Alvotech - Initiation of coverage - Pure biosimilar exposure
Alvotech focuses solely on developing biosimilars, a market that Evaluate Pharma estimates is worth USD85bn. Based on its corporate structure and with a pipeline of six disclosed projects and two to be confirmed, while it only recently listed, we believe Alvotech is on course for very healthy margins. We initiate coverage with a 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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