 1 January 2023 3,343 1,870 \u2014 5,213 Amortization 626 318 \u2014 944 Translation difference 28 83 \u2014 111 Balance at 31 December 2023 3,997 2,271 \u2014 6,268 Net carrying amountBalance at 31 December 2023 13,076 \u2014 6,000 19,076 Additions during the year ended 31 December 2023 were primarily comprised of licensed intellectual property rights from Kashiv as detailed below. Expense for amortization of the Group\u2019s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue \u2014 318 Research and development expenses 21 8 General and administrative expenses 798 618 819 944 At 31 December 2024 the Group performed a review of its intangible assets and determined that there was no impairment in 2024. At 31 December 2023, the Group determined certain software development had been abandoned. In assessing recoverable amount, the Group determined the market for resale was non-existent. Management therefore determined to fully impair the assets, resulting in an impairment charge of $1.8 million during the year ended 31 December 2023. The impairment charge for the year ended 31 December 2023 was recognized as an expense within \u201cGeneral and administrative expense\u201d.At 31 December 2023, following the termination of the agreement with Biosana, the Group derecognized $15.0 million of other intangible assets relating to intellectual property rights for the co-development and commercialization of AVT23. A corresponding receivable was recognized to reflect the claim against Biosana (see Note 18 for further information).Alvotech entered into an exclusive product licensing and supply agreement with Kashiv for the development and commercialization of AVT23 in September 2023. Under the terms of the agreement, Kashiv granted Alvotech an exclusive right for AVT23 which will be produced using Kashiv\u2019s proprietary process technology and commercialized by Alvotech in specific territories. In exchange, Alvotech made an upfront payment of $3.0 million upon the signing of the agreement, with an additional $3.0 million due upon the beginning of Phase 3 which coincides with the clinical trial application (\"CTA\") submission.In addition, Alvotech may be obligated to pay Kashiv up to an aggregate of $25 million (including the $6 million upfront payments mentioned above), payable upon the achievement of various development and regulatory milestones, as well as certain tiered royalty payments up to an aggregate of $15 million based on commercial sales of AVT23. The agreement terminates 10 years after the launch of AVT23 and is subject to certain customary termination rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "15. Other Intangible assets Other intangible assets consist of software, customer relationships, and licensed intellectual property rights. Movements in intangible assets during the years ended 31 December 2024 and 2023 are as follows: Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2024 17,073 2,271 6,000 25,344 Additions 2,409 \u2014 \u2014 2,409 Translation difference (248) (137) \u2014 (385) Balance at 31 December 2024 19,234 2,134 6,000 27,368 AmortizationBalance at 1 January 2024 3,997 2,271 \u2014 6,268 Amortization 819 \u2014 \u2014 819 Translation difference (203) (137) \u2014 (340) Balance at 31 December 2024 4,613 2,134 \u2014 6,747 Net carrying amountBalance at 31 December 2024 14,621 \u2014 6,000 20,621 Additions during the year ended 31 December 2024 were primarily the implementation of our new SAP system. Intellectual Customer property Software relationships rights Total CostBalance at 1 January 2023 13,684 2,181 15,000 30,865 Reclassification of assets 1,002 \u2014 \u2014 1,002 Additions 4,094 \u2014 6,000 10,094 Impairment (1,779) \u2014 \u2014 (1,779) Retirement \u2014 \u2014 (15,000) (15,000) Translation difference 72 90 \u2014 162 Balance at 31 December 2023 17,073 2,271 6,000 25,344 AmortizationBalance at 1 January 2023 3,343 1,870 \u2014 5,213 Amortization 626 318 \u2014 944 Translation difference 28 83 \u2014 111 Balance at 31 December 2023 3,997 2,271 \u2014 6,268 Net carrying amountBalance at 31 December 2023 13,076 \u2014 6,000 19,076 Additions during the year ended 31 December 2023 were primarily comprised of licensed intellectual property rights from Kashiv as detailed below. Expense for amortization of the Group\u2019s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2024 2023Cost of product revenue \u2014 318 Research and development expenses 21 8 General and administrative expenses 798 618 819 944 At 31 December 2024 the Group performed a review of its intangible assets and determined that there was no impairment in 2024. At 31 December 2023, the Group determined certain software development had been abandoned. In assessing recoverable amount, the Group determined the market for resale was non-existent. Management therefore determined to fully impair the assets, resulting in an impairment charge of $1.8 million during the year ended 31 December 2023. The impairment charge for the year ended 31 December 2023 was recognized as an expense within \u201cGeneral and administrative expense\u201d.At 31 December 2023, following the termination of the agreement with Biosana, the Group derecognized $15.0 million of other intangible assets relating to intellectual property rights for the co-development and commercialization of AVT23. A corresponding receivable was recognized to reflect the claim against Biosana (see Note 18 for further information).Alvotech entered into an exclusive product licensing and supply agreement with Kashiv for the development and commercialization of AVT23 in September 2023. Under the terms of the agreement, Kashiv granted Alvotech an exclusive right for AVT23 which will be produced using Kashiv\u2019s proprietary process technology and commercialized by Alvotech in specific territories. In exchange, Alvotech made an upfront payment of $3.0 million upon the signing of the agreement, with an additional $3.0 million due upon the beginning of Phase 3 which coincides with the clinical trial application (\"CTA\") submission.In addition, Alvotech may be obligated to pay Kashiv up to an aggregate of $25 million (including the $6 million upfront payments mentioned above), payable upon the achievement of various development and regulatory milestones, as well as certain tiered royalty payments up to an aggregate of $15 million based on commercial sales of AVT23. The agreement terminates 10 years after the launch of AVT23 and is subject to certain customary termination rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "16. Cash and cash equivalents Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Cash and cash equivalents denominated in US dollars 36,930 1,466 Cash and cash equivalents denominated in other currencies 14,498 9,691 51,428 11,157 Restricted cashRestricted cash relates to cash that may only be used pursuant to certain of the Group\u2019s borrowing arrangements (see note 21). Therefore, these deposits are not available for general use by the Group. Movements in restricted cash balances during the years ended 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Balance at 1 January 26,132 25,187 Interest income 740 945 Release during the period (26,872) \u2014 Balance at 31 December \u2014 26,132",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "17. Inventories The Group\u2019s inventory balances as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Raw materials and supplies 53,566 51,524 Work in progress 81,243 33,068 Finished goods \u2014 244 Inventory reserves (6,920) (10,403) Total Balance 127,889 74,433 The increase in inventory from 31 December 2023 to 31 December 2024 is due to the expansion of the commercial launch of certain of the Group\u2019s biosimilar products.The Group recognized $117.9 million and $42.8 million within cost of goods sold during the years ended 31 December 2024 and 2023, respectively.During the years ended 31 December 2024 and 2023, write-down of inventories amounted to $6.9 million and $10.4 million, respectively, due to product expiration and results from quality