Exhibit 15.1 UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION Introduction The following
unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule,
Release No. 33-10786 Amendments to Financial Disclosures about Acquired and Disposed Businesses and is provided to aid you in your analysis of the financial aspects of the Business
Combination, the PIPE Financing and other related transactions, including the combination of the financial information of OACB and Alvotech after giving effect to the Business Combination, the PIPE Financing and other related transactions. The unaudited pro forma condensed combined statement of financial position as of December 31, 2021 combines the historical balance sheet
of OACB with the historical consolidated statement of financial position of Alvotech, giving effect to the Business Combination, the PIPE Financing and other related transactions as if they had been consummated on December 31, 2021. The following unaudited pro forma condensed combined statement of profit or loss for the year ended December 31, 2021 combines the
historical statement of operations of OACB and the historical consolidated statement of profit or loss of Alvotech, giving effect to the Business Combination, the PIPE Financing and other related transactions as if they had been consummated on
January 1, 2021. The unaudited pro forma condensed combined financial information has been prepared for illustrative purposes only
and is not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination, the PIPE Financing and other related transactions taken place on the dates indicated or if the businesses
had always been combined, nor is it indicative of the future consolidated results of operations or financial position of the Combined Company. The actual financial position and results of operations may differ significantly from the pro forma
amounts reflected herein due to a variety of factors. The unaudited pro forma adjustments represent managements estimates based on information available as of the date of the unaudited pro forma condensed combined financial information and is
subject to change as additional information becomes available and analyses are performed. Management believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination
based on information available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial statements. Further, the
unaudited pro forma condensed combined financial information may not be useful in predicting the future financial condition and results of operations of the Combined Company. The unaudited pro forma condensed combined financial information has been derived from and should be read in conjunction with Alvotechs
and OACBs financial statements and related notes, as applicable, and the sections titled Alvotech Managements Discussion and Analysis of Financial Condition and Results of Operations and OACB Managements
Discussion and Analysis of Financial Condition and Results of Operations and other financial information in the Form F-4 and other financial information incorporated herein by reference. Description of the Transactions On June 15, 2022 (the Closing Date), TopCo closed the Business Combination with OACB and Alvotech, pursuant to the Business
Combination Agreement dated December 7, 2021. The closing of the Business combination resulted in the following transactions:  

OACB merged with and into TopCo, whereby (i) all of the outstanding OACB Ordinary Shares were exchanged for
TopCo Ordinary Shares on a one-for-one basis, pursuant to a share capital increase of TopCo and (ii) all of the outstanding OACB Warrants ceased to
represent a right to acquire OACB Ordinary Shares and now represent a right to be issued one TopCo Ordinary Share, with TopCo as the surviving company in the merger;




---



TopCo redeemed and canceled the initial shares held by the initial sole shareholder of TopCo pursuant to a share
capital reduction of TopCo;  

The legal form of TopCo changed from a simplified joint stock company (société par actions
simplifiée) to a public limited liability company (société anonyme) under Luxembourg law; and  

Alvotech merged with and into TopCo, whereby all outstanding Alvotech Ordinary Shares were exchanged for TopCo
Ordinary Shares, pursuant to a share capital increase of TopCo, with TopCo as the surviving company in the merger. On
June 15, 2022, immediately prior to the closing of the Business Combination, the PIPE Financing was closed, pursuant to the subscription agreements, in which subscribers collectively subscribed for 17,493,000 TopCo Ordinary Shares at $10.00 per
share for an aggregate subscription price equal to approximately $174.9 million. In advance of the closing of the Business
Combination and in preparation for redemptions of OACB Class A Ordinary Shares as further described below, the Company has secured a Standby Equity Purchase Agreement (SEPA) facility from YA II PN, Ltd (Yorkville) for up to
$150 million. The company also continues to finalize the terms of a debt facility with Sculptor Capital Investments, LLC (Sculptor). The debt facility is currently expected to provide TopCo with funding between $75.0 million and $125.0
million. Negotiations remain ongoing, which may impact the final terms of the facility. TopCos entry into the facility agreement is, among other conditions precedent, subject to receipt of all necessary approvals and the negotiation and
execution of final documentation in a form that is mutually agreeable to all parties involved. There can be no guarantee that these conditions precedent will be satisfied or that the parties will be able to agree on final documentation. The two
facilities are intended to replace redemptions by OACB shareholders that occurred as part of the Business Combination. Accounting for the Business
Combination The Business Combination was accounted for as a capital reorganization. Under this method of accounting, OACB was
treated as the acquired company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of Alvotech issuing shares at the closing of the Business Combination for the net assets of OACB as of
the closing date, accompanied by a recapitalization. The net assets of OACB were stated at historical cost, with no goodwill or other intangible assets recorded. Alvotech was determined to be the accounting acquirer based on the evaluation of the following facts and circumstances:  

