05:49 AM EDT, 05/22/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Alvotech ( ALVO ) shares jumped 4.3% in premarket activity on Wednesday after the company reported a narrower loss in Q1 after sales more than doubled.

The company reported a Q1 loss late Tuesday of $0.89 per diluted share, narrowing from a loss per share of $1.24 a year earlier.

Analysts' estimates were unavailable for comparison.

Revenue for the quarter ended March 31 was about $36.9 million, compared with $15.9 million a year earlier.

Alvotech ( ALVO ) said it raised its full-year revenue guidance to between $400 million and $500 million. Analysts polled by Capital IQ expect $352.7 million.

Price: 14.54, Change: +0.60, Percent Change: +4.30