control inspections. There was a reversal of inventory write-downs of $8.9 million during the year ended 31 December 2024. There was no reversal of inventory write-downs during the year ended 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "18. Other current assets The composition of other current assets as of 31 December 2024 and 31 December 2023 is as follows:31 December 31 December 20242023Value-added tax 17,719 8,801 Prepaid expenses 23,984 22,035 Proceeds receivable from sale of joint venture (Note 26) 5,950 \u2014 Other short-term receivables 411 1,035 48,064 31,871 During the year 2023, the Group terminated the co-development agreement with Biosana for AVT23 and derecognized $15.0 million of other intangible assets and $3.5 million of prepaid development costs. A receivable of $18.5 million was recognized under other current assets which was fully reserved due to the uncertainty that it would be collected. In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "18. Other current assets The composition of other current assets as of 31 December 2024 and 31 December 2023 is as follows:31 December 31 December 20242023Value-added tax 17,719 8,801 Prepaid expenses 23,984 22,035 Proceeds receivable from sale of joint venture (Note 26) 5,950 \u2014 Other short-term receivables 411 1,035 48,064 31,871 During the year 2023, the Group terminated the co-development agreement with Biosana for AVT23 and derecognized $15.0 million of other intangible assets and $3.5 million of prepaid development costs. A receivable of $18.5 million was recognized under other current assets which was fully reserved due to the uncertainty that it would be collected. In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "19. Share capital Share capital and share premium of the Group\u2019s Ordinary Shares issued as of 31 December 2024, and 2023 are as follows (in thousands, except for share amounts): 2024 2023Share Share capital and capital and share share Sharespremium SharespremiumOrdinary Shares301,805,677 2,009,884 266,821,844 1,231,969 Total share capital and share premium301,805,677 2,009,884 266,821,844 1,231,969 The authorised capital, excluding the share capital, is set at $59.0 million, consisting of 5,901,355,465 shares, each having a nominal value of $0.01.On 26 February 2024, Alvotech announced it had received and accepted an offer from investors outside the U.S. for the sale of 10,127,132 Ordinary Shares, for an approximate gross value of $166 million, at a purchase price of $16.41 per share, or ISK 2,250, at the foreign exchange rate on 23 February 2024. The shares were to be delivered to investors from previously issued treasury shares held by Alvotech\u00b4s subsidiary Alvotech Manco. As of 31 December 2024, the settlement of the sale offers resulted in 9,213,333 Ordinary Shares delivered to investors upon the payment of $150.5 million, the net proceeds of the transaction totaling $144 million.The Company announced in June 2024 that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the current exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interest. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion, obtained repayment from the Group in July 2024, upon the closing of the Secured Loan Facility of $965.0 million.Movements in the Group\u2019s Ordinary shares, share capital and share premium during the years ended 31 December 2024 and 2023 are as follows (in thousands, except for share amounts): Predecessor Ordinary Ordinary Share Share SharesShares capital premium TotalBalance at 1 January 2023252,160,087 \u2014 2,126 1,058,432 1,060,558Capital contribution11,834,061 \u2014 118 132,618 132,736 Vested earn-out shares\u2014 \u2014 6 8,300 8,306 Penny warrants (Note 27)2,479,962 \u2014 25 27,159 27,184 Public warrants (Note 27)553,552 \u2014 6 7,612 7,618 Settlement of RSUs with shares (Note 22)838,919 \u2014 8 5,095 5,103 Settlement of SARs with shares(1,044,737) \u2014 (10) (9,526) (9,536) Balance at 31 December 2023266,821,844 \u2014 2,279 1,229,690 1,231,969Capital contribution9,213,333 \u2014 92 144,547 144,639 Vested earn-out shares\u2014 \u2014 198 310,703 310,901 Penny warrants (Note 27)1,718,845 \u2014 17 24,293 24,310 Public warrants (Note 27)419,660 \u2014 4 6,691 6,695 Settlement of RSUs with shares (Note 22)1,549,290 \u2014 15 5,890 5,905 Settlement of options with shares9,127 \u2014 0 105 105 Conversion of convertible bonds (Note 21)22,073,578 \u2014 221 285,139 285,360 Balance at 31 December 2024301,805,677 \u2014 2,826 2,007,058 2,009,884No dividends were paid or declared during the years ended 31 December 2024 and 2023.At 31 December 2024 and 2023 Alvotech Manco ehf., a subsidiary of Alvotech hf., owned 22,995,363 and 22,905,618 Ordinary Shares in Alvotech. Such shares are intended for the future issuance of Ordinary Shares under the Management Incentive Plan and other equity offerings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "20. Other reserves The composition of other reserves as of 31 December 2024 and 2023 is as follows:2024 2023Equity component of convertible bonds \u2014 21,391 Share based payments 17,272 21,520 17,272 42,911",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:222100DCZBOWV5DZ8372",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "21. Borrowings The Group\u2019s debt consists of interest-bearing borrowings from financial institutions and third parties. Outstanding borrowings, net of transaction costs and debt discounts, presented on the consolidated statements of financial position as current and non-current as of 31 December 2024 and 31 December 2023 are as follows: 31 December 31 December 20242023Senior Bonds \u2014 549,411 2022 Convertible Bonds \u2014 155,914 Aztiq Convertible Bonds \u2014 80,663 Alvogen Facility \u2014 76,556 Senior Secured First Lien Term Loan Facility 990,744 \u2014 Other borrowings 77,840 97,615 Total outstanding borrowings, net of debt issue costs 1,068,584 960,159 Less: current portion of borrowings (32,702) (38,025) Total non-current borrowings 1,035,882 922,134 Senior Secured First Lien Term Loan Facility On 7 June 2024, the Company entered into a $965.0 million senior secured first lien term loan facility, enabling the Company to improve cost of capital, address upcoming debt maturities in 2025 and add incremental cash to the statement of financial position. Upon the closing of the Secured Loan Facility, the Company was required to settle its existing debt obligations.On 10 July 2024, the Company closed its previously executed Secured Loan Facility. The closing has allowed Alvotech to refinance outstanding debt obligations on 10 July 2024 and 11 July 2024, reducing the cost of capital and improving its overall debt maturity profile. The Secured Loan Facility, for $965.0 million in aggregate principal amount, matures in July 2029. The first tranche is a first lien $900.0 million term loan which bears an interest rate of SOFR plus 6.5% per annum (the \"First Tranche Facility\"). The second tranche is a $65.0 million first lien, second out term loan, which bears an interest rate of SOFR plus 10.5% per annum (the \"Second Tranche Facility\"). This resulted in the concurrent settlement of its existing debt obligations as described below.The refinancing resulted in net cash proceeds of $140.5 million after transaction costs paid of $32.6 million. The Group has pledged key assets, including trade receivables, inventory, bank accounts, equity interests in its subsidiaries, intellectual property, equipment (1st lien pledge), and the manufacturing facility (2nd lien pledge) as collateral to secure the Secured Loan Facility.Under the terms of the Secured Loan Facility, the First Tranche Facility includes payments of 0.25% of aggregated principal amount at the closing date that are due quarterly with a final maturity in July 2029 and the Group can elect payment-in-kind interest for any quarterly payment due on or before 30 June 2025, provided that if such election is made, the annual interest rate will increased by 0.75%. The Second Tranche Facility is a bullet loan with a final