The former owners of Alvotech hold the largest portion of voting rights in TopCo;  

Alvotech has the right to appoint a majority of the directors in TopCo;  

Alvotechs existing senior management team comprises senior management of TopCo;  

The operations of Alvotech represent the ongoing operations of TopCo;  

Alvotech is the larger of the combined entities based on fair value, assets, revenues and profits; and  

TopCo assumed Alvotechs headquarters. The Business Combination is not within the scope of IFRS 3  Business Combinations, since OACB does not meet the definition of a
business. The Business Combination was accounted for within the scope of IFRS 2  Share-based Payments. As a result, any excess of fair value of TopCo Ordinary Shares issued over the fair value of OACBs identifiable net assets acquired
represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.




---

Basis of Pro Forma Presentation Pursuant to OACBs existing charter, OACBs public shareholders were offered the opportunity to redeem, upon closing of the Business
Combination, OACB Class A Ordinary Shares held by them for cash equal to their pro rata share of the aggregate amount on deposit in the Trust Account. The unaudited pro forma condensed combined financial statements reflect the actual redemption
of 24,023,495 shares of OACB Class A Ordinary Shares at $10.00 per share. The unaudited pro forma condensed combined financial
statements do not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business Combination. The following summarizes the number of Topco Ordinary Shares outstanding immediately after the Closing Date:  ShareholdersOwnership in Shares


%Alvotech shareholders(1)


218,930,000



90
%OACB shareholders


976,505



1
%Sponsor(2)


6,250,000



2
%PIPE investors


17,493,000



7
%Total


243,649,505  (1)
Includes 38,330,000 of Seller Earn Out Shares. Refer to tickmark (N) in the transaction accounting
adjustments section for additional details. Excludes the TopCo Ordinary Shares issued for the settlement of the SARs. Refer to tickmark (I) in the transaction accounting adjustments section for additional details. (2)
Includes 1,250,000 of Sponsor Earn Out Shares. Refer to tickmark (O) in the transaction accounting
adjustments section for additional details.




---

Unaudited Pro Forma Condensed Combined Statement of Financial Position As of December 31, 2021 (In thousands)  As of December 31, 2021Alvotech(IFRS, Historical)


OACB(US GAAP,Historical)


IFRS conversionand presentationalignment(Note 3)


TransactionAccountingAdjustments




Pro FormaCombinedNon-current assetsProperty, plant and equipment, net

$
78,530


$



$



$





$
78,530Right-of-use
assets


126,801

















126,801Goodwill


12,367

















12,367Other intangible assets


21,509

















21,509Contract assets


1,479

















1,479Investment in joint venture


55,307

















55,307Other long-term assets


1,663

















1,663Restricted cash


10,087











14,913


Q


25,000Deferred tax assets


170,418

















170,418Investments held in Trust Account






250,034







(240,235
)

A


(9,799
)

BTotal non-current assets


478,161



250,034







(235,121
)




493,074Current assetsInventories


39,058

















39,058Trade receivables


29,396

















29,396Contract assets


17,959

















17,959Other receivables


14,736







100









14,836Receivables from related parties


1,111

















1,111Cash and cash equivalents


17,556



587







9,799


B


252,699174,930


C(5,930
)

