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    Di Zhao

    Research Analyst at UBS

    Di Zhao is an Executive Director and Equity Analyst at UBS, specializing in coverage of Asian technology companies with a focus on firms such as Alibaba Group, JD.com, Tencent, and Pinduoduo. Zhao is recognized for detailed sector research and has delivered strong performance with a high accuracy rate in earnings forecasts and stock recommendations, as reflected in top industry rankings. Beginning his finance career after earning a degree in quantitative finance, Zhao joined UBS in 2018 following analyst roles at other leading investment banks in Asia. He holds FINRA Series 7 and Series 63 licenses and is a Chartered Financial Analyst (CFA) charterholder, marking his credentials in global equity research.

    Di Zhao's questions to Alvotech (ALVO) leadership

    Di Zhao's questions to Alvotech (ALVO) leadership • Q1 2025

    Question

    Di Zhao from UBS inquired about Alvotech's Stelara biosimilar, focusing on the mechanics of interchangeability exclusivity, potential competition from Sandoz, and the expected timeline for PBMs to remove the branded drug from formularies.

    Answer

    Anil Okay, Chief Commercial Officer, explained that the exclusivity for the first interchangeable biosimilar expired on April 30, 2025, and while Alvotech expects some competitors to eventually gain interchangeability, their recent designation is a positive driver for faster uptake. He noted that discussions with private label partners are ongoing and that any PBM decision to exclude the brand Stelara would create a significant opportunity for biosimilars.

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