maturity in July 2029 and payment-in-kind interest.The Group has the option, at any time, to prepay all or any part of the First Tranche Facility in exchange for the payment of the redemption premium pursuant to the terms of the Secured Loan Facility agreement at the time of such prepayment. The Group can elect to prepay the Second Tranche Facility once the First Tranche Facility has been repaid in full.The Group is in compliance with all representations and non-financial covenants required by the Secured Loan Facility agreement.As of 31 December 2024, the carrying amount of the Secured Loan Facility is $990.7 million.Conversion of the 2022 Convertible Bonds and the Aztiq Convertible BondsOn 26 June 2024, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is 1 July 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. Based on the transaction date exchange rate, a total of approximately 22.1 million new shares were issued on 1 July 2024, corresponding to approximately $220.7 million of aggregate value of these bonds with accrued interests. The holders of the 2022 Convertible Bonds and the Aztiq Convertible Bonds that did not exercise their right to conversion obtained repayment from the Group in July 2024 upon settlement of the Secured Loan Facility.A loss on extinguishment of financial liabilities of $58.3 million related to the conversion of existing debt obligations was recorded during the year ended 31 December 2024, including the following:\u2022 Conversion of all the Tranche A and some of the Tranche B of the 2022 Convertible Bonds with a principal value of $195.2 million, and $0.6 million of accrued interest, resulting in a loss on extinguishment of $56.3 million; and\u2022 Conversion of some of the Aztiq Convertible Bonds with a principal value of $24.5 million, and $0.4 million of accrued interest, resulting in a loss on extinguishment of $2.0 million. Refinancing of existing debt obligationsAs described above, the Company refinanced its outstanding debt obligations following the close of the Secured Loan Facility. This resulted in the extinguishment of the Senior Bonds, the Alvogen Facility, and a portion of other outstanding borrowings. A loss on extinguishment of financial liabilities of $10.7 million related to the refinancing of existing debt obligations was recorded during the year ended 31 December 2024, including the following:\u2022 Repayment of the Senior Bonds with a principal value of $550.8 million, and $4.7 million of accrued interest, resulting in a loss on extinguishment of $1 million;\u2022 Repayment of the unconverted 2022 Convertible Bonds with a principal value of $43.7 million, and $0.5 million of accrued interest, resulting in a loss on extinguishment of $2.9 million; and\u2022 Repayment of the unconverted Aztiq Convertible Bonds with a principal value of $72.4 million, and $1.0 million of accrued interest, resulting in a loss on extinguishment of $6.8 million.Facility loans The Group assumed the Facility loans as part of the asset acquisition for the manufacturing facility in Reykjavik. On 9 December 2022, the Group extinguished the assumed loans from Arion banki hf., with an outstanding balance of $30.9 million, with two new loans from Landsbankinn hf. for $48.8 million, with variable interest rate. The refinancing resulted in net cash proceeds of $17.2 million after transaction costs paid. The Group has pledged the facility as collateral to secure these loans (1st lien pledge), as further described in Note 12.These two loans were denominated in Icelandic Krona and included a conversion clause to convert them into USD. The conversion of these two loans took place in March 2023.Under the terms of the loan agreements after conversion, the first loan includes annuity payments that are due monthly with a final maturity in December 2029 and a variable interest rate of SOFR plus a margin of 4.75%. The second loan is a bullet loan with a final maturity in December 2027 and a variable interest rate of SOFR plus a margin of 3.75%The Group determined that conversion to USD of the two loans was a substantial modification to loan agreements and accounted for the transaction as an extinguishment. No gain or loss was recognized as part of the extinguishment.As part of securing the Secured Loan Facility in June 2024, the two loans have been merged into one loan with annuity payments that is due monthly with a final maturity in February 2030 and a variable interest rate of SOFR plus a margin of 4.05%.As of 31 December 2024, the carrying amount of the Facility loans is $45.8 million, compared to $48.5 million as of 31 December 2023.Other borrowings On 22 February 2022, the Group entered into a credit facility agreement with Landsbankinn hf., which was amended in July 2024, with the ability to draw down an amount up to $18.3 million. The credit facility is in place to help finance equipment purchases in the future. Per the terms of the credit facility, the agreement expires on 1 September 2025 and the borrowings have a variable interest rate of USD SOFR plus a margin of 4.95%. As of 31 December 2024, the outstanding balance on the credit facility was $18.3 million, compared to $7.8 million as of 31 December 2023. On 22 February 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $3.2 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in February 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $2.2 million, compared to $2.5 million as of 31 December 2023.On 5 August 2022, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $1.8 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in February 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $1.3 million, compared to $1.6 million as of 31 December 2023. On 4 August 2023, the Group entered into a loan agreement with Landsbankinn hf. for a principal amount of $11.5 million. The loan is in place to help finance equipment purchases. Per the terms of the loan agreement, annuity payments are due monthly with a final maturity in July 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2024, the outstanding balance on the loan was $9.7 million, compared to $11.0 million as of 31 December 2023.The Group is in compliance with all representations and non-financial covenants required by these agreements. In addition, the Group has pledged equipment as collateral to secure these borrowings, as further described in Note 12. Movements in the Group\u2019s outstanding borrowings during the year ended 31 December 2024 are as follows: 2024Borrowings, net at 1 January960,159 Recognition of deferred debt issue costs(32,601) Accretion/derecognition of borrowings discount13,127 Loss on extinguishment69,047 Proceeds from new borrowings1,064,958 Bonds converted to equity(220,736) Repayments of borrowings(874,412) Accrued interest88,206 Amortization of deferred debt issue costs3,614 Foreign currency exchange difference(2,777) Borrowings, net at 31 December1,068,584 The table below details the changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated cash flow statement as cash flows from financing activities.Fair value Financing Capitalizechanges, Foreign 31 1 January Cash flows d loan cost including Other exchange Conversion December 2024(a)changesaccretionchanges (b)impactto equity20242022 Convertible Bonds and Aztiq Convertible Bonds 236,577 (116,108) 761 80,829 21,454 (2,777) (220,736) \u2014 Senior Bonds 549,411 (550,755) \u2014 1,344 \u2014 \u2014 \u2014 \u2014 Senior Secured First Lien Term Loan Facility \u2014 927,899 2,852 59,993 990,744 Other borrowings 97,615 (19,760) \u2014 \u2014 (15) \u2014 \u2014 77,840 Alvogen Facility 76,556 (83,330) \u2014 \u2014 6,773 \u2014 \u2014 \u2014 Borrowings, net 960,159 157,945 3,614 82,174 88,205 (2,777) 1,068,584 (a) This represents the proceeds from the Secured Loan Facility and the repayments of the existing borrowings in the cash flow statement as described above.