D(37,830
)

E50,000


F40,000


G20,000


H(1,500
)

I(14,913
)

QPrepaid expenses






100



(100
)








Total current assets


119,816



687







234,556





355,059Total assets

$
597,977


$
250,721


$



$
(565
)



$
848,133Commitments and contingenciesClass A ordinary shares subject to possible redemption

$



$
250,000


$
(250,000
)

$





$
Equity




















Share capital


135











175


C


2,02635


I10


J1,671


KShare premium


1,000,118











174,755


C


1,029,3792,920


D(5,560
)

E30,267


I9,756


J(1,671
)

K(31,869
)

L87,263


M(227,500
)

N(9,100
)

OClass A ordinary shares




















Class B ordinary shares






1







(1
)

J


Translation reserve


4,669

















4,669




---

As of December 31, 2021Alvotech(IFRS, Historical)


OACB(US GAAP,Historical)


IFRS conversionand presentationalignment(Note 3)


TransactionAccountingAdjustments




Pro FormaCombinedAdditional paid-in capital




















Accumulated deficit


(1,140,534
)


(25,079
)






(25,078
)

E


(1,249,201
)4,211


I31,869


L(87,263
)

M(2,327
)

P(5,000
)

QTotal equity


(135,612
)


(25,078
)






(52,437
)




(213,127
)Non-current liabilitiesBorrowings


398,140

















398,140Derivative financial liabilities










11,571



227,500


N


248,1719,100


OOther long-term liability to related party


7,440

















7,440Lease liabilities


114,845

















114,845Long-term incentive plan


56,334











(36,013
)

I


20,321Contract liabilities


44,844

















44,844Deferred tax liability


150

















150Deferred legal fees






100







(100
)

D


Deferred underwriting commissions






8,750







(8,750
)

D


Derivative warrant liabilities






11,571



(11,571
)








Class A ordinary shares subject to redemption










250,000



(240,235
)

A


(9,765
)

JTotal non-current liabilities


621,753



20,421



250,000



(58,263
)




833,911Current liabilitiesTrade and other payables


28,587







233



(1,860
)

E


26,960Lease liabilities


7,295

















7,295Current maturities of borrowings


2,771

















2,771Liabilities to related parties


638







360



50,000


F


110,99840,000


G20,000


HContract liabilities


29,692

















29,692Taxes payable


841

















841Other current liabilities


42,012







4,785



(5,332
)

E


48,792







2,327


P5,000


QAccounts payable






233



(233
)








Accrued expenses






4,785



(4,785
)








Accrued expenses-related party






241



(241
)








Advance from related party






119



(119
)








Total current liabilities


111,836



5,378







110,135





227,349Total liabilities


733,589



25,799



250,000



51,872





1,061,260Total equity and liabilities

$
597,977


$
250,721


$



$
(565
)



$
848,133




---

Unaudited Pro Forma Condensed Combined Statement of Profit or Loss For the Year Ended December 31, 2021 (In thousands, except per share data)  Year EndedDecember 31, 2021


Year EndedDecember 31, 2021Alvotech(IFRS, Historical)


OACB(US GAAP,Historical)


IFRS conversionand presentationalignment(Note 3)


TransactionAccountingAdjustments




Pro FormaCombinedRevenue

$
36,772


$



$



$





$
36,772Other income


2,912











4,723


T


7,635Research and development expenses


(191,006
)
















(191,006
)General and administrative expenses


(84,134
)


(5,862
)






(25,078
)

R


(202,849
)(87,263
)

S(512
)

TOperating loss


(235,456
)


(5,862
)






(108,130
)




(349,448
)Share of net loss of joint venture


(2,418
)
















(2,418
)Finance income


51,568







9,854



(52
)

U


61,370Finance costs


(117,361
)










40,215


V


(74,130
)(2,327
)

W10,343


X(5,000
)

YExchange rate differences


2,681

















2,681Gain on extinguishment of financial liabilities


151,788

















151,788Unrealized gain on investments held in Trust Account






52



(52
)








