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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.
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Morgan Stanley 23rd Annual Global Healthcare Conference summary10 Sep, 2025

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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Frequently asked questions

Alvotech is a biopharmaceutical company focused on developing and manufacturing high-quality biosimilar medicines. The company aims to improve patient health by increasing access to affordable biologic treatments. Alvotech specializes in biosimilars targeting therapeutic areas such as autoimmune diseases, eye disorders, osteoporosis, respiratory diseases, and cancer. Their pipeline includes a range of monoclonal antibodies aimed at treating various conditions within these areas. The company maintains a vertically integrated approach from cell line development through fill and finish manufacturing, which enhances their control, scale, and speed in bringing products to market. The company is headquartered in Luxembourg, and its shares are listed on the NASDAQ.

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