(b) Other changes include interest accruals and effects of interest payments including $60 million PIK interest from the Secured Loan Facility and $15.1 million of PIK interest converted to equity following the settlement of existing debt obligations.Fair value Financing Capitalized changes, Other Foreign 31 1 January Cash flows loan cost including changes exchange December 2023(a)changesaccretion(b)impact20232022 Convertible Bonds and Aztiq Convertible Bonds 98,234 145,358 1,657 (36,071) 27,603 (204) 236,577 Senior Bonds 530,506 \u2014 \u2014 888 18,017 \u2014 549,411 Other borrowings 71,242 25,102 \u2014 \u2014 (8) 1,279 97,615 Alvogen Facility 64,588 \u2014 \u2014 \u2014 11,968 \u2014 76,556 Borrowings, net 764,570 170,460 1,657 (35,183) 57,580 1,075 960,159 (a) The cash flows from bank loans, loans from related parties and other borrowings make up the net amount of proceeds from borrowings and repayments of borrowings in the cash flow statement.(b) Other changes include interest accruals and payments.The weighted-average interest rates of outstanding borrowings for the years ended 31 December 2024 and 31 December 2023 are 12.4% and 12.73%, respectively.Contractual maturities of principal amounts on the Group\u2019s outstanding borrowings as of 31 December 2024 are as follows: 31 December 2024Within one year 32,702 Within two years 14,590 Within three years 14,784 Within four years 14,996 Thereafter 992,539 1,069,611",
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"f1__s8__6__74": {
"value": "22. Share-based payments On 1 December 2022, the Remuneration Committee authorized and the Group granted RSUs to employees, executives, and directors, granting rights to Ordinary Shares once vesting conditions are met. Compensation expense for RSUs is determined based upon the market price of the Ordinary Shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a 1 to 4-year period, with a 1-year cliff vesting period and either subsequent monthly vesting or annual vesting, resulting from participants completing a service condition. Movements in RSUs during the years ended 31 December 2024 and 2023 are as follows:2024 2023Weighted Weighted Average Average RSUs Fair Value RSUsFair ValueOutstanding at 1 January 3,745,781 $7.04 6,979,482 $6.72 New grants during the period 673,425 $11.66 820,602 $8.79 Forfeited during the period (589,482) $7.98 (1,587,929) $7.11 Vested during the period (1,487,906) $6.99 (2,466,374) $6.67 Outstanding at 31 December 2,341,818 $8.17 3,745,781 $7.04 The Group recognized $7.6 million and $18.0 million of share-based payment expense during the years ended 31 December 2024 and 2023, respectively, as follows:2024 2023Cost of product revenue 941 3,319 Research and development expenses 1,879 3,991 General and administrative expenses 4,806 10,723 7,626 18,033",
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"value": "23. Litigation The Group was involved in four litigations (all now dismissed) in the United States adverse to AbbVie arising out of the development of Alvotech\u2019s AVT02 product, and the filing of a biologics license application with the U.S. Food and Drug Administration seeking regulatory approval (the \u201cAbbVie Litigations\u201d).Alvotech entered into the AbbVie U.S. Agreement with AbbVie Inc. and AbbVie Biotechnology Ltd with respect to AVT02 for the U.S. market. Pursuant to the settlement component of the AbbVie U.S. Agreement, the parties agreed to stipulate to the dismissal of all claims, counterclaims and potential claims in the four U.S. litigations, with each party to bear its own fees and costs. The parties further agreed to release each other from certain claims and demands. The Group incurred approximately $0.0 million and $0.0 million in legal expenses during the years ended 31 December 2024 and 2023, respectively, in preparation for, and/or in relation to, these litigations. Aside from this matter, the Group is not currently a party to any material litigation or similar matters.",
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"value": "23. Litigation The Group was involved in four litigations (all now dismissed) in the United States adverse to AbbVie arising out of the development of Alvotech\u2019s AVT02 product, and the filing of a biologics license application with the U.S. Food and Drug Administration seeking regulatory approval (the \u201cAbbVie Litigations\u201d).Alvotech entered into the AbbVie U.S. Agreement with AbbVie Inc. and AbbVie Biotechnology Ltd with respect to AVT02 for the U.S. market. Pursuant to the settlement component of the AbbVie U.S. Agreement, the parties agreed to stipulate to the dismissal of all claims, counterclaims and potential claims in the four U.S. litigations, with each party to bear its own fees and costs. The parties further agreed to release each other from certain claims and demands. The Group incurred approximately $0.0 million and $0.0 million in legal expenses during the years ended 31 December 2024 and 2023, respectively, in preparation for, and/or in relation to, these litigations. Aside from this matter, the Group is not currently a party to any material litigation or similar matters.",
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"value": "24. Related parties Related parties are those parties which have considerable influence over the Group, directly or indirectly, including a parent company, owners or their families, large investors, key management personnel and their families and parties that are controlled by or dependent on the Group, such as affiliates and joint ventures. Key management personnel include the Group\u2019s executive officers and directors, since these individuals have the authority and responsibility for planning, directing and controlling the activities of the Group. Interests in subsidiaries are set out in Note 1. Transactions with related partiesA related party transaction is a transfer of resources, services or obligations between the Group and a related party, regardless of whether a price is charged. The Group engages with related parties for both purchased and sold services, loans and other borrowings and other activities. Lease agreements with related partiesThe Group entered into a lease agreement with Fasteignafelagid Eyjolfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 14 years as of 31 December 2024. The building is 140,000 square feet. The construction was completed in 2024 and the final details are expected to be finalized in 2025. Lease liabilities as of 31 December 2024 amount to $80.6 million. The Group entered into six separate lease agreements with Fl\u00f3ki Fasteignir ehf. in 2024 for apartment buildings in Iceland used for temporary housing of employees and third-party contractors. The remaining lease terms approximate 10 years, on average, as of 31 December 2024. Lease liabilities as of 31 December 2024 for the new leases amount to $1.5 million.The Group entered into office sublease sharing agreement with Alvogen UK Ltd. in August 2023. The agreement was effective from 1 January 2023 and shall terminate upon the expiration or termination of the lease. The office is approximately 5,500 square feet and the group leases 30% of the premises, containing approximately 1,645 square feet of space. Lease liabilities as of 31 December 2024 amount to $0.5 million.The Group entered into an art lease agreement with Fl\u00f3ki-Art ehf. in January 2023, as a result of the Share Purchase Agreement pursuant to which the Group rent pieces of art located in S\u00e6mundargata 15-19, Reykjavik. The remaining lease term for the leased asset is 14 years as of 31 December 2024. Lease liabilities as of 31 December amount to $0.4 million.The Group provides and receives certain support services through arrangements with Aztiq, Alvogen, and Adalvo Ltd. (Adalvo). Services provided to Alvogen consist of finance, administrative, legal and human resource services. Services received from Alvogen primarily consist of marketing, salary processing, and information technology support services. Services received from Adalvo primarily consist of legal, regulatory, supply chain management, and portfolio and market intelligence services. Purchased service includes rental fees and service expenses, as described above. Rental fees and