Change in fair value of derivative warrant liabilities






9,802



(9,802
)








Non-operating profit


86,258



9,854







43,179





139,291(Loss) / profit before taxes


(149,198
)


3,992







(64,951
)




(210,157
)Income tax credit


47,694

















47,694(Loss) / profit for the year

$
(101,504
)

$
3,992


$



$
(64,951
)



$
(162,463
)Basic and diluted net loss per share - basic and diluted

$
(12.29
)Basic and diluted net income per share, Class A Ordinary Shares





$
0.13Basic and diluted net income per share, Class B Ordinary Shares





$
0.13Pro Forma weighted average ordinary shares outstanding - basic and diluted




















204,069,505Pro Forma net loss per share - basic and diluted



















$
(0.67
)




---

Notes to the Unaudited Pro Forma Condensed Combined Financial Information 1. Basis of the presentation The
unaudited pro forma condensed combined statement of financial position as of December 31, 2021, assumes that the Business Combination, the PIPE Financing and other related transactions occurred on December 31, 2021. The unaudited pro forma
condensed combined statement of profit or loss for the year ended December 31, 2021, presents the pro forma effect of the Business Combination, the PIPE Financing and other related transactions as if they had been completed on January 1,
2021. This period is presented on the basis that Alvotech is the accounting acquirer. The historical financial information of Alvotech
was derived from Alvotechs consolidated financial statements as of and for the year ended December 31, 2021, included in the Form F-4 and incorporated herein by reference. The historical financial information of OACB was derived from
OACBs financial statements as of and for the year ended December 31, 2021, included in the Form F-4 and incorporated herein by reference. This information should be read together with Alvotechs and OACBs financial statements
and related notes, as applicable, and the sections titled Alvotechs Managements Discussion and Analysis of Financial Condition and Results of Operations, and OACBs Managements Discussion and
Analysis of Financial Condition and Results of Operations and other financial information in the Form F-4 and other financial information incorporated herein by reference. Alvotechs historical consolidated financial statements are prepared in accordance with IFRS. The historical financial statements of OACB
were prepared in accordance with U.S. GAAP and, for purposes of the unaudited pro forma financial information, have been converted to IFRS on a basis consistent with the accounting policies and presentation adopted by Alvotech. The unaudited pro forma condensed combined financial information was prepared in accordance with Article 11 of SEC Regulation S-X as amended by the final rule, No. 33-10786. Release No. 33-10786 replaces the
existing pro forma adjustment criteria and simplified requirements to depict the accounting for the transaction (Transaction Accounting Adjustments). OACB and Alvotech have not had any historical relationship prior to the Business
Combination. Accordingly, no pro forma adjustments were required to eliminate activities between the companies. The adjustments presented
in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant information necessary for an understanding of TopCo upon consummation of the Business Combination, the PIPE Financing and
other related transactions. The pro forma




