Broadcom Gets Mixed Reactions As Modest Earnings Beat Sparks Profit-Taking

Wall Street analysts rerated Broadcom Inc (NASDAQ: AVGO) after it reported second-quarter financial results on Thursday. The company reported second-quarter revenue of $15 billion, up 20%, beating analyst estimates of $14.99 billion, driven by continued momentum in AI semiconductor solutions and VMware.
The semiconductor company reported second-quarter adjusted earnings of $1.58 per share, beating analyst estimates of $1.56.
The second-quarter AI revenue grew 46% to over $4.4 billion, driven by robust demand for AI networking.
Broadcom Tomahawk 6 Flexes AI Muscle, Hyperscalers Are Buying In
Broadcom expects third-quarter revenue of approximately $15.8 billion, versus estimates of $15.79 billion.
JP Morgan analyst Harlan Sur maintained Broadcom with an Overweight and raised the price target from $250 to $325.
Truist Securities analyst William Stein reiterated Broadcom with a Buy and raised the price target from $267 to $295.
Rosenblatt analyst Kevin Cassidy maintained Broadcom with a Buy and raised the price target from $223 to $340.
Cantor Fitzgerald analyst Matthew Prisco reiterated Broadcom with an Overweight and a $300 price target.
Benchmark analyst Cody Acree maintained Broadcom with a Buy and raised the price target from $255 to $315.
JP Morgan analyst Sur is encouraged by the Broadcom team's strong line of sight to fiscal 2026 AI revenue profile driven by strong cloud/hyperscaler capex spending trends with continued focus on AI training combined with accelerating AI inference workloads, continued ramp of Alphabet Inc (NASDAQ:GOOGL) Google's next-gen TPU v6/v7 3nm AI accelerator ASICs, ramp up of Meta Platforms (NASDAQ:META) 3nm, and continued strong adoption of ethernet networking.
The continued substantial AI revenues underscore Broadcom's strong design win pipeline and confirm Sur's belief that internally developed custom ASIC silicon programs offer opportunities for differentiation, efficiency gains, and improved silicon economics.
The analyst said that the fundamentals of cyclical semiconductor businesses are stabilizing across most areas. He stressed that Broadcom continues successfully converting and upselling to its VCF full-stack solution in the infrastructure software business.
Even during macro volatility, the team drives a solid revenue growth profile. Sur estimated that Free Cash Flow generation will be $26 billion this year, up 34% year over year, implying a substantial dividend raise at the end of this fiscal year. Broadcom remains his top pick in semiconductors.
Broadcom delivered only a modest upside to calendar first-quarter results and the calendar second-quarter guide. Still, Truist Securities analyst Stein noted investors were expecting a more significant beat, considering results from Nvidia Corp (NASDAQ:NVDA) and capex outlooks from hyperscale companies.
Stein stated Broadcom's long-term position in AI is stable or potentially improving, with significant customer additions (3 current and 4 potential additions) suggesting meaningful potential upside. He also anticipated long-term upside at VMWare.
Broadcom's non-AI semi-sales in the calendar first quarter aligned with Stein's estimate. Still, management guided to flat quarter-on-quarter growth, implying $4 billion in the calendar second quarter and a ~5% miss compared to his model (not surprising to him, considering that he noted excess channel inventory).