service expenses with related parties are presented as \u201cGeneral and administrative expenses\u201d or \u201cResearch and development expenses\u201d in the consolidated statements of profit or loss and other comprehensive income or loss, depending on the nature of the service performed and expense incurred by the Group. Rental liabilities from lease arrangements with related parties are presented as a component of \u201cLease liabilities\u201d on the consolidated statements of financial position. Service payables are presented as \u201cLiabilities to related parties\u201d on the consolidated statements of financial position. Interest includes interest expense on borrowings. Interest expenses on loans from related parties are presented as \u201cFinance costs\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. Borrowings are presented as \u201cBorrowings\u201d and \u201cCurrent maturities of borrowings\u201d on the consolidated statements of financial position. See Note 21 for further details on the borrowing arrangements with related parties. Sold service includes services provided to related parties, as described above. Income from related parties for such services are presented as \u201cOther income\u201d in the consolidated statements of profit or loss and other comprehensive income or loss. Amounts receivable for such activities are presented as \u201cReceivables from related parties\u201d on the consolidated statements of financial position. The Group has not recorded bad debt provisions for its receivables from related parties. Related party transactions as of 31 December 2024 are as follows:Purchases /Payables/ interest Sold service ReceivablesborrowingsAlvogen Lux Holdings S.\u00e0 r.l. \u2013 Sister company (a) 9,754 \u2014 \u2014 \u2014 ATP Holdings ehf. - Sister company (a) 4,926 \u2014 \u2014 \u2014 Aztiq Consulting ehf. \u2013 Sister company 192 \u2014 \u2014 2 Fl\u00f3ki-Art ehf. - Sister company 52 \u2014 \u2014 410 Alvogen Iceland ehf. - Sister company 25 \u2014 \u2014 \u2014 Alvogen ehf. - Sister company \u2014 132 18 \u2014 Alvogen UK - Sister company 233 \u2014 \u2014 76 Alvogen Finance B.V. - Sister Company 565 \u2014 \u2014 \u2014 Alvogen Inc. - Sister company 355 \u2014 3 619 Adalvo Limited - Sister company 265 220 97 149 L41 ehf. - Sister company 53 \u2014 \u2014 \u2014 Fl\u00f3ki Invest ehf - Sister company 696 32 \u2014 60 Alvogen Spain SL - Sister company \u2014 \u2014 \u2014 14 Norwich Clinical Services Ltd - Sister company 906 \u2014 \u2014 177 Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur ehf - Sister company 28,456 \u2014 \u2014 87,946 Fl\u00f3ki fasteignir ehf. - Sister company 2,300 \u2014 \u2014 10,937 48,778 384 118 100,390 (a) The full amount of purchased service relates to interest expenses from long-term liabilities which have been extinguished (see Note 21).Related party transactions as of 31 December 2023 are as follows: Purchased service / Payables/ interest Sold service ReceivablesborrowingsAlvogen Lux Holdings S.\u00e0 r.l. \u2013 Sister company (a) 11,968 \u2014 \u2014 76,556 ATP Holdings ehf. - Sister company (a) 9,193 \u2014 \u2014 49,560 Aztiq Consulting ehf. - Sister company 178 69 \u2014 54 Fl\u00f3ki-Art ehf. - Sister company 88 \u2014 \u2014 422 Alvogen Iceland ehf. - Sister company 19 1 \u2014 484 Alvogen ehf. - Sister company \u2014 152 16 \u2014 Alvogen UK - Sister company 273 \u2014 \u2014 581 Alvogen Finance B.V. - Sister company 3,382 \u2014 \u2014 65 Lotus Pharmaceuticals Co. Ltd. - Sister company (b) \u2014 29 29 7,440 Lotus International Pte. Ltd. - Sister company \u2014 2 \u2014 \u2014 Alvogen Emerging Markets - Sister company 108 \u2014 \u2014 \u2014 Alvogen Inc. - Sister company 305 \u2014 \u2014 284 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) \u2014 \u2014 758 539 Adalvo Limited - Sister company 402 189 86 337 Adalvo UK - Sister company \u2014 49 \u2014 \u2014 Fl\u00f3ki Invest ehf. - Sister company 680 4 \u2014 251 Floki Holdings S.\u00e0 r.l. \u2013 Sister company 40 \u2014 \u2014 \u2014 Alvogen Malta Sh. Services - Sister company \u2014 \u2014 7 \u2014 Alvogen Spain SL - Sister Company 14 \u2014 \u2014 15 Norwich Clinical Services Ltd - Sister company 642 \u2014 \u2014 170 Fasteignaf\u00e9lagi\u00f0 Eyj\u00f3lfur ehf - Sister company (d) 3,807 102 \u2014 69,732 Fl\u00f3ki fasteignir ehf. - Sister company 1,682 \u2014 \u2014 11,466 32,781 597 896 217,956 (a) The full amount of purchased service relates to interest expenses from long-term liabilities and the full amount of payables / loans are interest-bearing long-term liabilities including discount and accretion (see Note 21). (b) Payables to Lotus Pharmaceuticals Co. Ltd. consists of an other current liability. This other current liability is presented as \u201cLiabilities to related party\u201d on the unaudited condensed consolidated interim statements of financial position. (c) The amount receivable from Alvotech & CCHN Biopharmaceutical Co., Ltd. relates to amounts due for reference drugs used in research and development studies and certain consulting fees incurred by the Group.(d) Refer to Note 13 for the details of the new lease. Commitments and guaranteesThe Group does not have any contractual commitments with its related parties other than the receivables, loans and payables previously disclosed. Key management personnelAt 31 December 2024 and 2023 there were no loans to the members of the Board of Directors and the CEO. In addition, there were no transactions carried out between the Group and members of the Board of Directors nor the CEO in the years ended 31 December 2024 and 2023. The Board of Directors\u2019 remuneration is shown in the table below. Board of Directors\u2019 fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2024Pension Other long-Shares at Board feescontributionterm benefitsyear-end**Robert Wessman, Chairman of the board* \u2014 \u2014 \u2014 \u2014Richard Davies, Vice-Chairman 156 \u2014 183 1,163,422Ann Merchant, Board Member 112 \u2014 183 21,164\u00c1rni Har\u00f0arson, Board Member* \u2014 \u2014 \u2014 \u2014Faysal Kalmoua, Board Member* \u2014 \u2014 \u2014 \u2014Hj\u00f6rleifur P\u00e1lsson, Board Member (from 7 June 2024) 41 \u2014 \u2014 2,350Linda McGoldrick, Board Member 92 \u2014 183 21,164Lisa Graver, Board Member 68 \u2014 183 21,164Tomas Ekman, Board Member* \u2014 \u2014 \u2014 \u2014 469 \u2014 732 1,229,264* Waived their board compensation (both cash and equity)** Direct share ownership 2024Salaries and Pension Termination Other long- term Key employeesbenefitscontributionbenefitsbenefitsRobert Wessman CEO 2,176 147 \u2014 \u2014 Other Executive Team Members (10) 5,332 362 125 13,844 7,508 509 125 13,844 Board of Directors\u2019 fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2023Pension Other long-Shares at Board feescontributionterm benefitsyear-end**Robert Wessman, Chairman of the board* \u2014 \u2014 \u2014 \u2014Richard Davies, Vice-Chairman 156 \u2014 104 1,143,713Ann Merchant, Board Member 113 \u2014 104 10,582\u00c1rni Har\u00f0arson, Board Member* \u2014 \u2014 \u2014 \u2014Faysal Kalmoua, Board Member* \u2014 \u2014 \u2014 \u2014Linda McGoldrick, Board Member 81 \u2014 104 10,582Lisa Graver, Board Member 71 \u2014 104 10,582Tomas Ekman, Board Member* \u2014 \u2014 \u2014 \u2014 421 \u2014 416 1,175,459* Waived their board compensation (both cash and equity)** Direct share ownership 2023Salaries and Pension Termination Other long- term Key employeesbenefitscontributionbenefitsbenefitsRobert Wessman CEO 1,491 26 \u2014 \u2014 Other Executive Team Members (9) 5,020 346 52 9,456 6,511 372 52 9,456",
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"value": "25. Other current liabilities The composition of other current liabilities as of 31 December 2024 and 31 December 2023 is as follows: 31 December 31 December 20242023Unpaid salary and salary related expenses 14,465 31,340 Accrued interest 428 3,333 Accrued vacation leave 6,631 6,075 Employee incentive plan \u2014 659 Accrued royalties 15,858 5,001 Accrued profit sharing 12,604 \u2014 Accrued other expenses 9,418 16,312 59,404 62,720",
