Alvotech · NASDAQ:ALVO
Alvotech — SPAC Merger (May 2022)
80 slides from Alvotech's SPAC merger presentation, May 17, 2022
Slide 1: Investor Presentation May 2022
Exhibit 99.1 INVESTOR PRESENTATION May 2022
Slide 2: Disclaimer
This investor presentation (this “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Oaktree Acquisition Corp. II (“SPAC”) and Alvotech Holdings S.A. (tog
Slide 3: Use of Projections; Industry and Market Data
Use of Projections This Presentation contains financial forecasts with respect to the Company’s projected financial results, including Revenue and Adjusted EBITDA, for the Company's fiscal years 2021, 2022, 2025 and from 2025-2030. The Company's independent auditors have not audited, reviewed, compi
Slide 4: Oaktree Investment Thesis: Highly Attractive Pure-Play Biosimilars Platform
Oaktree Investment Thesis: Highly Attractive Pure-Play Biosimilars Platform Oaktree Acquisition Corp. II • Pioneers in biosimilar development with a track record of obtaining PROVEN LEADERSHIP TEAM marketing authorization for 17 biosimilars and 8 originator biologics 1 globally • Significant acceler
Slide 5: Alvotech Is Founder Robert Wessman's Third Platform In The Pharma Sector
Alvotech Is Founder Robert Wessman’s Third Platform In The Pharma Sector Robert Wessman Background Revenue Increase Under Wessman Leadership $ in millions Past platforms that Current Platform Seasoned pharma executive that have created billions in Alvotech has led 50+ strategic acquisitions in value
Slide 6: Growth Platform Ready To Be Deployed Having Been Built Over 9 Years
Growth Platform Ready To Be Deployed Having Been Built Over 9 Years With ~$1 Billion Of Invested Capital Build Foundation Commercial Readiness Deploy Platform (2013-2017) (2018-2020) (2021-2025+) ✓ Established global distribution • Existing pipeline matures and new ✓ Set 10-year platform vision part
Slide 7: Alvotech at a Glance
Alvotech Partners Alvotech at a Glance – Full-Scale, Pure-play Biosimilar Developer and Manufacturer with Global Commercial Capabilities A 8 pipeline candidates with › Purpose-built and in-house R&D platform, solely focused (1) $85Bn+ market opportunity on the development of biosimilar products R&D
Slide 8: Proven Leadership Team
PROVEN LEADERSHIP TEAM
Slide 9: Proven & Highly Experienced Management Team
Proven & Highly Experienced Management Team Having Successfully Developed 17 Biosimilars 30 20 20 15 20 MARK LEVICK, JOSEPH E. JOEL MORALES, ANIL OKAY, MING LI, MCCLELLAN, Chief Chief Executive Chief Financial Chief Strategy Commercial Officer Chief Scientific Officer Officer Officer Officer 20 15 2
Slide 10: Significant Market Opportunity
SIGNIFICANT MARKET OPPORTUNITY
Slide 11: Highly Aligned Social And Corporate Purpose
Highly Aligned Social And Corporate Purpose Corporate Purpose Social Purpose Alvotech is dedicated to Alvotech aims to be the making patients’ lives leading supplier of better by improving access biosimilars globally to affordable biosimilar medicines and the sustainability Our corporate purpose is
Slide 12: Biologics Are Driving The Next Generation Of Treatments For Patients
Biologics Are Driving The Next Generation Of Treatments For Patients Biologics Biologics Overview • What is a biologic? • Large, complex molecules produced in a living system that treat medical conditions Synthesis Living systems • Treats chronic and otherwise difficult-to- treat diseases Uniformity
Slide 13: Biologic Approvals Are Increasing Rapidly
Biologic Approvals Are Increasing Rapidly, A Leading Indicator For The Biosimilar Opportunity Originator Biologics Market is Large and Growing Increasing US biologic medicine approvals… …is driving expectations for rapidly growing $ sales Number of FDA Approvals Total Global Biologics Market Size ($
