Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41421 |
Entity Registrant Name | ALVOTECH |
Entity Incorporation, State or Country Code | N4 |
Entity Address, Address Line One | 9 |
Entity Address, Address Line Two | Rue de Bitbourg |
Entity Address, Postal Zip Code | 1273 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
Entity Common Stock, Shares Outstanding | 266,821,844 |
Class of warrants or rights outstanding (in shares) | 10,363,094 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001898416 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | ALVO |
Security Exchange Name | NASDAQ |
Warrants | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants |
Trading Symbol | ALVOW |
Security Exchange Name | NASDAQ |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Sæmundargata 15-19 |
Entity Address, Postal Zip Code | 102 |
Entity Address, City or Town | Reykjavík |
Entity Address, Country | IS |
Contact Personnel Name | Robert Wessman |
City Area Code | 354 |
Local Phone Number | 422 4500 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte ehf. |
Auditor Firm ID | 1490 |
Auditor Location | Kópavogur, Iceland |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Product revenue | $ 48,699 | $ 24,836 | $ 0 |
License and other revenue | 42,735 | 58,193 | 36,772 |
Other income | 1,948 | 1,988 | 2,912 |
Cost of product revenue | (160,856) | (64,095) | 0 |
Research and development expenses | (210,827) | (180,622) | (191,006) |
General and administrative expenses | (76,559) | (186,742) | (84,134) |
Operating loss | (354,860) | (346,442) | (235,456) |
Share of net loss of joint venture | (7,153) | (2,590) | (2,418) |
Impairment loss on investment in joint venture | 21,519 | 0 | 0 |
Finance income | 4,823 | 2,549 | 51,568 |
Finance costs | (267,157) | (188,419) | (117,361) |
Exchange rate differences | (5,183) | 10,566 | 2,681 |
(Loss) / gain on extinguishment of financial liabilities | 0 | (27,311) | 151,788 |
Non-operating (loss) / profit | (296,189) | (205,205) | 86,258 |
Loss before taxes | (651,049) | (551,647) | (149,198) |
Income tax benefit | 99,318 | 38,067 | 47,694 |
Loss for the year | (551,731) | (513,580) | (101,504) |
Item that will be reclassified to profit or loss in subsequent periods: | |||
Exchange rate differences on translation of foreign operations | (86) | (6,111) | (305) |
Total comprehensive loss | $ (551,817) | $ (519,691) | $ (101,809) |
Loss per share | |||
Basic (in dollars per share) | $ (2.43) | $ (2.60) | $ (0.92) |
Diluted (in dollars per share) | $ (2.43) | $ (2.60) | $ (0.92) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property, plant and equipment | $ 236,779 | $ 220,594 |
Right-of-use assets | 119,802 | 47,501 |
Goodwill | 12,058 | 11,643 |
Other intangible assets | 19,076 | 25,652 |
Contract assets | 10,856 | 3,286 |
Investment in joint venture | 18,494 | 48,568 |
Other long-term assets | 2,244 | 5,780 |
Restricted cash | 26,132 | 25,187 |
Deferred tax assets | 309,807 | 209,496 |
Total non-current assets | 755,248 | 597,707 |
Current assets | ||
Inventories | 74,433 | 71,470 |
Trade receivables | 41,292 | 32,972 |
Contract assets | 35,193 | 25,370 |
Other current assets | 31,871 | 32,949 |
Receivables from related parties | 896 | 1,548 |
Cash and cash equivalents | 11,157 | 66,427 |
Total current assets | 194,842 | 230,736 |
Total assets | 950,090 | 828,443 |
Equity | ||
Share capital | 2,279 | 2,126 |
Share premium | 1,229,690 | 1,058,432 |
Other reserves | 42,911 | 30,582 |
Translation reserve | (1,528) | (1,442) |
Accumulated deficit | (2,205,845) | (1,654,114) |
Total equity | (932,493) | (564,416) |
Non-current liabilities | ||
Borrowings | 922,134 | 744,654 |
Derivative financial liabilities | 520,553 | 380,232 |
Other long-term liability to related party | 0 | 7,440 |
Lease liabilities | 105,632 | 35,369 |
Long-term incentive plan | 0 | 544 |
Contract liabilities | 73,261 | 57,017 |
Deferred tax liability | 53 | 309 |
Total non-current liabilities | 1,621,633 | 1,225,565 |
Current liabilities | ||
Trade and other payables | 80,563 | 49,188 |
Lease liabilities | 9,683 | 5,163 |
Current maturities of borrowings | 38,025 | 19,916 |
Liabilities to related parties | 9,851 | 1,131 |
Contract liabilities | 59,183 | 36,915 |
Taxes payable | 925 | 934 |
Other current liabilities | 62,720 | 54,047 |
Total current liabilities | 260,950 | 167,294 |
Total liabilities | 1,882,583 | 1,392,859 |
Total equity and liabilities | $ 950,090 | $ 828,443 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Loss for the year | $ (551,731) | $ (513,580) | $ (101,504) |
Adjustments for non-cash items: | |||
Gain on extinguishment of SARs liability | 0 | (4,803) | 0 |
Share-listing expense | 0 | 83,411 | 0 |
Long-term incentive plan expense | 78 | 5,492 | 17,955 |
Depreciation and amortization | 24,210 | 20,409 | 18,196 |
Impairment of property, plant and equipment | 0 | 0 | 2,092 |
Impairment of other intangible assets | 1,779 | 2,755 | 3,993 |
Change in allowance for receivables | 18,500 | 0 | 0 |
Change in inventory reserves | 8,341 | 0 | 0 |
Loss on disposal of property, plant and equipment | 365 | 0 | 0 |
Impairment loss on investment in joint venture | 21,519 | 0 | 0 |
Share of net loss of joint venture | 7,153 | 2,590 | 2,418 |
Finance income | (4,823) | (2,549) | (51,568) |
Finance costs | 267,157 | 188,419 | 117,361 |
Loss/(Gain) on extinguishment of financial liabilities | 0 | 27,311 | (151,788) |
Share-based payments | 18,033 | 10,317 | 0 |
Exchange rate difference | 5,183 | (10,566) | (2,681) |
Income tax benefit | (99,318) | (38,067) | (47,694) |
Operating cash flow before movement in working capital | (283,554) | (228,861) | (193,220) |
Increase in inventories | (11,304) | (32,412) | (29,412) |
Increase in trade receivables | (8,320) | (3,576) | (28,813) |
Increase / (decrease) in liabilities with related parties | 2,161 | 56 | (453) |
(Increase) / decrease in contract assets | (17,393) | (9,218) | 15,286 |
Increase in other assets | (802) | (17,194) | (4,363) |
Increase in trade and other payables | 31,772 | 16,442 | 14,318 |
Increase in contract liabilities | 35,396 | 19,396 | 21,470 |
(Decrease) / increase in other liabilities | (5,182) | (21,384) | 5,160 |
Cash used in operations | (257,226) | (276,751) | (200,027) |
Interest received | 3,649 | 568 | 16 |
Interest paid | (57,254) | (35,372) | (28,004) |
Income tax paid | (1,354) | (834) | (155) |
Net cash used in operating activities | (312,185) | (312,389) | (228,170) |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (33,234) | (37,880) | (20,462) |
Disposal of property, plant and equipment | 133 | 379 | 0 |
Acquisition of intangible assets | (13,239) | (11,122) | (20,171) |
Restricted cash in connection with amended bond agreement | 0 | (14,914) | 0 |
Net cash used in investing activities | (46,340) | (63,537) | (40,633) |
Cash flows from financing activities | |||
Repayments of borrowings | (99,367) | (34,714) | (37,496) |
Repayments of principal portion of lease liabilities | (8,269) | (11,147) | (7,350) |
Proceeds from new borrowings | 278,831 | 193,678 | 113,821 |
Gross proceeds from private placement equity offering | 136,879 | 0 | 0 |
Gross private placement equity offering fee | (4,141) | 0 | 0 |
Proceeds from warrants | 6,390 | 0 | 0 |
Proceeds on issue of equity shares | 0 | 0 | 185,856 |
Transaction cost from borrowings | (9,004) | (12,102) | 0 |
Gross proceeds from the PIPE Financing | 0 | 174,930 | 0 |
Gross PIPE Financing fees paid | 0 | (5,562) | 0 |
Proceeds from the Capital Reorganization | 0 | 9,827 | 0 |
Proceeds from loans from related parties | 0 | 160,000 | 0 |
Repayment of loans from related parties | 0 | (50,000) | 0 |
Net cash generated from financing activities | 301,319 | 424,910 | 254,831 |
Increase / (decrease) in cash and cash equivalents | (57,206) | 48,984 | (13,972) |
Cash and cash equivalents at the beginning of the year | 66,427 | 17,556 | 31,689 |
Effect of movements in exchange rates on cash held | 1,936 | (113) | (161) |
Cash and cash equivalents at the end of the year | $ 11,157 | $ 66,427 | $ 17,556 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Penny Warrants | Public Warrants | RSUs | SARs | Vested Earn-Out Shares | Other Share Based Payments | Share capital | Share capital Penny Warrants | Share capital Public Warrants | Share capital RSUs | Share capital SARs | Share capital Vested Earn-Out Shares | Share premium | Share premium Penny Warrants | Share premium Public Warrants | Share premium RSUs | Share premium SARs | Share premium Vested Earn-Out Shares | Other reserves | Other reserves RSUs | Other reserves SARs | Other reserves Other Share Based Payments | Translation reserve | Accumulated deficit |
Beginning Balance at Dec. 31, 2020 | $ (867,243) | $ 73 | $ 166,740 | $ 0 | $ 4,974 | $ (1,039,030) | |||||||||||||||||||
Loss for the year | (101,504) | (101,504) | |||||||||||||||||||||||
Foreign currency translation differences | (305) | (305) | |||||||||||||||||||||||
Total comprehensive loss | (101,809) | (305) | (101,504) | ||||||||||||||||||||||
Increase in share capital | 833,440 | 62 | 833,378 | ||||||||||||||||||||||
Ending Balance at Dec. 31, 2021 | (135,612) | 135 | 1,000,118 | 0 | 4,669 | (1,140,534) | |||||||||||||||||||
Loss for the year | (513,580) | (513,580) | |||||||||||||||||||||||
Foreign currency translation differences | (6,111) | (6,111) | |||||||||||||||||||||||
Total comprehensive loss | (519,691) | (6,111) | (513,580) | ||||||||||||||||||||||
Increase in share capital | $ 30,302 | $ 35 | $ 30,267 | ||||||||||||||||||||||
PIPE Financing | 169,368 | 175 | 169,193 | ||||||||||||||||||||||
Capital Reorganization | (171,565) | 1,731 | (173,296) | ||||||||||||||||||||||
Settlement of related party loans with Ordinary Shares | 32,200 | 50 | 32,150 | ||||||||||||||||||||||
Recognition of share-based payments | 14,548 | 14,548 | |||||||||||||||||||||||
Recognition of equity component of convertible bonds | 16,034 | 16,034 | |||||||||||||||||||||||
Ending Balance at Dec. 31, 2022 | (564,416) | 2,126 | 1,058,432 | 30,582 | (1,442) | (1,654,114) | |||||||||||||||||||
Loss for the year | (551,731) | (551,731) | |||||||||||||||||||||||
Foreign currency translation differences | (86) | (86) | |||||||||||||||||||||||
Total comprehensive loss | (551,817) | (86) | (551,731) | ||||||||||||||||||||||
Increase in share capital | $ 8,306 | $ 25 | $ 6 | $ 8 | (10) | $ 6 | $ 27,159 | $ 7,612 | $ 5,095 | (9,526) | $ 8,300 | ||||||||||||||
Recognition of share-based payments | $ (678) | $ (13,767) | $ 16,985 | $ 8 | $ (10) | $ 5,095 | $ (9,526) | $ (5,781) | $ (4,231) | $ 16,985 | |||||||||||||||
Capital contribution | 132,736 | 118 | 132,618 | ||||||||||||||||||||||
Public warrants exercised | $ 27,184 | $ 7,618 | $ 25 | $ 6 | $ 27,159 | $ 7,612 | |||||||||||||||||||
Recognition of equity component of convertible bonds | 5,356 | 5,356 | |||||||||||||||||||||||
Ending Balance at Dec. 31, 2023 | $ (932,493) | $ 2,279 | $ 1,229,690 | $ 42,911 | $ (1,528) | $ (2,205,845) |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
General information about financial statements [Abstract] | |
General information | General information Alvotech (the “Parent” or the “Company” or “Alvotech”), previously known as Alvotech Lux Holdings S.A.S., the surviving company after the Business Combination (as defined below) with, among other parties, Alvotech Holdings S.A. (the “Predecessor”), is a Luxembourg public limited company (société 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’ Register under number B 258884. The Company was incorporated on 23 August 2021. These consolidated financial statements were approved by the Group’s Board of Directors, and authorized for issue, on 20 March 2024. The Company and its subsidiaries (collectively referred to as the “Group”) 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 “Closing Date”), the Company consummated the capital reorganization with Alvotech Holdings S.A. and OACB (the “Business Combination” or “Capital Reorganization”) 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 “Business Combination Agreement”), by and among the Company, Oaktree Acquisition Corp. II (“OACB”) and the Predecessor. The closing of the Business Combination resulted in the following transactions: • OACB merged with and into the Company, whereby (i) all of the outstanding ordinary shares of OACB (“OACB Ordinary Shares”) were exchanged for ordinary shares of Alvotech (“Ordinary Shares”) 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; • Alvotech redeemed and canceled the initial shares held by the initial sole shareholder of Alvotech pursuant to a share capital reduction of Alvotech; • The legal form of Alvotech changed from a simplified joint stock company (société par actions simplifiée) to a public limited liability company (société anonyme) under Luxembourg law; and • The Predecessor merged with and into the Parent, whereby all outstanding ordinary shares of the Predecessor (“Predecessor Ordinary Shares”) 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 (“Subscription Agreements”) with certain investors (the “PIPE Financing”). 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 (“Predecessor Earn Out Shares”). Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (“OACB Earn Out Shares”). Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding warrants (“OACB Warrants”), 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 “acquired” 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 Alvotech shares issued, at the Closing Date, over the fair value of OACB’s 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 Shareholders Class A Shareholders 976,505 Class B Shareholders 5,000,000 OACB Earn Out Shares 1,250,000 Total Alvotech Shares issued to OACB shareholders 7,226,505 Fair 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 – 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 Entity name Principal activity Issued and paid capital (presented in whole shares) Place of establishment Proportion of ownership and voting power held by Alvotech 31.12.2023 31.12.2022 Alvotech hf Biopharm. 3,893,650 Iceland 100.00 % 100.00 % Alvotech Germany GmbH Biopharm. 31,182 Germany 100.00 % 100.00 % Alvotech Swiss AG Biopharm. 153,930 Switzerland 100.00 % 100.00 % Alvotech Hannover GmbH Biopharm. 29,983 Germany 100.00 % 100.00 % Alvotech Malta Ltd Group Serv. 80,450 Malta 100.00 % 100.00 % Alvotech USA Inc Biopharm. 10 USA 100.00 % 100.00 % Alvotech UK Ltd Group Serv. 135 UK 100.00 % 100.00 % Alvotech Manco ehf Group Serv. 215,390 Iceland 100.00 % 100.00 % Alvotech Biosciences India Private Ltd Biopharm 96,113 India 100.00 % 100.00 % Fasteignafelagið Sæmundur hf Real estate 12,965,337 Iceland 100.00 % 100.00 % Alvotech & CCHN Biopharmaceutical Co. Ltd* Biopharm. 110,000,021 China 50.00 % 50.00 % * Alvotech & CCHN Biopharmaceutical Co. Ltd. is an unconsolidated joint venture (see Note 27). 1.3 Information about shareholders Significant shareholders of the Company are Aztiq Pharma Partners S.à r.l. (Aztiq) and Alvogen Lux Holdings S.à r.l. (Alvogen), with 37.9% and 33.7% ownership interest as of 31 December 2023, and 40.7% and 35.8% ownership interest as of 31 December 2022, respectively. The remaining 28.4% ownership interest is held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2023. The remaining 23.5% ownership interest was held by various entities, with no single shareholder holding more than 2.4% ownership interest as of 31 December 2022. 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 also incurred recurring losses since its inception, including net losses of $551.7 million, $513.6 million, and $101.5 million for the years ended 31 December 2023, 2022, and 2021, respectively, and had an accumulated deficit of $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 2023, the Group had cash and cash equivalents, excluding restricted cash, of $11.2 million and current assets less current liabilities of ($66.1) million. The Group devotes substantially all of its efforts towards obtaining regulatory approval and raising capital necessary to fund its operations and it is subject to a number of risks associated with clinical research and development, the development of and regulatory approval of commercially viable biosimilar products, the need to raise adequate additional financing necessary to fund the development and commercialization of its biosimilar products. The Company announced in February 2024 that the U.S. Food and Drug Administration ("FDA") has approved SIMLANDI (adalimumab) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. SIMLANDI is the first high-concentration, citrate-free biosimilar to Humira that has been granted an interchangeability status by the FDA, and will qualify for interchangeable exclusivity for the 40mg/0.4ml injection. This approval is an important milestone for the Company to access the U.S. market with a unique positioning. The Company expects to launch AVT02 with its partner Teva in the United States during the first half of 2024. Additionally, in February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the European Economic Area (EEA) for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. Market applications for AVT04 are currently pending in additional global markets, including in the U.S. Market entry of AVT04 in Canada started in March 2024. Launch of AVT04 in Japan is anticipated after the upcoming round of National Health Insurance reimbursement price listings, in May 2024. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate for Stelara, which is in late July 2024. These approvals represent another significant milestone for the Company to tap into the Stelara market. The closing of the private placement equity offering in February 2024 provided the Group with gross proceeds of $166 million (net proceeds of $160 million) that is expected to be used to finance general corporate purposes and working capital, to strengthen its production capacity, and to support expected biosimilars launches. As part of the transaction, the Group sold 10,127,132 Ordinary Shares, par value USD 0.01 per share, at a purchase price of $16.41 per share, or ISK 2,250 per share, at foreign exchange rates on 23 February 2024. Additionally, the Group expects to continue to source its financing during the development of its biosimilar products from existing out-license contracts with commercial partners. In light of these conditions and events management evaluated whether there is substantial doubt about the Group’s ability to continue as a going concern for at least one year after the date that the consolidated financial statements are issued. Based on the cash on hand, funding received, 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 However, although management continues to pursue these plans, there is no assurance that the Group will be successful in obtaining sufficient funding on terms acceptable to the Group to fund continuing operations, if at all. If financing is obtained, the terms of such financing may adversely affect the holdings or the rights of the Group’s shareholders. The ability to obtain funding, therefore, is outside of management’s control and is a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 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 International Financial Reporting 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 2023 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: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • 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’s voting rights in an investee are sufficient to give it power, including: • the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Company, other vote holders or other parties; • rights arising from other contractual arrangements; and • 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’ 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’s 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 “Investment in joint venture” on the consolidated statements of financial position. The Group’s 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’s share of a joint venture’s profit or loss in a particular year is presented as “Share of net loss of joint venture” 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. No impairment losses were recognized in 2022 or 2021. 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 impairment of the investment in the joint venture, the valuation of derivative financial liabilities, the valuation of restricted share units (“RSUs”), and the valuation of deferred tax assets. Apart from those involving estimations, critical accounting judgments include the Group’s evaluation as to whether it controls its joint venture in China and material uncertainties with respect to the Group’s going concern assessment. Existing circumstances and assumptions may change due to events arising that are beyond the Group’s 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’s chief operating decision maker, assesses performance and allocates resources across the Group. 2.6 Revenue recognition Product revenue The 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 revenue A significant part of the Group’s 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’s 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’s 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 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’s 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’s 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’s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group’s 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 revenue Other 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’s 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 generally 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 2023, 2022, and 2021 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’s 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’s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group’s expenses are incurred in U.S. Dollars and Icelandic Krona, and the majority of the Company’s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. Transactions in currencies other than the Group’s 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: • Level 1: quoted prices in active markets for identical assets and liabilities; • 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 • 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’s 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 combinations Acquisitions 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 fo r 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’s 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’s 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’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s 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 2023. Refer to Note 1.1 for the Business Combination completed during the year ended 31 December 2022. Other intangible assets Other 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’s 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: Software 3-5 years Customer relationships 7 years Intellectual property rights* 10 years • From launch date 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’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s 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 tax The current tax expense is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ 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’s 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’s 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 tax Deferred 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: • 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; • The initial recognition of residual goodwill (for deferred tax liabilities only); or • 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. 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’s 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’s 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: Facility 40 years Facility equipment 5-20 years Computer equipment 3 years Leasehold improvements 3-15 years Furniture and fixtures 5 years Certain of the Group’s 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 even |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of New Accounting Standards [Abstract] | |
New accounting standards | New accounting standards New standards and interpretations adopted and effective during the periods The following new IFRS standards have been adopted by the Group effective 1 January 2023: IFRS 17 - Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts, which replaces IFRS 4, Insurance Contracts. This standard sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts that are within the scope of IFRS 17. In June 2020, the IASB issued Amendments to IFRS 17, which addresses concerns and implementation challenges that were identified after IFRS 17, Insurance Contracts, was published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023. IFRS 17 requires fundamental accounting changes to how insurance contracts are measured and accounted for. It introduces the general measurement model, based on a risk-adjusted present value of future cash flows that will arise as the insurance contract is fulfilled. This new measurement model aims to provide relevant information of the future cash flows. The general measurement model is modified for the measurement of reinsurance contracts held, direct participating contracts, and investment contracts with discretionary participation features. Also, while the general measurement model applies to all groups of insurance contracts in scope of IFRS 17, a simplified approach (a premium allocation approach) may be used to measure contracts that meet certain criteria. IFRS 17 also includes new disclosure requirements, providing more clarity and transparency for users of financial statements. The adoption of the standard did not have a material impact on the consolidated financial statements of the Group. IAS 1 (Amendment) - Disclosure of Accounting Policies The IASB issued Disclosure of Accounting Policies (Amendments to IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. The amendments replace the requirement for entities to disclose their significant accounting policies with the requirement to disclose their material accounting policy information. The amendments also include guidance to help entities apply the definition of material in making decisions about accounting policy disclosures. The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group. IAS 8 (Amendments) - Definition of Accounting Estimates The IASB issued amendments on IAS 8 to help entities to distinguish between accounting policies and accounting estimates. The amendments clarify how companies distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. The distinction between the two is important because changes in accounting policies are applied retrospectively, while changes in accounting estimates are applied prospectively. The amendments further clarify that accounting estimates are monetary amounts in the financial statements and are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops accounting estimates to achieve the objective set out by an accounting policy. The amendments are reflected in all financial statements and disclosures of the Group. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction The IASB issued amendments on IAS 12, which clarifies how companies shall account for deferred tax on transactions such as leases and decommissioning obligations, with a focus on reducing diversity in practice. The amendments narrow the scope of the initial recognition exemption in paragraphs 15 and 24 of IAS 12 so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize deferred tax assets and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - International Tax Reform—Pillar Two Model Rules In March 2022, the OECD released technical guidance on its 15% global minimum tax agreed as the second ‘pillar’ of a project to address the tax challenges arising from digitalisation of the economy. This guidance elaborates on the application and operation of the Global Anti-Base Erosion (GloBE) Rules agreed and released in December 2021 which lay out a co-ordinated system to ensure that multinational enterprises with revenues above €750 million pay tax of at least 15% on the income arising in each of the jurisdictions in which they operate. In May 2023, the IASB issued amendments to IAS12 Income Taxes to introduce a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As the Company does not meet the revenue thresholds, this guidance had no impact on the Group's consolidated financial statements. New and revised IFRS standards in issue but not yet effective The following new standards are not yet adopted by or effective for the Group and have not been applied in preparing these consolidated financial statements. IAS 1 (Amendments) – Classification of Liabilities as Current or Non-Current The IASB issued amendments to IAS 1, which affect the presentation of liabilities as current or non-current in the statement of financial position. The amendment does not impact the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after 1 January 2024, with early application permitted. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IAS 1 (Amendments) – Non-current Liabilities with Covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IFRS 16 (Amendment) - Lease Liability in a Sale and Leaseback This amendment adds subsequent measurement requirements for sale and leaseback transactions. This amendment includes requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group anticipates that the application of this amendment will not have a material impact on the consolidated financial statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment reporting | Segment reporting As disclosed in Note 2, the Group operates and manages its business as one operating segment. A significant portion of the Group’s revenue is generated from long-term out-license contracts which provide the customer with exclusive rights to a particular territory, which generally span multiple countries or a particular continent, as well as the Group’s 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’s customers pursuant to its out-license contracts, is as follows: 2023 2022 2021 Europe 63,510 39,433 20,509 North America 18,306 30,780 11,660 Asia and other 9,618 12,816 4,603 91,434 83,029 36,772 Non-current assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows: 2023 2022 Europe 415,659 334,837 North America 5,094 240 Asia and Other 6,194 3,715 426,947 338,792 Revenue from transactions with individual customers that exceeds ten percent or more of the Group’s total revenue is as follows: 2023 2022 2021 Revenue % Total Revenue % Total Revenue % Total Customer A 9,430 10.3 % 17,940 21.6 % 10,070 27.4 % Customer B 46,954 51.4 % 38,376 46.2 % 18,369 50.0 % Customer C 8,876 9.7 % 12,840 15.5 % 1,590 4.3 % Customer D 16,556 18.1 % — — % — — % |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from contracts with customers [Abstract] | |
Revenue | Revenue Disaggregated revenue The following table summarizes the Groups’ 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: 2023 2022 2021 Product revenue (point in time revenue recognition) 48,699 24,836 — License revenue (point in time revenue recognition) 12,177 424 1,453 Development and other service revenue (over time revenue recognition) 30,558 57,769 35,319 91,434 83,029 36,772 Reassessment of variable consideration Subsequent changes to the estimate of the transaction price are generally recorded as adjustments to revenue in the period of change. The Group updates variable consideration estimates on a quarterly basis. The quarterly changes in estimates did not result in material adjustments to the Group’s previously reported revenue or trade receivables during the years ended 31 December 2023, 2022, and 2021. 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 Assets Contract Liabilities 31 December 2021 19,438 74,536 Contract asset additions 29,823 — Amounts transferred to trade receivables (19,690) — Customer prepayments — 46,127 Revenue recognized — (26,782) Foreign currency adjustment (915) 51 31 December 2022 28,656 93,932 Contract asset additions 19,634 — Amounts transferred to trade receivables (2,412) — Derecognition of contract liability — (42,089) Customer prepayments — 100,555 Revenue recognized — (23,101) Foreign currency adjustment 171 3,147 31 December 2023 46,049 132,444 The net increase in contract assets as of 31 December 2023 is due to revenue recognized when the performance obligation has been met which is offset by the transfer of such amounts to trade receivables on the basis that the Group’s right to that consideration is no longer contingent on its performance. The net increase in contract liabilities as of 31 December 2023 is due to customer prepayments in advance of the Group’s performance. As of 31 December 2023 , $10.9 million and $35.2 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 2023, $73.3 million and $59.2 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 6 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’s out-license contracts, the Group’s 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 $383.0 million. The |
Salaries And Other Employee Exp
Salaries And Other Employee Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Salaries And Other Employee Expenses [Abstract] | |
Salaries and other employee expenses | Salaries and other employee expenses The average number of individuals employed by the Group during the years ended 31 December 2023, 2022, and 2021 was 999, 858, and 645, respectively. The aggregate salary and other employee expenses incurred by the Group for these employees were as follows: 2023 2022 2021 Salary expense 107,067 92,082 67,433 Defined contribution plan expense (1) 11,518 10,052 7,694 Long-term incentive plan expense 78 5,481 17,955 Share-based payments (see Note 23) 18,033 10,317 — Other employee expense 19,718 11,670 10,274 Temporary labor 8,495 5,838 6,164 164,909 135,440 109,520 (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: 2023 2022 2021 Cost of product revenue 76,908 42,501 — Research and development expenses 44,339 52,962 71,588 General and administrative expenses 43,662 39,977 37,932 Total salary and other employee expenses 164,909 135,440 109,520 |
Finance Income And Finance Cost
Finance Income And Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Finance Income [Abstract] | |
Finance income and finance costs | Finance income and finance costs Finance income earned during the years ended 31 December 2023, 2022 and 2021 is as follows: 2023 2022 2021 Changes in the fair value of derivatives (see Note 28) — 1,637 51,549 Interest income from cash and cash equivalents 4,547 556 18 Other interest income 276 356 1 4,823 2,549 51,568 Finance costs incurred during the years ended 31 December 2023, 2022, and 2021 are as follows: 2023 2022 2021 Changes in the fair value of derivatives (see Note 28) 132,333 96,981 2,804 Interest on debt and borrowings 129,327 71,452 106,548 Consenting fee (see Note 21) — 7,430 — Loss on remeasurement of bonds (see Note 21) — 6,511 — Interest on lease liabilities (see Note 13) 3,840 6,022 6,423 Amortization of deferred debt issue costs 1,657 23 1,586 267,157 188,419 117,361 |