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"value": "25. Other current liabilities The composition of other current liabilities as of 31 December 2024 and 31 December 2023 is as follows: 31 December 31 December 20242023Unpaid salary and salary related expenses 14,465 31,340 Accrued interest 428 3,333 Accrued vacation leave 6,631 6,075 Employee incentive plan \u2014 659 Accrued royalties 15,858 5,001 Accrued profit sharing 12,604 \u2014 Accrued other expenses 9,418 16,312 59,404 62,720",
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"f1__s8__6__82": {
"value": "27. Financial instruments Accounting classification and carrying amountsFinancial assets as of 31 December 2024 and 2023, all of which are measured at amortized cost, are as follows: 31 December 31 December 20242023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other current assets 6,361 1,035 Receivables from related parties 118 896 Other long-term assets 213 336 218,337 80,848 Financial liabilities as of 31 December 2024 and 2023 are as follows:31 December 31 December 20242023Borrowings (measured at amortized cost) 1,068,584 960,159 Derivative financial liabilities (measured at FVTPL) 210,224 520,553 Trade and other payables (measured at amortized cost) 67,126 80,563 Lease liabilities (measured at amortized cost) 121,652 115,315 Liabilities to related parties (measured at amortized cost) 8,465 9,851 Other current liabilities 58,903 61,873 1,534,954 1,748,314 It is management\u2019s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of, in 2024, the Secured Loan Facility, and, in 2023, the Senior Bonds, Aztiq Convertible Bond, 2022 Convertible Bonds, and Alvogen Facility, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. Material differences between the fair values and carrying amounts of these borrowings are identified as follows: 31 December 2024Carrying Amount Fair ValueSenior Secured First Lien Term Loan Facility 990,744 969,077 990,744 969,077 31 December 2023Carrying Amount Fair ValueSenior Bonds 549,411 559,867 Aztiq Convertible Bond 80,663 84,756 2022 Convertible Bonds 155,914 217,419 Alvogen Facility 76,556 82,060 862,544 944,102 Fair value measurementsThe following tables illustrate the fair value measurement hierarchy of the Group\u2019s financial instruments measured at fair value on a recurring basis as of 31 December 2024 and 31 December 2023: 31 December 2024Level 1 Level 2 Level 3 TotalPredecessor Earn Out Shares \u2014 179,300 \u2014 179,300 OACB Warrants 30,924 \u2014 \u2014 30,924 30,924 179,300 \u2014 210,224 31 December 2023Level 1 Level 2 Level 3 TotalSenior Bond Warrants 19,715 \u2014 \u2014 19,715 Tranche A Conversion Feature \u2014 \u2014 118,830 118,830 Predecessor Earn Out Shares \u2014 349,900 \u2014 349,900 OACB Earn Out Shares \u2014 6,200 \u2014 6,200 OACB Warrants 25,908 \u2014 \u2014 25,908 45,623 356,100 118,830 520,553 The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the year ended 31 December 2024. During the year ended 31 December 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,718,845 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The Tranche A Conversion Feature was extinguished upon the conversion of the Tranche A 2022 Convertible Bonds on 1 July 2024 (refer to Note 21 for further details). In February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. Predecessor Earn Out Shares In February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss.The Predecessor Earn Out Shares had a fair value of $179.3 million as of 31 December 2024, resulting in $130.5 million of finance costs for the year ended 31 December 2024. The fair value of the Predecessor Earn Out Shares was determined using Monte Carlo analysis that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares: 31 December 31 December 20242023Number of shares 19,165,000 38,330,000Share price $13.23 $11.48 Volatility rate 52.0 % 55.0 %Risk-free rate 4.26 % 3.97 %OACB Warrants During the year ended 31 December 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The OACB warrants had a fair value of $30.9 million as of 31 December 2024. The fair value of the warrants was derived from the publicly quoted trading price at the valuation date. The change in fair value of the OACB Warrants resulted in $6.9 million of finance costs for the year ended 31 December 2024. Capital managementThe capital structure of the Group consists of equity, debt and cash. For the foreseeable future, the Board of Directors will maintain a capital structure that supports the Group\u2019s strategic objectives through managing the budgeting process, maintaining strong investor relations and managing the financial risks of the Group, as further described below. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2024 and 2023. Financial risk managementThe Group\u2019s corporate treasury function provides services across the organization, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the Group\u2019s operations through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including interest rate risk and foreign currency risk), credit risk and liquidity risk. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of fluctuations in market interest rates primarily relates to the cash in bank and borrowings that are subject to floating interest rates. The following table provides an interest rate sensitivity analysis for the effect on loss before tax. The analysis assumes that all other variables, such as foreign currency exchange rates, remain constant. 2024 2023Variable-rate financial instruments +100 (9,873) (89) Variable-rate financial instruments -100 9,873 89 Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group uses the U.S. dollar as its reporting currency and conducts business on a global basis in various currencies. As a result, the Group is exposed to foreign currency exchange movements, primarily in European, Icelandic and UK market currencies, as well as in the Swiss franc. Below are the foreign currencies that have the most significant impact on the Group\u2019s operations. Closing rate Average rateChange2024 2023 2024 2023EUR 1.038 1.105 1.082 1.091 (6.0%) GBP 1.251 1.275 1.278 1.266 (1.8%) ISK 0.007 0.007 0.007 0.007 (2.0%) CHF 1.103 1.188 1.136 1.156 (7.2%) INR 0.012 0.012 0.012 0.012 (2.6%) The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2024 are as follows: NetAssets Liabilitiesassets EUR 49,968 23,847 26,121 GBP 315 3,669 (3,354) ISK 3,162 154,048 (150,886) CHF 2,522 2,837 (315) INR 881 536 345 The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows: Net Assets Liabilitiesassets EUR 36,568 46,303 (9,735) GBP 69 3,479 (3,410) ISK 3,247 144,812 (141,565) CHF 335 7,488 (7,153) INR 167 536 (369) A reasonable possible strengthening or weakening of the Group\u2019s significant foreign currencies against the U.S. dollar would affect the measurement of financial instruments denominated in a foreign currency and affect profit or loss and equity by the amount shown in the sensitivity analysis table below. The analysis assumes that all other variables, such as interest rates, remain constant. EUR GBP ISK CHF INR Year ended 31 December 2024-10% weakening (2,612) 335 15,089 32 (35) + 10% strengthening 2,612 (335) (15,089) (32) 35 Year ended 31 December 2023-10% weakening (974) (341) (14,156) (715) (37) + 10% strengthening 974 341 14,156 715 37 Credit risk Credit risk is the risk that a counterparty will not fulfill its contractual obligations under a financial instrument contract, leading to a financial loss for the Group. The maximum credit risk exposure for the Group\u2019s financial assets as of 31 December 2024 and 2023 is as follows: 2024 2023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other assets 6,692 2,267 218,337 80,848 The Group\u2019s cash and cash equivalents are deposited with high-quality financial institutions. