Anil Okay with Alvotech. Thank you, Molly. Today I'm with Ming Li. He's our Investor Relations, so he will answer your questions after the presentation, if any. First of all, thanks a lot for your interest in Alvotech. I would like to present you an update of our company, and also we'll give you a strategy update from our side. First of all, Alvotech has been founded in 2013 with the aim to create a pure play biosimilar player. We are not in vaccines, we are not in generics, we are just developing biosimilars. And as we announced, we have publicly said we have 11 assets in our portfolio, and of course many more in the early stage. One of the key differentiators from our side is vertical integration from cell line development, including fill and finish. We do everything in-house. I will talk you through later on our capabilities and platform capabilities. Another differentiation for Alvotech, we have one of the largest biosimilar portfolios in the industry, and our business model is unique. We have a global strategy. We commercialize our products with 19 commercial partners in the globe. As I said, we have 11 products in a disclosed portfolio and many more in the early stage. Our infrastructure is ready. We have actually doubled our manufacturing site also last in April. The manufacturing site is located in Iceland. We have our R&D platforms in Switzerland, in Germany, as well as in India. Also, we have our office in the U.S., of course, for running our registrations in the U.S. with FDA, and also we are very active on the IP litigations, as you have probably seen. We have 19 world-class partners. Some of them are very well-known names, but for us, the key was bringing our products to over 9,000 markets globally. We believe biosimilars are needed not only for U.S., Europe, Japan, Canada, but also needed for all the emerging markets. Alvotech is a dual-listed company quoted in Nasdaq U.S. and Nasdaq Iceland. I think one of the really fundamentals to our investment thesis was to create a platform that is vertically integrated. We saw significant benefit of controlling the value chain in biosimilars. Biosimilars are complex products. It requires a lot of scientific knowledge to develop them and also to manufacture them. The manufacturing of biosimilars is a complex process. Therefore, as Alvotech, since day one, 2013, we have publicly said we invested over $1 billion to this platform, and we created one of the best manufacturing and R&D platforms in the industry. I think it's fair to say there is no other company like Alvotech in Europe, and we are very proud of our R&D capabilities. We have strong market access capabilities. I think we are able to register all our products in the globe from Japan to Canada, from Europe to U.S. We have been very successful in achieving strong market access for biosimilars around the world. On the manufacturing side, we can develop and manufacture any monoclonal antibody, including products coming with the CHO and Sp2/0 cell lines. We have made a strategic decision, I think, seven years ago to implement also Sp2/0 and continuous perfusion process in our facility, which is a significant advantage in developing some of the products. Just to name two of them, Stelara biosimilar, as well as Simponi biosimilars, where we have a very strong competitive position thanks to owning this technology platform as we have developed both assets in Sp2/0 and perfusion technology. We have almost 1,000 employees, and what's very interesting, as you see in the slides, 90% of the employees are in R&D and manufacturing and quality, and only 10% of the company is in the, so to say, admin functions, including commercial. Probably why my team is one of the smallest in the company. And thanks to the unique part of our business model, it really drives a lot of value when it comes to scalability. So we can quickly scale our business by adding products, making new deals, making new partnerships, and of course, bringing a lot of profit. It's a high-profit business, and you will see some of the margin parameters later in the slide. Alvotech's commercial strategy, as I said, has been unique. Back in the day, when we designed this commercial model, it was pretty clear for us that it has to be a global model. We have seen failures in the US market where the company is just launched in the US and nowhere else. They could not sustain in the long term. It was fundamentally very important for us to cover the world. As of today, I'm really proud to say Alvotech launched its products in the US market, in Europe, in Canada, in Japan, in Australia, and many other markets globally. That we believe is a very leverageable platform as we add new products into the portfolio. As you know, when you work with the global big names like Teva, STADA, and so on, one of the fundamental advantages is that you are mitigating the commercial risk significantly because they know how to commercialize products in their home markets. If we would decide to go direct into a market on top of all other risks, we would add also a commercial success risk into our business model, which doesn't exist. So we significantly mitigate the commercial success as a risk from our business model. Also, this