Depreciation, Amortization And
Depreciation, Amortization And Impairment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Depreciation Amortization And Imapirment [Abstract] | |
Depreciation, amortization and impairment | Depreciation, amortization and impairment Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2023, 2022, and 2021 are as follows: 2023 2022 2021 Depreciation and impairment of property, plant and equipment (see Note 12) 14,353 9,807 10,666 Depreciation of right of use assets (see Note 13) 8,913 9,869 8,699 Amortization and impairment of intangible assets (see Note 15) 2,723 3,488 4,916 25,989 23,164 24,281 Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2023 2022 2021 Cost of product revenue 15,582 10,053 — Research and development expenses 6,886 9,757 21,764 General and administrative expenses 3,521 3,354 2,517 Total depreciation, amortization and impairment expense 25,989 23,164 24,281 |
Audit Fees
Audit Fees | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Audit Fees [Abstract] | |
Audit fees | Audit fees 2023 2022 2021 Financial Statement audit fees 2,876 2,615 5,502 Other fees, including tax services 462 676 136 Total fees 3,339 3,291 5,638 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. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Income Tax [Abstract] | |
Income Tax | Income tax Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 is as follows: Current tax 2023 2022 2021 Direct taxes - current 1,307 1,015 706 Direct taxes – prior year (60) (115) 491 Total current tax 1,247 900 1,197 Deferred tax Current (89,847) (54,236) (48,414) Prior year (10,718) 15,269 (477) Total deferred tax (100,565) (38,967) (48,891) Total income tax benefit (99,318) (38,067) (47,694) The prior year deferred tax impact of $10.7 million mainly relates to foreign currency impact on losses denominated in Icelandic krona. The factors affecting the tax benefit during the years ended 31 December 2023 and 2022 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, as further described below. There were no accruals for tax contingencies during the years ended 31 December 2023, 2022, and 2021. The effective tax rate for the year of 15.3% (2022: 6.9%, 2021: 32.0%) 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: 2023 2022 2021 Tax rate 24.9 % 24.9 % 24.9 % Effect of tax rate in foreign jurisdictions (3.4 %) (2.4 %) (8.2 %) Permanent differences (6.7 %) (8.9 %) 30.4 Non-recognition of tax losses (1.5 %) (3.8 %) (15.0 %) Other items 2.0 % (2.9 %) (0.1) Effective tax rate 15.3 % 6.9 % 32.0 % The movement in net deferred taxes during the years ended 31 December 2023 and 2022 is as follows: 2023 2022 Balance at 1 January 209,187 170,268 Deferred tax credited to profit or loss 100,567 38,919 Balance at 31 December 309,754 209,187 Deferred tax assets 309,807 209,496 Deferred tax liabilities (53) (309) 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 2023 and 2022 is as follows: 2023 2022 Deferred tax assets attributable to temporary differences in respect of tax losses 301,375 205,290 Deferred tax assets attributable to other temporary differences 11,941 6,832 Deferred tax liabilities attributable to other temporary differences (3,562) (2,935) Net deferred tax assets 309,754 209,187 A deferred tax liability has been recognized in relation to ordinary timing differences arising from depreciation, amortization, other provisions and difference in measurement basis of customer relationships. A deferred tax liability of $3.6 million and $2.9 million has been recognized as of 31 December 2023 and 2022, respectively. A deferred tax asset has been recognized in relation to ordinary timing differences arising from various provisions, 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 and out-licensing revenue will be available to offset the cumulative tax losses as of 31 December 2023. No deferred tax asset is recognized on tax losses arising in Luxembourg as their recoverability is unlikely to be realized. A deferred tax asset of $309.8 million and $209.5 million is recognized as of 31 December 2023 and 2022, respectively. These tax losses expire as follows: 2024-2026 68,821 2027-2029 289,608 Later 1,155,294 1,513,723 As of December 2023, the Group has total unused tax losses of $1,514 million which is comprised of $1,501 million of accumulated tax losses in Iceland and $13 million accumulated tax losses in Luxembourg. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Loss per share | 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 2023 and 2022, 86,745,377 and 148,857,998, 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 28) 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. For the year ended 31 December 2021, there were no potential ordinary shares pursuant to such agreements as all conversion, warrant and funding rights associated with these agreements had been exercised or otherwise expired (refer to Note 22 for further details). Therefore, the calculation of diluted loss per share did not differ from the calculation of basic loss per share. The calculation of basic and diluted loss per share for the years ended 31 December 2023, 2022, and 2021 is as follows (in thousands, except for share and per share amounts): 2023 2022 2021 Earnings Loss for the year (551,731) (513,580) (101,504) Number of shares Weighted average number of ordinary shares outstanding 227,256,469 197,721,710 110,673,309 Basic and diluted loss per share (2.43) (2.60) (0.92) |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment consists of facility and computer equipment, furniture, fixtures and leasehold improvements. Movements within property, plant and equipment during the years ended 31 December 2023 and 2022 are as follows: Facility Facility Equipment Furniture, Computer equipment Total Cost Balance at 1 January 2023 115,000 145,150 9,598 1,959 271,707 Reclassification of assets — 2,771 (112) (7) 2,652 Additions — 29,351 1,500 518 31,369 Disposals — (1,233) (23) (136) (1,392) Translation difference — 679 (85) (22) 572 Balance at 31 December 2023 115,000 176,718 10,878 2,312 304,908 Depreciation Balance at 1 January 2023 359 46,002 3,233 1,519 51,113 Reclassification of assets — 3,330 (112) (7) 3,211 Depreciation 2,875 10,572 676 230 14,353 Disposals — (737) (22) (136) (895) Translation difference — 330 40 (23) 347 Balance at 31 December 2023 3,234 59,497 3,815 1,583 68,129 Net carrying amount Balance at 31 December 2023 111,766 117,221 7,063 729 236,779 Facility Facility Equipment Furniture, Computer equipment Total Cost Balance at 1 January 2022 — 88,510 32,395 1,551 122,456 Reclassification of assets — 25,486 (25,486) — — Additions 115,000 35,156 2,706 357 153,219 Disposals — (2,959) — — (2,959) Translation difference — (1,043) (17) 51 (1,009) Balance at 31 December 2022 115,000 145,150 9,598 1,959 271,707 Depreciation Balance at 1 January 2022 — 33,853 8,614 1,459 43,926 Reclassification of assets — 5,985 (5,985) — — Depreciation 359 8,752 621 75 9,807 Disposals — (2,597) — — (2,597) Translation difference — 9 (17) (15) (23) Balance at 31 December 2022 359 46,002 3,233 1,519 51,113 Net carrying amount Balance at 31 December 2022 114,641 99,148 6,365 440 220,594 On 16 November 2022, the Group entered into a share purchase agreement (the “Share Purchase Agreement”) relating to shares in Fasteignafélagið Sæmundur hf. (“Saemundur”) with ATP Holdings ehf., an affiliate of Aztiq. Pursuant to the Share Purchase Agreement, Alvotech purchased 99.99% of the shares in Saemundur through the issuance the Aztiq Convertible Bond, as defined and discussed in Note 21, and the assumption of debt. At the time of closing, Saemundur’s only asset was the property where Alvotech’s Reykjavik manufacturing and research facility (the “Facility”) are located. The Share Purchase Agreement was accounted for as an asset acquisition under IFRS 3 as all of the fair value of the gross assets acquired from Saemundur were concentrated in the Alvotech Facility. As a result, the purchase price was determined to be $115.0 million, which consists of $80.0 million related to the fair value of the Aztiq Convertible Bond, $30.0 million in loans assumed by the Company, and $5.0 million associated with the settlement of the pre-existing relationship with Saemundur. The entire purchase price was allocated to the Facility as it was the only asset acquired. Additionally, the Company recognized a $3.9 million loss on the extinguishment of the lease liability related to the Facility. See Note 21 for further details. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases The Group’s leased assets consist of facilities, fleet and equipment pursuant to both arrangements with third parties and related parties. The carrying amounts of the Group’s right-of-use assets and the movements during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Right-of-use assets Balance at 1 January 47,501 126,801 Adjustments for indexed leases 7,354 10,201 New leases 74,109 9,583 Cancelled leases (139) — Derecognition due to acquisition of Alvotech Facility (see Note 12) — (88,941) Reclassification (443) Depreciation (8,913) (9,869) Translation difference 333 (274) Balance at 31 December 119,802 47,501 The Group entered into lease agreement with Fasteignafelagid Eyjolfur hf. in April 2023 for a facility expansion in Iceland with remaining lease terms of approximately 15 years as of 31 December 2023. The building is 140,000 square feet and is currently in construction. The expansion is close to being finalized and is expected to be completed in 2024. The lease amount is in substance fixed and is based on construction cost, adjusted monthly. Righ-of-use asset as of 31 December 2023 amounts to $68.5 million. The Group’s right-of-use assets as of 31 December 2023 and 2022 are comprised of the following: 2023 2022 Right-of-use assets Facilities 110,692 41,702 Fleet 389 339 Equipment 8,721 5,460 119,802 47,501 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’s lease liabilities and the movements during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Lease liabilities Balance at 1 January 40,532 122,140 Adjustments for indexed leases 7,405 10,247 New leases 72,882 7,458 Cancelled leases (167) — Installment payments (7,260) (7,655) Derecognition due to acquisition of Alvotech Facility (see Note 12) — (80,075) Foreign currency adjustment 1,932 (11,682) Translation difference (9) 99 Balance at 31 December 115,315 40,532 Current liabilities (9,683) (5,163) Non-current liabilities 105,632 35,369 The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 in relation to the Group’s lease arrangements are as follows: 2023 2022 2021 Depreciation expense from right-of-use assets Facilities (7,631) (9,423) (8,228) Fleet (180) (119) (38) Equipment (1,102) (327) (433) Total depreciation expense from right-of-use assets (8,913) (9,869) (8,699) Interest expense on lease liabilities (3,840) (6,022) (6,423) Foreign currency difference on lease liability (1,932) 11,682 3,744 Loss from extinguishment of lease agreement (see Note 12) (28) (3,859) — Total amount recognized in profit and loss (14,713) (8,068) (11,378) The maturity analysis of undiscounted lease payments as of 31 December 2023 and 2022 is as follows: 2023 2022 Less than one year 14,637 6,000 One to five years 51,053 20,160 Thereafter 89,682 22,274 155,372 48,434 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Goodwill [Abstract] | |
Goodwill | Goodwill The Group’s goodwill balances as of 31 December 2023 and 2022 are as follows: 2023 2022 Balance as of 1 January 11,643 12,367 Translation difference 415 (724) Balance as of 31 December 12,058 11,643 Goodwill is recognized at the Group level, which is determined to be the smallest cash-generating unit. 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 2024-2030 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 2030 have been extrapolated using a negative 5% terminal rate in both the 2023 and 2022 value in use calculations, respectively. A discount rate of 25.0% (2022: 27.6%) 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 2023 and 2022, 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. |
Other Intangible assets
Other Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Other Intangible assets | 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 2023 and 2022 are as follows: Software Customer relationships Intellectual property rights Total Cost Balance at 1 January 2023 13,684 2,181 15,000 30,865 Reclassification of assets 1,002 — — 1,002 Additions 4,094 — 6,000 10,094 Impairment (1,779) — — (1,779) Retirement — — (15,000) (15,000) Translation difference 72 90 — 162 Balance at 31 December 2023 17,073 2,271 6,000 25,344 Amortization Balance at 1 January 2023 3,343 1,870 — 5,213 Amortization 626 318 — 944 Translation difference 28 83 — 111 Balance at 31 December 2023 3,997 2,271 — 6,268 Net carrying amount Balance at 31 December 2023 13,076 — 6,000 19,076 Software Customer relationships Intellectual property rights Total Cost Balance at 1 January 2022 8,777 2,329 15,000 26,106 Additions 7,682 — — 7,682 Impairment (2,755) — — (2,755) Translation difference (20) (148) — (168) Balance at 31 December 2022 13,684 2,181 15,000 30,865 Amortization Balance at 1 January 2022 2,933 1,664 — 4,597 Amortization 423 310 — 733 Translation difference (13) (104) — (117) Balance at 31 December 2022 3,343 1,870 — 5,213 Net carrying amount Balance at 31 December 2022 10,341 311 15,000 25,652 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’s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2023 2022 2021 Cost of product revenue 318 471 — Research and development expenses 8 — 324 General and administrative expenses 618 262 599 944 733 923 At 31 December 2023 and 2022, the Group performed a review of its intangible assets and 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 and $2.8 million during the years ended 31 December 2023 and 2022, respectively. The impairment charge was recognized as an expense within “General and administrative expense”. For the year ended 31 December 2022, the impairment was recognized as an expense as follows: $2.1 million in "Cost of product revenue" and $0.7 million in "General and administrative expense". 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 for full reimbursement. See further information on the receivable in Note 18. 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’s 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. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash And Cash Equivalents | Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents include both cash in banks and on hand. Cash and cash equivalents as of 31 December 2023 and 2022 are as follows: 2023 2022 Cash and cash equivalents denominated in US dollars 1,466 10,377 Cash and cash equivalents denominated in other currencies 9,691 56,050 11,157 66,427 Restricted cash Restricted cash relates to cash that may only be used pursuant to certain of the Group’s borrowing arrangements. Therefore, these deposits are not available for general use by the Group. Movements in restricted cash balances during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Balance at 1 January 25,187 10,087 Additions during the year — 14,914 Interest income 945 186 Balance at 31 December 26,132 25,187 The Group’s restricted cash is available for use after one year or later. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories | Inventories The Group’s inventory balances as of 31 December 2023 and 2022 are as follows: 2023 2022 Raw materials and supplies 51,524 41,961 Work in progress 33,068 29,450 Finished goods 244 2,121 Inventory reserves (10,403) (2,062) Balance at 31 December 74,433 71,470 The increase in inventory from 31 December 2022 to 31 December 2023 is due to the expansion of the commercial launch of certain of the Group’s biosimilar products. The Group recognised $42.8 million and $20.9 million within cost of goods sold during the years ended 31 December 2023 and 2022, respectively. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Assets [Abstract] | |
Other Current Assets | Other current assets The composition of other current assets as of 31 December 2023 and 2022 is as follows: 2023 2022 Value-added tax 8,801 6,468 Prepaid expenses 22,035 20,601 Proceeds receivable from Convertible Bonds (see Note 21) — 3,520 Derivative asset — 851 Other short-term receivables 1,035 1,509 31,871 32,949 During the year, 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. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | Share capital An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all liabilities. Equity instruments issued by a Group entity are recognized in the amount of the proceeds received, net of direct issue costs. Prior to the Capital Reorganization the Group’s equity consisted of Class A and Class B ordinary shares (together the “Predecessor Ordinary Shares”). The Group’s authorized share capital was $99.7 million, consisting of the equivalent of 99,961,829 Class A or Class B ordinary shares with a par value of $0.01 per share. All share capital issued as of 31 December 2023 and 2022 was fully paid. The Capital Reorganization resulted in the following share capital activity: • All of the outstanding Predecessor Ordinary Shares were exchanged for 180,600,000 Ordinary Shares and 38,330,000 Predecessor Earn Out Shares; • 976,505 of Class A OACB Ordinary Shares were exchanged for Ordinary Shares; • 6,250,000 of Class B OACB Ordinary Shares were exchanged for 5,000,000 Ordinary Shares and 1,250,000 OACB Earn Out Shares; and • 17,493,000 Ordinary Shares were issued in the PIPE Financing. No dividends were paid or declared during the years ended 31 December 2023, 2022, and 2021. Share capital and share premium of the Group’s Ordinary Shares issued as of 31 December 2023, and 2022 are as follows (in thousands, except for share amounts): 2023 2022 Shares Share capital and share premium Shares Share capital and share premium Ordinary Shares 266,821,844 1,231,969 252,160,087 1,060,558 Total share capital and share premium 266,821,844 1,231,969 252,160,087 1,060,558 On 10 February 2023, the Company completed a private placement equity offering for gross proceeds of $137.0 million, and transaction costs of $4.1 million, of its ordinary shares, par value $0.01 per share, at a purchase price of $11.57 per share. The shares were delivered from previously issued ordinary shares held by Alvotech’s subsidiary, Alvotech Manco ehf. As a result of proceeds raised from the private placement offering, the Company extinguished the derivative financial liability related to the Senior Bond Warrants since the Company has not anymore the obligation to issue the penny warrants representing 1.0% of the fully diluted ordinary share capital. This was accounted for as an extinguishment of a derivative financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. See Notes 21 and 28 for further information. Movements in the Group’s Class A and Class B ordinary shares, share capital and share premium during the years ended 31 December 2023, 2022, and 2021 are as follows (in thousands, except for share amounts): Ordinary Shares Predecessor Ordinary Shares Share capital Share premium Total Balance at 1 January 2021 — 7,259,139 73 166,740 166,813 Share issue — 6,222,660 62 833,378 833,440 Balance at 31 December 2021 — 13,481,799 135 1,000,118 1,000,253 Elimination of Predecessor Ordinary Shares (Note 1.1) — (13,481,799) (135) 135 — Issuance of Ordinary Shares (Note 1.1) 186,576,505 — 1,866 63,169 65,035 PIPE Financing (Note 1.1) 17,493,000 — 175 174,755 174,930 Transaction costs arising on share issue — — — (5,562) (5,562) Predecessor Earn Out Shares (Note 1.1) 38,330,000 — — (227,500) (227,500) OACB Earn Out Shares (Note 1.1) 1,250,000 — — (9,100) (9,100) SARs Settlement (Note 22) 3,510,582 — 35 30,267 30,302 Settlement of related party loans with Ordinary Shares 5,000,000 — 50 32,150 32,200 Balance at 31 December 2022 252,160,087 — 2,126 1,058,432 1,060,558 Capital contribution 11,834,061 — 118 132,618 132,736 Vested earn-out shares — — 6 8,300 8,306 Penny warrants (Note 28) 2,479,962 — 25 27,159 27,184 Public warrants (Note 28) 553,552 — 6 7,612 7,618 Settlement of RSUs with shares (Note 23) 838,919 — 8 5,095 5,103 Settlement of SARs with shares (Note 22) (1,044,737) — (10) (9,526) (9,536) Balance at 31 December 2023 266,821,844 — 2,279 1,229,690 1,231,969 |
Other reserves
Other reserves | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other reserves | Other reserves The composition of other reserves as of 31 December 2023 and 2022 is as follows: 2023 2022 Equity component of convertible bonds 21,391 16,034 Share based payments 21,520 14,548 42,911 30,582 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Borrowings | Borrowings The Group’s debt consists of interest-bearing borrowings from financial institutions, related parties and third parties. Outstanding borrowings, net of transaction costs, presented on the consolidated statements of financial position as current and non-current as of 31 December 2023 and 2022 are as follows: 2023 2022 Senior Bonds 549,411 530,506 2022 Convertible Bonds 155,914 32,441 Aztiq Convertible Bond 80,663 65,793 Alvogen Facility 76,556 64,588 Other borrowings 97,615 71,242 Total outstanding borrowings, net of debt issue costs 960,159 764,570 Less: current portion of borrowings (38,025) (19,916) Total non-current borrowings 922,134 744,654 Convertible shareholder loans In connection with the Business Combination Agreement (see Note 1.1), on 7 December 2021, the Group’s shareholders entered into the BCA Framework Agreement resulting in the exercise of the conversion, warrant, and funding rights associated with the convertible shareholder loans. As a result, the following issuances of Class A ordinary shares occurred: • 1,522,103 shares from the exercise of warrant and funding rights in exchange for $101.3 million of cash; • 1,137,248 shares from the exercise of warrant rights in exchange for the settlement of $73.7 million of accrued payment-in-kind interest; and • 2,306,555 shares resulting from the conversion of $166.8 million of outstanding principal and accrued payment-in-kind interest. In connection with these exercises, for the year ended 31 December 2021, the Group recognized finance income of $48.7 million resulting from the remeasurement of the derivative liabilities at the date of extinguishment and a $149.2 million gain on extinguishment of financial liabilities, which primarily reflects the difference between the carrying amount of the pre-transaction convertible shareholder loans and the related derivative financial liabilities and the fair value of the ordinary shares issued. In addition, the gain on extinguishment of financial liabilities includes transaction costs incurred as part of the extinguishment, the acceleration of previously deferred debt issue costs incurred in connection with the issuance of the convertible shareholder loans and the acceleration of previously unamortized accretion of the convertible shareholder loans. Bonds On 24 June 2021, holders of the Group’s convertible bonds converted $100.7 million of principal and accrued interest and $4.8 million of additional premium offered by the Group to the bondholders into 455,687 Class A ordinary shares. Following the conversion, certain bondholders elected to redeem their remaining bonds for cash, resulting in the payment of $55.3 million in outstanding principal and accrued interest plus an additional $6.1 million of premium that the bondholders elected to be paid in cash. The remaining unconverted and unredeemed bonds were replaced with new bonds with an extended maturity of June 2025 and the elimination of conversion rights, among other amendments to the terms and conditions. The Group offered the holders of the replaced bonds an extension premium of $8.1 million for their agreement to extend the maturity of the replaced bonds to June 2025, as well as an additional premium of $2.6 million, both of which were granted to the bondholders in the form of additional bonds. The Group also issued an additional $113.8 million of bonds to one previous bondholder and one new bondholder. On the date of issuance, the fair value and the nominal value of the bonds was $358.8 million and $397.4 million, respectively. The difference between the nominal value and fair value was recognized as a discount that will be amortized over the term of the bonds. The Group determined that the 24 June 2021 transaction was a substantial modification to its convertible bonds and the associated derivative financial liability and accounted for the transaction as an extinguishment. As a result, the Group recognized a gain on extinguishment of financial liabilities of $2.6 million during the year ended 31 December 2021, primarily driven by the difference between the fair value of the post-transaction bonds and the carrying amount of the pre-transaction bonds. The gain on extinguishment of financial liabilities also includes the following: • Transaction costs and fees incurred as part of the extinguishment; • The acceleration of previously deferred debt issue costs incurred in connection with the issuance of the pre-transaction bonds; and • The acceleration of previously unamortized accretion of the pre-transaction bonds. Prior to the extinguishment of the convertible bonds and as noted above, the bondholders had the option to convert the bonds into Class A ordinary shares up to fourteen days prior to maturity. This conversion right was separately accounted for as a derivative financial liability. During the period from 1 January 2021 to 24 June 2021, there was no change in fair value of the derivative financial liability. As of 31 December 2021, the carrying amount of the bonds was $363.1 million. Accrued interest on the bonds as of 31 December 2021 is $31.0 million. The Group has the option, at any time, to prepay all or any part of the outstanding bonds. If the Group elects to prepay the bonds within the first three years of the bond agreement, the bondholders are entitled to be paid an additional premium of at least 2.0% of the outstanding principal at the time of such prepayment. In January and June of 2022, the Group amended the terms of the outstanding bonds. The amendments resulted in the following: • Following the close of the Business Combination, the interest rate will range from 7.5% to 10.0% depending on the amount of aggregate net proceeds, as defined by the terms of the amended bond agreement; • A $7.4 million consent fee, recognized as finance costs, paid to the bondholders who did not vote against the Business Combination Agreement; • The requirement for Alvotech to maintain a minimum of $25.0 million of restricted cash in a separate liquidity account; and • A decrease in the interest rate to 7.5%, following the closing of the Business Combination, if the Company issues additional shares within six months of the Closing Date, resulting in the Company exceeding the amount of aggregate net proceeds, as defined in the bond agreement. As a result of the closing of the Business Combination, there was a change in future cash flows on the bonds related to the increase in interest rate from 7.5% to 10.0%. The Company remeasured the carrying value in accordance with IFRS 9 to the present value of the revised cash flows and recognized a $6.5 million loss on the remeasurement of the bonds. The outstanding bonds were subsequently amended as described below. Senior Bonds On 16 November 2022, the Group amended and upsized the outstanding bonds by $70.0 million. The amended bond agreement (the “Senior Bonds”) resulted in the following: • An increase in principal from $455.7 million at the time of the amendment, to $525.7 million; • An increase in the interest rate, resulting in a range from 10.75% to 12.0% depending on the occurrence of certain events, as defined by the terms of the agreement. The Group accounted for this interest rate feature (the “Senior Bond Interest Rate Feature”) as an embedded derivative, classified as an other current asset in the consolidated statement of financial position as of 31 December 2022; • Amended the terms of the related party loans from Alvogen, setting forth subordination conditions; • Contingently issuable penny warrants (exercise price of $0.01) to the bondholders (the “Senior Bond Warrants”) if certain events occur, issuable in two tranches representing 1.5% and 1.0% of the fully diluted ordinary share capital, as defined in the Senior Bonds agreement (see Note 28). The Group determined that the 16 November 2022 transaction was a substantial modification to its bonds and accounted for the transaction as an extinguishment. As a result, the Group recognized a loss on extinguishment of financial liabilities of $40.9 million, including $12.1 million of transaction costs, during the year ended 31 December 2022, primarily driven by the difference between the fair value of the post-transaction Senior Bonds and the Senior Bond Warrants and the carrying amount of the pre-transaction bonds. The loss on extinguishment of financial liabilities includes the following: • Extinguishment of bonds with a carrying value of $440.1 million, including $4.8 million of accrued interest; • Net cash proceeds of $57.9 million, including transaction costs paid of $12.1 million; • Recognition of a $4.6 million derivative asset for the Senior Bond Interest Rate Feature; • Recognition of $528.2 million and $15.4 million representing the fair value of the new Senior Bonds and Senior Bond Warrants (see Note 28), respectively. As a result of proceeds raised from the private placement offering executed in February 2023, the Company extinguished the liability related to the senior bond warrants since the Company has not anymore the obligation to issue the penny warrants representing the 1.0% Senior Bond Warrants (see Note 28 for further information). As of 31 December 2023, the carrying amount of the Senior Bonds is $549.4 million, compared to $530.5 million as of 31 December 2022. The Group has the option, at any time, to prepay all or any part of the outstanding bonds in exchange for the payment of the redemption premium pursuant to the terms of the agreement. The Group has pledged its intellectual property as collateral for the Senior Bonds. Additionally, the Group has pledged the Facility of up to $600 million over the Facility as collateral for the Senior Bonds (2nd lien pledge), as further described in Note 12. 