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Group has not experienced any losses on its deposits of cash and cash equivalents and restricted cash yet monitors the credit rating of these financial institutions on a periodic basis. Other assets primarily consist of other current assets, as described in Note 18, and contract assets recognized in connection with the Group\u2019s performance pursuant to its contracts with customers, all of which are large multinational pharmaceutical companies. In 2023, the Group recognized a receivable of $18.5 million in other current assets following the termination of the co-development agreement with Biosana which was fully reserved as of 31 December 2023 due to the uncertainty of its collection (see Note 18). In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year. There are no other significant amounts past due as of 31 December 2024 and 2023 and the Group concludes that any expected credit losses with respect to these assets, except as described above, is immaterial. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.Contractual maturities of financial assets and liabilities as of 31 December 2024 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 166,696 \u2014 \u2014 166,696 Variable-interest bearing 51,428 213 \u2014 51,641 Total financial assets 218,124 213 \u2014 218,337 Financial liabilitiesNon-interest bearing 126,029 \u2014 \u2014 126,029 Derivative liabilities \u2014 210,224 \u2014 210,224 Variable-interest bearing - Borrowings 75,235 127,313 1,470,805 1,673,353 Total financial liabilities 201,264 337,537 1,470,805 2,009,606 Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 43,223 \u2014 \u2014 43,223 Variable-interest bearing 11,157 \u2014 26,468 37,625 Total financial assets 54,380 \u2014 26,468 80,848 Financial liabilitiesNon-interest bearing 142,436 \u2014 \u2014 142,436 Fixed-interest bearing - Borrowings 66,309 1,101,185 \u2014 1,167,494 Derivative liabilities \u2014 520,553 \u2014 520,553 Variable-interest bearing - Borrowings 44,995 10,198 65,826 121,019 Total financial liabilities 253,740 1,631,936 65,826 1,951,502 Refer to Note 13 for the maturity analysis of the Group\u2019s undiscounted lease payments.",
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"value": "27. Financial instruments Accounting classification and carrying amountsFinancial assets as of 31 December 2024 and 2023, all of which are measured at amortized cost, are as follows: 31 December 31 December 20242023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other current assets 6,361 1,035 Receivables from related parties 118 896 Other long-term assets 213 336 218,337 80,848 Financial liabilities as of 31 December 2024 and 2023 are as follows:31 December 31 December 20242023Borrowings (measured at amortized cost) 1,068,584 960,159 Derivative financial liabilities (measured at FVTPL) 210,224 520,553 Trade and other payables (measured at amortized cost) 67,126 80,563 Lease liabilities (measured at amortized cost) 121,652 115,315 Liabilities to related parties (measured at amortized cost) 8,465 9,851 Other current liabilities 58,903 61,873 1,534,954 1,748,314 It is management\u2019s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of, in 2024, the Secured Loan Facility, and, in 2023, the Senior Bonds, Aztiq Convertible Bond, 2022 Convertible Bonds, and Alvogen Facility, since any applicable interest receivable or payable is either close to current market rates or the instruments are short-term in nature. Material differences between the fair values and carrying amounts of these borrowings are identified as follows: 31 December 2024Carrying Amount Fair ValueSenior Secured First Lien Term Loan Facility 990,744 969,077 990,744 969,077 31 December 2023Carrying Amount Fair ValueSenior Bonds 549,411 559,867 Aztiq Convertible Bond 80,663 84,756 2022 Convertible Bonds 155,914 217,419 Alvogen Facility 76,556 82,060 862,544 944,102 Fair value measurementsThe following tables illustrate the fair value measurement hierarchy of the Group\u2019s financial instruments measured at fair value on a recurring basis as of 31 December 2024 and 31 December 2023: 31 December 2024Level 1 Level 2 Level 3 TotalPredecessor Earn Out Shares \u2014 179,300 \u2014 179,300 OACB Warrants 30,924 \u2014 \u2014 30,924 30,924 179,300 \u2014 210,224 31 December 2023Level 1 Level 2 Level 3 TotalSenior Bond Warrants 19,715 \u2014 \u2014 19,715 Tranche A Conversion Feature \u2014 \u2014 118,830 118,830 Predecessor Earn Out Shares \u2014 349,900 \u2014 349,900 OACB Earn Out Shares \u2014 6,200 \u2014 6,200 OACB Warrants 25,908 \u2014 \u2014 25,908 45,623 356,100 118,830 520,553 The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the year ended 31 December 2024. During the year ended 31 December 2024, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,718,845 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The Tranche A Conversion Feature was extinguished upon the conversion of the Tranche A 2022 Convertible Bonds on 1 July 2024 (refer to Note 21 for further details). In February 2024, the second tranche of OACB Earn Out Shares vested resulting in the issuance of 625,000 Ordinary Shares. The issuance of Ordinary Shares for the second tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. Predecessor Earn Out Shares In February 2024, the first tranche of Predecessor Earn Out Shares vested resulting in the issuance of 19,165,000 Ordinary Shares. The issuance of Ordinary Shares for the first tranche was accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss.The Predecessor Earn Out Shares had a fair value of $179.3 million as of 31 December 2024, resulting in $130.5 million of finance costs for the year ended 31 December 2024. The fair value of the Predecessor Earn Out Shares was determined using Monte Carlo analysis that incorporated inputs and assumptions as further described below. The inputs and assumptions associated with the valuation of the instruments are determined based on all relevant internal and external information available and are reviewed and reassessed at each reporting date. The following table presents the assumptions and inputs that were used for the model in valuing the Predecessor Earn Out Shares: 31 December 31 December 20242023Number of shares 19,165,000 38,330,000Share price $13.23 $11.48 Volatility rate 52.0 % 55.0 %Risk-free rate 4.26 % 3.97 %OACB Warrants During the year ended 31 December 2024, holders of the OACB Warrants exercised their warrant rights for an exercise price of $11.50 for the rights to one Ordinary Share per warrant. The exercises resulted in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company recognized the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities was recognized in the consolidated statements of profit or loss and other comprehensive income or loss. The OACB warrants had a fair value of $30.9 million as of 31 December 2024. The fair value of the warrants was derived from the publicly quoted trading price at the valuation date. The change in fair value of the OACB Warrants resulted in $6.9 million of finance costs for the year ended 31 December 2024. Capital managementThe capital structure of the Group consists of equity, debt and cash. For the foreseeable future, the Board of Directors will maintain a capital structure that supports the Group\u2019s strategic objectives through managing the budgeting process, maintaining strong investor relations and managing the financial risks of the Group, as further described below. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2024 and 2023. Financial risk managementThe Group\u2019s corporate treasury function provides services across the organization, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the Group\u2019s operations through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including interest rate risk and foreign currency risk), credit risk and liquidity risk. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of fluctuations in market interest rates primarily relates to the cash in bank and borrowings that are subject to floating interest rates. The following table provides an interest rate sensitivity analysis for the effect on loss before tax. The analysis assumes that all other variables, such as foreign currency exchange rates, remain constant. 