Slide 14: Biosimilar Development Holds Less Risk Than Originator Biologics
Biosimilar Development Holds Less Risk and Complexity than Originator Biologics, and Significantly More Complexity and Barriers to Entry Than Generics Originator Biologics Biosimilars Generics (1) (2) (3) (5) Development Costs $2.6Bn $100-200MM $1-2MM (2) (3) (6) PoS Low Moderate to high High Develo
Slide 15: Biosimilars Are Entering A Period Of Substantial Growth
Biosimilars Are Entering A Period Of Substantial Growth As Early Biologics Lose Patent Protection (3) Opportunity for Biosimilars to Expand Patient Access Biosimilars Adoption Growing Rapidly • High price of biologic medicines is placing a significant cost Total Global Biosimilar Market Size ($Bn) b
Slide 16: Purpose-Built Biosimilar Platform; Global Commercial Partner Network
PURPOSE-BUILT BIOSIMILAR PLATFORM GLOBAL COMMERCIAL PARTNER NETWORK
Slide 17: Strategically Developed Platform Designed To Maximize Quality, Cost Containment And Efficiency
Strategically Developed Platform Designed To Maximize Quality, Cost Containment And Efficiency To Market PLATFORM ELEMENT ALVOTECH APPROACH Global end-to-end R&D platform spanning five locations with rigorous quality focus designed to de-risk development early and drive efficient advancement RESEARC
Slide 18: R&D Process Designed To Optimize Development Outcomes
R&D Process Designed To Optimize Development Outcomes, While Balancing Time And Cost Focus Approach • Prioritize analytical similarity early in programs to de-risk development programs Maximize • Rigorously align global development strategies with global regulatory authorities to Development Success
Slide 19: Extensive Manufacturing Capacity Located in Iceland
Extensive Manufacturing Capacity Located in Iceland Key Features Technology & Capabilities 2 • Approximately ~280,000ft facility (inclusive of ongoing expansion) with existing 4- (1) wall drug substance capacity expected to support pipeline through 2030 Capacity and Scalability ✓ • Commercial produc
Slide 20: Network Of High-Quality Regional Partners Provides Global Commercial Reach
Network Of High-Quality Regional Partners Provides Global Commercial Reach Alvotech’s Partner Partnered Territories Selection Criteria P Strategic Positioning Track record of success in local market SVALBARD (NORWAY) P Shared Risk Dynamic GREENLAND Structurally aligned incentives P Attractive Econom
Slide 21: Key Regional Partners Have Committed Up To $1.075Bn In Potential License Fees
(1) Key Regional Partners Have Committed Up To $1.075Bn In Potential License Fees (~$915MM Outstanding) 2021A Licensed Alvotech Geographic 2021A Licensed Alvotech Geographic Partner Partner Partner Rev Products Rights Partner Rev Products Rights Australia, New (3) Zealand, South $2.8Bn 5 Africa US $
Slide 22: Diverse Pipeline With Significant TAM
DIVERSE PIPELINE WITH SIGNIFICANT TAM
Slide 23: Alvotech Has Continued to Deliver on its Strategy Since Transaction Announcement
Alvotech Has Continued to Deliver on its Strategy Since Transaction Announcement AVT04 Positive results Settled AbbVie patent dispute th › On May 16 Alvotech announced BiosanaPharma AVT23 pharmacokinetic (PK) licensing agreement› Alvotech recently similarity study announced it executed Approval & la
Slide 24: Strategically Constructed Pipeline Of Biosimilars Representing $85Bn+ TAM
Strategically Constructed Pipeline Of Biosimilars Representing $85Bn+ TAM Alvotech’s Current Biosimilar Pipeline – Global Peak Branded Sales of Originator Branded Biologics $30.0Bn $86.2Bn $3.6Bn $3.7Bn $6.7Bn Future Growth $10.3Bn Market growth $10.8Bn Additional internal $21.2Bn programs - platfor
