Alvotech (ALVO) Earnings Call Transcript & Summary

Good morning. My name is Benedikt Stefansson. I'm the Senior Director of Investor Relations and Global Communications for Alvotech. I'm joined on this call here today with Anil Okay, our Chief Commercial Officer. I want to thank everybody who joined us on this call at a short notice, and we wanted to provide you with a short market update following our very successful Capital Markets Day held at the end of last month. So let me just start with the first question to you, Anil.

What are your impressions from the Capital Markets Day?

Thank you, Benedikt. Good morning, everyone. I was reflecting from our Capital Markets Day, actually, I'm really pleased to see all our key commercial partners flying to Iceland and participating in our Capital Markets Day in-person. There are Teva, STADA, Advanz and Fuji Pharma, all 4 of them have given very insightful presentations during the event, and the participation from all these companies were at C level at the very senior level, which also shows her interest in Alvotech and their appetite for growing their biosimilars businesses. Hearing all these presentations during the Capital Markets Day, there was one common theme that Teva, STADA, Advanz and Fuji came up with. It is critical to have a platform access and also, it's critical to have loan portfolio, which Alvotech offers to the market. So that was really a very strong message from all the companies, and it was very exciting for us to hear that they are all committed to a partnership with Alvotech.

Exactly. And I think we were, of course, very pleased with the attendance also from the Ice Landing audience. But for those of you who were not able to join us on the day, I would like to just remind everybody that if you go to our Investors website you can -- under the event, you can find now a link to a recording of the presentations from the -- our corporate leadership team, and their PowerPoint presentation as well. But there's not a matter, of course, but that's at the mind of everybody, and that is how our launch for AVT02 in the U.S. will be going. AVT02 is now called SIMLANDI, of course, and will be marketed there under that brand name. But Anil, what can you tell us more about the AVT02 launch in the U.S.?

Absolutely. Actually, this is a really very important day today for us in Alvotech because as of yesterday, our products, WAC price has been in public domain. What is the WAC price. WAC means, Wholesale Acquisition Cost, which is basically the manufacturer's list price for a drug to a wholesaler or direct purchaser. And WAC price listing is the first step before you launch the product into the market. And that's actually the key signal to the market that Alvotech and Teva's product is U.S. market very, very soon.

People are, of course, also asking us these days about our conversations with the payers. Can you give us a brief update on that as well?

Absolutely. Of course, all these conversations are confidential. But what I can share with the group is that we are in a very adverse contract negotiation with one payer, and we are aiming to announce this within the next few weeks. It will not be longer. This payer is really one of the largest in the U.S., and we are making an amazing progress with them, and they appreciate Alvotech's product profile, and we are very excited of this conversation. And also, we believe this deal will be a transformative transaction for Alvotech in making AVT02 success in the U.S. market. So one of these discussions are really very, very advanced and going extremely well. And with 2 other players also, we have continuous dialogues. We have multiple in-person meetings together with our commercial partner, Teva, in the next few weeks and advancing these organizations further. One of the common feedback we are receiving from our partners is that Alvotech product is definitely the preferred product profile in the market space. And as after our approval, we are advancing all the conversations and bringing to a stage that we generally announced one by one very soon. But as I said, one of them is almost in the final stages, and we will be announcing that very soon. And of course, we will keep you updated.

Thanks, Anil. And maybe if we look a little bit further into the future, what are the latest updates on the rest of our pipeline? What would you like to remind our investors of.

Of course, we are very focused on AVT02 launch and AVT04 launch, but our further pipeline is progressing very well. As I said, we have 3 new filings within 2024, which will bring our advanced pipeline and portfolio into #5. Basically, the 5 products will be either approved and launch or submitted to the regulatory authorities. And with this type of pipeline, Alvotech is one of the key global biosimilar player in the market space. That's really exciting for us.

Yes. Thanks, Anil. So I think this sort of wraps up our call today. We wanted to update a little bit the market on AVT02 and, of course, the rest of our pipeline and remind everybody that the presentations from the Capital Markets Day are available on our website, if you want to dig a little bit deeper into this information. But for now, I thank you for -- on behalf of the Alvotech team. Thank you, Anil and we're signing off. Thanks. Bye-bye.

Thank you very much, Benedikt. Have a good day, everyone.