Alvotech Stock Price, News & Analysis

Nasdaq Iceland has approved Alvotech S.A. for admission to trading on the Nasdaq Iceland Main Market. The shares will transition from the First North Market to the Main Market after the prospectus is passported to Iceland. Alvotech has been listed in the US since June 16, 2022, and will retain the ticker symbol ALVO on the Main Market. The Board of Directors previously approved this transition on August 12, 2022. Alvotech specializes in developing biosimilar medicines, targeting markets worldwide, with a diverse pipeline of eight biosimilar candidates.

Alvotech (NASDAQ: ALVO) has announced key leadership changes effective January 1, 2023. Mark Levick will step down as CEO, with Robert Wessman, the Executive Chairman and founder, assuming the CEO role. Hafrun Fridriksdottir, formerly of Teva, will take over as Chief Operating Officer. Wessman aims to steer Alvotech into a new growth phase, focusing on commercial operations and manufacturing scale-up.

These changes come as the company transitions from R&D to commercial strategies for its biosimilars, with a pipeline of eight candidates targeting various serious health issues.

Alvotech S.A. has submitted an application to Nasdaq Iceland for its shares to be traded on the Nasdaq Iceland Main Market under the ticker symbol “ALVO.” This application is currently pending approval. Alvotech's shares are already trading on the Nasdaq Stock Market in the U.S. and the Nasdaq First North Growth Market. The company's Board of Directors announced the plan to move its listing to the Nasdaq Main Market in Iceland on August 12, 2022.

Alvotech (NASDAQ: ALVO) has successfully secured approximately $136 million in financing to advance its biosimilar pipeline, as announced on November 16, 2022. This includes a $70 million upsize of existing senior bonds and a $50 million unsecured loan from Alvogen, a major shareholder. Additionally, Alvotech is acquiring its Reykjavik manufacturing facility for $80 million using an unsecured convertible bond and will refinance secured loans for around $16 million. These moves aim to enhance operational flexibility and support the development of eight biosimilar candidates.

Alvotech (NASDAQ: ALVO) reported a remarkable revenue increase for the first nine months of 2022, reaching $59.2 million compared to $2.0 million in 2021. The company is progressing talks with the U.S. FDA regarding its biologic license applications for AVT02, targeting a U.S. launch on July 1, 2023. Furthermore, Alvotech has submitted marketing applications for AVT04 in major markets and expanded its partnership with JAMP Pharma. Total cash and equivalents stood at $12.8 million, despite significant debts of $518.6 million, while the net loss narrowed to $193.1 million.

Alvotech (NASDAQ: ALVO) announces that its biosimilar AVT02, a high-concentration, low-volume formulation of adalimumab, has received marketing authorization from the Therapeutic Goods Administration in Australia. Marketed under the names Ciptunec™ and Ardalicip™, this biosimilar is now available for various indications, including rheumatoid arthritis and Crohn's disease. This is the first biosimilar resulting from Alvotech's partnership with Cipla, aiming to enhance access to affordable biologics in Australia and other regions.

Alvotech (NASDAQ: ALVO) announced its participation in the American College of Rheumatology (ACR) Convergence Conference, where it will present two posters and host an Ignite Talk on its switching study for ATV02.

The study focuses on the pharmacokinetics, immunogenicity, efficacy, and safety of switching between Humira and AVT02, a high-concentration biosimilar candidate. The FDA accepted Alvotech’s Biologics License Application for interchangeability in February 2022, currently under review. This work emphasizes improving patient access to biologics while reducing costs.

Alvotech (NASDAQ: ALVO), a biotech company focused on biosimilars, is set to release its financial results for the first nine months of 2022 on November 15, 2022, after U.S. market close. A business update conference call will follow on November 16, 2022, at 8:00 am ET. Alvotech aims to be a leader in biosimilar medicines, with eight candidates in its pipeline targeting diseases such as autoimmune disorders and cancer. The company is partnered with numerous commercial entities globally to enhance market reach.

Alvotech (NASDAQ: ALVO), a biotech company focused on biosimilar medicines, will participate in the Jefferies London Healthcare Conference from November 15 to November 17, 2022. The leadership team plans to present on November 17 at 10:25 am GMT and will conduct investor meetings throughout the event.

A webcast of the presentation will be accessible on Alvotech’s website for 90 days post-conference.