---

adjustments reflecting the consummation of the Business Combination, the PIPE Financing and other related transactions are based on certain currently available information and certain assumptions
and methodologies that Alvotech believes are reasonable under the circumstances. The pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is
likely that the actual adjustments will differ from the pro forma adjustments, and it is possible that the difference may be material. Alvotech management believes that its assumptions and methodologies provide a reasonable basis for presenting all
of the significant effects of the Business Combination, the PIPE Financing and related transactions based on information available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are
properly applied in the unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined
financial statements do not include any adjustments for new equity incentive plans since no grants have been approved under such plans. Compensation expense and the associated liabilities pursuant to Alvotechs long-term incentive plans are
included within Alvotechs historical financial results, and pro forma adjustments have been made related to the settlement of certain long-term incentive plans as further described below. The unaudited pro forma condensed combined financial statements do not include any adjustments for the potential debt facility with Sculptor
since definitive documentation has not been executed and there have been no drawings by TopCo as of the Closing. Similarly, the unaudited pro forma condensed combined financial statements do not include any adjustments for the Yorkville SEPA
Facility since no issuances of TopCo Ordinary Shares were made pursuant to this facility as of the Closing. 2. Conversion and Reclassification of
OACBs Financial Statements The historical financial information of OACB has been adjusted to give effect to the differences
between U.S. GAAP and IFRS for the purposes of the unaudited pro forma condensed combined financial information. The only adjustment required to convert OACBs financial statements from U.S. GAAP to IFRS for purposes of the unaudited pro forma
condensed combined financial information was to reclassify OACB Class A Ordinary Shares subject to redemption to non-current financial liabilities under IFRS 2. Further, as part of the preparation of the unaudited pro forma condensed combined financial information, certain reclassifications were made
to align OACBs historical financial information in accordance with the presentation of Alvotechs historical financial information. 3.
Adjustments to Unaudited Pro Forma Condensed Combined Statement of Financial Position as of December 31, 2021 The Transaction
Accounting Adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:  A.
Reflects the actual redemption of 24,023,495 OACB Class A Ordinary Shares at a redemption price of $10.00
per share for aggregate redemption payments of $240.2 million from investments held in the Trust Account.  B.
Reflects the liquidation and reclassification of $9.8 million of investments held in the Trust Account to
cash and cash equivalents, after recording actual redemptions of OACB Class A Ordinary Shares as discussed in (A) above.  C.
Represents the proceeds of approximately $174.9 million from the issuance and sale of 17,493,000 shares of
TopCo Ordinary Shares at $10.00 per share pursuant to the terms of the PIPE Financing.




---

D.
Reflects the settlement of deferred underwriting commissions and deferred legal fees, both of which are OACB
liabilities to be paid by TopCo upon the closing of the Business Combination. The liabilities were settled for $5.9 million, resulting in a $2.9 million increase in share premium.  E.
Represents the transaction costs incurred by OACB and Alvotech of approximately $16.8 million and
$30.7 million, respectively, for advisory, banking, printing, legal, and accounting fees incurred as part of the Business Combination. For the OACB transaction costs, $4.2 million of these fees have been accrued and $0.2 million have been paid as of the pro forma
balance sheet date. $5.6 million represent equity issuance costs capitalized in share premium related to the PIPE Financing. The remaining amount of $6.8 million is reflected as an adjustment to accumulated deficit and is reflected in the
unaudited pro forma condensed combined statement of profit or loss for the year ended December 31, 2021 as discussed in (R) below. The OACB estimated transaction costs excludes the deferred underwriting commissions included in
(D) above. For the Alvotech transaction costs, $3.0 million of these fees have been accrued and $9.4 million have been
paid as of the pro forma balance sheet date. The remaining amount of $18.3 million is included as an adjustment to accumulated deficit and is reflected in the unaudited pro forma condensed combined statement of profit or loss for the year ended
December 31, 2021 as discussed in (R) below.  F.
Represents the $50.0 million of funding provided by Alvogen and Aztiq in the form of an interest-free
advance which is due 30 days after the Closing Date.  G.
Represents the $40.0 million of funding available under the Alvogen Bridge Loan, bearing an interest rate
of 10% per annum. The loan is drawable in two separate installments of $20.0 million each. Each drawdown is subject to Alvogen approval. Repayment by Alvotech of amounts drawn under the Alvogen Bridge Loan is due within 30 days of the Closing
Date.  H.
Represents the $20.0 million of funding provided by Alvogen pursuant to a loan agreement entered into on
June 1, 2022. The loan bears an interest rate of 10% per annum and is due within 30 days of the Closing Date.  I.
Represents the settlement of the share appreciation rights (SARs) previously awarded to certain
current and former employees of Alvotech in connection with the closing of the Business Combination, as follows:  

two former employees will receive a fixed number of TopCo Ordinary Shares to be issued one year after the
Closing;  

one former employee will receive a cash payment at Closing;  

