The politics of clothes and their sizes
I like clothes. Unfortunately, clothes don't always like me.
Sometimes I won't wear something for a while and when I put it back on it's changed: it makes me look chunky, or it's suffering from a well-documented condition known as wardrobe shrinkage – when an item is left unworn for too long and the fibre shrivels so that it no longer fits.
These are generally clothes of the glad-rag variety, special occasion wear that gets an outing every couple of years.
It happens to shoes too: they get higher if you fall out of the habit of wearing them, so much so that I now need a stepladder to climb into my Stella McCartney heels.
What is a woman to do with all these beautiful fripperies collected over the years, these barely worn items with labels, darling, labels.
I've kept things forever, reasoning that maybe one of my sons would meet a tall girl in size seven shoes. Instead, they shacked up with elves and now it's time to face facts: these aren't going to be worn in this house again.
So I arrange to take them to a second-hand designer consignment boutique, my little black Moschino dress still sporting its dry-cleaning ticket, my Stellas still in their box.
They'll fall on these with relish, I think. The owner flicks through my hangers and peers into my shoe boxes, then folds her hands across her lap, looking at me kindly.
Your pieces are lovely, she tells me, however 'they're not vintage and they're not in style. Shapes have changed.' 'They're dated?'
I suggest. She nods. She'll be taking none of them. It's weird how personal it feels, like she's talking about me: not vintage, not in style, and the shape has definitely changed.
She suggests two more 'pre loved, gently used' shops, where again I am met with sweet, practised pity. It must happen an awful lot. However, one suggests a charity store specialising in upmarket clothes, so I donate them there and they're delighted.
Yes, I mourn my clothes, thinking maybe if I just lost weight, or changed shape, or changed life we could've worked together, but I guess I was thinking that all along, and mourning a version of me that was younger, sleeker. Dated. And now there's space in my wardrobe and I know a great charity shop.
NOW READ: When clothes speak louder than words
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Acquisitions and Funding Alvotech completed its transaction with Xbrane Biopharma AB ('Xbrane') with the acquisition of its R&D organization in Stockholm, Sweden and rights to a biosimilar candidate to Cimzia® (certolizumab pegol), now known as AVT10. After the end of the second quarter, in July, Alvotech acquired Ivers-Lee Group ('Ivers-Lee'), a family-owned business with headquarters in Burgdorf, Switzerland specializing in providing high-quality assembly and packaging services for the pharmaceutical sector. Ivers-Lee operations will be integrated into Alvotech's Technical Operations division. Among Ivers-Lee's capacities that will be integrated with Alvotech's operations are assembly and packaging of autoinjectors, pre-filled syringes and safety devices and packaging of vials. Alvotech completed two offerings of Swedish Depository Receipts ('SDRs'), with a public offering directed solely into Sweden, generating gross proceeds of approximately SEK 39 million and a private placement directed to Swedish and international institutional investors, generating gross proceeds of SEK 750 million. Over 3,000 new shareholders participated in the public offering and 40 institutional investors participated in the private placement. On May 19, 2025, Alvotech was listed on Nasdaq Stockholm. This is Alvotech's third listing, complementing previous listings on Nasdaq in the US and Iceland. Alvotech entered into an amendment to its existing term loan credit agreement, which provides, among other things, for the reduction of the interest rate, lowering interest expenses by $8.2 million in the first 12 months. Based on the amended agreement the loan consists of a single tranche with an interest rate of SOFR plus 6.0%. Changes to Management On July 9, 2025, Linda Jónsdóttir was appointed Chief Financial Officer, replacing Joel Morales who continues to serve in an advisory function. Linda is a highly experienced international executive with a strong background in finance and corporate leadership, including holding senior roles for 15 years at Marel, such as Director of Treasury and Investor Relations, Chief Financial Officer and Chief Operating Officer. Linda has also served on various boards, in banking, private equity funds and at the Icelandic Chamber of Commerce. Summary of the financial results for the first six months of 2025 Cash position and sources of liquidity: As of June 30, 2025, the Company had cash and cash equivalents of $151.5 million. 