Alvotech (Buy, TP: USD19.00) - In launch mode
Alvotech is still in the early phase of the launch of its first biosimilar (AVT02 – a biosimilar for Humira), which has launched in 16 markets with the majority becoming active in late-Q3. It expects a new facility inspection in early Q1 and hopes to settle the CRL for the US market in late-Q, leading to a full US launch on 1 July, although the risk of a delay is increasing. We reiterate our BUY but have cut our target price to USD19 (21).
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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