Slide 25: AVT02: Adalimumab Market Overview
AVT02: Adalimumab Market Overview Humira® TRx by Concentration Market Context ▪ Initial market for Humira was solely in the low Alvotech concentration is one of the few players addressing ▪ High concentration has aided the recent ~83%+ of market commercial success of the product o Improved pharmacok
Slide 26: AVT02: Multiple Points Of Differentiation, Including High Concentration And Potential Interchangeability
AVT02: Multiple Points Of Differentiation, Including High Concentration And Potential Interchangeability Program Status Alvotech Strategy ® Branded Biologic Humira • High concentration: One of the few known programs in (Generic Name) (Adalimumab) development with the high concentration (100mg/ml), ®
Slide 27: AVT04: Stelara Is a Rapidly Growing Product Ripe For Biosimilar Entry
AVT04: Stelara® is a Rapidly Growing Product Ripe For Biosimilar Entry Due To High Price Point (1) Historical Stelara® Sales ($Bn) Market Context 10.0 (2)▪ Stelara continues to increase revenue with double digit Stelara® Annual Cost of Treatment: $144,000 $9.4 YoY growth 9.0 nd rd ▪ Attractive dosin
Slide 28: AVT04: A Highly Differentiated Approach to a Stelara Biosimilar
AVT04: A Highly Differentiated Approach to a Stelara® Biosimilar Program Status Alvotech Strategy ® Branded Biologic Stelara • SP2/0 Host Line: Manufactured using same host cell line (Generic Name) (Ustekinumab) as Stelara® o SP2/0 host cell line allows for more efficient Originator Johnson & Johnso
Slide 29: Broader Product Pipeline Is Attractive And Intended To Be Supplemented By In-Licensing
Broader Product Pipeline Is Attractive And Intended To Be Supplemented By Additional In-Licensing Alvotech AVT03 AVT05 AVT06 AVT16 / AVT33 Program Branded Biologic Undisclosed Generic Name Denosumab Golimumab Aflibercept Undisclosed Immunology & Therapeutic Area Oncology Immunology Ophthalmology Onc
Slide 30: AVT23: BiosanaPharma Agreement Overview
AVT23: BiosanaPharma Agreement Overview On February 2, 2022, Alvotech and BiosanaPharma entered into an exclusive global licensing agreement to co-develop AVT23 AVT23 Overview 3C Technology Platform ▪ AVT23 (aka BP001) is a late-stage biosimilar candidate for Xolair ▪ High productivity, flexible, sm
Slide 31: Corporate Sustainability and ESG at Alvotech
Corporate Sustainability and ESG at Alvotech Strong Thematic Basis Strong Intrinsic Qualities Strong Commitment to ESG • Materiality assessment performed • Biosimilars promote the • Scope 1 and 2 carbon neutral sustainability of healthcare systems • Expect to publish up to 30 ESG o Manufacturing uti
Slide 32: Attractive Financial Profile
ATTRACTIVE FINANCIAL PROFILE
Slide 33: Financial Forecast Overview
Financial Forecast Overview Overview Basis of • All financials are presented on an International Financial Reporting Standards (IFRS) basis of accounting, unless otherwise (1) Presentation noted • Detailed product-level in-market revenue build based on estimated penetration and pricing discount rela
Slide 34: Attractive Revenue Potential As Products Commercialize
Attractive Revenue Potential As Products Commercialize (1) Risk Adjusted Revenue Commentary $ in millions 2022-2025 • Milestones: ongoing payments Long-term from commercial partners that help growth offset R&D costs potential High single digit • Programs: 5 launched products growth (2) expected by 2
Slide 35: Leverageable Business Model Designed To Produce Attractive Margins
Leverageable Business Model Designed To Produce Attractive Margins That Can Expand As The Platform Scales (1) Illustrative Adjusted EBITDA Potential Commentary $ in millions Margin Profile Enabled by: • Portfolio selection focus on high Long-term value reference products dollar and margin • Mileston