2022 Convertible Bonds On 20 December 2022, the Group issued two tranches of convertible bonds (the “2022 Convertible Bonds”). Tranche A is ISK denominated with a principal balance of $59.1 million, of which $3.5 million in cash proceeds were received in February 2023, and carries an annual payment-in-kind interest rate of 15% per year, while Tranche B is USD denominated with a principal balance of $0.6 million and carries an annual payment-in-kind interest rate of 12.5% per year. The maturity date of the Convertible Bonds is the later of the (i) 20 December 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds. Holders of both the Tranche A and Tranche B of the 2022 Convertible Bonds, may elect, at their sole discretion, to convert all or part of the principal amount and accrued interest into Alvotech Ordinary Shares at a conversion price of $10.00 per share on 31 December 2023, 30 June 2024, or upon mandatory or optional redemption of the bonds. The conversion features (the “Tranche A Conversion Feature” and “Tranche B Conversion Feature”) for both the Tranche A and Tranche B of the 2022 Convertible Bonds were determined to be embedded derivatives as the economic characteristics and risks are not closely related to the debt host. The Group classified the Tranche A Conversion Feature as a liability due to the variability created by conversion rates resulting from the tranche being denominated in ISK and was determined to have a fair value of $24.9 million at issuance date (see Note 28 for further details). The Group classified the Tranche B Conversion Feature as equity due to the conversion price having preservation and passage of time adjustments that meet the fixed-for-fixed criteria. On 25 January 2023, the Company issued an additional $10.0 million of Tranche B Convertible Bonds. The Tranche B Conversion Feature associated with this additional issuance was determined to have a fair value of $1.4 million at issuance date. On 24 July 2023, Alvotech announced that Teva and Alvotech have agreed to expand their existing partnership agreement. As part of the agreement, Teva acquired Tranche B Convertible Bonds in principal amount of $40 million. The Tranche B Conversion Feature associated with this additional issuance was determined to have a fair value of $3.9 million at issuance date. On 31 July 2023, Alvotech completed a private placement of Tranche A Convertible Bonds for a total principal amount of $100 million, or approximately ISK 13 billion at current exchange rates. As part of this private placement, ATP Holdings ehf., an affiliated of Aztiq, acquired Tranche A Convertible Bonds in principal amount of $30 million. The Tranche A Conversion Feature associated with these additional issuances was determined to have a fair value of $45.6 million at issuance date (see Note 28 for further details). As of 31 December 2023, the carrying amount of the Tranche A and Tranche B of the 2022 Convertible Bonds is $107.1 million and $48.8 million, respectively. Aztiq Convertible Bond On 16 November 2022, the Group issued a convertible bond (also known as the “Aztiq Convertible Bond”) to ATP Holdings ehf, an affiliate of Aztiq, for the Share Purchase Agreement and the acquisition of the Alvotech Facility (See Note 12). The Aztiq Convertible Bond has a principal amount of $80.0 million and carries an interest rate of 12.50% per annum. Interest is payable in six-month intervals and is capitalized and added to the outstanding principal amount of the bonds. The maturity date of the convertible bond is the later of the (i) 16 November 2025 or (ii) 91 days after the earlier of the full redemption or the final maturity date of the Senior Bonds. Bondholders have the right to convert their outstanding bonds into ordinary shares of Alvotech on 30 December 2023, 30 June 2024, or when the bond has been called or put up for mandatory or optional redemption, for a conversion price is $10.00 per share. The conversion feature (the “Aztiq Conversion Feature”) was determined to be an embedded derivative as the economic characteristics and risks are not closely related to the debt host. The Group classified the Aztiq Conversion Feature as equity due to the conversion price having preservation and passage of time adjustments that meet fixed-for-fixed criteria. As a result, the Group recognized the following related to the Aztiq Convertible Bond: • $64.0 million related to the debt host; • $16.0 million related to the Aztiq Conversion Feature; and • $30.0 million related to the loans (the “Facility Loans”) on the building, which were assumed by the Group as part of the asset acquisition. In April 2023, we were communicated that ATP Holdings ehf. sold a portion of the Aztiq Convertible Bond to Mitsui & Co., Ltd. ("Mitsui"), a global trading and investment company headquartered in Japan, and Shinhan Healthcare fund 5 ("Shinhan"), a fund established under the laws of the Republic of Korea. As of 31 December 2023, the carrying amount of the Aztiq Convertible Bond was $80.7 million and includes $15.1 million held by ATP Holdings ehf. The carrying amount of the Aztiq Convertible Bond was $65.8 million as of 31 December 2022. Alvogen Facility In connection with an undertaking by Alvotech shareholders to ensure that Alvotech was sufficiently funded through the closing of the Business Combination by providing at least $50.0 million for the operations of the Group, Alvogen and Aztiq provided interest free loan advances to Alvotech. On 22 February 2022, Alvotech borrowed $15.0 million under the facility from Alvogen, as lender. On 29 March 2022, Alvotech withdrew an additional amount of $10.0 million under the facility, for aggregate indebtedness of $25.0 million. On 11 March 2022, Alvotech borrowed $15.0 million under the facility from Aztiq, as lender. On 31 March 2022, Alvotech withdrew an additional amount of $10.0 million under the facility, for aggregate indebtedness of $25.0 million. On 12 July 2022, the Company entered into settlement agreements with both Aztiq and Alvogen for the $25.0 million in related party loans provided by each party. As a result of the settlement agreements, Aztiq and Alvogen each received 2,500,000 Ordinary Shares. The settlement was accounted for as an extinguishment of financial liabilities. In accordance with IFRS 9, the difference between the fair value of the consideration paid for the settlement, which was determined to be $32.2 million, and the extinguished financial liabilities of $50.0 million was recognized as a gain on the extinguishment of financial liabilities in the consolidated statement of profit or loss and other comprehensive income or loss. On 11 April 2022, Alvotech entered into a loan agreement with Alvogen, as lender, for a loan of up to $40.0 million bearing an interest rate of 10% per annum. The loan was drawable in two separate installments of $20.0 million each. On 12 April 2022, Alvotech withdrew the first installment of $20.0 million. Alvotech withdrew a second installment of $20.0 million on 9 May 2022 for aggregate indebtedness of $40.0 million. On 1 June 2022, Alvotech also entered into a loan agreement with Alvogen, as lender, for a loan of $20.0 million bearing an interest rate of 10% per annum. Alvotech withdrew the entire loan amount of $20.0 million on 1 June 2022. In connection with the 16 November 2022 Senior Bonds amendment, Alvotech entered into a subordinated loan agreement with Alvogen (the “Alvogen Facility”). As part of the subordinated loan agreement, the Group agreed to the following: • Rollover the $63.3 million outstanding, which includes $3.3 million of accrued interest, under the Alvogen loans, into the new subordinated loan agreement, and withdraw an additional $50.0 million in loans; • The interest rate was increased from 10% per annum to 17.5% per annum on the outstanding amounts under the loan facility; • A repayment date of 91 days after the full redemption or the final maturity date of the Senior Bonds; and • Contingently issuable penny warrants to the bondholders (the “Alvogen Facility Warrants”) if certain events occur, representing 4.0% of the fully diluted ordinary share capital, as defined in the Alvogen Facility agreement. The Group determined that the 16 November 2022 transaction was a substantial modification to its related party loans and accounted for the transaction as an extinguishment. As a result, the Group recognized the following: • Extinguishment of bonds with a carrying value of $63.2 million, including $3.2 million of accrued interest; • Net cash proceeds of $50.0 million; and • Recognition of $113.2 million and $1.3 million representing the fair value of the new Alvogen Facility and Alvogen Facility Warrants, respectively. On 20 December 2022, the Company repaid $50.0 million under the Alvogen Facility, with proceeds from the 2022 Convertible Bonds. As a result, Alvotech extinguished the liability to issue the Alvogen Facility Warrants. As of 31 December 2023, the carrying amount of the Alvogen Facility is $76.6 million, compared to $64.6 million as of 31 December 2022. Facility Loans As noted above, the Group assumed the Facility Loans as part of the asset acquisition for the Facility. 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, currently 8.3% and 9.3% per annum. 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 USD Secured Overnight Funding Rate (" 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 USD 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 of 31 December 2023, the carrying amount of the Facility Loans is $48.5 million. Other borrowings In 2015 and 2016, the Group entered into several term loan agreements with a financial institution for a total principal amount of $25.9 million. The loan agreements set forth terms and conditions between the Group and the financial institution, inclusive of certain representations and non-financial covenants. Per the terms of the loan agreements, the loans mature throughout 2024, depending on the issuance date of each loan. Interest on the loans is based on variable interest rate of USD SOFR plus a margin of 4.95%, payable on a monthly basis. Interest accrued and unpaid at the end of each interest period increases the principal obligations owed by the Group to the financial institution. As of 31 December 2023, the outstanding balance on the loans is $0.5 million, compared to a balance of $3.2 million as of 31 December 2022. On 22 February 2022, the Group entered into a credit facility agreement with Landsbankinn hf. with the ability to draw down an amount up to $8 million. The credit facility is in place to help finance equipment purchases in the future. Per the terms of the credit facility, any borrowings are required to be paid by 1 August 2024 and have a variable interest rate of USD SOFR plus a margin of 4.95%. As of 31 December 2023, the outstanding balance on the credit facility was $7.8 million, compared to $13.9 million as of 31 December 2022. 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 March 2029. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2023, the outstanding balance on the loan was $2.5 million, compared to $2.9 million as of 31 December 2022. 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 August 2029. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2023, the outstanding balance on the loan was $1.6 million, compared to $1.8 million as of 31 December 2022. 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 August 2030. The loan has a variable interest rate of USD SOFR plus a margin of 4.25%. As of 31 December 2023, the outstanding balance on the loan was $11.0 million. 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. On 14 December 2023, the Group entered into a qualified receivable financing agreement with Landsbankinn hf. for a principal amount of $25.0 million. The qualified receivable financing arrangement has a variable interest rate of USD SOFR plus a margin of 3.50% and a maturity of April 2024. As of 31 December 2023, the outstanding balance on the loan was $25.0 million. The Group has pledged $25 million of its trade receivables to secure this financing. Movements in the Group’s outstanding borrowings during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Borrowings, net at 1 January 764,570 400,911 Recognition of deferred debt issue costs (6,115) (2,889) Accretion/derecognition of borrowings discount 15,770 35,065 Recognition of new borrowings discount (50,953) (43,241) Proceeds from new borrowings 275,311 467,196 Loans from related party converted to equity — (50,000) Repayments of borrowings (99,367) (83,951) Accrued interest 58,212 40,424 Amortization of deferred debt issue costs 1,657 23 Foreign currency exchange difference 1,075 1,032 Borrowings, net at 31 December 960,159 764,570 The weighted-average interest rates of outstanding borrowings for the years ended 31 December 2023, 2022, and 2021 are 12.73%, 12.41%, and 14.83%, respectively. The table below details the changes in the Group’s 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’s consolidated cash flow statement as cash flows from financing activities. 1 January Financing Cash flows (a) Capitalized loan cost changes Fair value changes, including accretion Other changes (b) Foreign exchange impact 31 December 2022 Convertible Bonds and Aztiq Convertible Bond 98,234 145,358 1,657 (36,071) 27,603 (204) 236,577 Senior Bonds (including related party) 530,506 — — 888 18,017 — 549,411 Other borrowings 71,242 25,102 — — (8) 1,279 97,615 Alvogen Facility 64,588 — — — 11,968 — 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 effects of payments including $3.5 million in cash received from borrowings from the 2022 Convertible Bonds and transaction cost of $9 million paid in 2023. 1 January Financing Cash flows (a) Capitalized loan cost changes Fair value changes, including accretion Other changes (b) Foreign exchange impact Conversion to Equity Other non-cash movements 31 December 2022 Convertible Bonds and Aztiq Convertible Bond — 55,852 (2,865) (40,245) 1,528 444 — 83,520 98,234 Senior Bonds (including related party) 394,129 70,000 — 32,069 34,308 — — — 530,506 Other borrowings 6,782 33,112 — — 762 588 — 29,998 71,242 Alvogen Facility — 110,000 — — 4,588 — (50,000) — 64,588 Borrowings, net 400,911 268,964 (2,865) (8,176) 41,186 1,032 (50,000) 113,518 764,570 (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. Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2023 and 2022 are as follows: 2023 2022 Within one year 38,025 19,916 Within two years 867,273 3,804 Within three years 4,932 696,646 Within four years 37,857 3,374 Thereafter 12,072 40,830 960,159 764,570 |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Longterm incentive plans [Abstract] | |
Long-term incentive plans | Long-term incentive plans Share appreciation rights Prior to 2020, the Group granted SARs to three former employees. During the year ended 31 December 2021 and 2020, the Group granted SARs to one and two current employees, respectively. There were no new granted SARs in the years ended 31 December 2023 and 2022. Settlement of SARs In connection with the closing of the Business Combination, the Company reached a settlement agreement for share appreciation rights previously awarded to certain current and former employees. The rights were settled as follows: • two former employees will each receive 1,755,291 Ordinary Shares to be issued one year after the Closing Date. In accordance with IFRS 2, the settlements were accounted for as a modification of a share-based payment transaction that changes the awards classification from cash-settled to equity-settled; • one former employee will receive a $1.5 million cash payment in July 2022; and • one current employee can elect to receive a cash payment of $1.5 million or 150,000 Ordinary Shares to be issued one year after the Closing Date. The Company recognized the cash settlement option as a liability with a fair value of $0.8 million and the share settlement option as equity with a fair value of $0.7 million. The settlement agreements resulted in a net $36.8 million decrease in the SARs liability, a $31.0 million increase in equity equal to the fair value of the Ordinary Shares issued to the two former employees, a $1.5 million increase in other current liabilities, and income of $4.3 million in "General and administrative expense" recognized for the difference between the extinguished liabilities and the fair value of consideration paid to the current and former employees. As of 31 December 2022, the Company recognized $0.7 million as an other current liability related to the remaining SARs liability. All liabilities described above have been fully settled in 2023 as follows: • Shares were delivered to the two former employees, on a net basis after tax withholding, resulting in a total of 2,465,845 shares which has been reflected accordingly in Note 19. • The employee who could choose between receiving $1.5 million or 150,000 Ordinary Shares elected to receive the cash payment. Employee incentive plan Movements in the Group’s employee incentive plan liabilities during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Balance at 1 January 12,317 14,935 Additions 78 5,075 Payments (11,736) (7,693) Balance at 31 December prior to reclassification 659 12,317 Reclassified to other current liabilities (659) (11,773) Balance at 31 December — 544 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Based Payment Arrangements [Abstract] | |
Share-based payments | Share-based payments On 1 December 2022, the Renumeration 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 subsequent monthly vesting, resulting from participants completing a service condition. Movements in RSUs during the year ended 31 December 2023 are as follows: 2023 2022 RSUs Weighted Average Fair Value RSUs Weighted Average Fair Value Outstanding at 1 January 6,979,482 $6.72 — — New grants during the year 820,602 $8.79 7,659,044 $6.68 Forfeited during the year (1,587,929) $7.11 — — Vested during the year (2,466,374) $6.67 (679,562) $6.30 Outstanding at 31 December 3,745,781 $7.04 6,979,482 $6.72 The Group recogniz ed $18.0 million and $10.3 million of shar e-based payment expense during the years ended 31 December 2023 and 2022, respectively, as follows: 2023 2022 Cost of product revenue 3,319 1,522 Research and development expenses 3,991 2,994 General and administrative expenses 10,723 5,801 18,033 10,317 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Litigation [Abstract] | |
Litigation | 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’s AVT02 product, and the filing of a biologics license application with the U.S. Food and Drug Administration seeking regulatory approval (the “AbbVie Litigations”). 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, $8.7 million and $13.5 million in legal expenses during the years ended 31 December 2023, 2022, and 2021, 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. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Related parties | 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’s 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 parties A 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. The Group entered into lease agreement with Fasteignafélagið Eyjólfur hf. in April 2023 for a new facility in Iceland with remaining lease terms of approximately 15 years as of 31 December 2023 (see Note 13). The Group also entered into seventeen separate lease agreements with Flóki Fasteignir ehf. (HRJAF ehf.) throughout 2020, 2021 and 2023 for a group of apartment buildings in Iceland used for temporary housing of employees and third party contractors. Two of the leases were terminated during the year ended 31 December 2021. The remaining lease terms for the other fifteen leases approximate 7 years, on average, as of 31 December 2023. 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 Group entered into art lease agreement with Flóki-Art ehf. in January 2023, as a result of the Share Purchase Agreement (see Note 12). The leased asset is located in Sæmundargata 15-19, Reykjavik. The remaining lease term for the leased asset is 15 years, as of 31 December 2023. The Group provides and receives certain support services through arrangements with Aztiq, Alvogen, and Alvogen Malta (Outlicensing) 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 “General and administrative expenses” or “Research and development expenses” 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 “Lease liabilities” on the consolidated statements of financial position. Service payables are presented as “Liabilities to related parties” on the consolidated statements of financial position. Interest includes interest expense on borrowings. Interest expenses on loans from related parties are presented as “Finance costs” in the consolidated statements of profit or loss and other comprehensive income or loss. Borrowings are presented as “Borrowings” and “Current maturities of borrowings” 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 “Other income” in the consolidated statements of profit or loss and other comprehensive income or loss. Amounts receivable for such activities are presented as “Receivables from related parties” 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 and for the year ended 31 December 2023 are as follows: Purchased service / interest Sold service Receivables Payables/ borrowings Alvogen Lux Holdings S.à r.l. – Sister company (a) 11,968 — — 76,556 ATP Holdings ehf. - Sister company (a) 9,193 — — 49,560 Aztiq Fjárfestingar ehf. – Sister company — 4 — — Aztiq Consulting ehf. – Sister company 178 69 — 54 Flóki-Art ehf. - Sister company 88 — — 422 Alvogen Iceland ehf. - Sister company 19 1 — 484 Alvogen ehf. - Sister company — 152 16 — Alvogen UK - Sister company 273 — — 581 Alvogen Finance B.V. - Sister Company 3,382 — — 65 Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 29 29 7,440 Lotus International Pte. Ltd. - Sister company — 2 — — Alvogen Emerging Markets - Sister company 108 — — — Alvogen Inc. - Sister company 305 — — 284 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) — — 758 539 Adalvo Limited - Sister company 402 189 86 337 Adalvo UK - Sister company — 49 — — Flóki Invest ehf - Sister company 680 — — 251 Floki Holdings S.à r.l. - Sister company 40 — — — Alvogen Malta Sh. Services - Sister company — — 7 — Alvogen Spain SL - Sister company 14 — — 15 Norwich Clinical Services Ltd - Sister company 642 — — 170 Fasteignafélagið Eyjólfur ehf - Sister company (d) 3,807 102 — 69,732 Flóki fasteignir ehf. - Sister company 1,682 — — 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 (see Note 21). In relation to the private placement of Tranche A Convertible Bonds in July, the Company paid underwriters fee to APT Holding amounting to $3.3 million. The underwriter’s fee is accounted for as a transaction cost that is amortized through profit and loss over the life of the instrument. (b) Payables to Lotus Pharmaceuticals Co. Ltd. consists of the other current liability as further described in Note 2. This other current liability is presented as “Liabilities to related party” on the consolidated 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. Related party transactions as of and for the year ended 31 December 2022 are as follows: Purchased service / Sold service Receivables Payables/ Alvogen Lux Holdings S.à r.l. – Sister company (a) 5,415 — — 64,588 Aztiq Fjárfestingar ehf. – Sister company 216 — — 20 Aztiq Consulting ehf. - Sister company 442 — — 25 ATP Holdings ehf. - Sister company (a) 1,254 — 765 81,254 Fasteignafélagið Sæmundur hf. - Sister company (e) 7,189 — — — Fasteignafélagið Eyjólfur ehf - Sister company — 196 — — Alvogen Iceland ehf. - Sister company 465 174 — 484 Alvogen ehf. - Sister company — 68 1 — Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 3 2 7,440 Lotus International Pte. Ltd. - Sister company — 4 3 — Alvogen Emerging Markets - Sister company 98 — — — Alvogen Korea co. Ltd - Sister company — 1 — — Alvogen Inc. - Sister company 585 266 12 222 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) — — 758 — Adalvo Limited - Sister company 1,218 106 — 349 Alvogen Malta Sh. Services - Sister company 603 — 7 — Alvogen Spain SL - Sister Company 117 — — — Norwich Clinical Services Ltd - Sister company 301 — — 31 Alvogen Pharma Pvt Ltd - Sister Company 1,159 — — — Flóki fasteignir ehf. - Sister company 1,516 — — 8,876 L41 ehf. 26 — — — Lambhagavegur 7 ehf. (d) 537 — — — 21,141 818 1,548 163,289 (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 the long-term liability as further described in Note 2. This long-term liability is presented as “Other long-term liability to related party” on the consolidated 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) Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2023. (e) Fasteignafélagið Sæmundur hf. was acquired as part of the Share Purchase Agreement, with ATP Holdings ehf., on 16 November 2022. The related party transactions reflect activity until the acquisition date. See Note 12 and Note 21 for further details. Related party transactions for the year ended 31 December 2021 are as follows: Purchased service / Sold Alvogen Lux Holdings S.à r.l. – Sister company (a) 9,383 — Aztiq Pharma Partners S.à r.l. – Sister company (a) 16,048 — Alvogen Aztiq AB – Sister company (a) 297 — Aztiq Fjárfestingar ehf. (a) 120 — Fasteignafélagið Sæmundur hf. - Sister company 7,762 — Alvogen Iceland ehf. - Sister company 454 2,308 Alvogen ehf. - Sister company 6 2 Alvogen UK - Sister company 299 — Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 312 Alvogen Emerging Markets - Sister company 238 — Alvogen Korea co. Ltd - Sister company — 9 Alvogen Inc. - Sister company 89 654 Alvogen Malta Sh. Services - Sister company 1,216 151 Alvogen Pharma Pvt Ltd - Sister Company 491 — HRJÁF ehf - Sister company 1,415 — L41 ehf. 29 — Lambhagavegur 7 ehf. 713 — 39,940 3,715 (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 (see Note 21). (b) Payables to Lotus Pharmaceuticals Co. Ltd. consists of the long-term liability as further described in Note 2. This long-term liability is presented as “Other long-term liability to related party” on the consolidated statements of financial position. Commitments and guarantees The Group does not have any contractual commitments with its related parties other than the receivables, loans and payables previously disclosed. Key management personnel At 31 December 2023 and 2022 there are 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 2023 and 2022. The Board of Directors’ remuneration is shown in the table below. Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2023 Board fees Pension Other long-term benefits Shares at year-end** Robert Wessman, Chairman of the board* — — — — Richard Davies, Vice-Chairman 156 — 104 1,143,713 Ann Merchant, Board Member 113 — 104 10,582 Árni Harðarson, Board Member* — — — — Faysal Kalmoua, Board Member* — — — — Linda McGoldrick, Board Member 81 — 104 10,582 Lisa Graver, Board Member 71 — 104 10,582 Tomas Ekman, Board Member* — — — — 421 — 416 1,175,459 * Waived their board compensation (both cash and equity) ** Direct share ownership 2023 Key employees Salaries and benefits Pension contribution Termination benefits Other long- term benefits Robert Wessman CEO 1,491 26 — — Other Executive Team Members (9) 5,020 346 52 9,456 6,511 372 52 9,456 Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2022 Board fees Pension contribution Other long-term benefits Shares at year-end** Robert Wessman, Chairman of the board 740 — — — Richard Davies, Vice-Chairman 68 — — 1,133,131 Ann Merchant, Board Member (from 16.6.2022) 43 — — — Árni Harðarson, Board Member (from 16.6.2022)* — — — — Faysal Kalmoua, Board Member* — — — — Linda McGoldrick, Board Member (from 16.6.2022) 38 — — — Lisa Graver, Board Member (from 16.6.2022) 38 — — — Tomas Ekman, Board Member* — — — — Hirofumi Imai, Board member (until 16.6.2022) — — — — 927 — — 1,133,131 * Waived their board compensation (both cash and equity) ** Direct share ownership 2022 Key employees Salaries and benefits Pension contribution Termination benefits Other long- term benefits Mark Levick CEO 892 162 1,157 — Other Executive Team Members (9) 5,400 446 820 5,015 6,292 608 1,977 5,015 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Other current liabilities | Other current liabilities The composition of other current liabilities as of 31 December 2023 and 2022 is as follows: 2023 2022 Unpaid salary and salary related expenses 31,340 15,620 Accrued interest 3,333 2,249 Accrued vacation leave 6,075 5,025 Employee incentive plan 659 12,433 Accrued expenses 21,313 18,720 62,720 54,047 |
Interests In Joint Ventures
Interests In Joint Ventures | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of joint ventures [abstract] | |
Interests in joint ventures | 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 “joint venture partner”, "CCHN") to form a newly created joint venture entity, Alvotech & CCHN Biopharmaceutical Co., Ltd. (the “joint venture” or “JVCO”). The purpose of the JVCO is to develop, manufacture and sell biosimilar products in the Chinese market. The JVCO’s place of business is also the country of incorporation. Name of entity Place of business Ownership interest Carrying Amount 2023 2022 2023 2022 Alvotech & CCHN Biopharmaceutical Co., Ltd. China 50 % 50 % 18,494 48,568 The proportion of ownership interest is the same as the proportion of voting rights held by the Group. Management evaluated whether the Group’s voting rights are sufficient for providing a practical ability to direct the relevant activities and strategic objectives of JVCO unilaterally. As the Group does not hold a majority of the voting rights, the Group does not control JVCO. As a result, the Group’s investment in JVCO is accounted for using the equity method. The following table provides the change in the Group’s investment in a joint venture during the years ended 31 December 2023 and 2022: 2023 2022 Balance at 1 January 48,568 55,307 Share in losses (7,153) (2,590) Impairment loss on investment in joint venture (21,519) — Translation difference (1,402) (4,149) Balance at 31 December 18,494 48,568 The Group did not receive any dividends from JVCO during the years ended 31 December 2023, 2022, and 2021. The Group had a $5.0 million commitment to provide a cash contribution to JVCO as of 31 December 2020, which was paid during the year ended 31 December 2021. Similarly, the joint venture partner had a $50.0 million commitment to provide a cash contribution to JVCO as of 31 December 2020, which was also paid during the year ended 31 December 2021. The Group does not have any remaining commitments to JVCO as of 31 December 2023 and 2022. Furthermore, the Group does not have any contingent liabilities relating to its interests in JVCO as of 31 December 2023 or 2022. While there are no significant restrictions resulting from contractual arrangements with JVCO, entities in China are subject to local exchange control regulations. These regulations provide for restrictions on exporting capital from those countries, other than dividends . As of 31 December 2023, it had become clear that there were uncertainties around the economic conditions in China. Accordingly, the Group recorded an impairment loss on its investment in JVCO based on discussions between Alvotech and CCHN to buy back Alvotech´s interest in the joint venture. The Group estimated the recoverable amount using value in use where the recoverable amount is estimated as the future cash flows expected to arise from dividends to be received from the investment and from its ultimate disposal. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | Financial instruments Accounting classification and carrying amounts Financial assets as of 31 December 2023 and 2022, all of which are measured at amortized cost, are as follows: 2023 2022 Cash and cash equivalents 11,157 66,427 Restricted cash 26,132 25,187 Trade receivables 41,292 32,972 Other current assets 1,035 5,880 Receivables from related parties 896 1,548 Other long-term assets 336 4,484 80,848 136,498 Financial liabilities as of 31 December 2023 and 2022 are as follows: 2023 2022 Borrowings (measured at amortized cost) 960,159 764,570 Derivative financial liabilities (measured at FVTPL) 520,553 380,232 Other long-term liability to related party (measured at amortized cost) — 7,440 Long-term incentive plan (measured at FVTPL) — 544 Trade and other payables (measured at amortized cost) 80,563 49,188 Lease liabilities (measured at amortized cost) 115,315 40,532 Liabilities to related parties (measured at amortized cost) 9,851 1,131 Other current liabilities 61,873 53,664 1,748,314 1,297,301 It is management’s estimate that the carrying amounts of financial assets and financial liabilities carried at amortized cost approximate their fair value, with the exception of 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 Carrying Amount Fair Value Senior 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 31 December Carrying Amount Fair Value Senior Bonds 530,506 535,167 Aztiq Convertible Bond 65,793 65,772 2022 Convertible Bonds 32,441 52,463 Alvogen Facility 64,588 66,883 693,328 720,285 Fair value measurements The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 31 December 2023 and 2022: 2023 Level 1 Level 2 Level 3 Total Senior Bond Warrants 19,715 — 19,715 Tranche A Conversion Feature — — 118,830 118,830 Predecessor Earn Out Shares — 349,900 — 349,900 OACB Earn Out Shares — 6,200 — 6,200 OACB Warrants 25,908 — — 25,908 45,623 356,100 118,830 520,553 2022 Level 1 Level 2 Level 3 Total Senior Bond Warrants — — 45,325 45,325 Tranche A Conversion Feature — — 38,055 38,055 Senior Bond Interest Rate Feature (included in other current assets) — — 851 851 Predecessor Earn Out Shares — 276,200 — 276,200 OACB Earn Out Shares — 10,500 — 10,500 OACB Warrants 10,152 — — 10,152 10,152 286,700 84,231 381,083 The following table provides a reconciliation of Level 3 financial instruments: Senior Bond Warrants Tranche A Conversion Feature Senior Bond Interest Rate Feature 1 January 2023 45,325 38,055 851 Issuance — 45,555 — Revaluation — 35,220 — Transfer to Level 1 (45,325) — — Extinguishment — — (851) 31 December 2023 — 118,830 — The Group recognized the transfer of the Senior Bond Warrants from Level 3 to Level 1 for $19.7 million (2022: $45.3 million) during the year ended 31 December 2023 due to the lift of the lock-up period for the un-exercised Senior Bond Warrants. The Group did not recognize any transfer of assets or liabilities between levels of the fair value hierarchy during the years ended 31 December 2022 and 2021. On 16 November 2022, the Group amended and upsized the outstanding bonds by $70.0 million. The amended bond agreement of the Senior Bonds resulted in, among other things, an increase in the interest rate, resulting in a range from 10.75% to 12.0% depending on the occurrence of certain events, as defined by the terms of the agreement (see Note 21). The Group accounted for this interest rate feature (the “Senior Bond Interest Rate Feature”) as an embedded derivative, classified as an "Other current assets" in the consolidated statement of financial position as of 31 December 2022. Since the conditions to adjust the coupon rate have not been met as of 31 March 2023 per the terms of the agreement, the interest rate on the Senior Bonds is now fixed and the embedded derivative previously recorded has been extinguished during the year ended 31 December 2023, resulting in a loss on extinguishment of $0.9 million recorded in finance costs. Senior Bond Warrants As noted in Note 21, as a result of proceeds raised from the private placement offering executed in February 2023, the Company extinguished the derivative financial liability related to the senior bond warrants since the Company has not anymore the obligation to issue the 1.0% Senior Bond Warrants, resulting in a gain on extinguishment of $6.5 million. In January and February 2023, the Senior Bond Warrant holders (also known as penny warrant holders) elected to exercise their warrants. As a result, 2,479,962 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 fair value of the Senior Bond Warrants was derived from the publicly quoted trading price of the Ordinary Shares at the valuation date. As of 31 December 2023, the Company had 1,718,845 warrants with an exercise price of $0.01, representing the 1.5% tranche of Senior Bond Warrants. The Senior Bond Warrants had a fair value of $19.7 million as of 31 December 2023. The change in fair resulted in $8.1 million of finance costs for the year ended 31 December 2023. Tranche A Conversion Feature As noted in Note 21, in connection with the Convertible Bonds the Group classified the Tranche A Conversion Feature as an embedded derivative liability due to the variability created by conversion rates resulting from the tranche being denominated in ISK. The conversion feature had a fair value of $118.8 million as of 31 December 2023. The change in fair resulted in $35.2 million of finance costs for the year ended 31 December 2023. The fair value of the Tranche A Conversion Feature was determined using a lattice model 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 Tranche A Conversion Feature: 31 December 31 December Stock price $11.48 $10.00 Conversion price $10.00 $10.00 Volatility rate 57.5 % 45.0 % Risk-free interest rate 4.2 % 4.2 % Dividend yield 0.0 % 0.0 % Risky yield 16.3 % 19.3 % Predecessor Earn Out Shares As part of the Business Combination, Predecessor shareholders were granted a total of 38,330,000 Ordinary Shares subject to certain vesting conditions (“Predecessor Earn Out Shares”). One half of the Predecessor Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the Alvotech ordinary share price is at or above a volume weighted average price (“VWAP”) of $15.00 per share for any ten twenty ten twenty 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 Number of shares 38,330,000 38,330,000 Share price $11.48 $10.00 Volatility rate 55.0 % 45.0 % Risk-free rate 3.97 % 4.05 % OACB Earn Out Shares Former OACB shareholders were granted a total of 1,250,000 Ordinary Shares subject to certain vesting conditions (“OACB Earn Out Shares”). One half of the OACB Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the Alvotech ordinary share price is at or above a VWAP of $12.50 per share for any ten twenty The fair value of the OACB Earn Out Shares was determined using a Monte Carlo analysis that incorporated inputs and assumptions as further described below. Assumptions and inputs 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 OACB Earn Out Shares: 31 December 31 December Number of shares 625,000 1,250,000 Share price $11.48 $10.00 Volatility rate 55.0 % 45.0 % Risk-free rate 3.97 % 4.05 % OACB Warrants Additionally, as part of the Business Combination the Company assumed the 10,916,647 outstanding OACB Warrants, on substantially the same contractual terms and conditions as were in effect immediately prior to the Business Combination, including an exercise price of $11.50. Each warrant entitles the holder to purchase one Alvotech ordinary share. During 2023, 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 553.552 ordinary shares and cash proceeds of approximately $6.3 million. The OACB warrants are accounted for as derivative financial liabilities in accordance with IAS 32 and will be subject to ongoing mark-to-market adjustments through the consolidated statement of profit or loss and other comprehensive income or loss. The OACB warrants had a fair value of $25.9 million as of 31 December 2023. 