Alvotech: Post Q1: Getting ready for the golden era

研报英文原文证据摘录

Alvotech: Post Q1: Getting ready for the golden era

Deutsche Bank

Research

Rating Company Date

Hold Alvotech 15 May 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (USD) 3.43

ALVO.OQ ALVO US NSM ALVO

Price target 4.00

Health Care

52-week range 11.45 - 3.11

Pharmaceuticals / Major

Post Q1: Getting ready for the golden

Valuation & Risks era

Niall Alexander

Summary takes Research Analyst

ALVO reported their Q1'26 print last week with FY'26 guidance maintained; +44-20-754-12185

however, a DD miss on both sales/op profit contributing to a -10% drop on the day.

Emmanuel Papadakis, Ph.D., CFA

The soft quarter was due to ongoing actions taken to address manufacturing issues, Research Analyst

impacting throughput and resulting in a slowdown. We provide our takes on the +44-20-754-18522

earnings release/call below.

Henrietta Boeg

Research Associate

n ALVO issued a press release earlier this week an FDA inspection of their

+44-20-754-10119

manufacturing facility concluded on the 8th May, with the outcome being

that remaining issues identified could be "addressed quickly" with plans to Kate Farrelly

resubmit BLAs for bEylea/bSimponi/bProlia in Q2'26, giving the market Research Associate

some assurance of US launches for bEylea/bSimponi/bProlia in Q4'26.

Despite the delay, we're of the view competition for such biosimilars isn't

Shashindra Seresinhe

as tough as other previous US biosimilar launches (bEylea only AMGN/SDZ

with SDZ planning to launch in Q4'26, bSimponi only Bio-Thera), and would

set ALVO up well for FY'27.

Supun Ukwatta

n ALVO announced alongside earnings their partnership with FujiFilm Research Associate

Biotechnology on US biosimilar manufacturing. We feel the deal makes