model gives us a significant early revenue generation. As you have seen in the slides, we are getting almost $120 million-$200 million in milestone revenue per product. As you can imagine, the biosimilar developments are costing $150 million-$200 million per product. Thanks to the business model that we have created, we are able to pay literally the whole R&D cost thanks to the license fees we are getting from our partners. So that business is really unique, and we would like to capitalize on that model moving forward. As I said, global access is key. Europe is a very well-established biosimilar market with 70%-80% biosimilar penetration. The U.S. is getting there. Oncology biosimilars are 60%-70% penetrated already. We are seeing the first pharmacy benefit products, which we expect the same penetration rate. So the worldwide markets are really changing in favor of biosimilars. Therefore, the global access is really putting us into a very exciting spot among our competition. Last but not least, thanks to this business model, we are indication agnostic. So, as you know, biosimilars are addressing multiple different therapy areas. We can touch on oncology, we can touch immunology, respiratory, primary care, so call it what, and basically we can basically leverage our partners' platforms by adding different products into our portfolio, which is another big advantage when you think about the commercial access. So, talking about partners, these are our current partners. We have 19, as I said, commercial partners. I would like to highlight one very recent partnership we have closed with Quallent. Quallent is a Cigna company. Basically, Quallent is our partner for AVT02 private label commercialization. That's a significant transaction for Alvotech. And actually, we, together with another competitor, are driving the market switch here by adding a new business model into the US market. We believe these types of models and initiatives are benefiting the patients and benefiting the sustainability of the US pharmaceutical market. Therefore, we are really proud that Cigna, as a company, as being one of the largest players in the U.S., has selected Alvotech and Teva products for private label business in the U.S. Also, we have announced our partnership with Dr. Reddy on AVT03, which I will also talk you through later. If you look into Alvotech's portfolio, as you see, it's one of the largest biosimilar portfolios in the market. Also, what is very encouraging for us, we are able to address with this portfolio over $163 billion market size. What is also very interesting here, the majority of our products are either approved in the U.S., Europe, Japan, Canada, or have gone through the phase three and phase one trials. So we have actually one of the most advanced biosimilar portfolios in the industry. Many of the pipeline products also, you can see. I will walk you through the portfolio later in the next slide, but what I would like to say, we have seven products with Teva in the U.S. market. Teva is our largest partner when it comes to biosimilars. Our partnership with Teva is currently for the U.S. market only. In Europe, we have multiple partners for different products. So I would like to update you a little bit on the products and our differentiation on the products because sometimes people ask me the question, can you differentiate in biosimilars? Yes, you can differentiate a lot in biosimilars. In fact, AVT02 is a prime example of that. We were last entered into the market, but we are the only still today, we are the only high-concentration interchangeable adalimumab biosimilar in the U.S. market. And also, we have exclusivity on our interchangeability up until minimum May 2025. That's a significant competitive advantage. Within the company, we like to say, for Alvotech's business model, we act as a brand when we commercialize our products, but we act as a generic company in our R&D decisions and how we run our operations. So we are really carrying two different mindsets in our business, which we believe is a really unique mindset in managing biosimilars. Why I say like this? Because AVT02 is a prime example of that R&D operations generic mindset. We have seen Humira, AbbVie is developing a life cycle expansion, of course, as many other innovative companies do. We have seen this, and we became the first company with the high concentration in the U.S. market and the interchangeability. That has been a really amazing achievement for us. And I'm proud to say we also announced this in our earnings call two weeks ago. We literally got our approval in February. Just to put into perspective, February, I think 21st, literally within two months, we have received over 1 million pens of Humira biosimilar purchase orders from the market. This all happened in two months, just to say. It shows you actually that our product is going to be the leading Humira biosimilar in the U.S. market. We are very confident in our position thanks to this success. When it comes to differentiation, we continue to apply our platform capabilities. With With AVT04, with Stelara biosimilar, we are the first in the European market. We are the first in Canada. We are the first in Japan. Not only are we the