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GlobeNewswire All Public CompaniesCodex · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 16:30:00·⟳ 抓取 16:30:29·⚡ 决策 08-31 16:32:32 +2m03s·57.2 天前

Alvotech的Entyvio皮下注射剂型生物类似药AVT80获FDA受理审评

BLA受理确认了监管推进,但不是批准、无销售时点和金额增量;同项目关键进展此前已披露,且无法用实时行情确认可执行价格,正期望不足。

📄 原文GlobeNewswire All Public Companies↗ 原文
REYKJAVIK, Iceland, August 31, 2026 - Alvotech (NASDAQ: ALVO; ALVO-SDB), a global biotechnology company specializing in…
不做 Alvotech(ALVO.US)
BLA受理为正面但属中间监管节点,同项目进展此前已有铺垫;未确认批准、上市时间或销售增量,追多edge不足。
不做 Teva Pharmaceutical Industries(TEVA.US)
Teva只是商业化合作方且公司体量更大,本次AVT80受理对短线业绩弹性不足。
不做 Takeda Pharmaceutical(TAK.US)
Entyvio长期竞争压力增加,但当前只是潜在竞品进入审评,未达到强空催化。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

本次公告确认Alvotech的AVT80进入FDA审评,方向上利好Alvotech、轻微利好Teva、长期利空Takeda的Entyvio专营权。但该事件是生物类似药开发流程中的中间节点,商业化仍取决于批准、上市、替代率和分成;Alvotech此前已披露AVT16受理及AVT80关键临床数据,预期差有限,因此不建议追事件交易。

🔎 新鲜度:最早出现 2026-08-31 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-08-31 08:30 UTC首发GlobeNewswire一手源原文 ↗
    Alvotech盘前公告FDA已受理AVT80的BLA审评申请,抓取时间与披露时间一致。

关键理由

  • AVT80若最终获批,可补齐Entyvio皮下注射剂型生物类似药组合,扩大Alvotech与Teva的美国免疫管线覆盖。
  • Takeda披露Entyvio在截至2025年3月财年收入为9141亿日元,说明参考药市场规模可观,但本次只是进入审评。
  • Alvotech披露Teva美国供货安排约按Teva市场销售的40%向Alvotech回款,但本事件尚未带来可确认收入。

主要风险

  • FDA受理不等于批准,AVT80仍可能遭遇审评延迟、补充资料要求或制造质量问题。
  • 同一vedolizumab项目的AVT16受理、AVT80临床阳性和EMA验证已提前披露,短线催化可能被市场部分消化。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-06-08 · 影响 weakens
    同一Entyvio项目的AVT16受理和AVT80临床支持数据此前已公开,本次是项目延续而非全新资产验证。
    检索:Alvotech AVT80 AVT16 Entyvio biosimilar FDA acceptance prior disclosure 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-25 · 影响 weakens
    Alvotech近期业务更新称上半年制造改善影响产出和收入,虽已恢复计划水平但仍提示执行风险。
    检索:Alvotech 2026 manufacturing output availability adjusted EBITDA regulatory catalysts 原文 ↗
  • 做空前查反向 · 来源 web · 日期 2025-06-25 · 影响 none
    Entyvio是Takeda大单品,但竞品BLA受理距离批准和替代仍有时间,不构成对Takeda的强短线做空催化。
    检索:Takeda Entyvio biosimilar BLA acceptance competitive risk material short catalyst 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例使本次从潜在小仓多头降为回避,等待批准、明确审评时点或商业化金额更合适。

方向:相似先例支持该类事件方向偏正面但强度有限,尤其BLA受理只是监管流程中间节点。

涨幅量级:缺少可用event_study日线结果和足够高相似样本,不能据此校准可交易涨幅。

形态:同类节点存在无反应或冲高回落风险,未显示稳定的盘前追多优势。

历史先例(按相似度)

  • 相似度 8/10 ALVO 2026-06-08 Alvotech宣布AVT16作为Entyvio静脉剂型生物类似药的BLA获FDA受理。 原文 ↗
    事件后 +1日 +19.8% · +2日 +17.5% · +3日 +16.9% · +4日 +19.2% · +5日 +17.8%
    相似度依据:同公司、同Entyvio项目、同为FDA受理BLA,但剂型为静脉剂型AVT16。
    经验:同项目中间监管节点更多确认进度,通常不足以单独重估商业化价值。
  • 相似度 7/10 ALVO 2025-02-18 AVT06作为Eylea生物类似药的BLA获FDA受理,公告披露Eylea美国2024年销售额约47.7亿美元。 原文 ↗
    第三方报道显示公告日ALVO曾下跌,说明同类受理节点不稳定。
    相似度依据:同公司、同合作方、同为生物类似药BLA受理,但参考药为Eylea而非Entyvio。
    经验:大适应症参考药的BLA受理仍可能被市场视作常规流程而非强交易催化。
  • 相似度 6/10 ALVO 2025-01-27 AVT05针对Simponi/Simponi Aria的BLA获FDA受理,预计审评在2025年四季度完成。 原文 ↗
    未取得event_study结果,仅用于相位比较。
    相似度依据:同公司、同FDA BLA受理机制,但产品为golimumab生物类似药且首发具体分钟未核实。
    经验:生物类似药受理公告的交易价值取决于是否是首个、商业化时点和市场预期差。
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原文全文

