Alvotech (Buy, TP: USD11.00) - Key FDA inspection in January 2024
Alvotech reported slightly lower Q3 revenues than we expected, and the operating costs were also higher than we forecast. However, we believe the most important event in the coming months will be the FDA inspection of the manufacturing facility in Iceland, which if successful, would probably be the last item needed to receive approval for AVT02 (Humira biosimilar) and AVT04 (Stelara biosimilar) in the US. We reiterate our BUY but have reduced our target price to USD11 (11.5) on our forecast adjustments.
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