Good morning. My name is Benedikt Stefansson. I'm the Senior Director of Investor Relations and Global Communications for Alvotech. I'm joined on this call here today with Anil Okay, our Chief Commercial Officer. I want to thank everybody who joined us on this call at a short notice, and we wanted to provide you with a short market update following our very successful Capital Markets Day held at the end of last month. Let me just start with the first question to you, Anil. What were your impressions from the Capital Markets Day?
Thank you, Benedikt. Good morning, everyone. I was reflecting from our Capital Markets Day. Actually, I'm really pleased to see all our key commercial partners flying to Iceland and participating in our Capital Markets Day in person. Teva, STADA, Advanz, and Fuji Pharma - all four of them - have given very insightful presentations during the event. And the participation from all these companies was at C-level, at the very senior level, which also shows their interest in Alvotech and their appetite for growing their biosimilar businesses. Hearing all these presentations during the Capital Markets Day, there was one common theme that Teva, STADA, Advanz, and Fuji came up with: it is critical to have platform access, and also it's critical to have a long portfolio, which Alvotech offers to the market.
That was really a very strong message from all the companies, and it was very exciting for us to hear that they are all committed to a partnership with Alvotech.
actly. And I think we were, of course, very pleased with the attendance also from the Icelandic audience. But for those of you who were not able to join us on the day, I would like to just remind everybody that if you go to our investors' website, under the event, you can find now a link to a recording of the presentations from our corporate leadership team and their PowerPoint presentation as well. But it's not a matter, of course, that that's at the mind of everybody, and that is how our launch for AVT02 in the U.S. will be going. AVT02 is now called Simlandi, of course, and will be marketed there under that brand name. But, Anil, what can you tell us more about the AVT02 launch in the U.S.?
Absolutely. Actually, this is really a very important day today for us in Alvotech because, as of yesterday, our product's WAC price has been in the public domain. What is the WAC price? WAC means Wholesale Acquisition Cost, which is basically the manufacturer's list price for a drug to a wholesaler or direct purchaser. A WAC price listing is the first step before you launch the product into the market. And that's actually the key signal to the market that Alvotech and Teva's product is arriving into the U.S. market very, very soon.
People are, of course, also asking us these days about our conversations with the payers. Can you give us a brief update on that as well?
Absolutely. Of course, all these conversations are confidential. But what I can share with the group is that we are in a very advanced contract negotiation with one payer, and we are aiming to announce this within the next few weeks. It will not be longer. This payer is really one of the largest in the U.S., and we are making amazing progress with them. And they appreciate Alvotech's product profile, and we are very excited about this conversation. And also, we believe this deal will be a transformative transaction for Alvotech in making AVT02 a success in the U.S. market. So one of these discussions is really very, very advanced and going extremely well. And with two other payers also, we have continuous dialogues. We have multiple in-person meetings together with our commercial partner, Teva, in the next few weeks and advancing these conversations further.
One of the common feedback we are receiving from our partners is that Alvotech's product is definitely the preferred product profile in the market space. And as after our approval, we are advancing all the conversations and bringing them to a stage that we can really announce them one by one very soon. But as I said, one of them is almost in the final stages, and we will be announcing that very soon. And, of course, we will keep you updated.
Yeah. Thanks, Anil. Maybe if we look a little bit further into the future, what are the latest updates on the rest of our pipeline? What would you like to remind our investors of?
Of course, we are very focused on AVT02 launch and AVT04 launch, but our further pipeline is progressing very well. As I said, we have three new filings within 2024, which will bring our advanced pipeline and portfolio into number five. Basically, five products will be either approved and launched or submitted to the regulatory authorities. And with this type of pipeline, Alvotech is one of the key global biosimilar players in the market space. That's really exciting for us.
Yeah. Thanks, Anil. So I think this sort of wraps up our call today. We wanted to update a little bit the market on AVT02 and, of course, the rest of our pipeline and remind everybody that the presentations from the Capital Markets Day are available on our website if you want to dig a little bit deeper into this information. But for now, I thank you on behalf of the Alvotech team. Thank you, Anil. And we're signing off. Thanks. Bye-bye.
Thank you very much, Benedikt. Have a good day.