one current employee can elect to receive a cash payment or a fixed number of TopCo Ordinary Shares to be issued
one year after the Closing. In accordance with IFRS 2, the transactions with the two former employees that will receive
a fixed number of TopCo Ordinary Shares were accounted for as a modification of a share-based payment transaction that changes the awards classification from cash-settled to equity-settled. The settlement with the former employee that received
a cash payment at Closing is presented as a decrease in both the long-term incentive plan liability and cash and cash equivalents in the unaudited pro forma condensed combined statement of financial position. The obligation for the current employee
that may receive either a cash payment or a fixed number of TopCo Ordinary Shares continues to be presented as liability on the unaudited pro forma condensed combined statement of financial position. The transactions resulted in a $36.0 million decrease in the long-term incentive plan liability, and subsequent $1.5 million
decrease in cash, a $30.3 million increase in equity and a $4.2 million decrease in accumulated deficit as a result of settling the SARs with these current and former employees. Refer to (T) below for the impact of these transactions
to the unaudited pro forma condensed combined statement of profit or loss.




---

J.
Represents the exchange of 976,505 OACB Class A Ordinary Shares and 5,000,000 OACB Class B Ordinary
Shares into 5,976,505 TopCo Ordinary Shares.  K.
Represents the exchange of 13,386,098 Alvotech Class A Ordinary Shares and 95,701 Alvotech Class B
Shares into 180,600,000 TopCo Ordinary Shares and 38,330,000 Seller Earn Out Shares as described in (N) below.  L.
Represents the elimination of OACBs historical accumulated deficit after recording the transaction costs
to be incurred by OACB as described in (E) above.  M.
Represents the expense recognized, in accordance with IFRS 2, for the excess of the fair value of TopCo
Ordinary Shares issued and the fair value of OACBs identifiable net liabilities at the date of the Business Combination, resulting in a $87.3 million increase to accumulated deficit. The fair value of shares issued was estimated based on
a market price of $9.38 per share (as of June 15, 2022). The fair value of shares issued includes the shares to be issued under the Sponsor Letter Agreement, which includes shares to be issued to the Initial Shareholders of OACB if future
volume-weighted average price targets of TopCo Ordinary Shares are met in a specified time period.  Shares


(in 000s)OACB ShareholdersClass A shareholders


976,505Class B shareholders


5,000,000Sponsor Earn Out Shares


1,250,000Total TopCo Shares issued to OACB shareholders


7,226,505Fair value of Shares issued to OACB as of June 15, 2022





$
56,060Fair Value of Sponsor Earn Out Shares issued to OACB as of June 15, 2022






9,100Estimated market value






65,160Net assets of OACB as of December 31, 2021






224,922Less: OACB transaction costs






(6,790
)Less: Effect of redemption of 24,023,495 OACB Class A Ordinary Shares






(240,235
)Adjusted net liabilities of OACB as of December 31, 2021






(22,103
)Difference - being IFRS 2 charge for listing services





$
87,263  N.
Represents 38,330,000 TopCo Ordinary Shares to be issued to the Alvotech Shareholders (the Seller Earn
Out Shares) at the Second Merger Effective Time. One half of the Seller Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the TopCo Ordinary Share price is at or above a volume
weighted average price (VWAP) of $15.00 per share for any ten trading days within any twenty trading day period, with the other half vesting at a VWAP of $20.00 per share for any ten trading days within any twenty trading day period. The
Seller Earn Out Shares are accounted for as liabilities in accordance with IAS 32 and will be subject to ongoing mark-to-market adjustments through the statement of
profit or loss.  O.
Represents 1,250,000 TopCo Ordinary Shares issued to the Sponsor (the Sponsor Earn Out Shares) at
the First Merger Effective Time. One half of the Sponsor Earn Out Shares will vest if, at any time during the five years following the closing of the Business Combination, the TopCo Ordinary Share price is at or above a VWAP of $12.50 per share for
any ten trading days within any twenty trading day period, with the other half vesting at a VWAP of $15.00 per share. The Sponsor Earn Out Shares are accounted for as liabilities in accordance with IAS 32 and will be subject to ongoing mark-to-market adjustments through the statement of profit or loss.  P.
Reflects the accrual of waiver fees to be paid by TopCo to certain bondholders who waived their right to
exercise an option whereby Alvogen, a related party, would be required to purchase their interest in the Company.  Q.
Reflects the following transactions in connection with the amended bond agreement:  

