Alvotech (Buy, TP: USD11.50) - Product sales on the weak side
Alvotech reported lower than expected Q2 product sales of AVT02, but indicated we should see a rebound in the coming quarters. As for the ongoing registration process for AVT02 in the US, the company recently resubmitted its BLA and a new BsUFA date should be in early 2024. Moreover, the company is ready for a re-inspection of its manufacturing facility in Reykjavik. We reiterate our BUY but have cut our target price to USD11.5 (13).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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