Alvotech

Good day and thank you for standing by. Welcome to the Arvitech Q2 2026 earnings conference call. At this time all participants are in a listen only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Benedikt Stefansson, VP of Investor Relations and Global Communication. Please go ahead.

Thank you and welcome to our listeners. Yesterday evening, the company issued a press release announcing our financial results for the first half of 2026. Material accompanying today's earnings call, including a supplemental earnings report providing additional operational details and a business update, and the presentation you will be referring to on today's call, were also published on our website, alvotech.com, under financials in the Q2 section. Our press release, earnest report, presentation and statements that we make on the call today may include forward-looking statements. These statements do not ensure future performance and are subject to risks and uncertainties that are outlined in company filings with the Securities and Exchange Commission. Any risks and uncertainties could cause actual results to differ materially from forward-looking statements that are made. Presenting on today's call, are Robert Wessman, founder and executive chairman, Lisa Graver, chief executive officer, Joseph McClellan, chief operating officer, and Linda Jonsdottir, chief financial officer. Robert will begin today's presentation with a summary of our regulatory, funding, and commercial highlights. Lisa will then present a commercial and operations update. Joseph will provide a pipeline and regulatory update. and Linda will conclude with a discussion of the financial results. Following the presentation, our team will be happy to take your questions. And with that, I would like to turn the call over to Robert Wessman.

Hello, everyone, and thank you for joining us here today. The first half has been an important period for AlgoTech as we made significant investments in our manufacturing facility and quality systems. These investments allowed us to resubmit our US BLAs in June, and in July, the FDA formally closed the May surveillance inspection of our agri-facility with a VAI classification. Our second quarter performance reflects the associated production slowdown and the preparation for our BLA resubmissions. Manufacturing returned to planned operating levels at the end of the second quarter. Our order book is strong, which will support a strong fourth quarter as we seek to gradually rebuild sufficient safety stock for our customers. During the period, we also continue to expand our commercial portfolio, make significant progress in our R&D programs, We are optimistic about our first mover position with our Entivio Biosimilar program. We were the first to submit a PLA in the US and we have also submitted a marketing application in Europe addressing a global market of $7 billion. We believe These moves position us to be among the first wave of biosimilars to this important product. Alvotech now has five biosimilars contributing to product revenue, with our biosimilars to Symfony, ILEA, and Prolea Xgeva beginning to add to our Humira and Stellara biosimilar sales. We have built one of the largest biosimilar pipelines in the industry. and we are now entering an important execution phase. Our focus is on preparing for multiple anticipated launches, advancing the next wave of biosimilar candidates and continuing to build the capabilities we need to develop, manufacture and supply those products globally. Building a company at this scale requires a long-term thinking and sustained investment. Capital is the fuel. that enable us to execute. The equity financing completed in June generated approximately $165 million in gross proceeds. We were very pleased with the strong demand for the offering and more importantly, with the composition of the demand. Alongside continued support from our existing shareholders, we welcomed 20 new specialists in healthcare from across the US, Europe and the Nordics. The diversification of the shareholder base is important because it brings investors with a deep understanding of the sector and our opportunity. Linda will take you through the financing in a little bit more details. We continued also to evolve our commercial model. Our primary route to enter global market is through our network of commercial partners in a business-to-business model. At the same time, as we look ahead, we see opportunities for Alvotech to participate more directly in the U.S. markets, including by commercializing selected pipeline products ourselves. I have always believed that strategy itself is only part Thank you, Robert.