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Alvotech (ALVO) investor relations material
Alvotech Morgan Stanley 23rd Annual Global Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic outlook and growth trajectory
Transitioning from a two-product to a five or six-product portfolio by next year, driven by anticipated key approvals.
Revenue guidance for 2025 is $600–700 million, with at least $200 million in EBITDA; milestones remain significant but will decrease as royalties grow.
2028 aspirational revenue target is $1.5 billion, with margin expansion expected as more products launch and scale is achieved.
CapEx is projected at $70 million for 2025 and $25 million annually thereafter, with current capacity sufficient for growth through 2030.
Global expansion continues, with sales in 70+ countries and plans to reach 90, leveraging strong local commercial partners.
Product portfolio and market performance
Biosimilar Humira has achieved the second-largest US market share, with a 50% conversion rate and strong formulary presence.
Biosimilar Stelara launched in the US with 40% conversion; not pursuing private label deals to ensure sustainable profitability.
European and Japanese launches of key products have resulted in leading market shares, with continued volume growth expected.
Upcoming launches include biosimilars for Prolia, Eylea, and Symphony, with early market entry and limited competition anticipated.
Long-term pipeline includes 14 disclosed and 14 undisclosed assets, with major launches expected through 2028 and beyond.
Industry trends and operational strategy
US pharma tariffs have minimal impact due to the out-licensing model; partners bear tariff costs, and biosimilars may be exempt.
Regulatory changes are reducing biosimilar development costs and timelines, enabling more rapid pipeline expansion.
Barriers to entry remain high despite lower clinical costs, due to technology, capital, and expertise requirements.
China is seen as a potential partner but not a major competitive threat in Western biosimilar markets.
Asset selection is driven by market size, competition, technology edge, and partner attractiveness.
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