Business
Alvotech Reports Financial Results for First Six Months of 2023 and Provides Business Update
Product revenue for the first six months of 2023 increased to $22.7 million, compared to $3.9 million for the same period in 2022Investors, including Teva
About this update from Alvotech
[{"type":"text","content":"Product revenue for the first six months of 2023 increased to $22.7 million, compared to $3.9 million for the same period in 2022Investors, including Teva Pharmaceuticals, subscribed to Alvotech’s subordinated convertible bonds for an aggregate amount of $140 million in July 2023Expanded its existing commercialization partnerships with Teva Pharmaceuticals for the US and with Advanz Pharma for EuropeSettlement reached with Johnson & Johnson securing a US license entry date for AVT04, Alvotech’s biosimilar candidate to Stelara® (ustekinumab), no later than February 21, 2025Management will conduct a business update conference call and live webcast on Thursday August 31, 2023, at 8:00 am ET (12:00 pm GMT) REYKJAVIK, Iceland, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first six months of 2023 and provided a summary of recent corporate highlights. \"We continue to make significant investments in our manufacturing and quality processes and receiving US approval for AVT02, our interchangeable biosimilar candidate to high-concentration Humira®, remains of highest priority,” said Robert Wessman, Chairman and CEO of Alvotech. “Meanwhile, we are expanding our global commercialization partnerships, based on extensive due diligence, which we believe demonstrates our partners’ trust in Alvotech and the strength of our platform approach to biosimilars development and manufacture. We are pleased with the recently concluded financing round which we believe also showed the capital markets’ confidence in our progress.” Recent Highlights In May 2023, Alvotech and Advanz Pharma, expanded their partnership adding five biosimilar candidates which Advanz Pharma has agreed to commercialize in Europe. The agreement includes supply and commercialization of AVT05 (golimumab) and AVT16 (vedolizumab), candidate biosimilars to Simponi® and Entyvio®, respectively, and also includes three additional early-stage, undisclosed biosimilar candidates. Under the terms of the agreement, Advanz Pharma made upfront payments to Alvotech in the aggregate amount of $61 million and agreed to make additional payments for an aggregate amount of up to $287.5 million upon the...