Shares of Alvotech (ALVO) plunged 5.80% in pre-market trading on Thursday following the release of the company's fourth-quarter and full-year 2024 financial results. The biopharmaceutical company's performance painted a mixed picture, with strong revenue growth overshadowed by a larger-than-anticipated annual loss.

For the fourth quarter, Alvotech reported a loss of $0.24 per share, which was better than the analysts' expectations of a $0.39 per share loss. The company's revenue surged by 177.4% to $153.34 million, significantly surpassing the forecasted $115.33 million. Despite this positive surprise, investors seemed more focused on the full-year results.

Alvotech's full-year 2024 performance showed a GAAP loss of $0.87 per share, missing the analyst consensus estimate of $0.55 per share by a considerable margin. However, the annual revenue of $492 million beat expectations of $455.53 million, representing a massive 438.09% increase from the previous year. The market's negative reaction suggests that investors are concerned about the company's profitability despite its impressive top-line growth. In a separate announcement, Alvotech appointed Dr. Balaji V. Prasad as its new Chief Strategy Officer, which could potentially influence the company's future direction and performance.