Alvotech (No_rec, TP: USD) - Updated medium-term targets
Q4 sales were stronger than we forecast, and adj. EBITDA was a tad higher. However, the adj. EBITDA margin was below consensus (most likely due to lower-than-expected milestones and higher product sales). For 2025, our revenue and adj. EBITDA forecasts are at the upper end of the guidance. We do not have a recommendation or target price for Alvotech given DNB Markets’ role in the transaction with Xbrane Biopharma.
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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