AI computes (custom accelerators) made up ~60% of total AI sales in the calendar first quarter, implying ~$2.6 billion (14% below his estimate of $3.1 billion).
However, Stein remarked that AI networking delivered $1.8 billion in sales, up 170% Y/Y and 33% above his estimate of $1.3 billion. He said that Broadcom expects to shift back to 70/30 compute/networking going forward, implying a double-digit quarter-over-quarter decline in AI networking revenue and an acceleration in custom silicon.
Rosenblatt analyst Cassidy writes in the analyst note that Broadcom reported a mostly inline quarter with AI revenue up 46% Q/Q and guided to 60% Y/Y growth.
The analyst said that based on good visibility from its three XPU customers, management believes this growth rate can continue into 2026.
He was interested in adopting Broadcom's Ethernet products to scale up connectivity and scaling out. Scale-up unit volumes are 5x to 10x higher than scale-out, Cassidy said.
The analyst noted that the applications are for both LLM training and inference. He said that with three hyper-scale customers ramping up production, management discussed the other four XPU prospects. Cassidy continued recommending the stock for its strong custom ASIC capabilities.
While the second-quarter results and third-quarter guide may be viewed as only a 'skinny beat,' underneath the covers was a very bullish outlook from Broadcom management, Cantor analyst Prisco stated. Broadcom remains Prisco's top pick.
AI Semi revenues were guided at +16% Q/Q and 60% Y/Y for the third quarter, with management then suggesting improved visibility today that gives them confidence that the AI semiconductor business can grow at this ~60% rate for all of fiscal 2025 and 2026, the analyst said.
He said that AI semiconductor revenues are projected to reach $20 billion+ in fiscal 2025 and $30 billion+ in fiscal 2026, delivering meaningful upside to consensus into calendar 2026.
Prisco remarked that non-AI Semiconductor revenues continue to bounce along the bottom while the cash cow Infrastructure Software grows modestly.
On a relatively modest beat and raise, Broadcom's shares are off about 4% after hours as investors grapple with results that were closer to the small upside that pummelled Marvell's shares last week versus the stronger outperformance delivered by Nvidia when adjusting for their Chinese exposure, analyst Acree stated.
The analyst writes that he understands investors taking profits, particularly considering the company's $120-plus run since its recent early April lows of about $139.
He continues to believe Broadcom represents an attractive opportunity as the number two provider of advanced accelerated compute and networking solutions to the AI industry, with direct leverage to the steadily increasing capex budgets of a growing number of the market's largest hyperscale investors.
Price Action: AVGO stock is trading lower by 5.25% to $243.28 at the last check Friday.
Read Next:Photo by Ken Wolter via Shutterstock
Date
Firm
Action
From
To
Mar 2022
Truist Securities
Maintains
Buy
Mar 2022
JP Morgan
Maintains
Overweight
Mar 2022
Morgan Stanley
Maintains
Overweight
View More Analyst Ratings for AVGO
View the Latest Analyst Ratings
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
BROADCOM (AVGO): Free Stock Analysis Report
This article Broadcom Gets Mixed Reactions As Modest Earnings Beat Sparks Profit-Taking originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

