Alvotech Reports Increased Revenue and Expanded Partnerships

Biotechnology firm Alvotech reported significant growth in the first half of 2023, with product revenue rising to $22.7 million, up from $3.9 million in the same period last year. The company has also expanded key commercialization partnerships.

Alvotech extended its agreement with Teva Pharmaceuticals for the U.S. market and with Advanz Pharma for the European market. In July 2023, the company raised $140 million in financing through the issuance of convertible bonds, with Teva Pharmaceuticals among the investors.

Furthermore, Alvotech reached a settlement with Johnson & Johnson concerning AVT04, a biosimilar to Stelara®. This agreement sets a U.S. market entry date for the product no later than February 21, 2025.

In May 2023, Advanz Pharma agreed to commercialize five biosimilar candidates developed by Alvotech in Europe. The agreement includes significant upfront and future milestone payments to Alvotech.

However, approval of Alvotech's AVT02 product (adalimumab) in the U.S. has encountered setbacks. In June, the company received a complete response letter from the U.S. Food and Drug Administration (FDA) regarding a second submission for a high-concentration Humira® biosimilar. Deficiencies noted in the letter relate to an inspection of the company's facility.