Alvotech (Buy, TP: USD13.00) - Uncertainty for AVT02 remains
Alvotech reported somewhat lower Q1 earnings than we expected. However, 2023 is set to be back-end loaded, especially on the milestone revenues. There were no timelines presented on the CRL for AVT02 in the US; thus, the uncertainty remains on when the product could be approved and launched. However, Alvotech revealed two new projects in the pipeline, biosimilars for pembrolizumab and vedolizumab. We reiterate our BUY but have cut our target price to USD13 (15).
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