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Income tax benefit / (expense): Income tax benefit was $39.0 million for the six months ended June 30, 2025, compared to an income tax expense of $5.1 million for the six months ended June 30, 2024. The favorable variance was primarily driven by a $47.4 million tax benefit resulting from the strengthening of the Icelandic krona against the U.S. dollar, which increased the U.S. dollar value of Icelandic tax loss carryforwards, which the Company expects to utilize against future taxable profits. This benefit was partially offset by a $3.7 million tax expense related to profitability generated in Iceland during the period. Profit / (loss) for the Period: Reported net profit was $141.7 million, or $0.50 per share and $0.49 per share on a basic and diluted basis, respectively, for the six months ended June 30, 2025, compared to a reported net loss of $153.5 million, or ($0.61) per share on a basic and diluted basis, for the six months ended June 30, 2024. The significant increase reflects strong growth in product revenue, favorable movements in the fair value of derivative liabilities, and lower finance costs following the Company's capital structure optimization. Business update conference call Alvotech will conduct a business update conference call and live webcast on Thursday, August 14, at 8:00 am ET (12:00 noon GMT). Registration for the conference call and access to the live webcast is found on where you will also be able to find a replay of the webcast, following the call for 90 days. About AVT02 (adalimumab) AVT02 is a monoclonal antibody and has been approved as a biosimilar to Humira® (adalimumab) in over 50 countries globally, including the U.S., Europe, Canada, Australia, Egypt, Saudi Arabia and South Africa. It is currently marketed in the U.S. as SIMLANDI and under private label (adalimumab-ryvk), in Europe as HUKYNDRA, in Canada as SIMLANDI and in Australia as ADALICIP. 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Biosimilarity has not been established by regulatory authorities and is not claimed. About AVT23AVT23 is a proposed biosimilar to Xolair® (omalizumab). Omalizumab is a humanized monoclonal antibody that targets free immunoglobulin E (IgE). Xolair, which contains omalizumab, is indicated for severe persistent allergic asthma and chronic rhinosinusitis with nasal polyps (CRSwNP) [6]. AVT23 is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed. About AVT32AVT32 is a biosimilar candidate for Keytruda® (pembrolizumab). Pembrolizumab is a humanized monoclonal antibody that binds to the programmed death receptor-1 (PD-1 receptor) and is indicated for the treatment of several types of cancers [7]. AVT32 is an investigational compound and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed. About AVT48AVT48 is a biosimilar candidate for Ilaris® (canakinumab). Canakinumab is a recombinant monoclonal antibody that binds to human immunoglobulin (IL) 1-beta, and is indicated for the treatment of several systemic autoinflammatory diseases [8]. AVT48 is an investigational compound and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed. About AVT65AVT65 is a biosimilar candidate for Kesimpta® (ofatumumab). Ofatumumab is a CD20-directed cytolytic antibody and is indicated for the treatment of relapsing forms of multiple sclerosis (MS). AVT65 is an investigational compound and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed. Sources [1] Prolia product information[2] Simponi product information[3] Eylea product information[4] Cimzia product information[4] Entyvio product information[5] Xolair product information[7] Keytruda product information[8] Ilaris product information[9] Kesimpta product information Use of trademarks Stelara®, Simponi® and Simponi Aria® are registered trademarks of Johnson & Johnson. Humira® is a registered trademark of AbbVie Biotechnology Ltd. Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc and Bayer AG. Prolia® and Xgeva® are registered trademarks of Amgen Inc. JAMTEKI™ is a trademark of JAMP Pharma Group. UZPRUVO® and HUKYNDRA® are registered trademarks of STADA and Alvotech. ADALICIP is a registered trademark of Cipla Australia. Xolair®, Ilaris® and Kesimpta® are registered trademarks of Novartis AG. Keytruda® is a registered trademark of Merck Sharp & Dohme Corp. Cimzia® is a registered trademark of UCB Pharma S.A. About Alvotech Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech has launched two biosimilars. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech's commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy's (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit None of the information on the Alvotech website shall be deemed part of this press release. Please visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, and YouTube. Alvotech Forward Looking Statements Certain statements in this communication may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech's expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential', 'aim' or 'continue', or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech's control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to maintain positive EBITDA and positive cash flows from operations; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech's estimates of expenses and profitability; (6) Alvotech's ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech's ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech's current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech's ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech's ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech's products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company's business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements made herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS Benedikt Stefansson, Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss for the six months ended 30 June 2025 and 2024 USD in thousands, except for per share amounts Six months ended 30June 2025 Six