Alvotech.
ALVO.US | Manufacture of pharmaceuticals, medicinal chemical and botanical products
Alvotech is a global pharmaceutical company focused on the development and manufacture of biosimilar medicines. Biosimilars are highly similar versions of original biologic drugs, offering a more affordable alternative for patients. Alvotech specializes in developing biosimilars for monoclonal antib...Show More
Better Health for All
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Alvotech's core business is the development and manufacture of biosimilar medicines,
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which are designed to be affordable alternatives to expensive biologic drugs, thereby improving access to proven treatments for serious conditions like autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer.
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The company's entire product portfolio is dedicated to health improvement, with no evidence of harmful products since its founding in 2013.
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Alvotech's biosimilars are priced 20-40% lower than branded counterparts, with a tiered pricing model that offers discounts ranging from 30% in North America to 50% in Latin America.
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The company has approved biosimilars in over 55 markets
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and aims to bring biologic medicines to patients globally, including approvals in countries like South Africa, Morocco, Peru, and Bolivia.
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In 2022, Alvotech invested $60 million in R&D and $10 million in educational campaigns, reaching 15,000 healthcare professionals.
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The company has implemented initiatives for employee mental health support based on satisfaction surveys.
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Alvotech's business model inherently leverages existing patents to create more affordable biosimilars.
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Clinical studies for its biosimilar candidates are randomized, double-blind, and multicenter, investigating efficacy, safety, and immunogenicity.
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However, the company did not maintain controls to execute criteria established in the COSO Framework for internal control components, including information and communication, and did not consistently implement and operate all controls related to timely and consistent execution and adequate review procedures.
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Alvotech has an Equal Pay Certification under the Icelandic Equal Pay Standard, but no broader health equity programs are mentioned.
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The company employs over 800 people and implemented initiatives for increased work-life balance and access to mental health support based on employee satisfaction surveys.
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Fair Money & Economic Opportunity
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Alvotech is a pharmaceutical company focused on developing and manufacturing biosimilar medicines. The 'Fair Money & Economic Opportunity' value and its associated KPIs are designed to assess financial institutions that offer lending, insurance, money movement, or storage services to consumers. As Alvotech's core business lies outside financial services, it does not offer consumer credit products, manage customer finance data, or operate financial service access points. Therefore, all KPIs related to financial products, services, and their associated metrics are not applicable to Alvotech's operations, aligning with the '0' tier definitions in the rubric for non-financial companies.
Fair Pay & Worker Respect
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In 2023, 75% of the total headcount was covered by collective bargaining agreements.
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The company's frequency of injury events relative to total workforce (TIR) was 1.64 in 2023.
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Alvotech reported an unexplained gender pay gap of 0.6% globally (women lower) and 0.7% in Iceland (women lower) in December 2023, indicating women earn 99.4% and 99.3% of men's pay in comparable roles, respectively.
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The company has held an Equal Pay Certification from the Icelandic Directorate of Equality since 2021, renewed in March 2024.
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Employee job satisfaction was 7.0 out of 10 in 2022, with a job commitment score of 8.6 out of 10, and an 89% participation rate in the survey.
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Voluntary employee turnover rates for 2023 were 14.5% for women under 30, 20.8% for men under 30, 15.0% for women aged 30-50, 12.7% for men aged 30-50, 10.2% for women over 50, and 6.5% for men over 50.
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The ratio of temporary workers to total headcount was 4% in 2023.
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Fair Trade & Ethical Sourcing
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Alvotech has reported zero substantiated forced or child labor incidents.
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The company has a comprehensive human rights and child labor policy in place, and its Code of Conduct applies to the entire business, including relationships with suppliers, partners, and contractors.
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Honest & Fair Business
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Alvotech has a comprehensive Whistleblower Policy, approved by the board and implemented after consultation with the employee association.
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It applies to all officers, directors, employees, consultants, independent contractors, interns, and volunteers, and explicitly prohibits intimidation or retaliation.
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The policy offers an anonymous, 24/7 external hotline (SpeakUp®).
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Reports are acknowledged within seven days, and a response is provided within three months.
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84% of the workforce certified compliance with the policy in 2021, increasing to 86% in 2022.
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The company also has an Ethics and/or Anti-Corruption policy, with 84% of the workforce certifying compliance in 2021 and 86% in 2022.
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This policy covers perceived violations of laws in all jurisdictions where Alvotech operates, including the EU, Iceland, Switzerland, and the USA.
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For third-party verification, Alvotech's principal divisions operate under an ISO 9001 certified quality management system, with adherence validated by the British Standards Institution (BSI).
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The company also received and renewed an equal pay certification from the Icelandic Equal Rights Administration and Ministry of Welfare in 2021 and 2024, respectively.
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However, sustainability disclosures are not assured or validated by a third party.
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The median time to close ethics complaints is approximately 90 days, as reports are responded to within three months after acknowledgement.
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Kind to Animals
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Alvotech operates in a regulatory environment where animal studies may be required for biosimilar approval in some countries, such as China, as a condition for human clinical studies.
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The company engages with regulatory authorities to understand local priorities for approval, indicating that its practices accommodate legally mandated animal testing.
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While Alvotech became a signatory to the United Nations Global Compact, there is no specific information provided regarding its public position or advocacy on animal welfare legislation or standards.
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No War, No Weapons
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No evidence available to assess Alvotech on No War, No Weapons.
Planet-Friendly Business
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Alvotech's R&D and manufacturing operations in Iceland benefit from nearly all electricity and all district heating being generated from renewable sources, aligning with 90-95% renewable energy use.
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The company achieved an 86% waste diversion rate in 2021, with a target of 10% or less waste to landfill.
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For the fiscal year 2023, Alvotech did not classify any of its CapEx as 'Taxonomy aligned' under the EU Taxonomy Regulation, despite 94% of its CapEx being identified as eligible.
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The company performs comprehensive environmental life cycle assessments, but the share of product lines assessed is not specified, indicating less than 5% coverage.
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Alvotech states that all wastewater discharged is fully compliant with its environmental permit, indicating no recorded violations in this area.
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Respect for Cultures & Communities
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No evidence available to assess Alvotech on Respect for Cultures & Communities.
Safe & Smart Tech
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No evidence available to assess Alvotech on Safe & Smart Tech.
Zero Waste & Sustainable Products
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In 2021, Alvotech's landfill ratio was 14%, indicating an 86% waste diversion rate.
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The company targets less than 10% of waste ending up in landfills.
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Alvotech recognizes the need to transition from a linear plastic system to a circular economy for plastics and intends to demand more from vendors to achieve this.
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