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 $17.0 million of finance costs during the year ended 31 December 2023. Capital management The 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’s 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 2023 and 2022. Financial risk management The Group’s 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’s operations through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. Interest rate risk Interest 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’s 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: 2023 2022 Variable-rate financial instruments +100 (89) (186) Variable-rate financial instruments -100 89 186 Foreign currency risk Foreign 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 US 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’s operations. Closing rate Average rate Change 2023 2022 2023 2022 EUR 1.105 1.061 1.091 1.052 4.1 % GBP 1.275 1.204 1.266 1.233 5.9 % ISK 0.007 0.007 0.007 0.007 5.1 % CHF 1.188 1.071 1.156 1.047 10.9 % INR 0.012 0.012 0.012 0.013 0.1 % The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows: Assets Liabilities Net 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) The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2022 are as follows: Assets Liabilities Net EUR 36,420 26,514 9,906 GBP 111 1,538 (1,427) ISK 49,484 109,507 (60,023) CHF 69 7,305 (7,236) INR 11 517 (506) A reasonable possible strengthening or weakening of the Group’s significant foreign currencies against the USD 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 2023 -10% weakening (974) (341) (14,156) (715) (37) +10% strengthening 974 341 14,156 715 37 Year ended 31 December 2022 -10% weakening (991) (143) (6,002) (724) (51) +10% strengthening 991 143 6,002 724 51 Credit risk Credit risk it 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’s financial assets as of 31 December 2023 and 2022 is as follows: 2023 2022 Cash and cash equivalents 11,157 66,427 Restricted cash 26,132 25,187 Other assets 43,559 44,884 80,848 136,498 The Group’s cash and cash equivalents and restricted cash 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 trade receivables and contract assets recognized in connection with the Group’s 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). There are no other significant amounts past due as of 31 December 2023 and 2022 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. Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows: Within one One to two Thereafter Total Financial assets Non-interest bearing 43,223 — — 43,223 Variable-interest bearing 11,157 — 26,468 37,625 Total financial assets 54,380 — 26,468 80,848 Financial liabilities Non-interest bearing 142,436 — — 142,436 Fixed-interest bearing - Borrowings 66,309 1,101,185 — 1,167,494 Derivative liabilities — 520,553 — 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 Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows: Within one One to two Thereafter Total Financial assets Non-interest bearing 40,400 — — 40,400 Variable-interest bearing 66,427 — 29,671 96,098 Total financial assets 106,827 — 29,671 136,498 Financial liabilities Non-interest bearing 104,366 — 7,984 112,350 Fixed-interest bearing - Borrowings 45,757 66,308 896,921 1,008,986 Derivative liabilities — — 380,232 380,232 Variable-interest bearing - Borrowings 25,259 8,036 59,109 92,404 Total financial liabilities 175,382 74,344 1,344,246 1,593,972 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information Supplement cash flow information for the years ended 31 December 2023, 2022, and 2021 is included below (see Note 21 for non-cash movements in borrowings). Non-cash investing and financing activities 2023 2022 2021 Acquisition of property, plant and equipment in trade payables and other current liabilities 2,266 4,131 3,812 Acquisition of intangibles in trade payables and other current liabilities 930 4,075 — Right-of-use assets obtained through new operating leases 74,109 9,583 18,871 Purchase of Facility through Aztiq Convertible Bond — 115,005 — Non-cash issuance of Aztiq Convertible Bond — 80,000 — Equity issued through conversion of borrowings — 32,200 346,043 Acquisition of other intangible assets through financing agreements — — 461 Settlement of RSUs with shares 678 — — Settlement of SARs with shares 13,767 — — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events The Group evaluated subsequent events through 20 March 2024, the date the consolidated financial statements were available to be issued. On 15 February 2024, the Company announced it has reached settlement agreements with Johnson & Johnson in Japan, Canada and in the EEA for AVT04, a biosimilar to Stelara (ustekinumab). Regulatory approval for AVT04 in these markets has already been granted. Market applications for AVT04 are currently pending in additional global markets, including in the U.S. Alvotech's commercialization partner in Canada, JAMP Pharma, launched AVT04 in Canada on March 1, 2024. Launch of AVT04 in Japan is anticipated after the upcoming round of National Health Insurance reimbursement price listings, in May 2024. Entry to the first European markets is expected as soon as possible after the expiration date of the European Supplementary Protection Certificate (SPC) for Stelara, which is in late July 2024. On 23 February 2024, the Company announced that the FDA has approved SIMLANDI (adalimumab) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adult ankylosing spondylitis, Crohn’s disease, adult ulcerative colitis, adult plaque psoriasis, adult hidradenitis suppurativa and adult uveitis. In 2023, Humira was one of the highest-grossing pharmaceutical products in the world, with sales in the U.S. of nearly $12.2 billion. Teva is Alvotech’s strategic partner for the exclusive commercialization of SIMLANDI in the United States. On 26 February 2024, the Company announced the sale of 10,127,132 Ordinary Shares for an approximate value of $166 million (net proceeds of $160 million), par value USD 0.01 per share, at a purchase price of $16.41 per share, or ISK 2,250 per share at the foreign exchange rates on 23 February 2024. The Shares will be delivered to the Investors from previously issued treasury shares held by Alvotech’s subsidiary, Alvotech Manco ehf. The Transaction took place on the Nasdaq Iceland Exchange. On 12 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 will be accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. On 12 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 will be accounted for as an extinguishment of a financial liability in the consolidated statements of profit or loss and other comprehensive income or loss. Subsequent to 31 December 2023, Senior Bond Warrant holders elected to exercise their warrants. As a result, 1,501,599 Ordinary Shares were issued in exchange for the exercising of the penny warrants. The Company received an immaterial amount of cash and will recognize the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities will be recognized in the consolidated statements of profit or loss and other comprehensive income or loss. Subsequent to 31 December 2023, 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 result in the issuance of 419,660 Ordinary Shares and cash proceeds of $4.8 million. The Company will recognize the transaction as an extinguishment of the derivative financial liabilities. The difference between the equity issued and carrying value of the derivative financial liabilities will be recognized in the consolidated statements of profit or loss and other comprehensive income or loss. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements of the Group have been prepared in accordance and in compliance with International Financial Reporting 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 2023 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. |
Basis of consolidation | 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: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • 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’s voting rights in an investee are sufficient to give it power, including: • the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Company, other vote holders or other parties; • rights arising from other contractual arrangements; and • 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’ 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. |
Investments in joint ventures | 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’s 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 “Investment in joint venture” on the consolidated statements of financial position. The Group’s 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’s share of a joint venture’s profit or loss in a particular year is presented as “Share of net loss of joint venture” in the consolidated statements of profit or loss and other comprehensive income or loss. |
Critical accounting judgments and key sources of estimation uncertainty | 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 impairment of the investment in the joint venture, the valuation of derivative financial liabilities, the valuation of restricted share units (“RSUs”), and the valuation of deferred tax assets. Apart from those involving estimations, critical accounting judgments include the Group’s evaluation as to whether it controls its joint venture in China and material uncertainties with respect to the Group’s going concern assessment. Existing circumstances and assumptions may change due to events arising that are beyond the Group’s control. Therefore, actual results may differ from these estimates. |
Segment reporting | 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’s chief operating decision maker, assesses performance and allocates resources across the Group. |
Revenue recognition | Revenue recognition Product revenue The 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 revenue A significant part of the Group’s 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’s 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’s 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 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’s 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’s 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’s measure of progress for satisfying its performance obligation. Changes in the total estimated costs to be incurred in measuring the Group’s 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 revenue |
Cost of product revenue | 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. |
Research and development expenses | 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’s 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 generally 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 2023, 2022, and 2021 as not all the criteria in paragraph 57 of IAS 38 have been met. |
General and administrative expenses | 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. |
Finance income and finance cost | 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’s net carrying amount on initial recognition. |
Foreign currency translation | Foreign currency translation The consolidated financial statements are presented in U.S. Dollars, which is the Group’s presentation currency. The Group maintains the financial statements of each entity within the Group in its respective functional currency. The majority of the Group’s expenses are incurred in U.S. Dollars and Icelandic Krona, and the majority of the Company’s cash and cash equivalents are held in a combination of Icelandic Krona, Euros and U.S. Dollars. Transactions in currencies other than the Group’s 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. |
Fair value measurements | 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: • Level 1: quoted prices in active markets for identical assets and liabilities; • 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 • 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’s consolidated statements of financial position approximate their fair value because of the short maturities and nature of these instruments. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill and business combinations Acquisitions 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 fo r 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’s 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’s 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’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s 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 2023. Refer to Note 1.1 for the Business Combination completed during the year ended 31 December 2022. Other intangible assets Other 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’s 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: Software 3-5 years Customer relationships 7 years Intellectual property rights* 10 years • From launch date 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’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s 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. |
Income tax | 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 tax The current tax expense is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ 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’s 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’s 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 tax Deferred 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: • 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; • The initial recognition of residual goodwill (for deferred tax liabilities only); or • 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. 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. |
Property, plant and equipment | 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’s 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’s 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: Facility 40 years Facility equipment 5-20 years Computer equipment 3 years Leasehold improvements 3-15 years Furniture and fixtures 5 years Certain of the Group’s 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. |
Inventories | 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. |
Financial assets | Financial assets Recognition of financial assets Financial 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 2023, 2022, or 2021. All of the Group’s financial assets are measured at amortized cost as of 31 December 2023 and 2022. Financial assets measured at amortized cost Financial 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’s 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 assets The 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’s 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 2023, 2022, and 2021. 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 assets The 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. |
Financial liabilities | Financial liabilities Financial liabilities The Group’s 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’s 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 cost After 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 FVTPL Derivative 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’s 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 “Finance costs” 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 21. 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’s Ordinary Shares (ii) the volatility of the Group’s 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. Liabilities to related parties The majority of the Group’s liabilities to related parties arose from its acquisition of rights for the commercialization of the Group’s biosimilar Adalimumab product in certain territories in Asia from Lotus Pharmaceutical Co. Ltd., a related party, during the year ended 31 December 2021. Pursuant to the terms of the asset acquisition, the Group made an upfront payment of $1.9 million and is required to pay $7.4 million upon the commercial launch of Adalimumab in China which became due on 31 December 2023. Long-term incentive plans Share appreciation rights The Group issued to certain current and former employees share appreciation rights ("SARs") that require settlement in connection with the occurrence of specified, future triggering events. Grants occurred from 2015 through 2020. The awards include a combination of vesting conditions, such as service and performance conditions, as well as non-vesting conditions depending on the particular award. The individuals retain their vested awards upon termination of employment with the Group. Settlement amounts are determined by the change in the Group’s market value from the grant date of the SAR until the triggering events occur. The SARs do not expire at a specific date. Pursuant to the terms of the SAR agreements, management determined that the Group cannot avoid paying cash to settle the awards and, therefore, SARs are liability-classified in the consolidated statements of financial position. Accordingly, SARs were recorded at fair value and were subsequently remeasured each reporting period with the change in fair value reflected as a gain or loss in the consolidated statements of profit or loss and other comprehensive income or loss, as appropriate. The fair value of the SARs was determined using the Black-Scholes-Merton pricing model. In connection with the closing of the Business Combination, the Company reached a settlement agreement for share appreciation rights previously awarded to certain current and former employees. The remaining share appreciation rights were settled through the issuance of fully vested RSUs under the Management Incentive Plan on 1 December 2022. Employee incentive plan The Group also sponsors an employee incentive plan for certain qualifying employees. Under the plans, such employees are entitled to cash payments upon achievement of key milestones, such as a research and development milestone or the occurrence of an exit event. The awards include a combination of vesting conditions, such as service and performance conditions, as well as non-vesting conditions depending on the particular award. Since the Group cannot avoid paying cash to settle the awards, the employee incentive plan is liability-classified in the consolidated statements of financial position. Accordingly, awards issued pursuant to the employee incentive plan are recorded at fair value and are subsequently remeasured each reporting period with the change in fair value reflected as a gain or loss in the consolidated statements of profit or loss and other comprehensive income or loss, as appropriate. Employee incentive plan liabilities are presented as either current or non-current on the consolidated statements of financial position based on the anticipated timing of settlement. The fair value of the employee incentive plan awards is determined by estimating the probability of success in reaching the specified milestones and other levers, such as the anticipated timing of potential milestone achievement. Management Incentive Plan |
Litigation and other contingencies | 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’s patents. Other parties may also file patent infringement claims against the Group alleging that the Group’s 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’s 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’s results of operations in a given period. |
Leases | 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’s 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. |
Loss per share | 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. |
New accounting standards | New accounting standards New standards and interpretations adopted and effective during the periods The following new IFRS standards have been adopted by the Group effective 1 January 2023: IFRS 17 - Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts, which replaces IFRS 4, Insurance Contracts. This standard sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts that are within the scope of IFRS 17. In June 2020, the IASB issued Amendments to IFRS 17, which addresses concerns and implementation challenges that were identified after IFRS 17, Insurance Contracts, was published in 2017. The amendments are effective for annual periods beginning on or after 1 January 2023. IFRS 17 requires fundamental accounting changes to how insurance contracts are measured and accounted for. It introduces the general measurement model, based on a risk-adjusted present value of future cash flows that will arise as the insurance contract is fulfilled. This new measurement model aims to provide relevant information of the future cash flows. The general measurement model is modified for the measurement of reinsurance contracts held, direct participating contracts, and investment contracts with discretionary participation features. Also, while the general measurement model applies to all groups of insurance contracts in scope of IFRS 17, a simplified approach (a premium allocation approach) may be used to measure contracts that meet certain criteria. IFRS 17 also includes new disclosure requirements, providing more clarity and transparency for users of financial statements. The adoption of the standard did not have a material impact on the consolidated financial statements of the Group. IAS 1 (Amendment) - Disclosure of Accounting Policies The IASB issued Disclosure of Accounting Policies (Amendments to IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. The amendments replace the requirement for entities to disclose their significant accounting policies with the requirement to disclose their material accounting policy information. The amendments also include guidance to help entities apply the definition of material in making decisions about accounting policy disclosures. The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group. IAS 8 (Amendments) - Definition of Accounting Estimates The IASB issued amendments on IAS 8 to help entities to distinguish between accounting policies and accounting estimates. The amendments clarify how companies distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. The distinction between the two is important because changes in accounting policies are applied retrospectively, while changes in accounting estimates are applied prospectively. The amendments further clarify that accounting estimates are monetary amounts in the financial statements and are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops accounting estimates to achieve the objective set out by an accounting policy. The amendments are reflected in all financial statements and disclosures of the Group. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction The IASB issued amendments on IAS 12, which clarifies how companies shall account for deferred tax on transactions such as leases and decommissioning obligations, with a focus on reducing diversity in practice. The amendments narrow the scope of the initial recognition exemption in paragraphs 15 and 24 of IAS 12 so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize deferred tax assets and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the amendments did not have a material impact on the consolidated financial statements of the Group. IAS 12 (Amendments) - International Tax Reform—Pillar Two Model Rules In March 2022, the OECD released technical guidance on its 15% global minimum tax agreed as the second ‘pillar’ of a project to address the tax challenges arising from digitalisation of the economy. This guidance elaborates on the application and operation of the Global Anti-Base Erosion (GloBE) Rules agreed and released in December 2021 which lay out a co-ordinated system to ensure that multinational enterprises with revenues above €750 million pay tax of at least 15% on the income arising in each of the jurisdictions in which they operate. In May 2023, the IASB issued amendments to IAS12 Income Taxes to introduce a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. As the Company does not meet the revenue thresholds, this guidance had no impact on the Group's consolidated financial statements. New and revised IFRS standards in issue but not yet effective The following new standards are not yet adopted by or effective for the Group and have not been applied in preparing these consolidated financial statements. IAS 1 (Amendments) – Classification of Liabilities as Current or Non-Current The IASB issued amendments to IAS 1, which affect the presentation of liabilities as current or non-current in the statement of financial position. The amendment does not impact the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after 1 January 2024, with early application permitted. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IAS 1 (Amendments) – Non-current Liabilities with Covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. The amendments also respond to stakeholders’ concerns about the classification of such a liability as current or non-current. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group currently evaluates the impact of these amendments on the consolidated financial statements. IFRS 16 (Amendment) - Lease Liability in a Sale and Leaseback This amendment adds subsequent measurement requirements for sale and leaseback transactions. This amendment includes requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendment is effective for annual periods beginning on or after 1 January 2024. The Group anticipates that the application of this amendment will not have a material impact on the consolidated financial statements. |
General information (Tables)
General information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General information about financial statements [Abstract] | |
Schedule of fair value of shares issued and non-cash share listing expense | 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 Shareholders Class A Shareholders 976,505 Class B Shareholders 5,000,000 OACB Earn Out Shares 1,250,000 Total Alvotech Shares issued to OACB shareholders 7,226,505 Fair 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 – being the share listing expense 83,411 |
Schedule of subsidiaries and joint ventures | 1.2 Information about subsidiaries and joint ventures Entity name Principal activity Issued and paid capital (presented in whole shares) Place of establishment Proportion of ownership and voting power held by Alvotech 31.12.2023 31.12.2022 Alvotech hf Biopharm. 3,893,650 Iceland 100.00 % 100.00 % Alvotech Germany GmbH Biopharm. 31,182 Germany 100.00 % 100.00 % Alvotech Swiss AG Biopharm. 153,930 Switzerland 100.00 % 100.00 % Alvotech Hannover GmbH Biopharm. 29,983 Germany 100.00 % 100.00 % Alvotech Malta Ltd Group Serv. 80,450 Malta 100.00 % 100.00 % Alvotech USA Inc Biopharm. 10 USA 100.00 % 100.00 % Alvotech UK Ltd Group Serv. 135 UK 100.00 % 100.00 % Alvotech Manco ehf Group Serv. 215,390 Iceland 100.00 % 100.00 % Alvotech Biosciences India Private Ltd Biopharm 96,113 India 100.00 % 100.00 % Fasteignafelagið Sæmundur hf Real estate 12,965,337 Iceland 100.00 % 100.00 % Alvotech & CCHN Biopharmaceutical Co. Ltd* Biopharm. 110,000,021 China 50.00 % 50.00 % * |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of Useful Lives of Amortization | The following useful lives are used in the calculation of amortization: Software 3-5 years Customer relationships 7 years Intellectual property rights* 10 years • From launch date |
Summary of Useful Lives of Depreciation | The following useful lives are used in the calculation of depreciation: Facility 40 years Facility equipment 5-20 years Computer equipment 3 years Leasehold improvements 3-15 years Furniture and fixtures 5 years |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary Of Detailed Information About Revenue From Customers Based On Geographical Market | Revenue from customers based on the geographic market in which the revenue is earned, which predominantly aligns with the rights conveyed to the Group’s customers pursuant to its out-license contracts, is as follows: 2023 2022 2021 Europe 63,510 39,433 20,509 North America 18,306 30,780 11,660 Asia and other 9,618 12,816 4,603 91,434 83,029 36,772 |
Summary Of Detailed Information About Noncurrent Assets Excluding Financial Instruments And Deferred Tax Assets | Non-current assets, excluding financial instruments and deferred tax assets, based on the location of the asset is as follows: 2023 2022 Europe 415,659 334,837 North America 5,094 240 Asia and Other 6,194 3,715 426,947 338,792 |
Summary Of Detailed Information About Revenue From Transactions With Individual Customers | Revenue from transactions with individual customers that exceeds ten percent or more of the Group’s total revenue is as follows: 2023 2022 2021 Revenue % Total Revenue % Total Revenue % Total Customer A 9,430 10.3 % 17,940 21.6 % 10,070 27.4 % Customer B 46,954 51.4 % 38,376 46.2 % 18,369 50.0 % Customer C 8,876 9.7 % 12,840 15.5 % 1,590 4.3 % Customer D 16,556 18.1 % — — % — — % |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from contracts with customers [Abstract] | |
Summary Of The Groups' Revenue From Contracts With Customers | The following table summarizes the Groups’ 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: 2023 2022 2021 Product revenue (point in time revenue recognition) 48,699 24,836 — License revenue (point in time revenue recognition) 12,177 424 1,453 Development and other service revenue (over time revenue recognition) 30,558 57,769 35,319 91,434 83,029 36,772 |
Summary Of Reconciliation Of Contract Assets And Contract Liabilities | 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 Assets Contract Liabilities 31 December 2021 19,438 74,536 Contract asset additions 29,823 — Amounts transferred to trade receivables (19,690) — Customer prepayments — 46,127 Revenue recognized — (26,782) Foreign currency adjustment (915) 51 31 December 2022 28,656 93,932 Contract asset additions 19,634 — Amounts transferred to trade receivables (2,412) — Derecognition of contract liability — (42,089) Customer prepayments — 100,555 Revenue recognized — (23,101) Foreign currency adjustment 171 3,147 31 December 2023 46,049 132,444 |
Salaries And Other Employee E_2
Salaries And Other Employee Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Salaries And Other Employee Expenses [Abstract] | |
Summary Of Detailed Information About Aggregate Salary And Other Employee Expenses Incurred By The Group | The aggregate salary and other employee expenses incurred by the Group for these employees were as follows: 2023 2022 2021 Salary expense 107,067 92,082 67,433 Defined contribution plan expense (1) 11,518 10,052 7,694 Long-term incentive plan expense 78 5,481 17,955 Share-based payments (see Note 23) 18,033 10,317 — Other employee expense 19,718 11,670 10,274 Temporary labor 8,495 5,838 6,164 164,909 135,440 109,520 (1) |
Summary Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss | Salaries and other employee expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2023 2022 2021 Cost of product revenue 76,908 42,501 — Research and development expenses 44,339 52,962 71,588 General and administrative expenses 43,662 39,977 37,932 Total salary and other employee expenses 164,909 135,440 109,520 |
Finance Income And Finance Co_2
Finance Income And Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Finance Income [Abstract] | |
Summary Of Detailed Information About Finance Income | Finance income earned during the years ended 31 December 2023, 2022 and 2021 is as follows: 2023 2022 2021 Changes in the fair value of derivatives (see Note 28) — 1,637 51,549 Interest income from cash and cash equivalents 4,547 556 18 Other interest income 276 356 1 4,823 2,549 51,568 |
Summary Of Detailed Information About Finance Cost | Finance costs incurred during the years ended 31 December 2023, 2022, and 2021 are as follows: 2023 2022 2021 Changes in the fair value of derivatives (see Note 28) 132,333 96,981 2,804 Interest on debt and borrowings 129,327 71,452 106,548 Consenting fee (see Note 21) — 7,430 — Loss on remeasurement of bonds (see Note 21) — 6,511 — Interest on lease liabilities (see Note 13) 3,840 6,022 6,423 Amortization of deferred debt issue costs 1,657 23 1,586 267,157 188,419 117,361 |
Depreciation, Amortization An_2
Depreciation, Amortization And Impairment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Depreciation Amortization And Imapirment [Abstract] | |
Summary Of Detailed Information About Depreciation Amortization And Impairment | Depreciation, amortization and impairment expenses incurred during the years ended 31 December 2023, 2022, and 2021 are as follows: 2023 2022 2021 Depreciation and impairment of property, plant and equipment (see Note 12) 14,353 9,807 10,666 Depreciation of right of use assets (see Note 13) 8,913 9,869 8,699 Amortization and impairment of intangible assets (see Note 15) 2,723 3,488 4,916 25,989 23,164 24,281 |
Summary Of Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss | Depreciation, amortization and impairment expenses are included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2023 2022 2021 Cost of product revenue 15,582 10,053 — Research and development expenses 6,886 9,757 21,764 General and administrative expenses 3,521 3,354 2,517 Total depreciation, amortization and impairment expense 25,989 23,164 24,281 |
Audit Fees (Tables)
Audit Fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Audit Fees [Abstract] | |
Summary Of Detailed Information About Audit Fees | 2023 2022 2021 Financial Statement audit fees 2,876 2,615 5,502 Other fees, including tax services 462 676 136 Total fees 3,339 3,291 5,638 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Income Tax [Abstract] | |
Schedule of taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss | Taxation recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 is as follows: Current tax 2023 2022 2021 Direct taxes - current 1,307 1,015 706 Direct taxes – prior year (60) (115) 491 Total current tax 1,247 900 1,197 Deferred tax Current (89,847) (54,236) (48,414) Prior year (10,718) 15,269 (477) Total deferred tax (100,565) (38,967) (48,891) Total income tax benefit (99,318) (38,067) (47,694) |
Schedule of the reconciling items between the statutory rate and the effective tax rate | The reconciling items between the statutory rate and the effective tax rate are as follows: 2023 2022 2021 Tax rate 24.9 % 24.9 % 24.9 % Effect of tax rate in foreign jurisdictions (3.4 %) (2.4 %) (8.2 %) Permanent differences (6.7 %) (8.9 %) 30.4 Non-recognition of tax losses (1.5 %) (3.8 %) (15.0 %) Other items 2.0 % (2.9 %) (0.1) Effective tax rate 15.3 % 6.9 % 32.0 % |
Schedule of the movement in net deferred taxes | The movement in net deferred taxes during the years ended 31 December 2023 and 2022 is as follows: 2023 2022 Balance at 1 January 209,187 170,268 Deferred tax credited to profit or loss 100,567 38,919 Balance at 31 December 309,754 209,187 Deferred tax assets 309,807 209,496 Deferred tax liabilities (53) (309) |
Schedule of deferred tax recognized in the consolidated statements of financial position | The amount of deferred tax recognized in the consolidated statements of financial position as of 31 December 2023 and 2022 is as follows: 2023 2022 Deferred tax assets attributable to temporary differences in respect of tax losses 301,375 205,290 Deferred tax assets attributable to other temporary differences 11,941 6,832 Deferred tax liabilities attributable to other temporary differences (3,562) (2,935) Net deferred tax assets 309,754 209,187 |
