Alvotech Announces Changes to the Leadership Team REYKJAVIK, ICELAND (

Alvotech Announces Changes

to the Leadership Team

(September 5, 2023) - Alvotech (NASDAQ: ALVO, the "Company"), a global biotech company specializing in the

development and manufacture of biosimilar medicines for patients worldwide, announced today that Faysal Kalmoua has been appointed

Alvotech's Chief Operating Officer and Hafrun Fridriksdottir is stepping down following resubmission of the Biologics License

Application (BLA) for AVT02, Alvotech's proposed high-concentration interchangeable biosimilar to Humira

Faysal has served as Head of Portfolio and Project Management

since earlier this year and as a member of Alvotech's Board of Directors since 2020. Previously, he held various senior management

positions at Alvogen and Synthon. He has a master's degree in Chemistry from Radboud University Nijmegen and an executive

"It is a great pleasure to welcome Faysal to the role of

Chief Operating Officer, as he knows our operations and portfolio intimately," said Robert Wessman, Chairman and CEO of Alvotech.

"We were extremely grateful last year when Hafr n agreed to lend her extensive pharma industry experience to the Alvotech

team, and her passion for operational excellence and quality will continue to be an inspiration for the entire team."

"I am thrilled to take part in Alvotech's remarkable

journey," said Faysal Kalmoua. "I look forward to continue working with the exceptionally talented and dedicated team

assembled and contributing to the Company's further development into a global leader in the biosimilars industry."

Alvotech is a biotech company, founded by Robert Wessman, focused

solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader

in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach

and broad in-house capabilities. Alvotech's current pipeline includes eight disclosed biosimilar candidates aimed at treating

autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic

commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe,

Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech's commercial

partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU),

Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med

Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co.,

Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC

(Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America)

and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique

set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility

for the content of periodic filings, disclosures and other reports

made available by its partners. For more information, please visit www.alvotech.com. None

of the information on the Alvotech website shall be deemed part of this press release.

Forward Looking Statements

Certain statements in this communication may be considered "forward-looking

statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements

generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech's

expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future

plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions,

review and interactions, including the resubmission of a BLA for AVT02 and a potential reinspection of Alvotech's manufacturing

facility, the satisfactory responses to the FDA's inspection findings and resolution of other deficiencies conveyed following

the inspection of Alvotech's manufacturing site, the potential approval and commercial launch of its product candidates,

the timing of regulatory approval, including for AVT04, and market launches, the estimated size of the total addressable market

of Alvotech's pipeline products, the availability of financing options, including the size, timeline, securities, terms and

conditions of, and use of proceeds from, a potential financing. In some cases, you can identify forward-looking statements by terminology

such as "may", "should", "expect", "intend", "will", "estimate",

"anticipate", "believe", "predict", "potential", "aim" or "continue",

or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks,

uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such

forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable

by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many

of which are beyond Alvotech's control. Factors that may cause actual results to differ materially from current expectations

include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against Alvotech or others following

the business combination between Alvotech Holdings S.A., Oaktree Acquisition Corp. II and Alvotech; (2) the ability to raise substantial

additional funding, which may not be available on acceptable terms or at all; (3) the ability to maintain stock exchange listing

standards; (4) changes in applicable laws or regulations; (5) the possibility that Alvotech may be adversely affected by other

economic, business, and/or competitive factors; (6) Alvotech's estimates of expenses and profitability; (7) Alvotech's

ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (8) actions of regulatory

authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing

authorizations; (9) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction

of the regulators; (10) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (11) the ability

of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (12) the ability

of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact

development timelines and plans; (13) Alvotech's ability to obtain and maintain regulatory approval or authorizations of

its products, including the timing or likelihood of expansion into additional markets or geographies; (14) the success of Alvotech's

current and future collaborations, joint ventures, partnerships or licensing arrangements; (15) Alvotech's ability, and that

of its commercial partners, to execute their commercialization strategy for approved products; (16) Alvotech's ability to

manufacture sufficient commercial supply of its

approved products; (17) the outcome of ongoing and future litigation regarding

Alvotech's products and product candidates; (18) the potential impact of the ongoing COVID-19 pandemic on the FDA's

review timelines, including its ability to complete timely inspection of manufacturing sites; (19) the impact of worsening macroeconomic

conditions, including rising inflation and interest rates and general market conditions, war in Ukraine and global geopolitical

tension, and the ongoing and evolving COVID-19 pandemic on the Company's business, financial position, strategy and anticipated

milestones; and (20) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary

Note Regarding Forward-Looking Statements" in documents that Alvotech may from time to time file or furnish with the SEC.

There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could

also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should

be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any

of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking

statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking

statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred

to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered

or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is

expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers,

employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the

information contained in this communication, or the omission of any information from this communication.

Alvotech Investor Relations