Slide 36: Financial Guidance Summary (Risk Adjusted)
Financial Guidance Summary (Risk Adjusted) (1) 2021A 2022E 2025E 2025E – 2030E $ millions (2) (3) Product Revenue $0 $25 – $75 85% of total revenue 15% of total revenue (2) (4) Milestone Revenue $40 $60 – $80 (Cumulative $470MM+ from ’23E – ‘25E) High single-digit Total Alvotech Revenue $40 $85 – $1
Slide 37: Additional Opportunities Beyond The Financial Forecast
Additional Opportunities Beyond The Financial Forecast Conservative Baseline Projections Omit Potential Opportunities For Upside Further Earnings Revenue from In-licensing of differentiation contribution additional R&D external from from China joint programs as programs interchangeability venture pi
Slide 38: Transaction Summary
alvotech ij i TRANSACTION SUMMARY
Slide 39: Highly Aligned Transaction Structure With 100% Rollover By Existing Shareholders
Highly Aligned Transaction Structure With 100% Rollover By Existing Shareholders Transaction Overview and Update Illustrative Pro Forma Valuation ($mm) • Oaktree Acquisition Corp. II (NYSE: “OACB”) to combine with Alvotech at Share Price $10.00 an implied $1.8 billion pre-money equity value and a $2
Slide 40: Well-Positioned, Pure-Play Biosimilars Platform
Well-Positioned, Pure-Play Biosimilars Platform Adjacent, Less Comparable Most Comparable (1) Listing Location US India US / Iceland South Korea South Korea (2) Structure Public Subsidiary Public Public Subsidiary Primary Biosimilar Focus ûPPPP Biosimilars R&D PPPPP Biosimilar Manufacturing ûPPPP Gl
Slide 41: Well-Positioned, Pure-Play Biosimilars Platform (Cont'd)
Well-Positioned, Pure-Play Biosimilars Platform (Cont’d) Key Pure-Play Listed Comparable (3) (5) (4) (Parent) (Parent) 86.2 69.9 67.2 56.5 56.2 (2) 21.3 (7) Total Enterprise Value ($Bn) $0.8 $5.9 $2.4 $18.3 $40.9 (8) EV / NTM EBITDA N/M 17.1x N/A 22.2x 60.0x ’22E – ’25E Revenue CAGR 49% N/A >70% 12%
Slide 42: Recent Biosimilar Transactions Support Valuation
Recent Biosimilar Transactions Support Valuation Samsung Biologics / Biogen Biosimilar JV Stake 17.0x ▪ Samsung was captive buyer through the ~50-50 JV with Biogen, limiting ability to extrapolate implied valuation/multiple ▪ Ongoing commercial relationship for distribution of current products with
Slide 43: Transaction Represents An Attractive Entry Point
Transaction Represents An Attractive Entry Point Transaction Value Today Illustrative Current Value Illustrative Future Value ($Bn) Meaningful upside $9.6 potential from transaction value and illustrative current value $7.2 Current EV represents ~45-60% discount to $5.8 illustrative current value $4
Slide 44: Alvotech: A Differentiated Global Biosimilars Company
Alvotech: A Differentiated Global Biosimilars Company PROVEN LEADERSHIP TEAM 1 SIGNIFICANT MARKET OPPORTUNITY 2 PURPOSE-BUILT BIOSIMILAR PLATFORM 3 GLOBAL COMMERCIAL PARTNER NETWORK 4 5 DIVERSE PIPELINE WITH SIGNIFICANT TAM ATTRACTIVE FINANCIAL PROFILE 6 44
Slide 45: Appendix: Select Management Team Biographies
APPENDIX SELECT MANAGEMENT TEAM BIOGRAPHIES
Slide 46: Highly Experienced Leadership Team
Highly Experienced Leadership Team 20 20 15 30 20 MARK LEVICK, JOSEPH E. JOEL MORALES, ANIL OKAY, MING LI, MCCLELLAN, Chief Chief Executive Chief Financial Chief Strategy Commercial Officer Chief Scientific Officer Officer Officer Officer • 15 years of industry • 20 years of industry • 30 years of i
Slide 47: Highly Experienced Leadership Team (Cont'd)
Highly Experienced Leadership Team (Cont’d) 20 15 15 20 29 PHILIP TANYA ZHAROV, SEAN GASKELL, REEM MALKI ANDREW ROBERTS, CARAMANICA, Chief Technical Deputy CEO Chief Quality Chief Portfolio Officer Chief IP Counsel, Officer Officer Deputy General Counsel • 15 years of industry • 20 years of industry