months ended 30June 2024 Product revenue 204,733 65,912 License and other revenue 101,271 169,678 Other income 143 57 Cost of product revenue (139,272 ) (65,167 ) Research and development expenses (92,889 ) (97,479 ) General and administrative expenses (45,347 ) (29,554 ) Operating profit 28,639 43,447 Loss on sale of interest in joint venture — (2,970 ) Finance income 149,247 80,823 Finance costs (72,190 ) (277,414 ) Exchange rate differences (19,683 ) 7,742 Gain on modification and extinguishment of financial liabilities 16,718 — Non-operating profit / (loss) 74,092 (191,819 ) Profit / (loss) before taxes 102,731 (148,372 ) Income tax benefit / (expense) 38,987 (5,132 ) Profit / (loss) for the period 141,718 (153,504 ) Other comprehensive profit / (loss) Item that will be reclassified to profit or loss in subsequent periods: Exchange rate differences on translation of foreign operations 3,434 121 Total comprehensive profit / (loss) 145,152 (153,383 ) Profit / (loss) per share Basic profit / (loss) for the period per share 0.50 (0.61 ) Diluted profit / (loss) for the period per share 0.49 (0.61 ) Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 June 2025 and 31 December 2024 USD in thousands Non-current assets 30 June2025 31 December2024 Property, plant and equipment 306,596 284,546 Right-of-use assets 134,481 125,198 Goodwill 12,790 11,330 Other intangible assets 54,688 20,621 Contract assets 32,070 22,710 Other long-term assets 4,338 3,615 Deferred tax assets 338,330 298,360 Total non-current assets 883,293 766,380 Current assets Inventories 155,490 127,889 Trade receivables 108,103 160,217 Contract assets 46,664 67,304 Other current assets 47,579 48,064 Receivables from related parties 173 118 Cash and cash equivalents 151,452 51,428 Total current assets 509,461 455,020 Total assets 1,392,754 1,221,400 Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 June 2025 and 31 December 2024 USD in thousands Equity 30 June 2025 31 December 2024 Share capital 2,924 2,826 Share premium 2,102,896 2,007,058 Other reserves 15,627 17,272 Translation reserve 1,216 (2,218 ) Accumulated deficit (2,295,991 ) (2,437,709 ) Total equity (173,328 ) (412,771 ) Non-current liabilities Borrowings 1,072,138 1,035,882 Derivative financial liabilities 63,004 210,224 Lease liabilities 136,263 112,137 Contract liabilities 12,914 80,721 Deferred tax liability 2,014 1,811 Total non-current liabilities 1,286,333 1,440,775 Current liabilities Trade and other payables 84,282 67,126 Lease liabilities 13,591 9,515 Current maturities of borrowings 46,026 32,702 Liabilities to related parties 1,641 8,465 Contract liabilities 60,333 15,980 Taxes payable 741 204 Other current liabilities 73,135 59,404 Total current liabilities 279,749 193,396 Total liabilities 1,566,082 1,634,171 Total equity and liabilities 1,392,754 1,221,400 Unaudited Condensed Consolidated Interim Statements of Cash Flows for the six months ended 30 June 2025 and 2024 USD in thousands Cash flows from operating activities Six months ended 30June 2025 Six months ended 30June 2024 Profit (loss) for the period 141,718 (153,504 ) Adjustments for non-cash items: Depreciation and amortization 17,156 14,748 Change in inventory reserves 5,238 (6,936 ) Change in allowance for receivables 703 — Share-based payments 3,418 5,294 Loss on sale of interest in joint venture — 2,970 Gain on modification and extinguishment of financial liabilities (16,718 ) — Finance income (149,247 ) (80,823 ) Finance costs 72,190 277,414 Exchange rate difference 19,683 (7,742 ) Income tax benefit (38,987 ) 5,132 Operating cash flow before movement in working capital 55,154 56,553 Increase in inventories (32,839 ) (15,205 ) Decrease / (increase) in trade receivables 51,411 (52,229 ) (Increase) / decrease in receivables with related parties (55 ) 92 Decrease / (increase) in contract assets 13,624 (27,179 ) (Increase) / decrease in other assets (990 ) 369 Increase / (decrease) in trade and other payables 17,757 (21,758 ) Decrease in contract liabilities (31,743 ) (35,881 ) (Decrease) / increase in liabilities with related parties (3,917 ) 16,677 Increase / (decrease) in other liabilities 8,127 (6,056 ) Cash from (used in) operations 76,529 (84,617 ) Interest received 50 26 Interest paid (8,039 ) (41,037 ) Income tax paid (249 ) (372 ) Net cash from (used in) operating activities 68,291 (126,000 ) Cash flows from investing activities Acquisition of property, plant and equipment (36,805 ) (10,271 ) Acquisition of intangible assets (15,168 ) (1,430 ) Restricted cash in connection with amended bond agreement — 1,132 Proceeds from the sale in joint venture 2,975 — Net cash used in investing activities (48,998 ) (10,569 ) Cash flows from financing activities Six months ended 30June 2025 Six months ended 30June 2024 Repayments of borrowings (7,757 ) (75,059 ) Repayments of principal portion of lease liabilities (4,924 ) (4,815 ) Proceeds from new borrowings 11,267 67,500 Gross proceeds from equity offering 82,481 150,451 Fees from equity offering (3,759 ) (5,812 ) Proceeds from warrants — 4,841 Stock options exercised — 76 Net cash generated from financing activities 77,308 137,182 Increase in cash and cash equivalents 96,601 613 Cash and cash equivalents at the beginning of the year 51,428 11,157 Effect of movements in exchange rates on cash held 3,423 (826 ) Cash and cash equivalents at the end of the period 151,452 10,944 Sign in to access your portfolio