Schedule of expiration of unused tax losses | These tax losses expire as follows: 2024-2026 68,821 2027-2029 289,608 Later 1,155,294 1,513,723 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Summary of Basic and Diluted Loss Per Share | The calculation of basic and diluted loss per share for the years ended 31 December 2023, 2022, and 2021 is as follows (in thousands, except for share and per share amounts): 2023 2022 2021 Earnings Loss for the year (551,731) (513,580) (101,504) Number of shares Weighted average number of ordinary shares outstanding 227,256,469 197,721,710 110,673,309 Basic and diluted loss per share (2.43) (2.60) (0.92) |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of property, plant and equipment | Movements within property, plant and equipment during the years ended 31 December 2023 and 2022 are as follows: Facility Facility Equipment Furniture, Computer equipment Total Cost Balance at 1 January 2023 115,000 145,150 9,598 1,959 271,707 Reclassification of assets — 2,771 (112) (7) 2,652 Additions — 29,351 1,500 518 31,369 Disposals — (1,233) (23) (136) (1,392) Translation difference — 679 (85) (22) 572 Balance at 31 December 2023 115,000 176,718 10,878 2,312 304,908 Depreciation Balance at 1 January 2023 359 46,002 3,233 1,519 51,113 Reclassification of assets — 3,330 (112) (7) 3,211 Depreciation 2,875 10,572 676 230 14,353 Disposals — (737) (22) (136) (895) Translation difference — 330 40 (23) 347 Balance at 31 December 2023 3,234 59,497 3,815 1,583 68,129 Net carrying amount Balance at 31 December 2023 111,766 117,221 7,063 729 236,779 Facility Facility Equipment Furniture, Computer equipment Total Cost Balance at 1 January 2022 — 88,510 32,395 1,551 122,456 Reclassification of assets — 25,486 (25,486) — — Additions 115,000 35,156 2,706 357 153,219 Disposals — (2,959) — — (2,959) Translation difference — (1,043) (17) 51 (1,009) Balance at 31 December 2022 115,000 145,150 9,598 1,959 271,707 Depreciation Balance at 1 January 2022 — 33,853 8,614 1,459 43,926 Reclassification of assets — 5,985 (5,985) — — Depreciation 359 8,752 621 75 9,807 Disposals — (2,597) — — (2,597) Translation difference — 9 (17) (15) (23) Balance at 31 December 2022 359 46,002 3,233 1,519 51,113 Net carrying amount Balance at 31 December 2022 114,641 99,148 6,365 440 220,594 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Schedule of quantitative information about right-of-use assets | The carrying amounts of the Group’s right-of-use assets and the movements during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Right-of-use assets Balance at 1 January 47,501 126,801 Adjustments for indexed leases 7,354 10,201 New leases 74,109 9,583 Cancelled leases (139) — Derecognition due to acquisition of Alvotech Facility (see Note 12) — (88,941) Reclassification (443) Depreciation (8,913) (9,869) Translation difference 333 (274) Balance at 31 December 119,802 47,501 |
Schedule of detailed information about classes of right of use assets | The Group’s right-of-use assets as of 31 December 2023 and 2022 are comprised of the following: 2023 2022 Right-of-use assets Facilities 110,692 41,702 Fleet 389 339 Equipment 8,721 5,460 119,802 47,501 |
Schedule of detailed information about lease liabilities | The Group’s lease liabilities and the movements during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Lease liabilities Balance at 1 January 40,532 122,140 Adjustments for indexed leases 7,405 10,247 New leases 72,882 7,458 Cancelled leases (167) — Installment payments (7,260) (7,655) Derecognition due to acquisition of Alvotech Facility (see Note 12) — (80,075) Foreign currency adjustment 1,932 (11,682) Translation difference (9) 99 Balance at 31 December 115,315 40,532 Current liabilities (9,683) (5,163) Non-current liabilities 105,632 35,369 |
Schedule of detailed information about lease cost | The amounts recognized in the consolidated statements of profit or loss and other comprehensive income or loss during the years ended 31 December 2023, 2022, and 2021 in relation to the Group’s lease arrangements are as follows: 2023 2022 2021 Depreciation expense from right-of-use assets Facilities (7,631) (9,423) (8,228) Fleet (180) (119) (38) Equipment (1,102) (327) (433) Total depreciation expense from right-of-use assets (8,913) (9,869) (8,699) Interest expense on lease liabilities (3,840) (6,022) (6,423) Foreign currency difference on lease liability (1,932) 11,682 3,744 Loss from extinguishment of lease agreement (see Note 12) (28) (3,859) — Total amount recognized in profit and loss (14,713) (8,068) (11,378) |
Schedule of detailed information about maturity analysis for lease liabilities | The maturity analysis of undiscounted lease payments as of 31 December 2023 and 2022 is as follows: 2023 2022 Less than one year 14,637 6,000 One to five years 51,053 20,160 Thereafter 89,682 22,274 155,372 48,434 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Goodwill [Abstract] | |
Summary of Goodwill | The Group’s goodwill balances as of 31 December 2023 and 2022 are as follows: 2023 2022 Balance as of 1 January 11,643 12,367 Translation difference 415 (724) Balance as of 31 December 12,058 11,643 |
Other Intangible assets (Tables
Other Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Detailed Information About Intangible Assets | Movements in intangible assets during the years ended 31 December 2023 and 2022 are as follows: Software Customer relationships Intellectual property rights Total Cost Balance at 1 January 2023 13,684 2,181 15,000 30,865 Reclassification of assets 1,002 — — 1,002 Additions 4,094 — 6,000 10,094 Impairment (1,779) — — (1,779) Retirement — — (15,000) (15,000) Translation difference 72 90 — 162 Balance at 31 December 2023 17,073 2,271 6,000 25,344 Amortization Balance at 1 January 2023 3,343 1,870 — 5,213 Amortization 626 318 — 944 Translation difference 28 83 — 111 Balance at 31 December 2023 3,997 2,271 — 6,268 Net carrying amount Balance at 31 December 2023 13,076 — 6,000 19,076 Software Customer relationships Intellectual property rights Total Cost Balance at 1 January 2022 8,777 2,329 15,000 26,106 Additions 7,682 — — 7,682 Impairment (2,755) — — (2,755) Translation difference (20) (148) — (168) Balance at 31 December 2022 13,684 2,181 15,000 30,865 Amortization Balance at 1 January 2022 2,933 1,664 — 4,597 Amortization 423 310 — 733 Translation difference (13) (104) — (117) Balance at 31 December 2022 3,343 1,870 — 5,213 Net carrying amount Balance at 31 December 2022 10,341 311 15,000 25,652 |
Summary of Impairment Loss and Reversal of Impairment Loss | Expense for amortization of the Group’s intangible assets is included within the consolidated statements of profit or loss and other comprehensive income or loss as follows: 2023 2022 2021 Cost of product revenue 318 471 — Research and development expenses 8 — 324 General and administrative expenses 618 262 599 944 733 923 |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents as of 31 December 2023 and 2022 are as follows: 2023 2022 Cash and cash equivalents denominated in US dollars 1,466 10,377 Cash and cash equivalents denominated in other currencies 9,691 56,050 11,157 66,427 |
Summary of Restricted Cash | Movements in restricted cash balances during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Balance at 1 January 25,187 10,087 Additions during the year — 14,914 Interest income 945 186 Balance at 31 December 26,132 25,187 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Summary of Inventories | The Group’s inventory balances as of 31 December 2023 and 2022 are as follows: 2023 2022 Raw materials and supplies 51,524 41,961 Work in progress 33,068 29,450 Finished goods 244 2,121 Inventory reserves (10,403) (2,062) Balance at 31 December 74,433 71,470 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Assets [Abstract] | |
Summary of Other Current Assets | The composition of other current assets as of 31 December 2023 and 2022 is as follows: 2023 2022 Value-added tax 8,801 6,468 Prepaid expenses 22,035 20,601 Proceeds receivable from Convertible Bonds (see Note 21) — 3,520 Derivative asset — 851 Other short-term receivables 1,035 1,509 31,871 32,949 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Share Capital and Share Premium | Share capital and share premium of the Group’s Ordinary Shares issued as of 31 December 2023, and 2022 are as follows (in thousands, except for share amounts): 2023 2022 Shares Share capital and share premium Shares Share capital and share premium Ordinary Shares 266,821,844 1,231,969 252,160,087 1,060,558 Total share capital and share premium 266,821,844 1,231,969 252,160,087 1,060,558 |
Summary of Movements in Ordinary Shares, Share Capital and Share Premium | Movements in the Group’s Class A and Class B ordinary shares, share capital and share premium during the years ended 31 December 2023, 2022, and 2021 are as follows (in thousands, except for share amounts): Ordinary Shares Predecessor Ordinary Shares Share capital Share premium Total Balance at 1 January 2021 — 7,259,139 73 166,740 166,813 Share issue — 6,222,660 62 833,378 833,440 Balance at 31 December 2021 — 13,481,799 135 1,000,118 1,000,253 Elimination of Predecessor Ordinary Shares (Note 1.1) — (13,481,799) (135) 135 — Issuance of Ordinary Shares (Note 1.1) 186,576,505 — 1,866 63,169 65,035 PIPE Financing (Note 1.1) 17,493,000 — 175 174,755 174,930 Transaction costs arising on share issue — — — (5,562) (5,562) Predecessor Earn Out Shares (Note 1.1) 38,330,000 — — (227,500) (227,500) OACB Earn Out Shares (Note 1.1) 1,250,000 — — (9,100) (9,100) SARs Settlement (Note 22) 3,510,582 — 35 30,267 30,302 Settlement of related party loans with Ordinary Shares 5,000,000 — 50 32,150 32,200 Balance at 31 December 2022 252,160,087 — 2,126 1,058,432 1,060,558 Capital contribution 11,834,061 — 118 132,618 132,736 Vested earn-out shares — — 6 8,300 8,306 Penny warrants (Note 28) 2,479,962 — 25 27,159 27,184 Public warrants (Note 28) 553,552 — 6 7,612 7,618 Settlement of RSUs with shares (Note 23) 838,919 — 8 5,095 5,103 Settlement of SARs with shares (Note 22) (1,044,737) — (10) (9,526) (9,536) Balance at 31 December 2023 266,821,844 — 2,279 1,229,690 1,231,969 |
Other reserves (Tables)
Other reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Reserves | The composition of other reserves as of 31 December 2023 and 2022 is as follows: 2023 2022 Equity component of convertible bonds 21,391 16,034 Share based payments 21,520 14,548 42,911 30,582 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Summary of consolidated statements of financial position | The Group’s debt consists of interest-bearing borrowings from financial institutions, related parties and third parties. Outstanding borrowings, net of transaction costs, presented on the consolidated statements of financial position as current and non-current as of 31 December 2023 and 2022 are as follows: 2023 2022 Senior Bonds 549,411 530,506 2022 Convertible Bonds 155,914 32,441 Aztiq Convertible Bond 80,663 65,793 Alvogen Facility 76,556 64,588 Other borrowings 97,615 71,242 Total outstanding borrowings, net of debt issue costs 960,159 764,570 Less: current portion of borrowings (38,025) (19,916) Total non-current borrowings 922,134 744,654 |
Summary of movements in the group's outstanding borrowings | Movements in the Group’s outstanding borrowings during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Borrowings, net at 1 January 764,570 400,911 Recognition of deferred debt issue costs (6,115) (2,889) Accretion/derecognition of borrowings discount 15,770 35,065 Recognition of new borrowings discount (50,953) (43,241) Proceeds from new borrowings 275,311 467,196 Loans from related party converted to equity — (50,000) Repayments of borrowings (99,367) (83,951) Accrued interest 58,212 40,424 Amortization of deferred debt issue costs 1,657 23 Foreign currency exchange difference 1,075 1,032 Borrowings, net at 31 December 960,159 764,570 The table below details the changes in the Group’s 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’s consolidated cash flow statement as cash flows from financing activities. 1 January Financing Cash flows (a) Capitalized loan cost changes Fair value changes, including accretion Other changes (b) Foreign exchange impact 31 December 2022 Convertible Bonds and Aztiq Convertible Bond 98,234 145,358 1,657 (36,071) 27,603 (204) 236,577 Senior Bonds (including related party) 530,506 — — 888 18,017 — 549,411 Other borrowings 71,242 25,102 — — (8) 1,279 97,615 Alvogen Facility 64,588 — — — 11,968 — 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 effects of payments including $3.5 million in cash received from borrowings from the 2022 Convertible Bonds and transaction cost of $9 million paid in 2023. 1 January Financing Cash flows (a) Capitalized loan cost changes Fair value changes, including accretion Other changes (b) Foreign exchange impact Conversion to Equity Other non-cash movements 31 December 2022 Convertible Bonds and Aztiq Convertible Bond — 55,852 (2,865) (40,245) 1,528 444 — 83,520 98,234 Senior Bonds (including related party) 394,129 70,000 — 32,069 34,308 — — — 530,506 Other borrowings 6,782 33,112 — — 762 588 — 29,998 71,242 Alvogen Facility — 110,000 — — 4,588 — (50,000) — 64,588 Borrowings, net 400,911 268,964 (2,865) (8,176) 41,186 1,032 (50,000) 113,518 764,570 (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. |
Schedule of maturities of outstanding borrowings | Contractual maturities of principal amounts on the Group’s outstanding borrowings as of 31 December 2023 and 2022 are as follows: 2023 2022 Within one year 38,025 19,916 Within two years 867,273 3,804 Within three years 4,932 696,646 Within four years 37,857 3,374 Thereafter 12,072 40,830 960,159 764,570 |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Longterm incentive plans [Abstract] | |
Schedule of movements in the group's employee incentive plan liabilities | Movements in the Group’s employee incentive plan liabilities during the years ended 31 December 2023 and 2022 are as follows: 2023 2022 Balance at 1 January 12,317 14,935 Additions 78 5,075 Payments (11,736) (7,693) Balance at 31 December prior to reclassification 659 12,317 Reclassified to other current liabilities (659) (11,773) Balance at 31 December — 544 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Based Payment Arrangements [Abstract] | |
Summary of Movements in RSUs | Movements in RSUs during the year ended 31 December 2023 are as follows: 2023 2022 RSUs Weighted Average Fair Value RSUs Weighted Average Fair Value Outstanding at 1 January 6,979,482 $6.72 — — New grants during the year 820,602 $8.79 7,659,044 $6.68 Forfeited during the year (1,587,929) $7.11 — — Vested during the year (2,466,374) $6.67 (679,562) $6.30 Outstanding at 31 December 3,745,781 $7.04 6,979,482 $6.72 |
Summary of Share-based payment expense | The Group recogniz ed $18.0 million and $10.3 million of shar e-based payment expense during the years ended 31 December 2023 and 2022, respectively, as follows: 2023 2022 Cost of product revenue 3,319 1,522 Research and development expenses 3,991 2,994 General and administrative expenses 10,723 5,801 18,033 10,317 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Schedule of related party transactions | Related party transactions as of and for the year ended 31 December 2023 are as follows: Purchased service / interest Sold service Receivables Payables/ borrowings Alvogen Lux Holdings S.à r.l. – Sister company (a) 11,968 — — 76,556 ATP Holdings ehf. - Sister company (a) 9,193 — — 49,560 Aztiq Fjárfestingar ehf. – Sister company — 4 — — Aztiq Consulting ehf. – Sister company 178 69 — 54 Flóki-Art ehf. - Sister company 88 — — 422 Alvogen Iceland ehf. - Sister company 19 1 — 484 Alvogen ehf. - Sister company — 152 16 — Alvogen UK - Sister company 273 — — 581 Alvogen Finance B.V. - Sister Company 3,382 — — 65 Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 29 29 7,440 Lotus International Pte. Ltd. - Sister company — 2 — — Alvogen Emerging Markets - Sister company 108 — — — Alvogen Inc. - Sister company 305 — — 284 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) — — 758 539 Adalvo Limited - Sister company 402 189 86 337 Adalvo UK - Sister company — 49 — — Flóki Invest ehf - Sister company 680 — — 251 Floki Holdings S.à r.l. - Sister company 40 — — — Alvogen Malta Sh. Services - Sister company — — 7 — Alvogen Spain SL - Sister company 14 — — 15 Norwich Clinical Services Ltd - Sister company 642 — — 170 Fasteignafélagið Eyjólfur ehf - Sister company (d) 3,807 102 — 69,732 Flóki fasteignir ehf. - Sister company 1,682 — — 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 (see Note 21). In relation to the private placement of Tranche A Convertible Bonds in July, the Company paid underwriters fee to APT Holding amounting to $3.3 million. The underwriter’s fee is accounted for as a transaction cost that is amortized through profit and loss over the life of the instrument. (b) Payables to Lotus Pharmaceuticals Co. Ltd. consists of the other current liability as further described in Note 2. This other current liability is presented as “Liabilities to related party” on the consolidated 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. Related party transactions as of and for the year ended 31 December 2022 are as follows: Purchased service / Sold service Receivables Payables/ Alvogen Lux Holdings S.à r.l. – Sister company (a) 5,415 — — 64,588 Aztiq Fjárfestingar ehf. – Sister company 216 — — 20 Aztiq Consulting ehf. - Sister company 442 — — 25 ATP Holdings ehf. - Sister company (a) 1,254 — 765 81,254 Fasteignafélagið Sæmundur hf. - Sister company (e) 7,189 — — — Fasteignafélagið Eyjólfur ehf - Sister company — 196 — — Alvogen Iceland ehf. - Sister company 465 174 — 484 Alvogen ehf. - Sister company — 68 1 — Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 3 2 7,440 Lotus International Pte. Ltd. - Sister company — 4 3 — Alvogen Emerging Markets - Sister company 98 — — — Alvogen Korea co. Ltd - Sister company — 1 — — Alvogen Inc. - Sister company 585 266 12 222 Alvotech and CCHT Biopharmaceutical Co., Ltd. (c) — — 758 — Adalvo Limited - Sister company 1,218 106 — 349 Alvogen Malta Sh. Services - Sister company 603 — 7 — Alvogen Spain SL - Sister Company 117 — — — Norwich Clinical Services Ltd - Sister company 301 — — 31 Alvogen Pharma Pvt Ltd - Sister Company 1,159 — — — Flóki fasteignir ehf. - Sister company 1,516 — — 8,876 L41 ehf. 26 — — — Lambhagavegur 7 ehf. (d) 537 — — — 21,141 818 1,548 163,289 (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 the long-term liability as further described in Note 2. This long-term liability is presented as “Other long-term liability to related party” on the consolidated 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) Lambahagavegur is no longer a related party as it was sold during the year ended 31 December 2023. (e) Fasteignafélagið Sæmundur hf. was acquired as part of the Share Purchase Agreement, with ATP Holdings ehf., on 16 November 2022. The related party transactions reflect activity until the acquisition date. See Note 12 and Note 21 for further details. Related party transactions for the year ended 31 December 2021 are as follows: Purchased service / Sold Alvogen Lux Holdings S.à r.l. – Sister company (a) 9,383 — Aztiq Pharma Partners S.à r.l. – Sister company (a) 16,048 — Alvogen Aztiq AB – Sister company (a) 297 — Aztiq Fjárfestingar ehf. (a) 120 — Fasteignafélagið Sæmundur hf. - Sister company 7,762 — Alvogen Iceland ehf. - Sister company 454 2,308 Alvogen ehf. - Sister company 6 2 Alvogen UK - Sister company 299 — Lotus Pharmaceuticals Co. Ltd. - Sister company (b) — 312 Alvogen Emerging Markets - Sister company 238 — Alvogen Korea co. Ltd - Sister company — 9 Alvogen Inc. - Sister company 89 654 Alvogen Malta Sh. Services - Sister company 1,216 151 Alvogen Pharma Pvt Ltd - Sister Company 491 — HRJÁF ehf - Sister company 1,415 — L41 ehf. 29 — Lambhagavegur 7 ehf. 713 — 39,940 3,715 (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 (see Note 21). (b) |
Schedule of information about Board of Directors remuneration | The Board of Directors’ remuneration is shown in the table below. Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2023 Board fees Pension Other long-term benefits Shares at year-end** Robert Wessman, Chairman of the board* — — — — Richard Davies, Vice-Chairman 156 — 104 1,143,713 Ann Merchant, Board Member 113 — 104 10,582 Árni Harðarson, Board Member* — — — — Faysal Kalmoua, Board Member* — — — — Linda McGoldrick, Board Member 81 — 104 10,582 Lisa Graver, Board Member 71 — 104 10,582 Tomas Ekman, Board Member* — — — — 421 — 416 1,175,459 * Waived their board compensation (both cash and equity) ** Direct share ownership 2023 Key employees Salaries and benefits Pension contribution Termination benefits Other long- term benefits Robert Wessman CEO 1,491 26 — — Other Executive Team Members (9) 5,020 346 52 9,456 6,511 372 52 9,456 Board of Directors’ fee for the year and shares at year end (board fees in thousands and shares in whole amounts). 2022 Board fees Pension contribution Other long-term benefits Shares at year-end** Robert Wessman, Chairman of the board 740 — — — Richard Davies, Vice-Chairman 68 — — 1,133,131 Ann Merchant, Board Member (from 16.6.2022) 43 — — — Árni Harðarson, Board Member (from 16.6.2022)* — — — — Faysal Kalmoua, Board Member* — — — — Linda McGoldrick, Board Member (from 16.6.2022) 38 — — — Lisa Graver, Board Member (from 16.6.2022) 38 — — — Tomas Ekman, Board Member* — — — — Hirofumi Imai, Board member (until 16.6.2022) — — — — 927 — — 1,133,131 * Waived their board compensation (both cash and equity) ** Direct share ownership 2022 Key employees Salaries and benefits Pension contribution Termination benefits Other long- term benefits Mark Levick CEO 892 162 1,157 — Other Executive Team Members (9) 5,400 446 820 5,015 6,292 608 1,977 5,015 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Current Liabilities [Abstract] | |
Schedule of composition of other current liabilities | The composition of other current liabilities as of 31 December 2023 and 2022 is as follows: 2023 2022 Unpaid salary and salary related expenses 31,340 15,620 Accrued interest 3,333 2,249 Accrued vacation leave 6,075 5,025 Employee incentive plan 659 12,433 Accrued expenses 21,313 18,720 62,720 54,047 |
Interests In Joint Ventures (Ta
Interests In Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of joint ventures [abstract] | |
Schedule of Information About Joint Venture | Name of entity Place of business Ownership interest Carrying Amount 2023 2022 2023 2022 Alvotech & CCHN Biopharmaceutical Co., Ltd. China 50 % 50 % 18,494 48,568 |
Schedule of Changes in Groups Investment in a Joint Venture | The following table provides the change in the Group’s investment in a joint venture during the years ended 31 December 2023 and 2022: 2023 2022 Balance at 1 January 48,568 55,307 Share in losses (7,153) (2,590) Impairment loss on investment in joint venture (21,519) — Translation difference (1,402) (4,149) Balance at 31 December 18,494 48,568 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Financial Assets Measured at Cost | Financial assets as of 31 December 2023 and 2022, all of which are measured at amortized cost, are as follows: 2023 2022 Cash and cash equivalents 11,157 66,427 Restricted cash 26,132 25,187 Trade receivables 41,292 32,972 Other current assets 1,035 5,880 Receivables from related parties 896 1,548 Other long-term assets 336 4,484 80,848 136,498 |
Summary of Financial Liabilities | Financial liabilities as of 31 December 2023 and 2022 are as follows: 2023 2022 Borrowings (measured at amortized cost) 960,159 764,570 Derivative financial liabilities (measured at FVTPL) 520,553 380,232 Other long-term liability to related party (measured at amortized cost) — 7,440 Long-term incentive plan (measured at FVTPL) — 544 Trade and other payables (measured at amortized cost) 80,563 49,188 Lease liabilities (measured at amortized cost) 115,315 40,532 Liabilities to related parties (measured at amortized cost) 9,851 1,131 Other current liabilities 61,873 53,664 1,748,314 1,297,301 |
Summary of Material Differences Between the Fair Value and Carrying Amount | Material differences between the fair values and carrying amounts of these borrowings are identified as follows: 31 December Carrying Amount Fair Value Senior 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 31 December Carrying Amount Fair Value Senior Bonds 530,506 535,167 Aztiq Convertible Bond 65,793 65,772 2022 Convertible Bonds 32,441 52,463 Alvogen Facility 64,588 66,883 693,328 720,285 |
Summary of Fair Value on a Recurring Basis | The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments measured at fair value on a recurring basis as of 31 December 2023 and 2022: 2023 Level 1 Level 2 Level 3 Total Senior Bond Warrants 19,715 — 19,715 Tranche A Conversion Feature — — 118,830 118,830 Predecessor Earn Out Shares — 349,900 — 349,900 OACB Earn Out Shares — 6,200 — 6,200 OACB Warrants 25,908 — — 25,908 45,623 356,100 118,830 520,553 2022 Level 1 Level 2 Level 3 Total Senior Bond Warrants — — 45,325 45,325 Tranche A Conversion Feature — — 38,055 38,055 Senior Bond Interest Rate Feature (included in other current assets) — — 851 851 Predecessor Earn Out Shares — 276,200 — 276,200 OACB Earn Out Shares — 10,500 — 10,500 OACB Warrants 10,152 — — 10,152 10,152 286,700 84,231 381,083 |
Disclosure of Fair Value Measurement of Liabilities | The following table provides a reconciliation of Level 3 financial instruments: Senior Bond Warrants Tranche A Conversion Feature Senior Bond Interest Rate Feature 1 January 2023 45,325 38,055 851 Issuance — 45,555 — Revaluation — 35,220 — Transfer to Level 1 (45,325) — — Extinguishment — — (851) 31 December 2023 — 118,830 — |
Summary of Assumptions and Inputs | The following table presents the assumptions and inputs that were used for the model in valuing the Tranche A Conversion Feature: 31 December 31 December Stock price $11.48 $10.00 Conversion price $10.00 $10.00 Volatility rate 57.5 % 45.0 % Risk-free interest rate 4.2 % 4.2 % Dividend yield 0.0 % 0.0 % Risky yield 16.3 % 19.3 % 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 Number of shares 38,330,000 38,330,000 Share price $11.48 $10.00 Volatility rate 55.0 % 45.0 % Risk-free rate 3.97 % 4.05 % The following table presents the assumptions and inputs that were used for the model in valuing the OACB Earn Out Shares: 31 December 31 December Number of shares 625,000 1,250,000 Share price $11.48 $10.00 Volatility rate 55.0 % 45.0 % Risk-free rate 3.97 % 4.05 % |
Summary of Interest Rate Sensitivity Analysis | The following table provides an interest rate sensitivity analysis for the effect on loss before tax: 2023 2022 Variable-rate financial instruments +100 (89) (186) Variable-rate financial instruments -100 89 186 |
Summary of Impact on the Groups Operations | Below are the foreign currencies that have the most significant impact on the Group’s operations. Closing rate Average rate Change 2023 2022 2023 2022 EUR 1.105 1.061 1.091 1.052 4.1 % GBP 1.275 1.204 1.266 1.233 5.9 % ISK 0.007 0.007 0.007 0.007 5.1 % CHF 1.188 1.071 1.156 1.047 10.9 % INR 0.012 0.012 0.012 0.013 0.1 % |
Summary of Groups Assets and Liabilities | The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2023 are as follows: Assets Liabilities Net 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) The Group’s assets and liabilities that are denominated in foreign currencies as of 31 December 2022 are as follows: Assets Liabilities Net EUR 36,420 26,514 9,906 GBP 111 1,538 (1,427) ISK 49,484 109,507 (60,023) CHF 69 7,305 (7,236) INR 11 517 (506) |
Summary of Analysis Assumes that all Other Variables | The analysis assumes that all other variables, such as interest rates, remain constant. EUR GBP ISK CHF INR Year ended 31 December 2023 -10% weakening (974) (341) (14,156) (715) (37) +10% strengthening 974 341 14,156 715 37 Year ended 31 December 2022 -10% weakening (991) (143) (6,002) (724) (51) +10% strengthening 991 143 6,002 724 51 |
Summary of the Maximum Credit Risk Exposure of the Groups Financial Assets | The maximum credit risk exposure for the Group’s financial assets as of 31 December 2023 and 2022 is as follows: 2023 2022 Cash and cash equivalents 11,157 66,427 Restricted cash 26,132 25,187 Other assets 43,559 44,884 80,848 136,498 |
Summary of Contractual Maturities of Financial Assets and Liabilities | Contractual maturities of financial assets and liabilities as of 31 December 2023 are as follows: Within one One to two Thereafter Total Financial assets Non-interest bearing 43,223 — — 43,223 Variable-interest bearing 11,157 — 26,468 37,625 Total financial assets 54,380 — 26,468 80,848 Financial liabilities Non-interest bearing 142,436 — — 142,436 Fixed-interest bearing - Borrowings 66,309 1,101,185 — 1,167,494 Derivative liabilities — 520,553 — 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 Contractual maturities of financial assets and liabilities as of 31 December 2022 are as follows: Within one One to two Thereafter Total Financial assets Non-interest bearing 40,400 — — 40,400 Variable-interest bearing 66,427 — 29,671 96,098 Total financial assets 106,827 — 29,671 136,498 Financial liabilities Non-interest bearing 104,366 — 7,984 112,350 Fixed-interest bearing - Borrowings 45,757 66,308 896,921 1,008,986 Derivative liabilities — — 380,232 380,232 Variable-interest bearing - Borrowings 25,259 8,036 59,109 92,404 Total financial liabilities 175,382 74,344 1,344,246 1,593,972 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure In Entirety Of Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Cash Flow Information | Supplement cash flow information for the years ended 31 December 2023, 2022, and 2021 is included below (see Note 21 for non-cash movements in borrowings). Non-cash investing and financing activities 2023 2022 2021 Acquisition of property, plant and equipment in trade payables and other current liabilities 2,266 4,131 3,812 Acquisition of intangibles in trade payables and other current liabilities 930 4,075 — Right-of-use assets obtained through new operating leases 74,109 9,583 18,871 Purchase of Facility through Aztiq Convertible Bond — 115,005 — Non-cash issuance of Aztiq Convertible Bond — 80,000 — Equity issued through conversion of borrowings — 32,200 346,043 Acquisition of other intangible assets through financing agreements — — 461 Settlement of RSUs with shares 678 — — Settlement of SARs with shares 13,767 — — |
General information - Additiona
General information - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 26, 2024 USD ($) $ / shares shares | Feb. 23, 2024 $ / shares shares | Feb. 23, 2024 $ / shares kr / shares shares | Jun. 15, 2022 USD ($) shares shares $ / shares | Feb. 29, 2024 USD ($) | Mar. 20, 2024 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
General Information About Financial Statements [Line Items] | ||||||||||
Proceeds from the capital reorganization | $ 9,800 | $ 0 | $ 9,827 | $ 0 | ||||||
Reorganization, share listing expense | $ 83,411 | |||||||||
Fair value of shares issued, market price (in dollars per share) | $ / shares | $ 9.38 | |||||||||
General and administrative expense | 76,559 | 186,742 | 84,134 | |||||||
Net loss | 551,731 | 513,580 | 101,504 | |||||||
Accumulated deficit | (2,205,845) | (1,654,114) | ||||||||
Cash and cash equivalents | 11,157 | $ 66,427 | 17,556 | $ 31,689 | ||||||
Current assets less current liabilities | $ (66,100) | |||||||||
Increase in share capital | $ 833,440 | |||||||||
Major ordinary share transactions | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Proceeds from the issuance of common stock | $ 160,000 | $ 160,000 | ||||||||
Aztiq Pharma Partners Sarl | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Percentage of ownership interest in subsidiary | 37.90% | 40.70% | ||||||||
Alvogen | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Percentage of ownership interest in subsidiary | 33.70% | 35.80% | ||||||||
Other Subsidiaries | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Percentage of ownership interest in subsidiary | 28.40% | 23.50% | ||||||||
Maximum percentage of ownership interest held by each shareholder | 2.4 | 2.4 | ||||||||
Business Combination and PIPE Financing | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Transaction costs | $ 28,500 | |||||||||
Expense capitalized | 5,600 | |||||||||
General and administrative expense | $ 22,900 | |||||||||
OACB Warrants | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Outstanding (in shares) | shares | 10,916,647 | |||||||||
OACB Warrants | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Proceeds from the issuance of common stock | $ 6,300 | |||||||||
Ordinary Shares | Major ordinary share transactions | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Increase in share capital | $ 166,000 | $ 166,000 | ||||||||
Increase decrease in shares issued (in shares) | shares | 10,127,132 | 10,127,132 | 10,127,132 | |||||||
Common stock par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Weighted average share price (in dollar per share) | (per share) | $ 16.41 | $ 2,250 | ||||||||
Ordinary Shares | Predecessor Earn Out Shares | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 38,330,000 | |||||||||
Ordinary Shares | OACB Earn Out Shares | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Number of instruments granted in share-based payment arrangement (in shares) | shares | 1,250,000 | |||||||||
Ordinary Shares | Subscription Agreements | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Common stock, shares subscribed (in shares) | shares | 17,493,000 | |||||||||
Common stock, subscription (in dollars per share) | $ / shares | $ 10 | |||||||||
Common stock, value, subscriptions | $ 174,900 | |||||||||
Ordinary Shares | OACB Warrants | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Number of shares called by each warrant or right | shares | 1 | |||||||||
Ordinary Shares | OACB Warrants | Major ordinary share transactions | ||||||||||
General Information About Financial Statements [Line Items] | ||||||||||
Number of shares called by each warrant or right | shares | 1 | |||||||||
Increase decrease in shares issued (in shares) | shares | 419,660 |
General Information - Schedule
General Information - Schedule of fair value of shares issued and non-cash share listing expense (Details) $ in Thousands | Jun. 15, 2022 USD ($) shares |
Schedule of fair value of shares issued and noncash share listing expense [line items] | |
Total Alvotech Shares issued to OACB shareholders (in shares) | shares | 7,226,505 |
Estimated fair market value | $ 65,160 |
Adjusted net liabilities of OACB as of 15 June 2022 | (18,251) |
Difference – being the share listing expense | $ 83,411 |
OACB Earn Out Shares | |
Schedule of fair value of shares issued and noncash share listing expense [line items] | |
Total Alvotech Shares issued to OACB shareholders (in shares) | shares | 1,250,000 |
Estimated fair market value | $ 9,100 |
Ordinary Shares | |