the reclassification of $14.9 million of cash to restricted cash due to Alvotechs requirement to maintain a
minimum of $25.0 million of restricted cash in a separate liquidity account; and  

the recognition of a $5.0 million consenting fee payable to the bondholders. 4. Adjustments to Unaudited Pro Forma Condensed Combined Statement of Profit or Loss for the Year Ended December 31, 2021 The Transaction Accounting Adjustments, based on preliminary estimates that could change materially as additional information is obtained, are
as follows:  R.
To reflect the recognition of transaction costs, as described in (E) above, during the year ended
December 31, 2021. These costs are a nonrecurring item.  S.
Represents $87.3 million of expense recognized in accordance with IFRS 2, for the difference between the
fair value of TopCo Ordinary Shares issued and the fair value of OACBs identifiable net liabilities, as described in (M) above. This cost is a nonrecurring item.  T.
Represents the recognition of $0.5 million of general and administrative expense related to the
remeasurement of the SAR liabilities at the modification date and $4.7 million in other income related to the gain on the extinguishment of the SAR liabilities from the transactions described in (I) above.




---

U.
To eliminate interest income earned on funds in the Trust Account that were released upon closing of the
Business Combination.  V.
Reflects the elimination of $40.2 million of finance costs recognized during the year ended
December 31, 2021 for interest expense associated with Alvotechs convertible shareholder loans, which were converted into Alvotech Class A Ordinary Shares or otherwise extinguished in connection with the BCA Framework Agreement
entered into among Alvotech Shareholders, Alvotech, TopCo and Floki Holdings S.à r.l. Any conversion rights and warrant rights that remained unexercised at the date of the Business Combination would have been forfeited by the holders of these
derivative financial liabilities.  W.
Reflects the finance costs recognized for the accrual of waiver fees as described in (P) above. These
costs are a nonrecurring item.  X.
Reflects the difference in finance costs on the outstanding bonds, resulting from the closing of the Business
Combination. In accordance with the terms of the outstanding bonds, the interest rate decreased from 15% to 10% following the closing of the Business Combination.  Y.
Reflects the recognition of the consenting fee payable to the bondholders as described in (Q) above. 5. Pro Forma Loss per Share The pro forma loss per share is calculated using the historical weighted average shares outstanding, and the issuance of additional shares in
connection with the Business Combination, PIPE Financing and related transactions, assuming the shares were outstanding since January 1, 2021. As the Business Combination, PIPE Financing and related transactions are being reflected as if they
had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted loss per share assumes that the shares issued in connection with the Business Combination have been outstanding for
the entire period presented. The holders of the Sponsor Earn Out Shares and Seller Earn Out Shares are entitled to the same voting and
dividend rights generally granted to holders of TopCo Ordinary Shares. Therefore, the Sponsor Earn Out Shares and Seller Earn Out Shares are determined to be participating securities at issuance, and are included in the calculation of pro forma loss
per share for the year ended December 31, 2021. The employees that will or may be issued TopCo Ordinary Shares as described in (I) above are not entitled to such rights during the period in which the shares have not been issued; therefore,
such TopCo Ordinary Shares are not included in the calculation of pro forma loss per share for the year ended December 31, 2021. For the year ended December 31, 2021 (in thousands, except share and per share data)  SharesPro forma loss (1)

$
(136,071
)Weighted average shares outstanding - basic and diluted


204,069,505Pro forma loss per share - basic and diluted

$
(0.67
)Weighted average shares outstanding - basic and dilutedAlvotech shareholders


180,600,000OACB shareholders


5,976,505PIPE investors


17,493,000Total


204,069,505  (1)
Holders of the Seller Earn Out and Sponsor Earn Out Shares are entitled to the voting and dividend rights
generally granted to holders of TopCo Ordinary Shares. As such, these shares are considered to be participating securities. Accordingly, the pro forma income is adjusted for the income attributable to these unvested shares, which are not included in
the weighted average shares outstanding.