Alvotech enters into commercialization agreement with Advanz Pharma for proposed biosimilar to Xolair (omalizumab) - Advanz Pharma will commercialize AVT23, a proposed biosimilar to Xolair (omalizumab) in the European Ec

Alvotech enters into commercialization agreement

with Advanz Pharma for proposed biosimilar to Xolair (omalizumab)

REYKJAVIK, ICELAND (February 6, 2023) Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture

of biosimilar medicines for patients worldwide, today announced that it has entered into an exclusive agreement with Advanz Pharma, for the commercialization of AVT23, a proposed biosimilar to

Xolair (omalizumab). The agreement covers the European Economic Area, UK, Switzerland, Canada, Australia and New Zealand.

We look forward to working with Advanz Pharma on the commercialization of this important therapy in respiratory disease, said Anil Okay, Chief

Commercial Officer of Alvotech. This agreement highlights our joint commitment to provide better patient access to more affordable biologics around the world.

According to the agreement, Alvotech will be responsible for development and manufacture, while Advanz Pharma will handle registration and commercialization.

The estimated market size of the reference product for the region included under this agreement is over US$ 1 bn, according to market data from IQVIA.

In February 2022, Alvotech announced

an exclusive global licensing agreement with BiosanaPharma for the co-development of AVT23. Omalizumab is an antibody that targets free IgE and is used to treat patients with allergic asthma, chronic

spontaneous urticaria (CSU) and nasal polyps. AVT23 is an investigational product and has not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.

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 contains eight 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),

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.

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 review and

interactions, the success of its commercial partnerships, including its partnership with Advanz Pharma, potential milestone and royalty payments, the potential approval and commercial launch of its product candidates, the timing of regulatory

approvals and market launches, and the estimated size of the total addressable market of Alvotech s pipeline products, and the commercial success of AVT23, Alvotech s ability to improve global access to affordable biologics, and the effect

of biosimilars on inflationary pressures for healthcare systems. 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) changes in applicable laws or regulations; (3) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors;

(4) Alvotech s estimates of expenses and profitability; (5) Alvotech s ability to develop, manufacture and commercialize the products and product candidates in its pipeline, including AVT23; (6) actions of regulatory authorities,

which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (7) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the

satisfaction of the regulators; (8) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (9) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study

plans or sites; (10) the ability of Alvotech s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (11) Alvotech s ability to obtain and

maintain regulatory approval or authorizations of its products, including AVT23, including the timing or likelihood of expansion into additional markets or geographies; (12) the success of

Alvotech s current and future collaborations, joint ventures, partnerships or licensing arrangements, including the partnership with Advanz Pharma; (13) Alvotech s ability, and

that of its commercial partners, to execute their commercialization strategy for approved products, including AVT23; (14) Alvotech s ability to manufacture sufficient commercial supply of its approved products, including AVT23; (15) the outcome

of ongoing and future litigation regarding Alvotech s products and product candidates; (16) 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; and (17) 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 and Global

alvotech.ir[at]alvotech.com