13 minutes ago

• Yahoo

Should You Buy Gold After Its 60% Increase in Value? Here's What Warren Buffett Has to Say About It.

The value of gold has soared more than 60% since the start of 2024, outpacing the S&P 500. With a weakening dollar and shaky political environment, gold still looks appealing at this price. Buffett and Munger suggest an even better asset for capital preservation. 10 stocks we like better than Berkshire Hathaway › The value of gold has increased faster than both stocks and bonds since the start of 2024 as growing uncertainty has led investors to seek safe havens. Despite the strong performance of the asset, many still feel it could be a great investment today, considering the world's political environment looks just as shaky as ever. But if you ask Warren Buffett if you should invest in gold, the answer is a clear and resounding "No." Analysts at J.P. Morgan disagree. Despite gold climbing about 60% in the last 18 months, they see the precious metal rising another 25% in value through the end of 2026, reaching $4,250 per ounce. But over the long run, there are some very good reasons why the asset will likely underperform stocks. Here's what Buffett thinks about gold, and how long-term investors can easily outperform it. The investment case for gold is that it's a hedge against inflation. If the dollar declines in value (as it has in recent months) the value of gold will increase relative to the dollar. That's because gold is rare. While gold mining companies are constantly digging it out of the ground, the process isn't cheap or easy. Buffett suggests there are much better ways to maintain the value of your dollars. "Gold would be way down on my list as a store of value," he told investors at Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) 2005 annual shareholder meeting. "I would much prefer owning a hundred acres of land here in Nebraska, or an apartment house, or an index fund." Charlie Munger, Berkshire Hathaway's longtime vice chairman and Buffett's friend, was much more blunt. "Gold is a dumb investment," he told the audience. Both of their points were that there are better opportunities, specifically assets that they would call "productive." That is, they have some level of utility beyond looking shiny, being highly conductive, and never corroding (which can be great for jewelry and electronics, but not much else). An ounce of gold will still be an ounce of gold in 100 years. An acre of farmland will still be an acre of land in 100 years. The difference, Buffett says, is that you got to use the land to grow crops and generate income during those 100 years while your ounce of gold probably just sat in a safe somewhere. A good business, like a farm, can protect against inflation because the value of what it produces won't change substantially. As such, in times of inflation, the price of its produce will increase, and the value of the asset will increase as well. Better yet, if you take the income from the asset and reinvest it in expanding (buying more farmland, adding another apartment, finding a new business to start or invest in), you can grow your wealth dramatically. Berkshire Hathaway itself may be the ultimate example. When Buffett took over Berkshire Hathaway in 1965, gold was worth about $35 per ounce. It's increased nearly 100-fold in the 60 years since. Berkshire Hathaway, on the other hand, is up about 58,664-fold. Buffett's advice for average investors is straightforward and simple. The best investment for the average individual is an index fund like the Vanguard S&P 500 ETF (NYSEMKT: VOO). While Buffett points out examples like farmland or apartments, those investments require management to be truly productive. He personally prefers to invest in individual companies. But those require attention as well, even if every publicly traded company has a board of directors and management in place already. If you want returns better than the market average, you'll have to do a lot of work. Even then, the best and brightest minds on Wall Street still struggle most of the time. So, for most people, a passive investment style where you simply buy and hold an index fund works best. A person who consistently adds money saved from their earnings to an index fund portfolio that produces average returns can end up with a level of wealth that's well above average. There's no need to diversify with other asset classes for long-term investors who can weather the ups and downs of the stock market. Even if you agree with J.P. Morgan's analysts that gold will continue to run higher through the end of next year, it's highly unlikely an unproductive asset outperforms a portfolio of productive assets over the long run. Those looking to tame the volatility of stocks may do better with government bonds. Buffett certainly thinks it's a better place to park cash than gold while he looks for Berkshire's next big stock purchase. Before you buy stock in Berkshire Hathaway, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Berkshire Hathaway wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $664,089!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $881,731!* Now, it's worth noting Stock Advisor's total average return is 994% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 JPMorgan Chase is an advertising partner of Motley Fool Money. Adam Levy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, JPMorgan Chase, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy. Should You Buy Gold After Its 60% Increase in Value? Here's What Warren Buffett Has to Say About It. was originally published by The Motley Fool

Yahoo

21 minutes ago

• Yahoo

Major U.S. banks poised for massive shift in approach toward cryptocurrency: 'Defend your right to buy'

Despite the instability of cryptocurrency, major U.S. banks are considering a move toward supporting these emerging currencies, Reuters reported. However, they are being rightfully cautious given the shifting legal landscape and how easy it would be to run afoul of laws designed to keep our financial systems honest. Reuters spoke to industry executives about the possibility and revealed that internal discussions are already happening regarding the potential change. However, no bank wants to make the first move. "When I look at the bitcoin universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I'm not a fan of it," said Jamie Dimon, CEO of the largest U.S. bank, JPMorgan Chase, per Reuters. "We're going to allow you to buy it, we're not going to custody it. ... I don't think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin." It's not surprising that banks have their eye on this move. President Trump has courted cryptocurrency enthusiasts with promises to create a federal cryptocurrency reserve and make other investments as president. However, it's also not surprising that they're hanging back. The risk is high, and anti-money laundering rules and other regulations could sharply limit their activities, with no guarantees yet as to how those rules may change. When banks do enter the game, it will likely be in small ways, as partners to existing organizations. They may also want to create a stablecoin of their own. It's in the best interests of the American public for legal protections regarding cryptocurrency to be strengthened and for banks to be cautious. All the computing power needed is bad for the environment, at least until we switch to a more eco-friendly cryptocurrency. In the meantime, until banking regulators speak up, we're unlikely to see much change in crypto banking. Do you think the federal government should give us tax breaks to improve our homes? Definitely Only for certain upgrades Let each state decide instead No way Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Sign in to access your portfolio

Business Upturn

26 minutes ago

• Business Upturn

European Medicines Agency Recommends Market Approval of AVT06, Alvotech's Proposed Biosimilar to Eylea® (aflibercept)

REYKJAVIK, Iceland and LONDON, June 23, 2025 (GLOBE NEWSWIRE) — Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide and Advanz Pharma, a UK headquartered global pharmaceutical company with a strategic focus on specialty, hospital, and rare disease medicines in Europe, today announced that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human use (CHMP) adopted a positive opinion recommending approval for AVT06, Alvotech's proposed biosimilar to Eylea® (aflibercept 2 mg). Based on a positive recommendation by CHMP, biosimilar medicines can be approved by the European Commission for marketing in the European Economic Area, that includes the 27 member states of the European Union, in addition to Norway, Iceland and Lichtenstein. 'CHMP's positive opinion takes us a step closer to being able to market our proposed biosimilar in Europe, which is excellent news for patients and their caregivers. Alvotech looks forward to increasing access to this vital biologic treatment for eye disorders,' said Joseph McClellan, Chief Scientific Officer of Alvotech. Advertisement 'We are pleased with the CHMP's positive opinion, which marks an important milestone in our mission to bring high-quality, specialist medicines to patients across Europe,' said Nick Warwick, Chief Medical Officer of Advanz Pharma. The CHMP opinion recommends granting of a marketing authorization for AVT06 intended for the treatment of adults with neovascular (wet) age-related macular degeneration (AMD), visual impairment due to macular oedema secondary to retinal vein occlusion (branch RVO or central RVO), visual impairment due to diabetic macular oedema (DME) and visual impairment due to myopic choroidal neovascularisation (myopic CNV). Alvotech is responsible for the development and commercial supply of the proposed biosimilar. Advanz Pharma is responsible for registration and has exclusive commercialization rights for most countries in Europe. In 2024, global sales of Eylea® were about US$9 billion, and one third of these sales were in Europe [1]. In January 2024 Alvotech announced positive top-line results from a confirmatory clinical study with AVT06 (AVT06-GL-C01) comparing the efficacy, safety, and immunogenicity of the proposed biosimilar to Eylea® in patients with neovascular (wet) AMD. The study met its primary endpoint, with results demonstrating therapeutic equivalence between Alvotech's biosimilar candidate and Eylea® [2]. Alvotech is also developing AVT29, a proposed biosimilar to Eylea® HD, a higher dose (aflibercept 8 mg) aflibercept. Advanz has licensed the distribution rights from Alvotech for both biosimilar candidates, for the same territory. About AVT06 (aflibercept) AVT06 is a recombinant fusion protein and a biosimilar candidate to Eylea® (aflibercept), which binds vascular endothelial growth factors (VEGF), inhibiting the binding and activation of VEGF receptors, neovascularization, and vascular permeability [3]. AVT06 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. Sources [1] Global Data and IQVIA [2] Agostini, H. (2025). A randomized, double-masked parallel-group, multicenter clinical study evaluating the efficacy and safety of the biosimilar candidate AVT06 compared to the reference product aflibercept in participants with neovascular age-related macular degeneration. Expert Opinion on Biological Therapy, 1–15. [3] Use of trademarks Elyea® is a registered trademark of Regeneron Pharmaceuticals Inc. and Bayer AG. 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's current pipeline includes eight 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), 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. About Advanz Pharma Partner of choice in specialty, hospital, and rare disease medicines. Advanz Pharma is a global pharmaceutical company with the purpose to improve patients' lives by providing and enhancing the specialty, hospital, and rare disease medicines they depend on. Our headquarters are in London, UK. We have commercial sales in more than 90 countries globally and have a direct commercial presence in more than 20 countries, including key countries in Europe, the US, Canada, and Australia, a Centre of Excellence in Mumbai, India, as well as an established global distribution and commercialization partner network. Advanz Pharma's product portfolio and pipeline comprises innovative medicines, biosimilars & specialty generics, and originator brands. Our products cover a broad range of therapeutic areas, including hepatology, rheumatology, gastroenterology, anti-infectives, critical care, endocrinology, oncology, CNS, and, more broadly, rare disease medicines. Our ambition is to be a partner of choice for the commercialization of specialty, hospital, and rare disease medicines in Europe, Canada, and Australia. In line with our ambition, we are partnering with biopharma and development companies to bring medicines to patients. We can only achieve this due to our dedicated and highly qualified employees, acting in line with our company values of entrepreneurship, speed, and integrity. 