Auxly Announces Results of Annual General Meeting of Shareholders
Rhea-AI Summary
Alvotech (NASDAQ: ALVO) reported strong Q1 2025 financial results, with total revenues reaching $132.8 million, a 260% increase year-over-year. Product revenues surged 786% to $109.9 million, while Adjusted EBITDA improved to $20.5 million from negative $38.4 million in 2023.
The company increased its full-year guidance to $600-$700 million in revenue and $200-280 million in adjusted EBITDA, following the acquisition of Xbrane's R&D operations and rights to a proposed Cimzia biosimilar. Notable achievements include the U.S. launch of SELARSDI™ (ustekinumab-aekn), a Stelara® biosimilar, and BLA filing acceptances for biosimilars to Simponi®, Eylea®, and Prolia/Xgeva.
The company reported a net profit of $109.7 million ($0.39 per share) and expects to be free cash-flow positive in 2025.
Positive
- None.
Negative
- High debt level with total borrowings of $1.09 billion
- Limited cash position of $39.5 million as of March 31, 2025
- Increased G&A expenses due to higher legal fees
- Operating costs remain elevated with R&D expenses of $38.2 million
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A total of 371,890,083 common shares of the Company, representing
All of the matters put forward before the Company's shareholders for consideration and approval, as set out in the Company's information circular dated May 27, 2025 (the "Circular"), were approved by the requisite majority of the votes cast at the Meeting. The results are set out below.
Each of the directors listed as a nominee in the Circular was elected as a director of the Company at the Meeting. The detailed results of the vote for the election of directors held at the Meeting are set out below:
Name of Nominee | Votes cast FOR | % of votes cast FOR | Votes WITHHELD | % of votes WITHHELD |
Genevieve Young | 369,181,176 | 99.39 % | 2,275,549 | 0.61 % |
Hugo Alves | 369,082,455 | 99.36 % | 2,374,271 | 0.64 % |
Troy Grant | 369,333,945 | 99.43 % | 2,122,781 | 0.57 % |
Vikram Bawa | 368,852,993 | 99.30 % | 2,603,733 | 0.70 % |
Conrad Tate | 369,280,916 | 99.41 % | 2,175,810 | 0.59 % |
At the Meeting, Auxly shareholders approved the re-appointment of Ernst & Young LLP ("EY") as the Company's auditors for the 2025 fiscal year and authorized the board of directors to fix its remuneration.
A report of voting results on all resolutions voted on at the Meeting will be available on SEDAR at www.sedar.com.
To listen to a copy of the audio recording of the meeting, please click on the link below or visit the Company's website at www.auxly.com.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc. (TSX: XLY)
Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in
Our vision is to be a global leader quality cannabis products.
Learn more at www.auxly.com and stay up to date at Twitter: @AuxlyGroup; Instagram: @auxlygroup; Facebook: @auxlygroup; LinkedIn: company/auxlygroup/.
Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.