first, but we are also alone for a couple of months and maybe even years, depending on different markets. For instance, in Europe, we clearly know that we will be alone for at least 6 months, market by market. It is a $3.5 billion market size in Europe. We will be alone for a while, which is an amazing position to be. Japan, we will be alone maybe up to a year, even maybe longer. We launched our product in Japan as the first player. We launched in Canada, first player. Amgen came 3 months after us, and we don't see anyone else coming very soon. So, as you can see, as a company which is just as a greenfield, started the business 10 years ago, we are able to be the first in many markets thanks to our platform capabilities. We believe that the companies that are using CMOs or third-party sources for making biosimilars will struggle in the long term in this game. Also, we believe the companies that are really going after one-two products will also struggle in the long term in the biosimilar space. So, if you look into AVT04, of course, I haven't said anything from on the U.S. market yet, but as you probably know, we have a settlement date with J&J. We will be launching on the 21st of February in the U.S. market. And as of today, there are only three approved biosimilars, and we are not seeing really many more competition in that space. So, at the time of launch, probably it will be a three-player market. And thanks to our success with AVT02, we are very confident also to lead the AVT04 market in the U.S. and the rest of the world. It is over a $10 billion product, and as I said, we are first in almost half of those markets. AVT06, aflibercept, is the Eylea biosimilar from Regeneron, $11 billion market. We have an amazing differentiation on that product. As you know, another life cycle from Regeneron, they introduced, as you know, high dose. We have announced in our last earnings call that we are developing that product. In fact, thanks to our platform capabilities, we believe we are the first company reacting into that. So, we will be confidently saying we will be the first high-dose submission in the worldwide markets with Eylea. Also, for the low dose, we are filing our product within this year. We will share more details when we file. So, we are very confident to also be a credible competitor into that market with our partner Teva in the U.S. AVT03, denosumab biosimilar, this is the Amgen product, as you know, Xgeva and Prolia. We have signed up this with Dr. Reddy two weeks ago. This is probably the most competitive asset in our portfolio. If you look into landscape, there are many players over there. But again, we have a platform advantage. We are using a very high-yield expression technology, so we have a very strong cost of goods profile we believe will be needed in the long term to be sustainable in a market like this. So, yes, it's a competitive market, but again, thanks to our platform capabilities, we can differentiate ourselves. AVT05, that's my favorite because almost there is no competition. It's a nice place to be. $3 billion market, I can say that we are almost alone. There is one Chinese company developing it, but we are really not sure at what stage they are. That's going to be a really attractive growth driver for Alvotech, and we are filing this program within this year. We will be definitely first to file and the first approval into a $3 billion market and probably alone for a considerable period of time. AVT23, omalizumab, Xolair biosimilar. It's undergoing clinical trials. We will give you an update on this. We are working on an innovative way of market access on this program, which we will announce when we achieve that. Last but not least, AVT16, vedolizumab biosimilar, Entyvio. That's a very attractive product in our portfolio. Sometimes we are not speaking enough about this, but when we have chosen this product in 2018, I think it was an $800 million asset. Today, close to $7 billion, and analyst forecasts are over $10 billion. And we are going to be one of the two companies starting the clinical trials in a market like this. This is also another asset partnered with Teva in the U.S. market and with different partners in Europe and Japan. pembrolizumab, of course, it would be very sad not to touch pembrolizumab as a biosimilar player. It's the largest product globally. We are starting our clinical trial very soon. Also, we are using our platform capabilities, our expression technology, our really strong scientific background. We will bring some differentiations into that market as well. And we are targeting global markets. pembrolizumab, being a very big product, is big and everywhere. So, we will be targeting to launch the product in every single market in the world to bring more patients and more affordable product to the market. Also, we have three other undisclosed assets, a very attractive portfolio from Alvotech's side, and as I said, many more in our early pipeline. So, what is for Alvotech the next and the last 10 years? If you look into the last 10 years, I think the fundamental one principle for us was to really create the infrastructure. We have successfully did that. We have proven our market access capabilities. Literally, Alvotech