Schedule of fair value of shares issued and noncash share listing expense [line items] | |
Estimated fair market value | $ 56,060 |
Ordinary Shares | Class A Shareholders | |
Schedule of fair value of shares issued and noncash share listing expense [line items] | |
Total Alvotech Shares issued to OACB shareholders (in shares) | shares | 976,505 |
Ordinary Shares | Class B Shareholders | |
Schedule of fair value of shares issued and noncash share listing expense [line items] | |
Total Alvotech Shares issued to OACB shareholders (in shares) | shares | 5,000,000 |
General Information - Disclosur
General Information - Disclosure of Subsidiaries and Joint Ventures (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Alvotech & CCHN Biopharmaceutical Co. Ltd | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 110,000,021 | |
Proportion of ownership and voting power held by Alvotech | 50% | 50% |
Alvotech hf | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 3,893,650 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Germany GmbH | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 31,182 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Swiss AG | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 153,930 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Hannover GmbH | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 29,983 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Malta Ltd | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 80,450 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech USA Inc | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 10 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 135 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Manco ehf | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 215,390 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Alvotech Biosciences India Private Ltd | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 96,113 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Fasteignafelagið Sæmundur hf | ||
Disclosure of subsidiaries [line items] | ||
Issued and paid capital (presented in whole shares) (in shares) | 12,965,337 | |
Proportion of ownership and voting power held by Alvotech | 100% | 100% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss on investment in joint venture | $ 21,519 | $ 0 | $ 0 |
Number of operating segments | segement | 1 | ||
Payables/ borrowings | $ 217,956 | $ 163,289 | |
Lotus pharmaceutical co. ltd | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Upfront payment | 1,900 | ||
Payables/ borrowings | $ 7,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Useful Lives of Amortization (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Software | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of amortization | 3 years |
Software | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of amortization | 5 years |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of amortization | 7 years |
Intellectual property rights | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of amortization | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Useful Lives of Depreciation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Facility | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 40 years |
Facility equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 5 years |
Facility equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 20 years |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 3 years |
Leasehold improvements | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 3 years |
Leasehold improvements | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 15 years |
Furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of depreciation | 5 years |
Segment Reporting - Summary Of
Segment Reporting - Summary Of Detailed Information About Revenue From Customers Based On Geographical Market (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of operating segments [abstract] | |||
Number of operating segments | segement | 1 | ||
Disclosure of geographical areas [line items] | |||
Revenue | $ 91,434 | $ 83,029 | $ 36,772 |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 63,510 | 39,433 | 20,509 |
North America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 18,306 | 30,780 | 11,660 |
Asia and Other | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 9,618 | $ 12,816 | $ 4,603 |
Segment Reporting - Summary O_2
Segment Reporting - Summary Of Detailed Information About Noncurrent Assets Excluding Financial Instruments And Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding financial instruments and deferred tax assets | $ 426,947 | $ 338,792 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding financial instruments and deferred tax assets | 415,659 | 334,837 |
North America | ||
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding financial instruments and deferred tax assets | 5,094 | 240 |
Asia and Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets, excluding financial instruments and deferred tax assets | $ 6,194 | $ 3,715 |
Segment Reporting - Summary O_3
Segment Reporting - Summary Of Detailed Information About Revenue From Transactions With Individual Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A | |||
Disclosure of major customers [line items] | |||
Revenue | $ 9,430 | $ 17,940 | $ 10,070 |
Percentage of entity's revenue | 10.30% | 21.60% | 27.40% |
Customer B | |||
Disclosure of major customers [line items] | |||
Revenue | $ 46,954 | $ 38,376 | $ 18,369 |
Percentage of entity's revenue | 51.40% | 46.20% | 50% |
Customer C | |||
Disclosure of major customers [line items] | |||
Revenue | $ 8,876 | $ 12,840 | $ 1,590 |
Percentage of entity's revenue | 9.70% | 15.50% | 4.30% |
Customer D | |||
Disclosure of major customers [line items] | |||
Revenue | $ 16,556 | $ 0 | $ 0 |
Percentage of entity's revenue | 18.10% | 0% | 0% |
Revenue - Summary Of The Groups
Revenue - Summary Of The Groups' Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 91,434 | $ 83,029 | $ 36,772 |
Product revenue (point in time revenue recognition) | Goods or services transferred at point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 48,699 | 24,836 | 0 |
License revenue (point in time revenue recognition) | Goods or services transferred at point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 12,177 | 424 | 1,453 |
Development and other service revenue (over time revenue recognition) | Goods or services transferred over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 30,558 | $ 57,769 | $ 35,319 |
Revenue - Summary Of Reconcilia
Revenue - Summary Of Reconciliation Of Contract Assets And Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract Assets | ||
Contract Assets | ||
Beginning balance asset | $ 28,656 | $ 19,438 |
Contract asset additions | 19,634 | 29,823 |
Amounts transferred to trade receivables | (2,412) | (19,690) |
Ending balance asset | 46,049 | 28,656 |
Contract Liabilities | ||
Foreign currency adjustment | 171 | (915) |
Contract Liabilities | ||
Contract Liabilities | ||
Beginning balance liabilities | 93,932 | 74,536 |
Amounts transferred to trade receivables | 0 | |
Derecognition of contract liability | (42,089) | |
Customer prepayments | 100,555 | 46,127 |
Revenue recognized | (23,101) | (26,782) |
Foreign currency adjustment | 3,147 | 51 |
Ending balance liabilities | $ 132,444 | $ 93,932 |
Revenue - Additional informatio
Revenue - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Non-current contract assets | $ 10,856 | $ 3,286 |
Current contract assets | 35,193 | 25,370 |
Non-current contract liabilities | 73,261 | 57,017 |
Current contract liabilities | 59,183 | $ 36,915 |
Not later than five years | Performance obligations satisfied over time | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Transaction price allocated to remaining performance obligations | $ 383,000 | |
Period of revenue recognition | 5 years | |
Bottom of range | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Non-current contract assets materialize period | 2 years | |
Noncurrent contract liabilities revenue recognition period | 2 years | |
Top of range | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Non-current contract assets materialize period | 3 years | |
Noncurrent contract liabilities revenue recognition period | 6 years |
Salaries And Other Employee E_3
Salaries And Other Employee Expenses - Additional Information (Details) - Individuals Individuals in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Salaries And Other Employee Expenses [Abstract] | |||
Average number of individuals employed | 999 | 858 | 645 |
Salaries And Other Employee E_4
Salaries And Other Employee Expenses - Summary Of Detailed Information About Aggregate Salary And Other Employee Expenses Incurred By The Group (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Salaries And Other Employee Expenses [Abstract] | |||
Salary expense | $ 107,067 | $ 92,082 | $ 67,433 |
Defined contribution plan expense | 11,518 | 10,052 | 7,694 |
Long-term incentive plan expense | 78 | 5,481 | 17,955 |
Share-based payments (see Note 23) | 18,033 | 10,317 | 0 |
Other employee expense | 19,718 | 11,670 | 10,274 |
Temporary labor | 8,495 | 5,838 | 6,164 |
Employee benefits expense | $ 164,909 | $ 135,440 | $ 109,520 |
Salaries And Other Employee E_5
Salaries And Other Employee Expenses - Summary Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items] | |||
Total salary and other employee expenses | $ 164,909 | $ 135,440 | $ 109,520 |
Cost of product revenue | |||
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items] | |||
Total salary and other employee expenses | 76,908 | 42,501 | 0 |
Research and development expenses | |||
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items] | |||
Total salary and other employee expenses | 44,339 | 52,962 | 71,588 |
General and administrative expenses | |||
Disclosure Of Detailed Information About Salaries And Other Employee Expenses Included In Consolidated Statements Of Profit Or Loss [Line Items] | |||
Total salary and other employee expenses | $ 43,662 | $ 39,977 | $ 37,932 |
Finance Income And Finance Co_3
Finance Income And Finance Costs - Summary Of Detailed Information About Finance Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details Of Finance Income [Abstract] | |||
Changes in the fair value of derivatives (see Note 28) | $ 0 | $ 1,637 | $ 51,549 |
Interest income from cash and cash equivalents | 4,547 | 556 | 18 |
Other interest income | 276 | 356 | 1 |
Finance income | $ 4,823 | $ 2,549 | $ 51,568 |
Finance Income And Finance Co_4
Finance Income And Finance Costs - Summary Of Detailed Information About Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Finance Income [Abstract] | |||
Changes in the fair value of derivatives (see Note 28) | $ 132,333 | $ 96,981 | $ 2,804 |
Interest on debt and borrowings | 129,327 | 71,452 | 106,548 |
Consenting fee (see Note 21) | 0 | 7,430 | 0 |
Loss on remeasurement of bonds (see Note 21) | 0 | 6,511 | 0 |
Interest on lease liabilities (see Note 13) | 3,840 | 6,022 | 6,423 |
Amortization of deferred debt issue costs | 1,657 | 23 | 1,586 |
Finance costs | $ 267,157 | $ 188,419 | $ 117,361 |
Depreciation, Amortization An_3
Depreciation, Amortization And Impairment - Summary Of Detailed Information About Depreciation Amortization And Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Depreciation Amortization And Imapirment [Abstract] | |||
Depreciation and impairment of property, plant and equipment (see Note 12) | $ 14,353 | $ 9,807 | $ 10,666 |
Depreciation of right of use assets (see Note 13) | 8,913 | 9,869 | 8,699 |
Amortization and impairment of intangible assets (see Note 15) | 2,723 | 3,488 | 4,916 |
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss | $ 25,989 | $ 23,164 | $ 24,281 |
Depreciation, Amortization An_4
Depreciation, Amortization And Impairment - Summary Of Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items] | |||
Total depreciation, amortization and impairment expense | $ 25,989 | $ 23,164 | $ 24,281 |
Cost of product revenue | |||
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items] | |||
Total depreciation, amortization and impairment expense | 15,582 | 10,053 | 0 |
Research and development expenses | |||
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items] | |||
Total depreciation, amortization and impairment expense | 6,886 | 9,757 | 21,764 |
General and administrative expenses | |||
Detailed Information About Depreciation Amortization And Impairment Expense Included In Consolidated Statements Profit Or Loss And Other Comprehensive Income Or Loss [Line Items] | |||
Total depreciation, amortization and impairment expense | $ 3,521 | $ 3,354 | $ 2,517 |
Audit Fees - Summary Of Detaile
Audit Fees - Summary Of Detailed Information About Audit Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Audit Fees [Abstract] | |||
Financial Statement audit fees | $ 2,876 | $ 2,615 | $ 5,502 |
Other fees, including tax services | 462 | 676 | 136 |
Total fees | $ 3,339 | $ 3,291 | $ 5,638 |
Income Tax - Schedule Of Taxati
Income Tax - Schedule Of Taxation Recognized In The Consolidated Statements Of Profit Or Loss And Other Comprehensive Income Or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax | |||
Direct taxes - current | $ 1,307 | $ 1,015 | $ 706 |
Direct taxes – prior year | (60) | (115) | 491 |
Total current tax | 1,247 | 900 | 1,197 |
Deferred tax | |||
Current | (89,847) | (54,236) | (48,414) |
Prior year | (10,718) | 15,269 | (477) |
Total deferred tax | (100,565) | (38,967) | (48,891) |
Total income tax benefit | $ (99,318) | $ (38,067) | $ (47,694) |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of income tax [Line Items] | |||
Prior year deferred tax impact | $ (10,718) | $ 15,269 | $ (477) |
Effective tax rate | 15.30% | 6.90% | 32% |
Deferred tax liabilities | $ 53 | $ 309 | |
Deferred tax assets | 309,807 | 209,496 | |
Tax losses expire | 1,513,723 | ||
ICELAND | |||
Disclosure of income tax [Line Items] | |||
Tax losses expire | 1,501,000 | ||
LUXEMBOURG | |||
Disclosure of income tax [Line Items] | |||
Tax losses expire | 13,000 | ||
Other temporary differences | |||
Disclosure of income tax [Line Items] | |||
Deferred tax liabilities | 3,562 | 2,935 | |
Temporary differences | |||
Disclosure of income tax [Line Items] | |||
Deferred tax assets | $ 309,800 | $ 209,500 |
Income Tax - Schedule Of The Re
Income Tax - Schedule Of The Reconciling Items Between The Statutory Rate And The Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Income Tax [Abstract] | |||
Tax rate | 24.90% | 24.90% | 24.90% |
Effect of tax rate in foreign jurisdictions | (3.40%) | (2.40%) | (8.20%) |
Permanent differences | (6.70%) | (8.90%) | 30.40% |
Non-recognition of tax losses | (1.50%) | (3.80%) | (15.00%) |
Other items | 2% | (2.90%) | (0.10%) |
Effective tax rate | 15.30% | 6.90% | 32% |
Income Tax - Schedule Of The Mo
Income Tax - Schedule Of The Movement In Net Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred tax liability (asset) [Roll Forward] | ||
Deferred tax liability (asset) | $ 209,187 | $ 170,268 |
Deferred tax credited to profit or loss | 100,567 | 38,919 |
Deferred tax liability (asset) | 309,754 | 209,187 |
Deferred tax assets | 309,807 | 209,496 |
Deferred tax credited to profit or loss | $ (53) | $ (309) |
Income Tax - Schedule Of Deferr
Income Tax - Schedule Of Deferred Tax Recognized In The Consolidated Statements Of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 309,807 | $ 209,496 | |
Deferred tax liabilities attributable to other temporary differences | (53) | (309) | |
Net deferred tax assets | 309,754 | 209,187 | $ 170,268 |
Unused tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 301,375 | 205,290 | |
Other temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 11,941 | 6,832 | |
Deferred tax liabilities attributable to other temporary differences | $ (3,562) | $ (2,935) |
Income Tax - Schedule Of Expira
Income Tax - Schedule Of Expiration Of Unused Tax Losses (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of income tax [Line Items] | |
Tax losses expire | $ 1,513,723 |
2024-2026 | |
Disclosure of income tax [Line Items] | |
Tax losses expire | 68,821 |
2027-2029 | |
Disclosure of income tax [Line Items] | |
Tax losses expire | 289,608 |
Later | |
Disclosure of income tax [Line Items] | |
Tax losses expire | $ 1,155,294 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 0 | ||
Number of potential ordinary shares that are antidilutive in period presented | 86,745,377 | 148,857,998 |
Loss Per Share - Summary of Bas
Loss Per Share - Summary of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [line items] | |||
Loss for the year | $ (551,731) | $ (513,580) | $ (101,504) |
Weighted average number of ordinary shares outstanding basic (in shares) | 227,256,469 | 197,721,710 | 110,673,309 |
Weighted average number of ordinary shares outstanding diluted (in shares) | 227,256,469 | 197,721,710 | 110,673,309 |
Basic loss per share (in dollars per share) | $ (2.43) | $ (2.60) | $ (0.92) |
Diluted loss per share (in dollars per share) | $ (2.43) | $ (2.60) | $ (0.92) |
Property, Plant And Equipment -
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | $ 220,594 | |
Ending balance | 236,779 | $ 220,594 |
Facility | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 114,641 | |
Ending balance | 111,766 | 114,641 |
Facility Equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 99,148 | |
Ending balance | 117,221 | |
Furniture, fixtures and leasehold improvements | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 6,365 | |
Ending balance | 7,063 | 6,365 |
Computer equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 440 | |
Ending balance | 729 | 440 |
Cost | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 271,707 | 122,456 |
Reclassification of assets | 2,652 | 0 |
Additions | 31,369 | 153,219 |
Disposals | (1,392) | (2,959) |
Translation difference | 572 | (1,009) |
Ending balance | 304,908 | 271,707 |
Cost | Facility | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 115,000 | 0 |
Reclassification of assets | 0 | 0 |
Additions | 0 | 115,000 |
Disposals | 0 | 0 |
Translation difference | 0 | 0 |
Ending balance | 115,000 | 115,000 |
Cost | Facility Equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 145,150 | 88,510 |
Reclassification of assets | 2,771 | 25,486 |
Additions | 29,351 | 35,156 |
Disposals | (1,233) | (2,959) |
Translation difference | 679 | (1,043) |
Ending balance | 176,718 | 145,150 |
Cost | Furniture, fixtures and leasehold improvements | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 9,598 | 32,395 |
Reclassification of assets | (112) | (25,486) |
Additions | 1,500 | 2,706 |
Disposals | (23) | 0 |
Translation difference | (85) | (17) |
Ending balance | 10,878 | 9,598 |
Cost | Computer equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | 1,959 | 1,551 |
Reclassification of assets | (7) | 0 |
Additions | 518 | 357 |
Disposals | (136) | 0 |
Translation difference | (22) | 51 |
Ending balance | 2,312 | 1,959 |
Depreciation | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | (51,113) | (43,926) |
Reclassification of assets | 3,211 | 0 |
Disposals | 895 | 2,597 |
Translation difference | 347 | (23) |
Depreciation | 14,353 | 9,807 |
Ending balance | (68,129) | (51,113) |
Depreciation | Facility | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | (359) | 0 |
Reclassification of assets | 0 | 0 |
Disposals | 0 | 0 |
Translation difference | 0 | 0 |
Depreciation | 2,875 | 359 |
Ending balance | (3,234) | (359) |
Depreciation | Facility Equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | (46,002) | (33,853) |
Reclassification of assets | 3,330 | 5,985 |
Disposals | 737 | 2,597 |
Translation difference | 330 | 9 |
Depreciation | 10,572 | 8,752 |
Ending balance | (59,497) | (46,002) |
Depreciation | Furniture, fixtures and leasehold improvements | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | (3,233) | (8,614) |
Reclassification of assets | (112) | (5,985) |
Disposals | 22 | 0 |
Translation difference | 40 | (17) |
Depreciation | 676 | 621 |
Ending balance | (3,815) | (3,233) |
Depreciation | Computer equipment | ||
Property, Plant and Equipment [Roll Forward] | ||
Beginning balance | (1,519) | (1,459) |
Reclassification of assets | (7) | 0 |
Disposals | 136 | 0 |
Translation difference | (23) | (15) |
Depreciation | 230 | 75 |
Ending balance | $ (1,583) | $ (1,519) |
Property, Plant And Equipment_2
Property, Plant And Equipment - Additional Information (Details) - USD ($) $ in Millions | Nov. 16, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, pledged as security | $ 127.4 | $ 122.4 | |
Saemundur | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Percentage of voting equity interests acquired | 99.99% | ||
Asset acquisition consideration transferred | $ 115 | ||
Asset acquisition consideration transferred Convertible Bond | 80 | ||
Asset acquisition consideration transferred Loans Assumed | 30 | ||
Saemundur | Facility | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Asset acquisition consideration transferred Settlements | 5 | ||
Loss on extinguishment of the lease liability | $ 3.9 |
Leases - Summary of Leases Asse
Leases - Summary of Leases Assets About Right-Of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right Of Used Assets [Roll Forward] | |||
Beginning balance | $ 47,501 | $ 126,801 | |
Adjustments for indexed leases | 7,354 | 10,201 | |
New leases | 74,109 | 9,583 | |
Cancelled leases | (139) | 0 | |
Derecognition due to acquisition of Alvotech Facility (see Note 12) | 0 | (88,941) | |
Reclassification | (443) | ||
Depreciation | (8,913) | (9,869) | $ (8,699) |
Translation difference | 333 | (274) | |
Ending balance | $ 119,802 | $ 47,501 | $ 126,801 |
Leases - Additional Information
Leases - Additional Information (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | $ 119,802 | $ 47,501 | $ 126,801 |
Lease liabilities | $ 700 | $ 100 | |
Fasteignafelagid Eyjolfur hf. | ICELAND | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Operating lease remaining lease term | 15 years | ||
Area of property | ft² | 140 | ||
Right-of-use assets | $ 68,500 |
Leases - Summary of Classes of
Leases - Summary of Classes of Right-Of-Use Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items] | |||
Right-of-use assets | $ 119,802 | $ 47,501 | $ 126,801 |
Facilities | |||
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items] | |||
Right-of-use assets | 110,692 | 41,702 | |
Fleet | |||
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items] | |||
Right-of-use assets | 389 | 339 | |
Equipment | |||
Disclosure Of Detailed Information About Classes Of Right Of Use Assets [Line Items] | |||
Right-of-use assets | $ 8,721 | $ 5,460 |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease Liabilities [Roll Forward] | ||
Balance at 1 January | $ 40,532 | $ 122,140 |
Adjustments for indexed leases | 7,405 | 10,247 |
New leases | 72,882 | 7,458 |
Cancelled leases | (167) | 0 |
Installment payments | (7,260) | (7,655) |
Derecognition due to acquisition of Alvotech Facility (see Note 12) | 0 | (80,075) |
Foreign currency adjustment | 1,932 | (11,682) |
Translation difference | (9) | 99 |
Balance at 31 December | 115,315 | 40,532 |
Current liabilities | (9,683) | (5,163) |
Non-current liabilities | $ 105,632 | $ 35,369 |
Leases - Summary Of Lease Cost
Leases - Summary Of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Lease Cost [Line Items] | |||
Depreciation of right of use assets (see Note 13) | $ (8,913) | $ (9,869) | $ (8,699) |
Interest expense on lease liabilities | (3,840) | (6,022) | (6,423) |
Foreign currency difference on lease liability | (1,932) | 11,682 | 3,744 |
Loss from extinguishment of lease agreement (see Note 12) | (28) | (3,859) | 0 |
Total amount recognized in profit and loss | (14,713) | (8,068) | (11,378) |
Right-of-use assets | 119,802 | 47,501 | 126,801 |
Facilities | |||
Disclosure Of Detailed Information About Lease Cost [Line Items] | |||
Depreciation of right of use assets (see Note 13) | (7,631) | (9,423) | (8,228) |
Right-of-use assets | 110,692 | 41,702 | |
Fleet | |||
Disclosure Of Detailed Information About Lease Cost [Line Items] | |||
Depreciation of right of use assets (see Note 13) | (180) | (119) | (38) |
Right-of-use assets | 389 | 339 | |
Equipment | |||
Disclosure Of Detailed Information About Lease Cost [Line Items] | |||
Depreciation of right of use assets (see Note 13) | (1,102) | (327) | $ (433) |
Right-of-use assets | $ 8,721 | $ 5,460 |
Leases - Summary of Maturity An
Leases - Summary of Maturity Analysis For Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 155,372 | $ 48,434 |
Less than one year | ||
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items] | ||
Gross lease liabilities | 14,637 | 6,000 |
One to five years | ||
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items] | ||
Gross lease liabilities | 51,053 | 20,160 |
Thereafter | ||
Disclosure Of Detailed Information About Maturity Analysis For Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 89,682 | $ 22,274 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance as of 1 January | $ 11,643 | $ 12,367 |
Translation difference | 415 | (724) |
Balance as of 31 December | $ 12,058 | $ 11,643 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Goodwill [Line Items] | ||
Growth rate used to extrapolate cash flow projections | 5% | 5% |
Discount rate applied to cash flow projections | 25% | 27.60% |
Goodwill | ||
Disclosure of Goodwill [Line Items] | ||
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 |
Other Intangible assets - Summa
Other Intangible assets - Summary of Detailed Information About Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | $ 25,652 | ||
Amortization | 944 | $ 733 | $ 923 |
Ending balance | 19,076 | 25,652 | |
Software | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 10,341 | ||
Ending balance | 13,076 | 10,341 | |
Customer relationships | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 311 | ||
Ending balance | 0 | 311 | |
Intellectual property rights | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 15,000 | ||
Ending balance | 6,000 | 15,000 | |
Cost | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 30,865 | 26,106 | |
Reclassification of assets | 1,002 | ||
Additions | 10,094 | 7,682 | |
Impairment | (1,779) | (2,755) | |
Retirement | (15,000) | ||
Translation difference | 162 | (168) | |
Ending balance | 25,344 | 30,865 | 26,106 |
Cost | Software | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 13,684 | 8,777 | |
Reclassification of assets | 1,002 | ||
Additions | 4,094 | 7,682 | |
Impairment | (1,779) | (2,755) | |
Retirement | 0 | ||
Translation difference | 72 | (20) | |
Ending balance | 17,073 | 13,684 | 8,777 |
Cost | Customer relationships | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 2,181 | 2,329 | |
Reclassification of assets | 0 | ||
Additions | 0 | ||
Impairment | 0 | ||
Retirement | 0 | ||
Translation difference | 90 | (148) | |
Ending balance | 2,271 | 2,181 | 2,329 |
Cost | Intellectual property rights | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 15,000 | 15,000 | |
Reclassification of assets | 0 | ||
Additions | 6,000 | 0 | |
Impairment | 0 | 0 | |
Retirement | (15,000) | ||
Translation difference | 0 | 0 | |
Ending balance | 6,000 | 15,000 | 15,000 |
Amortization | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 5,213 | 4,597 | |
Translation difference | 111 | (117) | |
Amortization | 944 | 733 | |
Ending balance | 6,268 | 5,213 | 4,597 |
Amortization | Software | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 3,343 | 2,933 | |
Translation difference | 28 | (13) | |
Amortization | 626 | 423 | |
Ending balance | 3,997 | 3,343 | 2,933 |
Amortization | Customer relationships | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 1,870 | 1,664 | |
Translation difference | 83 | (104) | |
Amortization | 318 | 310 | |
Ending balance | 2,271 | 1,870 | 1,664 |
Amortization | Intellectual property rights | |||
Intangible Assets Other Than Goodwill [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Translation difference | 0 | 0 | |
Amortization | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |
Other Intangible assets - Sum_2
Other Intangible assets - Summary of Impairment Loss and Reversal of Impairment Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation, intangible assets other than goodwill | $ 944 | $ 733 | $ 923 |
Cost of product revenue | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation, intangible assets other than goodwill | 318 | 471 | 0 |
Research and development expenses | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation, intangible assets other than goodwill | 8 | 0 | 324 |
General and administrative expenses | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation, intangible assets other than goodwill | $ 618 | $ 262 | $ 599 |
Other Intangible assets - Addit
Other Intangible assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2024 | |
AVT23 | Kashiv | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Payment for contract commitment | $ 3 | $ 6 | |||
Contractual capital commitments | $ 25 | 25 | |||
Commitment, contingent liability | 15 | $ 15 | |||
Term | 10 years | ||||
AVT23 | Kashiv | Forecast | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Payment for contract commitment | $ 3 | ||||
Intangible assets with finite lived | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment loss | $ 1.8 | $ 2.8 | |||
Intangible assets with finite lived | Cost of product revenue | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment loss | 2.1 | ||||
Intangible assets with finite lived | General and administrative expenses | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment loss | $ 0.7 | ||||
Intellectual property rights | AVT23 | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Derecognition of intangible asset | $ 15 |
Cash And Cash Equivalents - Sum
Cash And Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 11,157 | $ 66,427 | $ 17,556 | $ 31,689 |
Cash and cash equivalents denominated in US dollars | ||||
Disclosure of Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,466 | 10,377 | ||
Cash and cash equivalents denominated in other currencies | ||||
Disclosure of Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 9,691 | $ 56,050 |
Cash And Cash Equivalents - S_2
Cash And Cash Equivalents - Summary of Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash And Cash Equivalents [Roll Forward] | ||
Balance at 1 January | $ 25,187 | $ 10,087 |
Additions during the year | 0 | 14,914 |
Interest income | 945 | 186 |
Balance at 31 December | $ 26,132 | $ 25,187 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Classes of current inventories [abstract] | ||
Raw materials and supplies | $ 51,524 | $ 41,961 |
Work in progress | 33,068 | 29,450 |
Finished goods | 244 | 2,121 |
Inventory reserves | (10,403) | (2,062) |
Balance at 31 December | $ 74,433 | $ 71,470 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Inventories [Line Items] | |||
Inventory write-down | $ 10,400 | $ 2,100 | $ 1,200 |
Reversal of inventory write-down | 0 | 0 | $ 0 |
Cost of product revenue | |||
Disclosure of Inventories [Line Items] | |||
Cost of inventories recognised as expense | $ 42,800 | $ 20,900 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Assets [Abstract] | ||
Value-added tax | $ 8,801 | $ 6,468 |
Prepaid expenses | 22,035 | 20,601 |
Proceeds receivable from Convertible Bonds (see Note 21) | 0 | 3,520 |
Derivative asset | 0 | 851 |
Other short-term receivables | 1,035 | 1,509 |
Total | $ 31,871 | $ 32,949 |
Other Current Assets - Addition
Other Current Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Current Assets [Line Items] | |||
Other current assets | $ 31,871 | $ 31,871 | $ 32,949 |
AVT23 | |||
Other Current Assets [Line Items] | |||
Derecognition, prepaid development costs | 3,500 | ||
Other current assets | 18,500 | $ 18,500 | |
AVT23 | Intellectual property rights | |||
Other Current Assets [Line Items] | |||
Derecognition of intangible asset | $ 15,000 |
Share Capital - Additional info
Share Capital - Additional information (Details) - USD ($) | 12 Months Ended | ||||||
Feb. 10, 2023 | Jun. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 16, 2022 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | |||||||
Gross private placement equity offering fee | $ 4,141,000 | $ 0 | $ 0 | ||||
Shares at year-end (in shares) | 266,821,844 | 252,160,087 | |||||
Stock issued under PIPE financing shares (in shares) | 17,493,000 | ||||||
Dividends | $ 0 | $ 0 | 0 | ||||
Common stock held by subsidiary (in shares) | 22,905,618 | ||||||
Cash and cash equivalents | $ 11,157,000 | 66,427,000 | $ 17,556,000 | $ 31,689,000 | |||
Cash and cash equivalents denominated in other currencies | |||||||
Disclosure of classes of share capital [line items] | |||||||
Cash and cash equivalents | $ 9,691,000 | $ 56,050,000 | |||||
Senior Bond Warrants | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1% | ||||||
Class A and Class B Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares authorized value | $ 99,700,000 | ||||||
Number of shares authorized (in shares) | 99,961,829 | ||||||
Common stock par or stated value per share (in dollars per share) | $ 0.01 | ||||||
Ordinary Shares | Private Placement | |||||||
Disclosure of classes of share capital [line items] | |||||||
Gross private placement equity offering fee | $ 4,100,000 | ||||||
Common stock par or stated value per share (in dollars per share) | $ 0.01 | ||||||
Proceeds from the issuance of common stock | $ 137,000,000 | ||||||
Sale of stock issue price (in dollars per share) | $ 11.57 | ||||||
Ordinary Shares | Exchange of Predecessor Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Capital reorganization event shares issued (in shares) | 180,600,000 | ||||||
Ordinary Shares | Exchange of Class A OACB Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Capital reorganization shares issued (in shares) | 5,000,000 | ||||||
Predecessor Earn Out Shares | Exchange of Predecessor Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Capital reorganization event shares issued (in shares) | 38,330,000 | ||||||
Class A OACB Ordinary Shares | Exchange of Class A OACB Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares at year-end (in shares) | 976,505 | ||||||
Class B OACB Ordinary Shares | Exchange of Class A OACB Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares at year-end (in shares) | 6,250,000 | ||||||
OACB Earn Out Shares | Exchange of Class A OACB Ordinary Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Capital reorganization shares issued (in shares) | 1,250,000 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital and Share Premium (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Shares | 266,821,844 | 252,160,087 |
Share capital and share premium | $ 1,231,969 | $ 1,060,558 |
Ordinary Shares | ||
Disclosure of classes of share capital [line items] | ||
Shares | 266,821,844 | 252,160,087 |
Share capital and share premium | $ 1,231,969 | $ 1,060,558 |
Share Capital - Summary of Move
Share Capital - Summary of Movements in Ordinary Shares, Share Capital and Share Premium (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Issue of Shares Capital [Roll Forward] | |||
