Alvotech (Buy, TP: USD21.00) - Yet another strong quarter
Despite another profitable quarter, the YTD performance and Q4 outlook comments, Alvotech reiterated its full-year sales guidance with the Q3 results, which seems slightly conservative to us. The pipeline is evolving as expected, and we believe several new products should reach the market in the coming years, with the biosimilar to Stelara slated for a US launch in late February. 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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