Slide 48: Appendix: Biosimilar Background Information
APPENDIX BIOSIMILAR BACKGROUND INFORMATION
Slide 49: Biosimilars Are Highly Comparable To Biologics, An Important Class Of Medicine
Biosimilars Are Highly Comparable To Biologics, An Important Class Of Medicine BIOLOGIC BIOSIMILAR Development Path • Proof of quality and analytical similarity • Pharmacokinetic bioequivalence • Clinical data showing comparable safety and efficacy • Support pharmacy substitution and interchangeabil
Slide 50: Regulatory Definition Of Biosimilars
Regulatory Definition Of Biosimilars A biosimilar is a biologic medicinal product that contains a version of the active substance of an already authorized original biologic medicinal product (reference medicinal product). A biosimilar demonstrates similarity to the reference medicinal product in ter
Slide 51: Key Stages And Milestones Of Biosimilar Development
Key Stages And Milestones Of Biosimilar Development 1 2 3 4 Manufacturing / Analytics Early Phase Pre-Clinical Submission Development Development & Approval PK/PD Study Pilot & GMP Mfg. Cell Line Process Confirmatory Patient Study • Project selection criteria include • Confirm high quality drug • Ex
Slide 52: Interchangeability May Enhance Speed Of Biosimilar Adoption And Growth
Interchangeability May Enhance Speed Of Biosimilar Adoption And Growth › Interchangeable designation in the US allows for substitution without (1) authorization by the prescribing physician ‒ Pharmacists can substitute the interchangeable biosimilar for the originator without approval ‒ Interchangea
Slide 53: Appendix: Clinical Programs And Capabilities Detail
APPENDIX CLINICAL PROGRAMS AND CAPABILITIES DETAIL
Slide 54: Rigorous Approach To Strategically Constructing An Attractive Biosimilar Portfolio
Rigorous Approach To Strategically Constructing An Attractive Biosimilar Portfolio Potential Ways to Differentiate › Identify early, underappreciated originator markets Market Intel › Anticipate originator strategies and adapt accordingly Differentiation › Portfolio offerings and brand awareness Com
Slide 55: AVT02: Global Program Included 1500+ Subjects
AVT02: Global Program Included 1500+ Subjects Subjects (1) Study Overview Milestones Enrolled ® • 3-arm parallel study of AVT02 compared to EU-Humira and • Enrollment completed in December 2019 ® US-Humira in healthy adult subjects PK Similarity Study 390 • Study met its primary endpoints for all es
Slide 56: AVT02: PK Similarity Study Meets Primary And Secondary Objectives
AVT02: AVT02-GL-101 Pharmacokinetic (PK) Similarity Study Meets Primary And Secondary Objectives Study Design and Outcomes PK Similarity Top Line Results Primary Outcomes: › Bioequivalence criteria for all three PK parameters Cmax, AUC0-t and AUC0-inf for all pairwise comparisons were met confirming
Slide 57: AVT02: Comparative Clinical Efficacy & Safety Study Achieves Endpoints
AVT02: AVT02-GL-301 Comparative Clinical Efficacy & Safety Study Achieves 1° & 2° Endpoints Study Design and Top Line Conclusion Efficacy and Safety Outcome Data Percent improvement in PASI from baseline to Week 16 was therapeutically significant in both groups ® Similar safety profile between AVT02
Slide 58: AVT02: Successful Switching Study Can Support Potential Interchangeable Approval
AVT02: Successful AVT02-GL-302 Switching Study Can Support Potential Approval As Interchangeable Product In the US Subject study Participation = 52 Weeks SCREENING LEAD-IN PERIOD: OPEN LABEL TREATMENT SWITCHING MODULE: DOUBLE BLIND TREATMENT OPTIONAL EXTENSION PHASE: OPEN LABEL TREATMENT STAGE-1: OP
