Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced certain preliminary, unaudited key financial information for the second quarter and six months ended June 30, 2024, as follows: Strong preliminary revenue growth with total revenues for the second quarter between $196 - $201 million. Preliminary total revenues for the first six months are $233 - $238 million, an approximately 10-fold increase compa ...

REYKJAVIK, Iceland, July 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced certain preliminary, unaudited key financial information for the second quarter and six months ended June 30, 2024, as follows: Strong preliminary revenue growth with total revenues for the second quarter between $196 - $201 million. Preliminary total revenues for the first six months are $233 - ...

REYKJAVIK, Iceland , June 26, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ:ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that holders of the majority of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, respectively, with maturity on December 20, 2025 (the "Convertible Bonds") have elected to convert the principal and accrued interest into ordinary shares of ...

Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that holders of the majority of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, respectively, with maturity on December 20, 2025 (the “Convertible Bonds”) have elected to convert the principal and accrued interest into ordinary shares of Alvotech at the fixed conversion price of US$10.00 pe ...

The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Alvotech (ALVO) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.Alvotech is a member of the Medical sector. This group includes 1042 individual stocks and currently holds a Zacks Sector Rank of #7. The Zacks Sector Rank includes 16 different gr ...

Alvotech (ALVO) makes biosimilar versions of branded medicines that have gone off-patent. The year 2024 has been transformational for Alvotech as it marked a gradual transition of ALVO from an R&D company into a full-scale global commercial biologic company.The company recently gained approval for some key biosimilar products like AVT04, its biosimilar to J&J’s (JNJ) blockbuster immunology drug, Stelara, and AVT02, its biosimilar to AbbVie’s (ABBV) blockbuster immunology drug Humira. Alvotech has a commerci ...

Advanz Pharma secures rights to commercialize Alvotech’s biosimilar candidate for Eylea® in Europe Advanz Pharma will leverage its existing specialty and hospital capabilities in Europe to ensure successful market registration, commercialization, and patient access REYKJAVIK, Iceland and LONDON, June 18, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide and Advanz Pharma, a UK headquartere ...

Core Insights - Advanz Pharma has entered into an exclusive partnership with Alvotech to commercialize Alvotech's biosimilar candidates for Eylea® in Europe, specifically AVT06 and AVT29 [1][2][3] - Eylea® generated reported sales of $2.9 billion in Europe in 2023, indicating a significant market opportunity for the biosimilar candidates [2] - Advanz Pharma will handle registration and commercialization in Europe, while Alvotech will manage development and supply, with exclusive rights in most European countries [2][3] Company Overview - Alvotech is a biotech company focused on developing and manufacturing biosimilar medicines, aiming to be a global leader in the biosimilars market [6] - Advanz Pharma specializes in specialty, hospital, and rare disease medicines, with a commercial presence in over 90 countries and a focus on improving patient access to innovative therapies [8] - The partnership between Alvotech and Advanz Pharma has expanded to include multiple biosimilar candidates, reflecting a strategic collaboration to enhance their market presence [4][3] Product Details - AVT06 and AVT29 are biosimilar candidates to Eylea® that target vascular endothelial growth factors (VEGF) to treat eye disorders [5] - Alvotech announced positive results from a study showing therapeutic equivalence between AVT06 and Eylea®, which is crucial for regulatory approval [3] - The commercialization agreement includes an upfront payment and milestone payments based on development and commercialization achievements [2] Market Context - The biosimilars market is expected to grow, driven by the increasing demand for affordable biologics and the need for broader patient access [3] - Advanz Pharma's strategy includes leveraging its existing capabilities in specialty pharmaceuticals to ensure successful market entry for the biosimilar candidates [1][3] - The partnership aims to capitalize on the significant sales potential of Eylea® and expand the availability of biosimilars in Europe [2][3]

Core Viewpoint - Alvotech and STADA are expanding their strategic alliance to include the development and marketing of AVT03, a biosimilar referencing Prolia®/Xgeva® (denosumab), aimed at treating osteoporosis and cancer-related bone loss in Europe and selected markets in Central Asia and the Middle East [1][2]. Group 1: Partnership Details - Alvotech will handle the development and manufacturing of AVT03 at its facility in Reykjavik, Iceland, while STADA will hold the marketing authorization and assume semi-exclusive commercial rights in Europe, including Switzerland and the UK [2]. - The partnership also extends STADA's commercial rights for biosimilars to Humira® and Stelara® in Commonwealth of Independent States (CIS) countries in Central Asia [2]. Group 2: Market Opportunity - STADA's Global Specialty Head highlighted the opportunity to offer denosumab as a treatment option, leveraging their existing market leadership with Movymia®, a teriparatide osteoporosis treatment [3]. - An estimated 32 million Europeans aged 50 and older had osteoporosis in 2019, with a direct cost of osteoporotic fractures in the EU, Switzerland, and the UK amounting to €56.9 billion (US$61.9 billion) [4]. Group 3: Product Information - AVT03 is an investigational biosimilar candidate for Prolia® and Xgeva® (denosumab), which is a human monoclonal IgG2 antibody targeting RANKL, crucial for osteoclast function and survival [5]. - Denosumab's mechanism involves binding to RANKL, reducing osteoclast numbers and function, thereby decreasing bone resorption and cancer-induced bone destruction [3][5]. Group 4: Company Background - Alvotech is focused on developing and manufacturing biosimilar medicines, aiming to be a global leader in the biosimilar space with a pipeline of eight candidates targeting various diseases [6][7]. - STADA Arzneimittel AG operates under a three-pillar strategy of consumer healthcare, generics, and specialty pharma, achieving group sales of EUR 3,734.8 million and EBITDA of EUR 802.1 million in 2023 [8].

STADA assumes marketing license for Alvotech’s proposed biosimilar referencing Prolia®/Xgeva® (denosumab) in Europe, including Switzerland and the UK, as well as rights in selected markets in Central Asia and the Middle EastThis partnership for the osteoporosis and cancer-related molecule builds on the two company’s existing strategic alliance in Europe. The first product launched through the alliance was Hukyndra®, a high-concentration biosimilar to Humira® (adalimumab) Extended alliance comes as the partn ...