What happened
Shares of Alvotech (ALVO 2.12%) were up as much as 28.1% this week, according to data from S&P Global Intelligence. The stock closed last week at $6.36, then opened this Monday at $6.40. Its shares hit a high of $8.15 on Thursday morning.
So what
It was a big week for the biotech company, which specializes in biosimilars. On Wednesday, it said it was launching Hukyndra (adalimumab), a biosimilar used to treat various autoimmune disorders, in Belgium, Bulgaria, Croatia, the Czech Republic, Latvia, Romania, and Slovenia. The drug represents further biosimilar competition to Abbvie blockbuster Humira (adalimumab), the word's top-selling drug last year, other than COVID-19 vaccines.
Alvotech is able to sell Hukyndra in Eastern Europe through a partnership with German generic maker STADA. Alvotech will supply STADA with pre-filled injectables of Hukyndra made in Alvotech's labs in Reykjavik, Iceland, and STADA will distribute the therapy through its various subsidiaries. Until now, the drug was only available in Austria, Estonia, Finland, France, Germany, Lithuania, Slovakia, Sweden, and Switzerland.
On Thursday, Alvotech said it would now be trading on Iceland's Nasdaq main market. Prior to that, it traded on Iceland's First North Growth market and the move brings the company more exposure. Alvotech, which began trading on the U.S. Nasdaq market in June, is now the only Icelandic company to trade on both Nasdaq markets.
Now what
The company is seeing progress and strong growth. Though it lost $193.1 million through the first nine months, it reported revenue for that period of $59.2 million, compared to only $2 million in the same period last year. The company is looking to sell Hukyndra under the name AVT02 in the U.S. and is aiming to launch the biosimilar here, if approved, on July 1, 2023.