Slide 59: AVT02: Devices Used in Chronic Therapies are Important
AVT02: Devices Used in Chronic Therapies are Important Designed with Ergonomic Use in Mind Sturdy, oval design, and latex-free, solid Visual indicator when the construction for a substantial feel in hand injection is complete Soft, wide, textured grip for easy handling Lock-out feature after injecti
Slide 60: AVT02: Competitive Landscape Overview
AVT02: Competitive Landscape Overview Product information US Biosimilar Launch Status Interchangeability Manufacturer / Expected Launch Switching Program Approval Status Timing / Notes Marketer Date Study • Aim to be the first interchangeable, high concentration product at launch Alvotech / (1) (1)
Slide 61: AVT04: Clinical Development Program Designed To Support Demonstration Of Biosimilarity
AVT04: Clinical Development Program Designed To Support Demonstration Of Biosimilarity ID: AVT04-GL-101 Description: PK Similarity Study in Healthy Male Volunteers, First Subject First Visit Q2 2021 To compare the pharmacokinetic, safety, tolerability, and immunogenicity profiles of AVT04 with EU-ap
Slide 62: AVT04: Competitive Landscape Overview
AVT04: Competitive Landscape Overview ▪ AVT04 is one of few known SP2/0 cell line based programs Product information US EU o SP2/0 cell line facilitates higher levels of sialic acid on Commercial Program Developer Commercial Partner the monoclonal antibody; high levels of sialic acid are Partner ass
Slide 63: Global Operating Footprint With Differentiated Biosimilar Capabilities
Global Operating Footprint With Differentiated Biosimilar Capabilities R&D Focused Sites JULICH SITE Cell line, media, process, and functional assay development proficiency HANNOVER SITE Expertise in glycoprotein characterization methods and analyses VIRGINIA SITE Regulatory, government affairs, and
Slide 64: Appendix: Broader Pipeline Detail
APPENDIX BROADER PIPELINE DETAIL
Slide 65: AVT03: Denosumab Market Overview
AVT03: Denosumab Market Overview Historical Prolia® and XGEVA® Sales ($Bn) Market Context ▪ Prolia and Xgeva continue to experience attractive sales $5.8 growth as well as favorable pricing dynamics ’17A-’21A CAGR: 11% ▪ Growth for these products is expected to continue as the $5.2 $5.1 total number
Slide 66: AVT03: Novel Formulation for Denosumab
AVT03: Novel Formulation for Denosumab Program Status Alvotech Strategy Branded Biologic Prolia® and XGEVA® • Production consistency: Both the reference product as (Generic Name) (Denosumab) well as our proposed biosimilar AVT03, are produced in recombinant Chinese hamster ovary cells Originator Amg
Slide 67: AVT05: Golimumab Market Overview
AVT05: Golimumab Market Overview Historical Simponi® Sales ($Bn) Market Context ▪ Simponi (Golimumab) is an anti-TNF, the same class of ’17A-’21A CAGR: 5% therapeutic as Humira $3.6 $3.5 ▪ Simponi has a once-monthly formulation which is a $3.4 $3.3 differentiator among other anti-TNFs o In the US, S
Slide 68: AVT05: Only Known SP2/0 Cell-Line Based Program
AVT05: Only Known SP2/0 Cell-Line Based Program Alvotech Program Program Status AVT05 Alvotech Strategy Branded Biologic Simponi® • Interchangeability: Only publicly disclosed golimumab (Generic Name) (Golimumab) biosimilar program to be seeking the interchangeability designation Originator Johnson
Slide 69: AVT23: Omalizumab Market Overview
AVT23: Omalizumab Market Overview Historical Xolair® Sales ($Bn) Market Context ▪ High physician familiarity and levels of experience with ’17A-’21A CAGR: 7% Xolair’s biologic class (e.g. IgE binding) $3.6 $3.3▪ Remains competitive against new entrants; with $3.2 reported US growth of 5% in 2021 $3.
