Alvotech (Buy, TP: USD19.00) - Simlandi approved in the US
Over the weekend, Alvotech announced that the FDA has finally approved Simlandi (AVT02) for sale in the US after its latest inspection of the facility in Reykjavik. We consider this a key event, as Simlandi will be the first biosimilar to Humira in the US, which for the high-concentration formulation (c88% of Humira use is high-concentration in the US) is citric-free and has approved interchangeability. We reiterate our BUY and have raised our target price to USD19 (11).
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