SCHEDULE: Alvotech Major Shareholder Adjusts Holdings

Aztiq Pharma Partners and ATP Holdings adjusted their beneficial ownership in Alvotech through recent share transactions, maintaining significant stakes.

Summary

• This Amendment No. 3 to Schedule 13D was filed by Aztiq Pharma Partners S.a r.l., Aztiq Fund I SCSp, Floki GP S.a r.l., ATP ehf., and ATP Holdings ehf. (collectively, the "Reporting Persons") regarding their beneficial ownership in Alvotech.
• Aztiq Pharma Partners S.a r.l., Aztiq Fund I SCSp, and Floki GP S.a r.l. collectively beneficially own 103,849,420 Ordinary Shares, representing 33.3% of Alvotech's class.
• This includes 95,213,851 Ordinary Shares and 8,635,569 Earnout Shares held by Aztiq Pharma Partners S.a r.l.
• The Earnout Shares are entitled to equivalent voting rights and will vest if Alvotech's volume-weighted average price equals or exceeds $20.00 per share for any ten trading days within a twenty-trading day period prior to June 15, 2027.
• ATP ehf. beneficially owns 3,003,290 Ordinary Shares, representing 1.0% of the class.
• ATP Holdings ehf. beneficially owns 3,020,861 Ordinary Shares, representing 1.0% of the class, which includes Bondholder Warrants exercisable for up to 17,571 Ordinary Shares.
• On December 17, 2025, ATP Holdings purchased 4,812,257 Ordinary Shares at SEK 44.06 ($4.74) from investors in a concurrent convertible bond offering by Alvotech (the "Delta Placement").
• On December 19, 2025, ATP Holdings sold 2,110,640 Ordinary Shares at SEK 44.06 ($4.74) to an unrelated party in a private sale.
• On January 30, 2026, Aztiq Pharma Partners S.a r.l. purchased 2,701,617 Ordinary Shares from ATP Holdings ehf. at $4.74 per share in a private transaction.
• The beneficial ownership percentages are calculated based on 312,021,375 Ordinary Shares outstanding as of December 31, 2025, plus 17,571 Ordinary Shares issuable upon the exercise of Bondholder Warrants.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive update. The active management of significant stakes by key investors, including the structuring of earnout shares tied to a substantial future share price target, suggests continued confidence in Alvotech's long-term potential, despite being an ownership disclosure rather than an operational update.

Positives

• Earnout Shares held by Aztiq Pharma Partners S.a r.l. are tied to a vesting condition of Alvotech's share price reaching $20.00 per share by June 15, 2027, indicating a significant upside target for a major shareholder.

Risks

• The vesting of 8,635,569 Earnout Shares is contingent on Alvotech's volume-weighted average price reaching $20.00 per share for ten trading days within a twenty-trading day period prior to June 15, 2027, posing a performance-based condition for full beneficial ownership.

Future Outlook

Earnout Shares held by Aztiq Pharma Partners S.a r.l. are subject to vesting if Alvotech's volume-weighted average share price reaches or exceeds $20.00 for ten trading days within any twenty-trading day period prior to June 15, 2027.

Industry Context

StockSavvy.ai notes that this Schedule 13D/A primarily details changes in beneficial ownership among a group of related investment entities, rather than providing insights into Alvotech's operational performance or broader industry trends. Such filings are common for significant shareholders adjusting their positions or clarifying their holdings.

Comparison to Industry Standards

• Not applicable; this filing details changes in beneficial ownership by a group of related entities and does not contain performance metrics for comparison to industry standards.

Management Changes

Related Party Transactions

• Aztiq Pharma Partners S.a r.l. purchased 2,701,617 Ordinary Shares from ATP Holdings ehf. at $4.74 per share in a private transaction on January 30, 2026. Both entities are part of the group of Reporting Persons.

Stakeholder Impact

• Shareholders: Provides transparency on the beneficial ownership structure and recent transactions by significant institutional investors, potentially influencing market perception of stability and long-term commitment.

Next Steps

• Vesting of 8,635,569 Earnout Shares if Alvotech's volume-weighted average price reaches $20.00 per share for ten trading days within any twenty-trading day period prior to June 15, 2027.

Key Dates

Recommendation

This filing primarily details changes in beneficial ownership among a group of related institutional investors and does not contain new operational or financial information that would warrant a change in investment recommendation. The active management of positions and the presence of earnout shares tied to a future price target suggest continued long-term interest from these significant shareholders, supporting a 'hold' stance for existing investors.

Keywords

Alvotech, Schedule 13D, beneficial ownership, share transactions, institutional investor, Aztiq Pharma Partners, ATP Holdings, ordinary shares, SEC filing, convertible bond