Alvotech (Buy, TP: USD19.00) - FDA inspection likely next catalyst
Alvotech reported 2022 sales and adj. EBITDA at the lower end of its guidance but provided no 2023 guidance (likely with the Q2 report when the outcome of the US approval process for AVT02 is known). Given the high clinical activity (three projects in clinical development), we have increased our operating cost forecasts for the coming years. Moreover, we have reduced our top-line forecasts on the lower-than-expected 2022 revenues. We reiterate our BUY and USD19 target price.
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