Slide 70: AVT23: Attractive Manufacturing Process for Omalizumab
AVT23: Attractive Manufacturing Process for Omalizumab Alvotech Program Program StatusXolair® Alvotech Strategy ® Branded Biologic Xolair ▪ Leverages the advancements made by Biosana utilizing (Generic Name) (Omalizumab) their proprietary 3C manufacturing technology o Highly efficient process with h
Slide 71: AVT06: Aflibercept Market Overview
AVT06: Aflibercept Market Overview Historical Eylea® Sales ($Bn) Market Context ▪ Eylea continues to be a leading ophthalmology product, ’17A-’21A CAGR: 12% with attractive market share across all approved $9.9 indications ▪ Full year 2021 Eylea US net sales increased 17% versus $8.4 2020 $8.0 o Vol
Slide 72: AVT06: Compelling Formulation for Eylea (Aflibercept)
® AVT06: Compelling Formulation for Eylea (Aflibercept) Alvotech Program Program Status AVT06 Alvotech Strategy ® Branded Biologic Eylea • Vial and PFS offering in development: Matching the (Generic Name) (Aflibercept) innovator with both of the dosage forms available in the market Originator Regene
Slide 73: Appendix: CCHT Joint Venture
Avalvotech APPENDIX CCHT JOINT VENTURE
Slide 74: Alvotech Well-Positioned In The Promising China Biosimilars Market Through Its China JV
Alvotech Well-Positioned In The Promising China Biosimilars Market Through Its China JV Access to the Second Largest Biopharma Market in the World JV Partner Overview › Alvotech formed a 50/50 JV with Changchun High & New › CCHT was established in 1993; Changchun Municipal People’s Technology Indust
Slide 75: China JV Manufacturing Facility: Changchun
China JV Manufacturing Facility: Changchun MANUFACTURING SITE IN CHINA › In 2019, the Joint Venture broke ground on its manufacturing facility, is expected to have operational capabilities in 2022 › Capabilities to include both fed batch and perfusion manufacturing › Designed to mirror the facility
Slide 76: Alvotech's China Commercial Partner: Yangtze River Pharmaceutical Group
Alvotech’s China Commercial Partner: Yangtze River Pharmaceutical Group YRPG Network & Infrastructure China Coverage Overview › YRPG has well-established distribution networks cover all districts nationally with more than 10,000 hospitals, 1,200 chain stores, and 20,000 retails, which account for ~8
Slide 77: Appendix: Financial Reconciliation
APPENDIX Financial Reconciliation
Slide 78: Financial Reconciliation
Financial Reconciliation 2021 Reported Adjustments 2021 Adjusted Other Transaction $ millions IP litigation LTIP 1 2 3 4 Income Costs Milestone Revenue $37 $3 $40 Other Income $3 ($3) 0 R&D (191) (17) (208) G&A (84) 17 18 12 (36) Operating Income ($235) 18 12 ($205) (1) D&A 24 24 Adjusted EBITDA ($2
Slide 79: Financial Reconciliation (cont'd)
Financial Reconciliation (cont’d) 2021 2020 2019 $ millions Loss for the year ($102) ($170) ($210) Income tax (benefit) expense (48) (122) 0 Total net finance costs 66 156 152 Depreciation and amortization 18 16 15 Impairment of property, plant and equipment 2 2 - Impairment of other intangible asse
Slide 80: Risk Factors
Carefully consider the following risk factors, among others that will be contained in (or incorporated by reference into) the proxy statement/prospectus, related to Alvotech’s business, reputation, financial condition, results of operations, revenue and the future prospects if the business combinati