can register products anywhere in the world, can do the litigations, can secure competitive IP market access states. So, we have proven all of that. We launched our products almost globally, and we have a very attractive portfolio. What's the future? Future is all about launches. We are submitting three new products this year. We are rolling out AVT02 to 40+ markets this year. And also, we continue to expand our partnerships. As you've seen in our portfolio, the majority of our products are already partnered. We are kind of sold out in the assets, but Keytruda is one asset we are still having multiple discussions to partner in the coming period. We also expect a very sustainable growth because we are a global company. It's not only the US, it's not only Europe. We will continue to launch into the new markets and multiple new products in the pipeline. So, in 2024, a couple of things. First of all, we will be launching in, sorry, we secured our approval for Stelara in Europe. We are the first company secured that. And also, we announced our PK results for AVT03. For AVT06, we have announced our clinical trial outcome in January, so we will be filing very soon. For Simlandi, we basically got the approval, and in the meantime, we launched the product to the 20th of May. AVT04 is launched in Canada, launched in Japan. We are launching in Europe in July. Pretty much, we are ready to go. Also for Selarsdi, AVT04, which has been approved in the US market by April. For AVT05, we have announced our PK results and also the clinical results. That program is totally risk mitigated. We will be filing very soon. We secured our contract with Quallent, so we have a significant potential to grow in the private label business while our partner Teva is commercializing in the rest of the market. Just literally, a week ago, we launched in Japan, and we launched in the US on the 20th of May. As you see, we had been very busy. Also, we closed another deal with Dr. Reddy literally 10 days ago. Many things to come. We are very proud of the progress we made. When it comes to financials, all these activities and all these events really helped us to revise our guidance. Two weeks ago, we have tightened our guidance to $400 million-$500 million revenue and $100 million-$150 million EBITDA. We are very confident to achieve on the higher end of our EBITDA target, and hopefully, we'll try to overachieve that based on many positive things happening in Alvotech. We also have CapEx investment of $30 million-$35 million, and the tax rate in Iceland is 20%. I already mentioned the key drivers in 2024. What I would like to really summarize is Alvotech is today not anymore an R&D company. Alvotech has transformed into a commercial biosimilar market leader. We have one of the best infrastructures in the global markets. Our business model is unique. We are a B2B company. We will remain as a B2B company. We love this model. We think this model is very attractive, very scalable. We will continue to add more and more products into our pipeline. And we also very carefully track the advancements in the biologics space with the ADCs, with the bispecifics, and all other advanced technologies. Of course, we will use our platform capabilities to address more of more of these products and continue to offer more affordable biosimilars to the market. If you want more information about Alvotech, you can always reach out to Ming, and of course, you can always email us. Thank you very much for your attention. And if you have any questions, we have, I see, three minutes, so I can take any of your questions. Maybe just before we do questions, clearly, something has happened in the upload of these slides through the system, but we'll make them available on our website so you can get how they are supposed to look. Sure. Are you ready to update to commercialize your own product in the long run? I mean, your own brand launched globally. I mean, it looks like you have the capacity to be able to do that when you have a sure thing. We get this question a lot, to be honest. It's a strategic choice. We have other priorities right now to really focus on our R&D manufacturing and really focus on our partnerships. Anyway, you see 2024, 2025, 2026, 2027. To an extent, 2028 is for us almost sold out. So, we have already made commitments. Therefore, we will continue to focus more on product acquisitions, making R&D collaborations, adding more products than trying to go direct. Especially, we have seen some of our competitors trying it, and they are challenged with this model. We do not want to be in that position in the short and even in the midterm. The thesis, just to add to that, the thesis is to leverage our infrastructure, right? We're more than threefolding our production at the site, and we haven't increased headcount at all. We're submitting three additional BLAs this year with no change in headcount from the prior time. It's about leveraging this infrastructure. When you build a larger one or you have to continue to add as you go into different indications, you still have to continue to fill that bucket. We can focus on what we do best and hopefully add profit on top of that. Thank you. Sure, please go ahead. