Jason Gerberry
BofA Securities, Research Division

Our next company presenter at the BofA Annual Healthcare Conference, Jason Gerberry, Pharma and Biotech analyst. Pleased to be introducing Alvotech and Balaji Prasad, Chief Strategy Officer. Balaji, thanks for joining us.

Balaji Prasad
Chief Strategy Officer

Always a pleasure, Jason. Thanks for having us over.

Jason Gerberry
BofA Securities, Research Division

Yes. So maybe first, just if you want to level set the conversation, can you maybe walk us through some of the key developments at Alvotech over the past couple of years, just to give us a sense of your current partnership structures and approved biosimilar products across your key geographies?

Balaji Prasad
Chief Strategy Officer

Sure. Thank you. So it's almost around 2 years since we started being commercial in the U.S. market with the launch of biosimilar Humira in 2024. And since then, we have had a bit of a ride globally in the U.S. alone. So we launched biosimilar Humira in 2024. And in Feb 2025, we launched biosimilar Stelara. And just soon after we filed for a couple of biosimilars, including Simponi, Simponi Eylea, Prolia, Xgeva and Eylea. And so we have come through this path where now last year, we delivered around $600 million of revenue, just about, and we delivered around $140 million of EBITDA. And we have guided to around $650 million to $700 million of revenue this year and around $180 million to $200 million of EBITDA. Now that's on the -- what we have done on the commercial side.

On the pipeline side, which is where the more