Beginning Balance (in shares) | 252,160,087 | ||
Beginning Balance | $ (564,416) | $ (135,612) | $ (867,243) |
Issuance of Ordinary, (in shares) | 186,576,505 | ||
PIPE Financing, (in shares) | 17,493,000 | ||
Predecessor Earn Out Shares, (in shares) | 38,330,000 | ||
OACB Earn Out Shares (in shares) | 1,250,000 | ||
SARs Settlement (in shares) | 3,510,582 | ||
Settlement of related party loans with Ordinary Shares, (in shares) | 5,000,000 | ||
Capital contribution (in shares) | 11,834,061 | ||
Vested earn-out shares (in shares) | 0 | ||
Increase in share capital | 833,440 | ||
Ending Balance (in shares) | 266,821,844 | 252,160,087 | |
Ending Balance | $ (932,493) | $ (564,416) | $ (135,612) |
Predecessor Ordinary Shares | |||
Issue of Shares Capital [Roll Forward] | |||
Beginning Balance (in shares) | 13,481,799 | 7,259,139 | |
Share issue (in shares) | 6,222,660 | ||
Elimination of Predecessor Ordinary Shares (in shares) | (13,481,799) | ||
Ending Balance (in shares) | 13,481,799 | ||
Penny Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase decrease in shares issued (in shares) | 2,479,962 | ||
Public Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase decrease in shares issued (in shares) | 553,552 | ||
RSUs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase decrease in shares issued (in shares) | 838,919 | ||
SARs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase decrease in shares issued (in shares) | (1,044,737) | ||
Increase in share capital | $ 30,302 | ||
Share capital | |||
Issue of Shares Capital [Roll Forward] | |||
Beginning Balance | $ 2,126 | 135 | $ 73 |
Share issue | 62 | ||
Elimination of Predecessor Ordinary Shares | (135) | ||
Issuance of Ordinary Shares (Note 1.1) | 1,866 | ||
PIPE Financing (Note 1.1) | 175 | ||
SARs Settlement (Note 22) | 35 | ||
Settlement of related party loans with Ordinary Shares | 50 | ||
Capital contribution | 118 | ||
Vested earn-out shares | 6 | ||
Increase in share capital | 62 | ||
Ending Balance | 2,279 | 2,126 | 135 |
Share capital | Penny Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 25 | ||
Share capital | Public Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 6 | ||
Share capital | RSUs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 8 | ||
Share capital | SARs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | (10) | 35 | |
Share premium | |||
Issue of Shares Capital [Roll Forward] | |||
Beginning Balance | 1,058,432 | 1,000,118 | 166,740 |
Share issue | 833,378 | ||
Elimination of Predecessor Ordinary Shares | 135 | ||
Issuance of Ordinary Shares (Note 1.1) | 63,169 | ||
PIPE Financing (Note 1.1) | 174,755 | ||
Transaction costs arising on share issue | (5,562) | ||
Predecessor Earn Out Shares (Note 1.1) | (227,500) | ||
OACB Earn Out Shares (Note 1.1) | (9,100) | ||
SARs Settlement (Note 22) | 30,267 | ||
Settlement of related party loans with Ordinary Shares | 32,150 | ||
Capital contribution | 132,618 | ||
Vested earn-out shares | 8,300 | ||
Increase in share capital | 833,378 | ||
Ending Balance | 1,229,690 | 1,058,432 | 1,000,118 |
Share premium | Penny Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 27,159 | ||
Share premium | Public Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 7,612 | ||
Share premium | RSUs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 5,095 | ||
Share premium | SARs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | (9,526) | 30,267 | |
Issued capital and share premium | |||
Issue of Shares Capital [Roll Forward] | |||
Beginning Balance | 1,060,558 | 1,000,253 | 166,813 |
Share issue | 833,440 | ||
Elimination of Predecessor Ordinary Shares | 0 | ||
Issuance of Ordinary Shares (Note 1.1) | 65,035 | ||
PIPE Financing (Note 1.1) | 174,930 | ||
Transaction costs arising on share issue | (5,562) | ||
Predecessor Earn Out Shares (Note 1.1) | (227,500) | ||
OACB Earn Out Shares (Note 1.1) | (9,100) | ||
SARs Settlement (Note 22) | 30,302 | ||
Settlement of related party loans with Ordinary Shares | 32,200 | ||
Capital contribution | 132,736 | ||
Vested earn-out shares | 8,306 | ||
Ending Balance | 1,231,969 | $ 1,060,558 | $ 1,000,253 |
Issued capital and share premium | Penny Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 27,184 | ||
Issued capital and share premium | Public Warrants | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 7,618 | ||
Issued capital and share premium | RSUs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | 5,103 | ||
Issued capital and share premium | SARs | |||
Issue of Shares Capital [Roll Forward] | |||
Increase in share capital | $ (9,536) |
Other reserves (Details)
Other reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Equity component of convertible bonds | $ 21,391 | $ 16,034 |
Share based payments | 21,520 | 14,548 |
Other reserves | $ 42,911 | $ 30,582 |
Borrowings - Summary of consoli
Borrowings - Summary of consolidated statements of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||
Bonds issued | $ 862,544 | $ 693,328 | |
Other borrowings | 97,615 | 71,242 | |
Total outstanding borrowings, net of debt issue costs | 960,159 | 764,570 | $ 400,911 |
Less: current portion of borrowings | (38,025) | (19,916) | |
Total non-current borrowings | 922,134 | 744,654 | |
Senior Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Bonds issued | 549,411 | 530,506 | |
Total outstanding borrowings, net of debt issue costs | 549,411 | 530,506 | 394,129 |
2022 Convertible Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Bonds issued | 155,914 | 32,441 | |
Aztiq Convertible Bond | |||
Disclosure of detailed information about borrowings [line items] | |||
Bonds issued | 80,663 | 65,793 | |
Alvogen Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans received | 76,556 | 64,588 | |
Total outstanding borrowings, net of debt issue costs | $ 76,556 | $ 64,588 | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ / shares in Units, kr in Billions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Jul. 31, 2023 USD ($) | Jul. 31, 2023 ISK (kr) | Jul. 24, 2023 USD ($) | Dec. 20, 2022 USD ($) tranch | Dec. 09, 2022 USD ($) | Nov. 16, 2022 USD ($) $ / shares | Jul. 12, 2022 USD ($) shares | Jun. 15, 2022 USD ($) | Jun. 01, 2022 USD ($) | Apr. 12, 2022 USD ($) | Apr. 11, 2022 USD ($) Loan | Mar. 31, 2022 USD ($) | Mar. 29, 2022 USD ($) | Mar. 11, 2022 USD ($) | Feb. 22, 2022 USD ($) | Dec. 07, 2021 USD ($) shares | Jun. 24, 2021 USD ($) shares | Mar. 31, 2022 USD ($) | Mar. 29, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 24, 2021 USD ($) | Dec. 31, 2023 USD ($) agreement tranche $ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 14, 2023 USD ($) | Aug. 04, 2023 USD ($) | Jan. 25, 2023 USD ($) | Aug. 05, 2022 USD ($) | May 09, 2022 USD ($) | Dec. 31, 2016 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | kr | kr 13 | |||||||||||||||||||||||||||||
Bonds issued | $ 862,544,000 | $ 693,328,000 | ||||||||||||||||||||||||||||
Property, plant and equipment, pledged as security | $ 127,400,000 | 122,400,000 | ||||||||||||||||||||||||||||
Number of tranches | 2 | 2 | ||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 278,831,000 | $ 193,678,000 | $ 113,821,000 | |||||||||||||||||||||||||||
Settlement of related party loans with Ordinary Shares, (in shares) | shares | 5,000,000 | |||||||||||||||||||||||||||||
Extinguishment of borrowings | $ 63,200,000 | |||||||||||||||||||||||||||||
Extinguishment of borrowings accrued interest | $ 3,200,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 960,159,000 | $ 764,570,000 | 400,911,000 | |||||||||||||||||||||||||||
Repayments of borrowings | 99,367,000 | 34,714,000 | $ 37,496,000 | |||||||||||||||||||||||||||
Landsbankinn hf | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 8,000,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 7,800,000 | 13,900,000 | ||||||||||||||||||||||||||||
Landsbankinn hf | Matured On March 2029 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 3,200,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 2,500,000 | 2,900,000 | ||||||||||||||||||||||||||||
Landsbankinn hf | Matured on August 2029 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 1,800,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 1,600,000 | 1,800,000 | ||||||||||||||||||||||||||||
Landsbankinn hf | Matured on august 2030 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 11,500,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 11,000,000 | |||||||||||||||||||||||||||||
Landsbankinn hf | Matured on March 2024 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 25,000,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | $ 25,000,000 | |||||||||||||||||||||||||||||
Landsbankinn hf | Matured on March 2024 | Trade receivables | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | 25,000,000 | |||||||||||||||||||||||||||||
Landsbankinn hf | Secured Overnight Financing Rate | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 4.95% | |||||||||||||||||||||||||||||
Landsbankinn hf | Secured Overnight Financing Rate | Matured On March 2029 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 4.25% | |||||||||||||||||||||||||||||
Landsbankinn hf | Secured Overnight Financing Rate | Matured on august 2030 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 4.25% | |||||||||||||||||||||||||||||
Landsbankinn hf | Secured Overnight Financing Rate | Matured on March 2024 | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 3.50% | |||||||||||||||||||||||||||||
Other related parties | ATP Holding ehf. | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | $ 30,000,000 | |||||||||||||||||||||||||||||
Senior Bond Warrants | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1% | |||||||||||||||||||||||||||||
Senior Bonds | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Bonds issued | 549,411,000 | $ 530,506,000 | ||||||||||||||||||||||||||||
Property, plant and equipment, pledged as security | $ 600,000,000 | |||||||||||||||||||||||||||||
Weighted average | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 12.73% | 12.41% | 14.83% | |||||||||||||||||||||||||||
Convertible Bond | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings redemption conversion price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Senior Bonds | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Bonds issued | $ 549,411,000 | $ 530,506,000 | ||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 549,411,000 | 530,506,000 | $ 394,129,000 | |||||||||||||||||||||||||||
Tranche A Convertible Debt | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | 100,000,000 | |||||||||||||||||||||||||||||
Debt instrument face value | $ 59,100,000 | |||||||||||||||||||||||||||||
Bonds issued | 107,100,000 | |||||||||||||||||||||||||||||
Borrowings, interest rate | 15% | |||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 3,500,000 | |||||||||||||||||||||||||||||
Borrowings conversion feature fair value | $ 45,600,000 | 24,900,000 | ||||||||||||||||||||||||||||
Tranche B Convertible Debt | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | $ 40,000,000 | |||||||||||||||||||||||||||||
Debt instrument face value | $ 600,000 | |||||||||||||||||||||||||||||
Bonds issued | 48,800,000 | |||||||||||||||||||||||||||||
Borrowings, interest rate | 12.50% | |||||||||||||||||||||||||||||
Debt instruments issued | $ 10,000,000 | |||||||||||||||||||||||||||||
Financial liabilities, at fair value | $ 3,900,000 | $ 1,400,000 | ||||||||||||||||||||||||||||
Aztiq Convertible Bond | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 80,000,000 | |||||||||||||||||||||||||||||
Bonds issued | 80,663,000 | 65,793,000 | ||||||||||||||||||||||||||||
Borrowings, interest rate | 12.50% | |||||||||||||||||||||||||||||
Borrowings redemption conversion price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||||||||
Aztiq Convertible Bond | Aztiq | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Bonds issued | 15,100,000 | |||||||||||||||||||||||||||||
Aztiq Convertible Bond | Financial liabilities at amortised cost, category | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 64,000,000 | |||||||||||||||||||||||||||||
Aztiq Convertible Bond | Aztiq Conversion Feature | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | 16,000,000 | |||||||||||||||||||||||||||||
Aztiq Facility Loans | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Asset acquisition consideration loans assumed | 30,000,000 | |||||||||||||||||||||||||||||
Alvogen Facility | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 50,000,000 | $ 25,000,000 | ||||||||||||||||||||||||||||
Borrowings repurchased face amount | $ 25,000,000 | |||||||||||||||||||||||||||||
Settlement of related party loans with Ordinary Shares, (in shares) | shares | 2,500,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | 76,556,000 | 64,588,000 | 0 | |||||||||||||||||||||||||||
Loans received | $ 76,556,000 | 64,588,000 | ||||||||||||||||||||||||||||
Alvogen Facility | Borrowings Tranche One | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 15,000,000 | |||||||||||||||||||||||||||||
Alvogen Facility | Borrowings Tranche Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 10,000,000 | |||||||||||||||||||||||||||||
Aztiq Facility | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 25,000,000 | |||||||||||||||||||||||||||||
Borrowings repurchased face amount | $ 25,000,000 | |||||||||||||||||||||||||||||
Settlement of related party loans with Ordinary Shares, (in shares) | shares | 2,500,000 | |||||||||||||||||||||||||||||
Aztiq Facility | Borrowings Tranche One | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 15,000,000 | |||||||||||||||||||||||||||||
Aztiq Facility | Borrowings Tranche Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 10,000,000 | |||||||||||||||||||||||||||||
Alvogen Facility and Aztiq Facility | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings repurchased face amount | $ 50,000,000 | |||||||||||||||||||||||||||||
Settlement of related party loans with Ordinary Shares | $ 32,200,000 | |||||||||||||||||||||||||||||
Alvogen Loan | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 20,000,000 | $ 40,000,000 | ||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | 10% | ||||||||||||||||||||||||||||
Number of separate installments | Loan | 2 | |||||||||||||||||||||||||||||
Loan agreement | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | |||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | |||||||||||||||||||||||||||
Aggregate borrowings indebtedness | $ 40,000,000 | |||||||||||||||||||||||||||||
Alvogen Subordinated Loan | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 63,300,000 | |||||||||||||||||||||||||||||
Borrowings, interest rate | 17.50% | |||||||||||||||||||||||||||||
Proceeds from new borrowings | $ 50,000,000 | |||||||||||||||||||||||||||||
Interest payable | 3,300,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | $ 113,200,000 | |||||||||||||||||||||||||||||
Repayments of borrowings | $ 50,000,000 | |||||||||||||||||||||||||||||
Alvogen Loan Warrants | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Percnetage of warrants issued representing fully diluted ordinary share | 4% | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | $ 1,300,000 | |||||||||||||||||||||||||||||
Facility Loans | Final Maturity in December 2029 | Secured Overnight Financing Rate | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 4.75% | |||||||||||||||||||||||||||||
Facility Loans | Final Maturity in December 2027 | Secured Overnight Financing Rate | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, variable interest rate | 3.75% | |||||||||||||||||||||||||||||
Facility Loans | Arion banki hf | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings repurchase amount | $ 30,900,000 | |||||||||||||||||||||||||||||
Facility Loans | Landsbankinn hf | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | 48,800,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | $ 48,500,000 | |||||||||||||||||||||||||||||
Number of loans | agreement | 2 | |||||||||||||||||||||||||||||
Proceeds from borrowings net of transaction costs | $ 17,200,000 | |||||||||||||||||||||||||||||
Facility Loans | Bottom of range | Landsbankinn hf | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 8.30% | |||||||||||||||||||||||||||||
Facility Loans | Top of range | Landsbankinn hf | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 9.30% | |||||||||||||||||||||||||||||
Other Borrowings Financial Institution | USD SOFR | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 25,900,000 | |||||||||||||||||||||||||||||
Borrowings (measured at amortized cost) | $ 500,000 | $ 3,200,000 | ||||||||||||||||||||||||||||
Borrowings, variable interest rate | 4.95% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Repayment of bonds | $ 55,300,000 | |||||||||||||||||||||||||||||
Premium payment on bonds | 6,100,000 | |||||||||||||||||||||||||||||
Extension premium to bond holders | 8,100,000 | |||||||||||||||||||||||||||||
Additional extension premium to bondholders | 2,600,000 | |||||||||||||||||||||||||||||
Prepayment penalty percentage on bonds | 2% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities | $ 6,500,000 | |||||||||||||||||||||||||||||
Minimum amount of restricted cash to be maintained | 25,000,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two | Consent Fees To Bondholders | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Consent fees to bond holders | $ 7,400,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two | Bottom of range | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two | Top of range | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 10% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt including change in fair value | $ 40,900,000 | |||||||||||||||||||||||||||||
Transaction costs | 12,100,000 | |||||||||||||||||||||||||||||
Carrying value of debt extinguished | 440,100,000 | |||||||||||||||||||||||||||||
Accrued interest on debt extiguished | 4,800,000 | |||||||||||||||||||||||||||||
Net cash proceeds from the transaction | 57,900,000 | |||||||||||||||||||||||||||||
Recognition of derivative liabilities at fair value | 15,400,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Contingently Issuable Penny Warrants | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Class of warrants or rights exercise price per share (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Contingently Issuable Penny Warrants | Tranche A | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1.50% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Contingently Issuable Penny Warrants | Tranche B | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Senior Bond Interest Rate Feature (included in other current assets) | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Recognition of derivative asset | 4,600,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Senior Bond Warrants | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Recognition of derivative liabilities at fair value | 528,200,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Before The Terms Of The Second Amendment | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 455,700,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | After The Terms Of The Second Amendment | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 525,700,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Bottom of range | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 10.75% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Top of range | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 12% | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Principal Component | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Bonds issued | 363,100,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Interest Component | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Bonds issued | 31,000,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Issued To A New Bond Holder | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | 113,800,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Issued To The Existing Noteholder | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Proceeds from issue of bonds | 113,800,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Issued To The Existing And A New Bond Holder | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Issues fair value measurement liabilities | 358,800,000 | |||||||||||||||||||||||||||||
Debt instrument face value | $ 397,400,000 | $ 397,400,000 | ||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Substantial Modification Of Convertible Bonds And Derivative Liabilities | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Fair value changes, including accretion | $ 0 | |||||||||||||||||||||||||||||
Gain losses recognized in profit or loss excluding exchange differences fair value measurement liabilities | $ 2,600,000 | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Reduction In Interest Rate If Additional Shares Are Issued Within Six Months | Amendment To Outstanding Bonds January To June Two Thousand And Twenty Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | |||||||||||||||||||||||||||||
Shares issuance period for interest decrease | 6 months | |||||||||||||||||||||||||||||
Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Increase In The Face Value Of The Bonds | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Debt instrument face value | $ 70,000,000 | |||||||||||||||||||||||||||||
Class A Shareholders | BCA Framework Agreement | Convertible Ordinary Shares | Ordinary Shares | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Stock shares issued during the period exercise of warrants (in shares) | shares | 1,522,103 | |||||||||||||||||||||||||||||
Public warrants exercised | $ 101,300,000 | |||||||||||||||||||||||||||||
Stock shares issued during the period conversion of convertible securities (in shares) | shares | 2,306,555 | |||||||||||||||||||||||||||||
Issue of convertible instruments | $ 166,800,000 | |||||||||||||||||||||||||||||
Class A Shareholders | BCA Framework Agreement | Convertible Ordinary Shares | Ordinary Shares | Payment Of In Kind Accrued Interest As A Result Of Warrant Exercise | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Stock shares issued during the period exercise of warrants (in shares) | shares | 1,137,248 | |||||||||||||||||||||||||||||
Public warrants exercised | $ 73,700,000 | |||||||||||||||||||||||||||||
Class A Shareholders | BCA Framework Agreement | Convertible Shareholder Loan | Ordinary Shares | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Gain loss on extinguishment of debt | 149,200,000 | |||||||||||||||||||||||||||||
Class A Shareholders | BCA Framework Agreement | Convertible Shareholder Loan | Ordinary Shares | Finance Income | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Fair value changes, including accretion | $ 48,700,000 | |||||||||||||||||||||||||||||
Class A Shareholders | Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Ordinary Shares | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Stock shares issued during the period conversion of convertible securities (in shares) | shares | 455,687 | |||||||||||||||||||||||||||||
Class A Shareholders | Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Ordinary Shares | Principal And Accrued Interest Component. | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Issue of convertible instruments | $ 100,700,000 | |||||||||||||||||||||||||||||
Conversion period prior to extinguishment | 14 days | |||||||||||||||||||||||||||||
Prepayment period with additional premium | 3 years | |||||||||||||||||||||||||||||
Class A Shareholders | Convertible Bond Agreement Two Thousand And Eighteen | Convertible Bond | Ordinary Shares | Premium Component | ||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||
Issue of convertible instruments | $ 4,800,000 |
Borrowings - Summary of movemen
Borrowings - Summary of movements in the group's outstanding borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings [Roll Forward] | ||
Beginning Borrowings | $ 764,570 | $ 400,911 |
Recognition of deferred debt issue costs | (6,115) | (2,889) |
Accretion/derecognition of borrowings discount | 15,770 | 35,065 |
Recognition of new borrowings discount | (50,953) | (43,241) |
Proceeds from new borrowings | 275,311 | 467,196 |
Loans from related party converted to equity | 0 | (50,000) |
Repayments of borrowings | (99,367) | (83,951) |
Accrued interest | 58,212 | 40,424 |
Amortization of deferred debt issue costs | 1,657 | 23 |
Foreign currency exchange difference | 1,075 | 1,032 |
Ending Borrowings | $ 960,159 | $ 764,570 |
Borrowings - Summary of non-cas
Borrowings - Summary of non-cash changes in the group’s outstanding borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings [Roll Forward] | |||
Beginning Borrowings | $ 764,570 | $ 400,911 | |
Financing Cash flows | 170,460 | 268,964 | |
Capitalized loan cost changes | 1,657 | (2,865) | |
Fair value changes, including accretion | (35,183) | (8,176) | |
Other changes | 57,580 | 41,186 | |
Foreign currency exchange difference | 1,075 | 1,032 | |
Conversion to Equity | (50,000) | ||
Other non-cash movements | 113,518 | ||
Ending Borrowings | 960,159 | 764,570 | $ 400,911 |
Gross private placement equity offering fee | 4,141 | 0 | 0 |
Payments for debt issue costs | 9,004 | 12,102 | 0 |
2022 Convertible Bonds and Aztiq Convertible Bond | |||
Borrowings [Roll Forward] | |||
Beginning Borrowings | 98,234 | 0 | |
Financing Cash flows | 145,358 | 55,852 | |
Capitalized loan cost changes | 1,657 | (2,865) | |
Fair value changes, including accretion | (36,071) | (40,245) | |
Other changes | 27,603 | 1,528 | |
Foreign currency exchange difference | (204) | 444 | |
Conversion to Equity | 0 | ||
Other non-cash movements | 83,520 | ||
Ending Borrowings | 236,577 | 98,234 | 0 |
Proceeds from current borrowings | 3,500 | ||
Payments for debt issue costs | 9,000 | ||
Senior Bonds | |||
Borrowings [Roll Forward] | |||
Beginning Borrowings | 530,506 | 394,129 | |
Financing Cash flows | 0 | 70,000 | |
Capitalized loan cost changes | 0 | 0 | |
Fair value changes, including accretion | 888 | 32,069 | |
Other changes | 18,017 | 34,308 | |
Foreign currency exchange difference | 0 | 0 | |
Other non-cash movements | 0 | ||
Ending Borrowings | 549,411 | 530,506 | 394,129 |
Other borrowings | |||
Borrowings [Roll Forward] | |||
Beginning Borrowings | 71,242 | 6,782 | |
Financing Cash flows | 25,102 | 33,112 | |
Capitalized loan cost changes | 0 | 0 | |
Fair value changes, including accretion | 0 | 0 | |
Other changes | (8) | 762 | |
Foreign currency exchange difference | 1,279 | 588 | |
Other non-cash movements | 29,998 | ||
Ending Borrowings | 97,615 | 71,242 | 6,782 |
Alvogen Facility | |||
Borrowings [Roll Forward] | |||
Beginning Borrowings | 64,588 | 0 | |
Financing Cash flows | 0 | 110,000 | |
Capitalized loan cost changes | 0 | 0 | |
Fair value changes, including accretion | 0 | 0 | |
Other changes | 11,968 | 4,588 | |
Foreign currency exchange difference | 0 | 0 | |
Conversion to Equity | (50,000) | ||
Other non-cash movements | 0 | ||
Ending Borrowings | $ 76,556 | $ 64,588 | $ 0 |
Borrowings - Schedule of maturi
Borrowings - Schedule of maturities of outstanding borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | $ 960,159 | $ 764,570 | $ 400,911 |
Within one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | 38,025 | 19,916 | |
Within two years | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | 867,273 | 3,804 | |
Within three years | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | 4,932 | 696,646 | |
Within four years | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | 37,857 | 3,374 | |
Thereafter | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings (measured at amortized cost) | $ 12,072 | $ 40,830 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Number of share options granted (in shares) | shares | 0 | 0 | ||
Payment to employee | $ 11,736 | $ 7,693 | ||
Increase decrease through other current liabilities and income net defined benefit liability asset | 1,500 | |||
Total salary and other employee expenses | $ 164,909 | $ 135,440 | $ 109,520 | |
Number of share options after tax witholding in share based payment arrangement (in shares) | shares | 2,465,845 | |||
SARs | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Settlement of cash option as a liability fairvalue | $ 800 | |||
Decrease in equity from share-based payment transactions, cash settlement, fair value | 700 | |||
Increase (decrease) in net defined benefit liability (asset) | (36,800) | |||
Liabilities from share-based payment transactions | 700 | |||
SARs | Selling, General And Administrative Expense | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Total salary and other employee expenses | 4,300 | |||
Ordinary Shares | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
increase in equity | $ 31,000 | |||
Former Employees | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Number of employees | 2 | |||
Number of year for issuing Shares after the closing of the Business Combination | 1 year | |||
Payment to employee | $ 1,500 | |||
Former Employees | Ordinary Shares | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Number of share options exercisable (in shares) | shares | 1,755,291 | |||
Existing Employees | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Number of employees | 1 | |||
Number of year for issuing Shares after the closing of the Business Combination | 1 year | |||
Payment to employee | $ 1,500 | |||
Increase decrease through other current liabilities and income net defined benefit liability asset | $ 1,500 | |||
Existing Employees | Ordinary Shares | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Number of share options exercisable (in shares) | shares | 150,000 |
Long-Term Incentive Plans - Sch
Long-Term Incentive Plans - Schedule Of Movements In The Group's Employee Incentive Plan Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liability Asset Of Defined Benefit Plans [Roll Forward] | ||
Beginning balance | $ 544 | $ 14,935 |
Additions | 78 | 5,075 |
Payments | (11,736) | (7,693) |
Ending balance | 0 | 544 |
Prior to reclassification | ||
Liability Asset Of Defined Benefit Plans [Roll Forward] | ||
Beginning balance | 12,317 | |
Ending balance | 659 | 12,317 |
Reclassified to other current liabilities | ||
Liability Asset Of Defined Benefit Plans [Roll Forward] | ||
Beginning balance | (11,773) | |
Ending balance | $ (659) | $ (11,773) |
Share-Based Payments - Summary
Share-Based Payments - Summary of Movements in RSUs (Details) - RSUs | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
RSUs | ||
Outstanding (in shares) | shares | 6,979,482 | 0 |
New grants during the year (in shares) | shares | 820,602 | 7,659,044 |
Forfeited during the year (in shares) | shares | (1,587,929) | 0 |
Vested during the year (in shares) | shares | (2,466,374) | (679,562) |
Outstanding (in shares) | shares | 3,745,781 | 6,979,482 |
Weighted Average Fair Value | ||
Beginning Outstanding (in dollars per share) | $ / shares | $ 6.72 | $ 0 |
Granted (in dollars per share) | $ / shares | 8.79 | 6.68 |
Forfeited (in dollars per share) | $ / shares | 7.11 | 0 |
Vested (in dollars per share) | $ / shares | 6.67 | 6.30 |
Ending Outstanding (in dollars per share) | $ / shares | $ 7.04 | $ 6.72 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 1 year | ||
Expense from share-based payment transactions | $ 18,033 | $ 10,317 | |
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 1 year | ||
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 4 years |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of share-based payment expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ 18,033 | $ 10,317 |
Cost of product revenue | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 3,319 | 1,522 |
Research and development expenses | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 3,991 | 2,994 |
General and administrative expenses | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ 10,723 | $ 5,801 |
Litigation - Additional Informa
Litigation - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) litigation_case | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Litigation [Abstract] | |||
Number of litigations | litigation_case | 4 | ||
Legal expenses | $ | $ 0 | $ 8.7 | $ 13.5 |
Related Parties - Additional in
Related Parties - Additional information (Details) $ in Thousands | 12 Months Ended | 168 Months Ended | ||
Dec. 31, 2023 USD ($) agreement | Dec. 31, 2021 agreement | Dec. 31, 2023 USD ($) agreement | Dec. 31, 2022 USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Loans to related parties | $ | $ 0 | $ 0 | $ 0 | |
Fasteignafélagið Sæmundur hf. - Sister company | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of lease agreements | 15 | 15 | ||
Fasteignafélagið Sæmundur hf. - Sister company | April 2023 Lease Facility | ||||
Disclosure of transactions between related parties [line items] | ||||
Operating lease remaining lease term | 15 years | |||
Fasteignafélagið Sæmundur hf. - Sister company | Remaining 15 Lease Facilities | ||||
Disclosure of transactions between related parties [line items] | ||||
Operating lease remaining lease term | 7 years | |||
Flóki Fasteignir ehf. | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of lease agreements entered into | 17 | |||
Number of leases terminated | 2 | |||
Flóki-Art ehf. | ||||
Disclosure of transactions between related parties [line items] | ||||
Operating lease remaining lease term | 15 years |
Related Parties - Summary of Re
Related Parties - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | $ 32,781 | $ 21,141 | $ 39,940 |
Sold service | 597 | 818 | 3,715 |
Receivables | 896 | 1,548 | |
Payables/ borrowings | 217,956 | 163,289 | |
Gross private placement equity offering fee | 4,141 | 0 | 0 |
Alvogen Lux Holdings S.à r.l. – Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 11,968 | 5,415 | |
Sold service | 0 | 0 | |
Receivables | 0 | 0 | |
Payables/ borrowings | 76,556 | 64,588 | |
ATP Holdings ehf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 9,193 | 1,254 | |
Sold service | 0 | 0 | |
Receivables | 0 | 765 | |
Payables/ borrowings | 49,560 | 81,254 | |
Gross private placement equity offering fee | 3,300 | ||
Aztiq Fjárfestingar ehf. – Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 216 | 120 |
Sold service | 4 | 0 | 0 |
Receivables | 0 | 0 | |
Payables/ borrowings | 0 | 20 | |
Fasteignafélagið Sæmundur hf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 7,189 | 7,762 | |
Sold service | 0 | 0 | |
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Fasteignafélagið Eyjólfur ehf - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | ||
Sold service | 196 | ||
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Aztiq Consulting ehf. – Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 178 | 442 | |
Sold service | 69 | 0 | |
Receivables | 0 | 0 | |
Payables/ borrowings | 54 | 25 | |
Flóki-Art ehf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 88 | ||
Sold service | 0 | ||
Receivables | 0 | ||
Payables/ borrowings | 422 | ||
Alvogen Iceland ehf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 19 | 465 | 454 |
Sold service | 1 | 174 | 2,308 |
Receivables | 0 | 0 | |
Payables/ borrowings | 484 | 484 | |
Alvogen ehf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 0 | 6 |
Sold service | 152 | 68 | 2 |
Receivables | 16 | 1 | |
Payables/ borrowings | 0 | 0 | |
Alvogen UK - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 273 | 299 | |
Sold service | 0 | 0 | |
Receivables | 0 | ||
Payables/ borrowings | 581 | ||
Alvogen Finance B.V. - Sister Company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 3,382 | ||
Sold service | 0 | ||
Receivables | 0 | ||
Payables/ borrowings | 65 | ||
Lotus Pharmaceuticals Co. Ltd. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 0 | 0 |
Sold service | 29 | 3 | 312 |
Receivables | 29 | 2 | |
Payables/ borrowings | 7,440 | 7,440 | |
Lotus International Pte. Ltd. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 0 | |
Sold service | 2 | 4 | |
Receivables | 0 | 3 | |
Payables/ borrowings | 0 | 0 | |
Alvogen Emerging Markets - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 108 | 98 | 238 |
Sold service | 0 | 0 | 0 |
Receivables | 0 | 0 | |
Payables/ borrowings | 0 | 0 | |
Alvogen Korea co. Ltd - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 0 | |
Sold service | 1 | 9 | |
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Alvogen Inc. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 305 | 585 | 89 |
Sold service | 0 | 266 | 654 |
Receivables | 0 | 12 | |
Payables/ borrowings | 284 | 222 | |
Alvotech and CCHT Biopharmaceutical Co., Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 0 | |
Sold service | 0 | 0 | |
Receivables | 758 | 758 | |
Payables/ borrowings | 539 | 0 | |
Adalvo Limited - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 402 | 1,218 | |
Sold service | 189 | 106 | |
Receivables | 86 | 0 | |
Payables/ borrowings | 337 | 349 | |
Adalvo UK - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | ||
Sold service | 49 | ||
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Flóki Invest ehf - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 680 | ||
Sold service | 0 | ||
Receivables | 0 | ||
Payables/ borrowings | 251 | ||
Floki Holdings S.à r.l. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 40 | ||
Sold service | 0 | ||
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
L41 ehf. | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 26 | 29 | |
Sold service | 0 | 0 | |
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Alvogen Malta Sh. Services - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 0 | 603 | 1,216 |
Sold service | 0 | 0 | 151 |
Receivables | 7 | 7 | |
Payables/ borrowings | 0 | 0 | |
Alvogen Spain SL - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 14 | 117 | |
Sold service | 0 | 0 | |
Receivables | 0 | 0 | |
Payables/ borrowings | 15 | 0 | |
Norwich Clinical Services Ltd - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 642 | 301 | |
Sold service | 0 | 0 | |
Receivables | 0 | 0 | |
Payables/ borrowings | 170 | 31 | |
Fasteignafélagið Eyjólfur ehf - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 3,807 | ||
Sold service | 102 | ||
Receivables | 0 | ||
Payables/ borrowings | 69,732 | ||
Flóki fasteignir ehf. - Sister company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 1,682 | 1,516 | |
Sold service | 0 | 0 | |
Receivables | 0 | 0 | |
Payables/ borrowings | $ 11,466 | 8,876 | |
Alvogen Pharma Pvt Ltd - Sister Company | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 1,159 | 491 | |
Sold service | 0 | $ 0 | |
Receivables | 0 | ||
Payables/ borrowings | 0 | ||
Lambahagavegur 7 ehf | |||
Disclosure of transactions between related parties [line items] | |||
Purchased service / interest | 537 | ||
Sold service | 0 | ||
Receivables | 0 | ||
Payables/ borrowings | $ 0 |
Related Parties - Schedule of R
Related Parties - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | $ 32,781 | $ 21,141 | $ 39,940 |
Sold service | 597 | 818 | 3,715 |
Alvogen Lux Holdings S.à r.l. – Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 9,383 | ||
Sold service | 0 | ||
Aztiq Pharma Partners S.à r.l. – Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 16,048 | ||
Sold service | 0 | ||
Alvogen Aztiq AB – Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 297 | ||
Sold service | 0 | ||
Aztiq Fjárfestingar ehf. – Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 0 | 216 | 120 |
Sold service | 4 | 0 | 0 |
Fasteignafélagið Sæmundur hf. - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 7,189 | 7,762 | |
Sold service | 0 | 0 | |
Alvogen Iceland ehf. - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 19 | 465 | 454 |
Sold service | 1 | 174 | 2,308 |
Alvogen ehf. - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 0 | 0 | 6 |
Sold service | 152 | 68 | 2 |
Alvogen UK - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 273 | 299 | |
Sold service | 0 | 0 | |
Lotus Pharmaceuticals Co. Ltd. - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 0 | 0 | 0 |
Sold service | 29 | 3 | 312 |
Alvogen Emerging Markets - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 108 | 98 | 238 |
Sold service | 0 | 0 | 0 |
Alvogen Korea co. Ltd - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 0 | 0 | |
Sold service | 1 | 9 | |
Alvogen Inc. - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 305 | 585 | 89 |
Sold service | 0 | 266 | 654 |
Alvogen Malta Sh. Services - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 0 | 603 | 1,216 |
Sold service | $ 0 | 0 | 151 |
Alvogen Pharma Pvt Ltd - Sister Company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 1,159 | 491 | |
Sold service | 0 | 0 | |
HRJÁF ehf - Sister company | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 1,415 | ||
Sold service | 0 | ||
L41 ehf. | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 26 | 29 | |
Sold service | $ 0 | 0 | |
Lambhagavegur 7 ehf. | |||
Schedule of Information About Board of Directors Remuneration [Line Items] | |||
Purchased service / interest | 713 | ||
Sold service | $ 0 |
Related Parties - Schedule of I
Related Parties - Schedule of Information About Board of Directors Remuneration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Pension contribution | $ 372 | $ 608 |
Other long- term benefits | $ 9,456 | $ 5,015 |
Shares at year-end (in shares) | 266,821,844 | 252,160,087 |
Salaries and benefits | $ 6,511 | $ 6,292 |
Termination benefits | 52 | 1,977 |
Net Compensation Expense | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | 421 | 927 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 416 | $ 0 |
Shares at year-end (in shares) | 1,175,459 | 1,133,131 |
Robert Wessman, Chairman of the board | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 740 | |
Pension contribution | $ 26 | 0 |
Other long- term benefits | 0 | $ 0 |
Shares at year-end (in shares) | 0 | |
Salaries and benefits | 1,491 | |
Termination benefits | 0 | |
Robert Wessman, Chairman of the board | Compensation Waived | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | 0 | |
Pension contribution | 0 | |
Other long- term benefits | $ 0 | |
Shares at year-end (in shares) | 0 | |
Richard Davies, Vice-Chairman | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 156 | $ 68 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 104 | $ 0 |
Shares at year-end (in shares) | 1,143,713 | 1,133,131 |
Ann Merchant, Board Member | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 113 | $ 43 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 104 | $ 0 |
Shares at year-end (in shares) | 10,582 | 0 |
Árni Harðarson, Board Member* | Compensation Waived | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 0 | $ 0 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 0 | $ 0 |
Shares at year-end (in shares) | 0 | 0 |
Faysal Kalmoua, Board | Compensation Waived | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 0 | $ 0 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 0 | $ 0 |
Shares at year-end (in shares) | 0 | 0 |
Linda McGoldrick, Board Member | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 81 | $ 38 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 104 | $ 0 |
Shares at year-end (in shares) | 10,582 | 0 |
Lisa Graver, Board Member | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 71 | $ 38 |
Pension contribution | 0 | 0 |
Other long- term benefits | $ 104 | $ 0 |
Shares at year-end (in shares) | 10,582 | 0 |
Tomas Ekman, Board Member* | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 0 | |
Pension contribution | 0 | |
Other long- term benefits | $ 0 | |
Shares at year-end (in shares) | 0 | |
Tomas Ekman, Board Member* | Compensation Waived | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | $ 0 | |
Pension contribution | 0 | |
Other long- term benefits | $ 0 | |
Shares at year-end (in shares) | 0 | |
Mark Levick CEO | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Pension contribution | $ 162 | |
Other long- term benefits | 0 | |
Salaries and benefits | 892 | |
Termination benefits | 1,157 | |
Other Executive Team Members | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Pension contribution | $ 346 | 446 |
Other long- term benefits | 9,456 | 5,015 |
Salaries and benefits | 5,020 | 5,400 |
Termination benefits | $ 52 | 820 |
Hirofumi Imai, Board member | ||
Schedule of Information About Board of Directors Remuneration [Line Items] | ||
Board fees | 0 | |
Pension contribution | 0 | |
Other long- term benefits | $ 0 | |
Shares at year-end (in shares) | 0 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Composition of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Current Liabilities [Abstract] | ||
Unpaid salary and salary related expenses | $ 31,340 | $ 15,620 |
Accrued interest | 3,333 | 2,249 |
Accrued vacation leave | 6,075 | 5,025 |
Employee incentive plan | 659 | 12,433 |
Accrued expenses | 21,313 | 18,720 |
Total | $ 62,720 | $ 54,047 |
Interests In Joint Ventures - S
Interests In Joint Ventures - Schedule of Information About Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | |||
Carrying Amount | $ 18,494 | $ 48,568 | $ 55,307 |
Alvotech & CCHN Biopharmaceutical Co., Ltd | |||
Disclosure of joint ventures [line items] | |||
Place of business | China | ||
Ownership interest | 50% | 50% | |
Carrying Amount | $ 18,494 | $ 48,568 |
Interests In Joint Ventures -_2
Interests In Joint Ventures - Schedule of Changes in Groups Investment in a Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments Accounted For Using Equity Method [Roll Forward] | |||
Balance at 1 January | $ 48,568 | $ 55,307 | |
Share in losses | (7,153) | (2,590) | $ (2,418) |
Impairment loss on investment in joint venture | (21,519) | 0 | 0 |
Translation difference | (1,402) | (4,149) | |
Balance at 31 December | $ 18,494 | $ 48,568 | $ 55,307 |
Interests In Joint Ventures - A
Interests In Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | ||||
Dividends received from joint ventures | $ 0 | $ 0 | $ 0 | |
Commitments in relation to joint ventures | 0 | 0 | $ 5,000 | |
Commitments of joint venture partners in relation to joint ventures | $ 50,000 | |||
Contingent liabilities incurred in relation to interests in joint ventures | $ 0 | $ 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets Measured at Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||||
Cash and cash equivalents | $ 11,157 | $ 66,427 | $ 17,556 | $ 31,689 |
Restricted cash | 26,132 | 25,187 | $ 10,087 | |
Trade receivables | 41,292 | 32,972 | ||
Other current assets | 1,035 | 5,880 | ||
Receivables from related parties | 896 | 1,548 | ||
Other long-term assets | 336 | 4,484 | ||
Financial assets | $ 80,848 | $ 136,498 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [abstract] | |||
Borrowings (measured at amortized cost) | $ 960,159 | $ 764,570 | $ 400,911 |
Derivative financial liabilities (measured at FVTPL) | 520,553 | 380,232 | |
Other long-term liability to related party (measured at amortized cost) | 0 | 7,440 | |
Long-term incentive plan (measured at FVTPL) | 0 | 544 | |
Trade and other payables (measured at amortized cost) | 80,563 | 49,188 | |
Lease liabilities (measured at amortized cost) | 115,315 | 40,532 | $ 122,140 |
Liabilities to related parties | 9,851 | 1,131 | |
Other current liabilities | 61,873 | 53,664 | |
Financial liabilities | $ 1,748,314 | $ 1,297,301 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Material Differences Between the Fair Value and Carrying Amount (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items] | ||
Bonds issued | $ 862,544 | $ 693,328 |
Fair Value | 944,102 | 720,285 |
Senior Bonds | ||
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items] | ||
Bonds issued | 549,411 | 530,506 |
Fair Value | 559,867 | 535,167 |
Aztiq Convertible Bond | ||
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items] | ||
Bonds issued | 80,663 | 65,793 |
Fair Value | 84,756 | 65,772 |
2022 Convertible Bonds | ||
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items] | ||
Bonds issued | 155,914 | 32,441 |
Fair Value | 217,419 | 52,463 |
Alvogen Facility | ||
Disclosure in tabular form of carrying amount and financial amount of certain borrowings [line items] | ||
Bonds issued | 76,556 | 64,588 |
Fair Value | $ 82,060 | $ 66,883 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | $ 520,553 | $ 381,083 |
Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 45,623 | 10,152 |
Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 356,100 | 286,700 |
Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 118,830 | 84,231 |
Senior Bond Warrants | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 19,715 | 45,325 |
Senior Bond Warrants | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 19,715 | 0 |
Senior Bond Warrants | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | |
Senior Bond Warrants | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 45,325 |
Tranche A Conversion Feature | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 118,830 | 38,055 |
Tranche A Conversion Feature | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Tranche A Conversion Feature | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Tranche A Conversion Feature | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 118,830 | 38,055 |
Senior Bond Interest Rate Feature (included in other current assets) | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 851 | |
Senior Bond Interest Rate Feature (included in other current assets) | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | |
Senior Bond Interest Rate Feature (included in other current assets) | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | |
Senior Bond Interest Rate Feature (included in other current assets) | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 851 | |
Predecessor Earn Out Shares | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 349,900 | 276,200 |
Predecessor Earn Out Shares | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Predecessor Earn Out Shares | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 349,900 | 276,200 |
Predecessor Earn Out Shares | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
OACB Earn Out Shares | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 6,200 | 10,500 |
OACB Earn Out Shares | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
OACB Earn Out Shares | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 6,200 | 10,500 |
OACB Earn Out Shares | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
OACB Warrants | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 25,908 | 10,152 |
OACB Warrants | Level 1 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 25,908 | 10,152 |
OACB Warrants | Level 2 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
OACB Warrants | Level 3 | ||
Disclosure In Tabular Form Of Fair Value Of Derivative Financial Instruments [Line Items] | ||
Derivative financial liabilities | $ 0 | $ 0 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Provides a Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Senior Bond Warrants | ||
Derivative Financial Liabilities [Roll Forward] | ||
Revaluation | $ 6,500 | |
Level 3 | Senior Bond Warrants | ||
Derivative Financial Liabilities [Roll Forward] | ||
Beginning balances | 45,325 | |
Revaluation | 0 | |
Transfer to Level 1 | (45,325) | |
Extinguishment | 0 | |
Ending balances | 0 | $ 45,325 |
Level 3 | Tranche A Conversion Feature | ||
Derivative Financial Liabilities [Roll Forward] | ||
Beginning balances | 38,055 | |
Issues fair value measurement liabilities | 45,555 | |
Revaluation | 35,220 | |
Ending balances | 118,830 | 38,055 |
Level 3 | Senior Bond Interest Rate Feature (included in other current assets) | ||
Derivative Financial Liabilities [Roll Forward] | ||
Beginning balances | 851 | |
Extinguishment | (851) | |
Ending balances | 0 | 851 |
Level 2 | Senior Bond Warrants | ||
Derivative Financial Liabilities [Roll Forward] | ||
Transfer to Level 1 | $ (19,700) | $ (45,300) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Feb. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 16, 2022 | Dec. 07, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 520,553 | $ 381,083 | ||||
Increase in outstanding bonds fair value | $ 70,000 | |||||
(Loss) / gain on extinguishment of financial liabilities | $ 0 | (27,311) | $ 151,788 | |||
Class of warrants or rights outstanding (in shares) | 10,363,094 | |||||
Finance costs | $ 267,157 | 188,419 | 117,361 | |||
Proceeds from warrants | 6,390 | 0 | $ 0 | |||
Liabilities | $ 1,882,583 | $ 1,392,859 | ||||
Shares | 266,821,844 | 252,160,087 | ||||
Ordinary Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Shares | 266,821,844 | 252,160,087 | ||||
Penny Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Increase decrease in shares issued (in shares) | 2,479,962 | |||||
Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Convertible Bond Agreement Two Thousand And Eighteen | Contingently Issuable Penny Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Class of warrants or rights exercise price per share (in dollars per share) | $ 0.01 | |||||
Convertible Bond | Amendment To Outstanding Bonds November Sixteenth Two Thousand And Twenty Two | Tranche B | Convertible Bond Agreement Two Thousand And Eighteen | Contingently Issuable Penny Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1% | |||||
Convertible Bond | Minimum | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Borrowings, interest rate | 10.75% | |||||
Convertible Bond | Maximum | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Borrowings, interest rate | 12% | |||||
Senior Bond Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 19,715 | $ 45,325 | ||||
Warrants issuable as a percentage of fully diluted ordinary shares | 1% | |||||
Increase decrease in shares issued (in shares) | 2,479,962 | |||||
Class of warrants or rights outstanding (in shares) | 1,718,845 | |||||
Conversion price (in dollars per share) | $ 0.01 | |||||
Tranche of senior bond warrants percentage | 1.50% | |||||
Revaluation | $ 6,500 | |||||
Finance costs | (8,100) | |||||
Tranche A Conversion Feature | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 118,830 | 38,055 | ||||
Finance costs | 35,200 | |||||
Predecessor Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 349,900 | 276,200 | ||||
Finance costs | 73,700 | |||||
OACB Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 6,200 | 10,500 | ||||
Increase decrease in shares issued (in shares) | 1,250,000 | |||||
Finance costs | $ 4,000 | |||||
OACB Earn Out Shares | Ordinary Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Increase decrease in shares issued (in shares) | 625,000 | |||||
OACB Earn Out Shares | Tranche one | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Aggregate period for determining the share price | 5 years | |||||
Shares price (in dollars per share) | $ 12.50 | |||||
Number of threshold days for determining the share price | 10 days | |||||
Number of consecutive trading days for determining the share | 20 days | |||||
OACB Earn Out Shares | Tranche two | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Shares price (in dollars per share) | $ 15 | |||||
OACB Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 25,908 | 10,152 | ||||
Class of warrants or rights outstanding (in shares) | 10,916,647 | |||||
Finance costs | $ 17,000 | |||||
Class of warrants or rights exercise price per share (in dollars per share) | $ 11.50 | $ 11.50 | ||||
Liabilities | $ 25,900 | |||||
Shares | 553.552 | |||||
Proceeds from the issuance of common stock | $ 6,300 | |||||
OACB Warrants | Ordinary Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Number of shares called by each warrant or right | 1 | |||||
Level 2 | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 356,100 | 286,700 | ||||
Level 2 | Senior Bond Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | |||||
Transfers out of Level 3 of fair value hierarchy, liabilities | 19,700 | 45,300 | ||||
Level 2 | Tranche A Conversion Feature | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | 0 | ||||
Level 2 | Predecessor Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 349,900 | 276,200 | ||||
Level 2 | OACB Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 6,200 | 10,500 | ||||
Level 2 | OACB Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | 0 | ||||
Level 3 | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 118,830 | 84,231 | ||||
Level 3 | Senior Bond Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | 45,325 | ||||
Transfers out of Level 3 of fair value hierarchy, liabilities | 45,325 | |||||
Extinguishment | 0 | |||||
Revaluation | 0 | |||||
Level 3 | Tranche A Conversion Feature | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | 118,830 | 38,055 | ||||
Revaluation | 35,220 | |||||
Level 3 | Predecessor Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 0 | 0 | ||||
Increase decrease in shares issued (in shares) | 38,330,000 | |||||
Level 3 | Predecessor Earn Out Shares | Tranche one | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Aggregate period for determining the share price | 5 years | |||||
Shares price (in dollars per share) | $ 15 | |||||
Number of threshold days for determining the share price | 10 days | |||||
Number of consecutive trading days for determining the share | 20 days | |||||
Vesting percentage of shares | 50% | |||||
Level 3 | Predecessor Earn Out Shares | Tranche two | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Shares price (in dollars per share) | $ 20 | |||||
Number of threshold days for determining the share price | 10 days | |||||
Number of consecutive trading days for determining the share | 20 days | |||||
Vesting percentage of shares | 50% | |||||
Level 3 | OACB earnout shares | Tranche one | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Vesting percentage of shares | 50% | |||||
Level 3 | OACB earnout shares | Tranche two | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Vesting percentage of shares | 50% | |||||
Level 3 | OACB Earn Out Shares | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 0 | 0 | ||||
Level 3 | OACB Warrants | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial liabilities | $ 0 | $ 0 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Assumptions and Inputs (Details) | Dec. 31, 2023 shares | Dec. 31, 2022 shares |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Shares at year-end (in shares) | 266,821,844 | 252,160,087 |
Predecessor Earn Out Shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Shares at year-end (in shares) | 38,330,000 | 38,330,000 |
OACB earnout shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Shares at year-end (in shares) | 625,000 | 1,250,000 |
Stock price | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 11.48 | 10 |
Stock price | Predecessor Earn Out Shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 11.48 | 10 |
Stock price | OACB earnout shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 11.48 | 10 |
Conversion price | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 10 | 10 |
Volatility rate | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.575 | 0.450 |
Volatility rate | Predecessor Earn Out Shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.550 | 0.450 |
Volatility rate | OACB earnout shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.550 | 0.450 |
Risk-free interest rate | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.042 | 0.042 |
Risk-free interest rate | Predecessor Earn Out Shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.0397 | 0.0405 |
Risk-free interest rate | OACB earnout shares | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.0397 | 0.0405 |
Dividend yield | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0 | 0 |
Risky yield | Embedded derivative liabilities associated with convertible bonds | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.163 | 0.193 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Interest Rate Sensitivity Analysis (Details) - Interest rate risk - Variable interest rate financial liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure in tabular form of interest rate sensitivity analysis impact on profit before tax [line items] | ||
Effect on financial statement | $ (89) | $ (186) |
Effect on financial statement | $ 89 | $ 186 |
Financial Instruments - Summa_7
Financial Instruments - Summary of Impact on the Groups Operations (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EUR | ||
Disclosure in tabular form of foreign exchange rate [line items] | ||
Closing rate | 1.105 | 1.061 |
Average rate | 1.091 | 1.052 |
Change | 4.10% | |
GBP | ||
Disclosure in tabular form of foreign exchange rate [line items] | ||
Closing rate | 1.275 | 1.204 |
Average rate | 1.266 | 1.233 |
Change | 5.90% | |
ISK | ||
Disclosure in tabular form of foreign exchange rate [line items] | ||
Closing rate | 0.007 | 0.007 |
Average rate | 0.007 | 0.007 |
Change | 5.10% | |
CHF | ||
Disclosure in tabular form of foreign exchange rate [line items] | ||
Closing rate | 1.188 | 1.071 |
Average rate | 1.156 | 1.047 |
Change | 10.90% | |
INR | ||
Disclosure in tabular form of foreign exchange rate [line items] | ||
Closing rate | 0.012 | 0.012 |
Average rate | 0.012 | 0.013 |
Change | 0.10% |
Financial Instruments - Summa_8
Financial Instruments - Summary of Groups Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | $ 950,090 | $ 828,443 |
Liabilities | 1,882,583 | 1,392,859 |
EUR | ||
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | 36,568 | 36,420 |
Liabilities | 46,303 | 26,514 |
Net assets | (9,735) | 9,906 |
GBP | ||
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | 69 | 111 |
Liabilities | 3,479 | 1,538 |
Net assets | (3,410) | (1,427) |
ISK | ||
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | 3,247 | 49,484 |
Liabilities | 144,812 | 109,507 |
Net assets | (141,565) | (60,023) |
CHF | ||
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | 335 | 69 |
Liabilities | 7,488 | 7,305 |
Net assets | (7,153) | (7,236) |
INR | ||
Disclosure in tabular form of assets and liabilities denominated in foreign currencies [line items] | ||
Assets | 167 | 11 |
Liabilities | 536 | 517 |
Net assets | $ (369) | $ (506) |
Financial Instruments - Summa_9
Financial Instruments - Summary of Analysis Assumes that all Other Variables (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Variable increase | 10% | 10% |
Variable decrease | 10% | 10% |
EUR | ||
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities | $ (974) | $ (991) |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities | 974 | 991 |
GBP | ||
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities | (341) | (143) |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities | 341 | 143 |
ISK | ||
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities | (14,156) | (6,002) |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities | 14,156 | 6,002 |
CHF | ||
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities | (715) | (724) |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities | 715 | 724 |
INR | ||
Disclosure In Tabular Form Of Currency Risk Sensitivity Analysis On Profit Before Tax [Line Items] | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in profit or loss, before tax, liabilities | (37) | (51) |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, before tax, liabilities | $ 37 | $ 51 |
Financial Instruments - Summ_10
Financial Instruments - Summary of the Maximum Credit Risk Exposure of the Groups Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Credit Risk [Line Items] | ||
Maximum exposure to credit risk | $ 80,848 | $ 136,498 |
Cash and cash equivalents | ||
Disclosure Of Credit Risk [Line Items] | ||
Maximum exposure to credit risk | 11,157 | 66,427 |
Restricted cash | ||
Disclosure Of Credit Risk [Line Items] | ||
Maximum exposure to credit risk | 26,132 | 25,187 |
Other assets | ||
Disclosure Of Credit Risk [Line Items] | ||
Maximum exposure to credit risk | $ 43,559 | $ 44,884 |
Financial Instruments - Summ_11
Financial Instruments - Summary of Contractual Maturities of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | $ 80,848 | $ 136,498 |
Total financial liabilities | 1,951,502 | 1,593,972 |
Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 142,436 | 112,350 |
Fixed-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 1,167,494 | 1,008,986 |
Derivative liabilities | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 520,553 | 380,232 |
Variable-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 121,019 | 92,404 |
Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 43,223 | 40,400 |
Variable-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 37,625 | 96,098 |
Within one year | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 54,380 | 106,827 |
Total financial liabilities | 253,740 | 175,382 |
Within one year | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 142,436 | 104,366 |
Within one year | Fixed-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 66,309 | 45,757 |
Within one year | Derivative liabilities | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 0 | 0 |
Within one year | Variable-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 44,995 | 25,259 |
Within one year | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 43,223 | 40,400 |
Within one year | Variable-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 11,157 | 66,427 |
One to two years | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 0 | 0 |
Total financial liabilities | 1,631,936 | 74,344 |
One to two years | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 0 | 0 |
One to two years | Fixed-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 1,101,185 | 66,308 |
One to two years | Derivative liabilities | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 520,553 | 0 |
One to two years | Variable-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 10,198 | 8,036 |
One to two years | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 0 | 0 |
One to two years | Variable-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 0 | 0 |
Thereafter | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 26,468 | 29,671 |
Total financial liabilities | 65,826 | 1,344,246 |
Thereafter | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 0 | 7,984 |
Thereafter | Fixed-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 0 | 896,921 |
Thereafter | Derivative liabilities | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 0 | 380,232 |
Thereafter | Variable-interest bearing - Borrowings | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial liabilities | 65,826 | 59,109 |
Thereafter | Non-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | 0 | 0 |
Thereafter | Variable-interest bearing | ||
Disclosure Of Contractual Maturities Of Financial Assets And Financial Liabilities [Line Items] | ||
Total financial assets | $ 26,468 | $ 29,671 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items] | |||
Acquisition of property, plant and equipment in trade payables and other current liabilities | $ 2,266 | $ 4,131 | $ 3,812 |
Acquisition of intangibles in trade payables and other current liabilities | 930 | 4,075 | 0 |
Right-of-use assets obtained through new operating leases | 74,109 | 9,583 | 18,871 |
Purchase of Facility through Aztiq Convertible Bond | 0 | 115,005 | 0 |
Non-cash issuance of Aztiq Convertible Bond | 0 | 80,000 | 0 |
Equity issued through conversion of borrowings | 0 | 32,200 | 346,043 |
Acquisition of other intangible assets through financing agreements | 0 | 0 | 461 |
RSUs | |||
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items] | |||
Settlement of liability with shares | 678 | 0 | 0 |
SARs | |||
Disclosure In Entirety of Supplemental Cash Flow Information [Line Items] | |||
Settlement of liability with shares | $ 13,767 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 26, 2024 USD ($) $ / shares shares | Feb. 23, 2024 $ / shares shares | Feb. 12, 2024 shares | Feb. 29, 2024 USD ($) | Mar. 20, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 26, 2024 kr / shares | Dec. 07, 2021 $ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase in share capital | $ | $ 833,440 | |||||||||
Proceeds from warrants | $ | $ 6,390 | $ 0 | $ 0 | |||||||
Senior Bond Warrants | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 2,479,962 | |||||||||
OACB Warrants | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proceeds from the issuance of common stock | $ | $ 6,300 | |||||||||
Class of warrants or rights exercise price per share (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | ||||||||
Major ordinary share transactions | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proceeds from the issuance of common stock | $ | $ 160,000 | $ 160,000 | ||||||||
Sale of stock issue price (in dollars per share) | (per share) | $ 16.41 | kr 2,250 | ||||||||
Ordinary Shares | OACB Warrants | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of shares called by each warrant or right | 1 | |||||||||
Ordinary Shares | Major ordinary share transactions | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 10,127,132 | 10,127,132 | ||||||||
Increase in share capital | $ | $ 166,000 | $ 166,000 | ||||||||
Common stock par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Ordinary Shares | Major ordinary share transactions | Senior Bond Warrants | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 1,501,599 | |||||||||
Ordinary Shares | Major ordinary share transactions | OACB Warrants | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 419,660 | |||||||||
Class of warrants or rights exercise price per share (in dollars per share) | $ / shares | $ 11.50 | |||||||||
Number of shares called by each warrant or right | 1 | |||||||||
Proceeds from warrants | $ | $ 4,800 | |||||||||
Ordinary Shares | Major ordinary share transactions | Tranche two | OACB Earn Out Shares | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 625,000 | |||||||||
Ordinary Shares | Major ordinary share transactions | Tranche one | OACB Earn Out Shares | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Increase decrease in shares issued (in shares) | 19,165,000 | |||||||||
Humira | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Revenue | $ | $ 12,200,000 |