Alvotech (Buy, TP: USD21.00) - Strong Q2 – first profitable quarter
Q2 revenues were cUSD199m, in line with our estimate, and adj. EBITDA was cUSD102m, slightly above our forecast. While revenues were as expected driven by large milestone payments, product sales also saw strong growth (c190%+ YOY for H1 and c660%+ for Q2), in line with our expectation. We reiterate our BUY and USD21 target price.
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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