展开原文 · 7,647 字
REYKJAVIK, Iceland, August 31, 2026
- Alvotech (NASDAQ: ALVO; ALVO-SDB), a global biotechnology company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that the U.S. Food and Drug Administration (FDA) has accepted for review a Biologics License Application (BLA) for AVT80, a proposed interchangeable biosimilar to Entyvio® (vedolizumab) prefilled syringe and autoinjector for subcutaneous administration.
Under a partnership with Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), Alvotech is responsible for the development and manufacturing of AVT80, while Teva is responsible for commercialization.
“FDA’s acceptance for review of our BLA for AVT80 is another important milestone for our vedolizumab biosimilar program,” said Joseph McClellan, Chief Operating Officer of Alvotech. “Together with our BLA for AVT16, which was accepted for review in May, the program encompasses both intravenous and subcutaneous presentations, including a prefilled syringe and autoinjector.”
Entyvio is a biologic medicine approved for the treatment of adults with moderately to severely active ulcerative colitis and Crohn’s disease.
The BLA submission is supported by a comprehensive data package, including analytical, pharmacokinetic, and immunogenicity data generated to support the demonstration of biosimilarity between AVT80 and the reference product.
AVT80 has been submitted as a proposed interchangeable biosimilar. In the United States, an interchangeable biosimilar may be substituted for the reference product at the pharmacy without the intervention of the prescriber, subject to applicable laws. If approved, AVT80 would add to the range of biosimilar options available to patients and healthcare providers in the United States.
In February 2026, Alvotech announced positive results from a
pivotal pharmacokinetic study
for AVT80. The randomized, double-blind, single-dose, parallel-group, three-arm study compared AVT80 to Entyvio in healthy adult participants and met all its primary endpoints. Based on regulatory advice, the clinical study is considered pivotal to support the demonstration of clinical similarity for both AVT16 and AVT80.
About AVT80 and AVT16
AVT80 is a proposed interchangeable biosimilar candidate to Entyvio (vedolizumab), a humanized monoclonal antibody. It is being developed as a prefilled syringe and autoinjector for subcutaneous administration. AVT80 complements AVT16, Alvotech’s proposed interchangeable biosimilar to Entyvio for intravenous administration for which the FDA
accepted a BLA for review in May 2026
. In the European Union, the European Medicines Agency has validated a Marketing Authorization Application covering both AVT16 (lyophilized vial) and AVT80 (pre-filled syringe and autoinjector).
Together these two candidates form part of Alvotech’s broader pipeline of biosimilar candidates in immunology aimed at expanding access to biologic medicines in major therapeutic areas.
AVT16 and AVT80 are investigational products and have not received regulatory approval in any markets. Biosimilarity and interchangeability have not been established by regulatory authorities and are not claimed.
About Entyvio
Entyvio (vedolizumab) is an integrin receptor antagonist indicated for the treatment of adults with moderately to severely active ulcerative colitis and Crohn’s disease. Vedolizumab targets and binds specifically to the alpha-4-beta-7 integrin, which is involved in the migration of certain white blood cells into gastrointestinal tissue.
Use of trademarks
Entyvio is a registered trademark of Millennium Pharmaceuticals, Inc. The use of this trademark is solely for the purpose of identifying the reference product. Alvotech and Teva do not claim any rights to the trademark.
For further information, contact:
Media
Benedikt Stefansson
Sarah MacLeod
alvotech.media@alvotech.com
Investors
Dr. Balaji V Prasad
Benedikt Stefansson
Mikaela Vilchez
alvotech.ir@alvotech.com
About Alvotech
Alvotech is a biotechnology 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. Five biosimilars are already approved and marketed in multiple global markets, including biosimilars to Humira® (adalimumab), Stelara® (ustekinumab), Simponi® (golimumab), Eylea® (aflibercept) and Prolia®/Xgeva® (denosumab). The current development pipeline includes disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, 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. For more information, please visit https://www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.
For more information, please visit our
website
or follow us on social media on
LinkedIn
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Facebook
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, and
YouTube
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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 include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, market launches and financial projections. 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 factors 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. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. 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.

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