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 or operating performance of Alvotech and may include, for example, Alvotech's expectations regarding future growth, results of operations, performance, future capital and other expenditures, 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 review and interactions, the satisfactory responses to the FDA's inspection findings and resolution of other deficiencies conveyed following the re-inspection of Alvotech's manufacturing site, the potential approval, including for AVT02, AVT04, and the product candidates in scope of the partnership with Advanz, by the FDA and other regulatory agencies and commercial launch of its product candidates, the timing of the announcement of clinical study results, the commencement of patient studies, regulatory applications, approvals and market launches, and the estimated size of the total addressable market of Alvotech's pipeline products. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential' 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 reach development milestones under commercial partnership agreements including the partnership with Advanz; (2) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (3) the ability to maintain stock exchange listing; (4) changes in applicable laws or regulations; (5) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (6) Alvotech's estimates of expenses and profitability; (7) Alvotech's ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (10) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (11) the ability of Alvotech or its partners, including Advanz, to gain approval from regulators for planned clinical studies, study plans or sites; (12) the ability of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (13) 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; (14) the success of Alvotech's current and future collaborations, joint ventures, partnerships or licensing arrangements, including the partnership with Advanz; (15) Alvotech's ability, and that of its commercial partners, including Advanz, to execute their commercialization strategy for approved products; (16) Alvotech's ability to manufacture sufficient commercial supply of its approved products; (17) the outcome of ongoing and future litigation regarding Alvotech's products and product candidates; (18) the potential impact of the ongoing COVID-19 pandemic on the FDA's review timelines, including its ability to complete timely inspection of manufacturing sites; (19) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, war in Ukraine and global geopolitical tension, and the ongoing and evolving COVID-19 pandemic on the Alvotech's business, financial position, strategy and anticipated milestones; and (20) 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 set forth 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. Advanz Pharma Forward Looking Statements Certain statements in this press release are forward-looking statements. These statements may be identified by words such as 'anticipate', 'expectation', 'belief', 'estimate', 'plan', 'target', 'project', 'will', 'may', 'should' or 'forecast' and similar expressions, or by their context. Although Advanz Pharma believes that these assumptions were reasonable when made, by their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the industry, intense competition in the markets in which Advanz Pharma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Advanz Pharma's markets, and other factors beyond the control of Advanz Pharma. Neither Advanz Pharma nor any of its directors, officers, employees, advisors, or any other person is under any obligation to update or keep current the information contained in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. No obligation is assumed to update any forward-looking statements. The information contained in this press release is provided as at the date of this document and is subject to change without notice. MEDIA CONTACTS Alvotech Global Communications and Investor Relations Benedikt Stefansson [email protected] Advanz Pharma Global Corporate Communications Courtney Baines [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.