2024 2023Variable-rate financial instruments +100 (9,873) (89) Variable-rate financial instruments -100 9,873 89 Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group uses the U.S. dollar as its reporting currency and conducts business on a global basis in various currencies. As a result, the Group is exposed to foreign currency exchange movements, primarily in European, Icelandic and UK market currencies, as well as in the Swiss franc. Below are the foreign currencies that have the most significant impact on the Group\u2019s operations. Closing rate Average rateChange2024 2023 2024 2023EUR 1.038 1.105 1.082 1.091 (6.0%) GBP 1.251 1.275 1.278 1.266 (1.8%) ISK 0.007 0.007 0.007 0.007 (2.0%) CHF 1.103 1.188 1.136 1.156 (7.2%) INR 0.012 0.012 0.012 0.012 (2.6%) The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2024 are as follows: NetAssets Liabilitiesassets EUR 49,968 23,847 26,121 GBP 315 3,669 (3,354) ISK 3,162 154,048 (150,886) CHF 2,522 2,837 (315) INR 881 536 345 The Group\u2019s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows: Net Assets Liabilitiesassets EUR 36,568 46,303 (9,735) GBP 69 3,479 (3,410) ISK 3,247 144,812 (141,565) CHF 335 7,488 (7,153) INR 167 536 (369) A reasonable possible strengthening or weakening of the Group\u2019s significant foreign currencies against the U.S. dollar would affect the measurement of financial instruments denominated in a foreign currency and affect profit or loss and equity by the amount shown in the sensitivity analysis table below. The analysis assumes that all other variables, such as interest rates, remain constant. EUR GBP ISK CHF INR Year ended 31 December 2024-10% weakening (2,612) 335 15,089 32 (35) + 10% strengthening 2,612 (335) (15,089) (32) 35 Year ended 31 December 2023-10% weakening (974) (341) (14,156) (715) (37) + 10% strengthening 974 341 14,156 715 37 Credit risk Credit risk is the risk that a counterparty will not fulfill its contractual obligations under a financial instrument contract, leading to a financial loss for the Group. The maximum credit risk exposure for the Group\u2019s financial assets as of 31 December 2024 and 2023 is as follows: 2024 2023Cash and cash equivalents 51,428 11,157 Restricted cash \u2014 26,132 Trade receivables 160,217 41,292 Other assets 6,692 2,267 218,337 80,848 The Group\u2019s cash and cash equivalents are deposited with high-quality financial institutions. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Group has not experienced any losses on its deposits of cash and cash equivalents and restricted cash yet monitors the credit rating of these financial institutions on a periodic basis. Other assets primarily consist of other current assets, as described in Note 18, and contract assets recognized in connection with the Group\u2019s performance pursuant to its contracts with customers, all of which are large multinational pharmaceutical companies. In 2023, the Group recognized a receivable of $18.5 million in other current assets following the termination of the co-development agreement with Biosana which was fully reserved as of 31 December 2023 due to the uncertainty of its collection (see Note 18). In 2024, the Group collected $1.1 million of the receivable, which was recognized through profit and loss during the year. There are no other significant amounts past due as of 31 December 2024 and 2023 and the Group concludes that any expected credit losses with respect to these assets, except as described above, is immaterial. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.Contractual maturities of financial assets and liabilities as of 31 December 2024 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 166,696 \u2014 \u2014 166,696 Variable-interest bearing 51,428 213 \u2014 51,641 Total financial assets 218,124 213 \u2014 218,337 Financial liabilitiesNon-interest bearing 126,029 \u2014 \u2014 126,029 Derivative liabilities \u2014 210,224 \u2014 210,224 Variable-interest bearing - Borrowings 75,235 127,313 1,470,805 1,673,353 Total financial liabilities 201,264 337,537 1,470,805 2,009,606 Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows: Within oneOne to twoyearyears Thereafter TotalFinancial assetsNon-interest bearing 43,223 \u2014 \u2014 43,223 Variable-interest bearing 11,157 \u2014 26,468 37,625 Total financial assets 54,380 \u2014 26,468 80,848 Financial liabilitiesNon-interest bearing 142,436 \u2014 \u2014 142,436 Fixed-interest bearing - Borrowings 66,309 1,101,185 \u2014 1,167,494 Derivative liabilities \u2014 520,553 \u2014 520,553 Variable-interest bearing - Borrowings 44,995 10,198 65,826 121,019 Total financial liabilities 253,740 1,631,936 65,826 1,951,502 Refer to Note 13 for the maturity analysis of the Group\u2019s undiscounted lease payments.",
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"value": "28. Supplemental cash flow information Supplement cash flow information as of 31 December 2024 and 2023 is included below. (see Note 21 for non-cash movements in borrowings).Non-cash investing and financing activities2024 2023Acquisition of property, plant and equipment in trade payables and other current liabilities 13,917 2,266 Acquisition of intangibles in trade payables and other current liabilities \u2014 930 Right-of-use assets obtained through new leases 41,506 74,109 Sale of joint venture 5,950 \u2014 Settlement of borrowings through refinancing 118,330 \u2014 Settlement of transaction cost through refinancing 28,365 \u2014 Equity issued through conversion of borrowings 263,969 \u2014 Settlement of RSUs with shares 5,076 678 Settlement of SARs with shares \u2014 13,767",
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"value": "29. Subsequent events The Group evaluated subsequent events through 26 March 2025, the date that the consolidated financial statements were available to be issued. On 27 January 2025, the Company announced filing acceptance of U.S. Biologics License Applications (BLA) for AVT05, a proposed biosimilar to Simponi and Simponi Aria (golimumab). The FDA review process for these applications is anticipated to be completed in the fourth quarter of 2025.On 18 February 2025, the Company announced that the FDA has accepted for review a BLA for AVT06, Alvotech\u2019s proposed biosimilar to Eylea (aflibercept), a biologic used to treat eye disorders, including diseases which can lead to vision loss or blindness. The process to obtain regulatory approval is anticipated to be completed in the fourth quarter of 2025.On 21 February 2025, the Company announced the availability of SELARSDI (ustekinumab) injection in the U.S., a biosimilar to Stelara (ustekinumab), for the treatment of psoriatic arthritis, plaque psoriasis, Crohn\u2019s disease, ulcerative colitis, pediatric plaque psoriasis and pediatric psoriatic arthritis. On 18 March 2025, the Company announced the FDA acceptance of BLA for AVT03, a proposed biosimilar to Prolia and Xgeva (denosumab).On 20 March 2025, the Company announced the acquisition of Xbrane Biopharma AB's (\"Xbrane\") research and development operations and a biosimilar candidate, further expanding the Company's development capabilities, and establishing a footprint in the Swedish life science sector. Xbrane retains other pre-clinical development programs and will focus on the commercialization of this portfolio. The purchase price for the acquisition amounts to approximately SEK 275 million (approximately $27 million) and will be payable in cash at closing for SEK 102.2 million and by assumption of SEK 172.8 million in debt and accounts payable. The creditors have agreed to accept payment for SEK 152.8 million of the debt with Alvotech equity shares. Closing of the acquisition is expected to occur in April 2025 and is contingent on approvals from the relevant authorities and Xbrane's shareholders. The Company also announced that it intends to explore the possibility of a listing of Swedish Depository Receipts (SDR), equity share equivalents, on Nasdaq Stockholm, in the future. ",
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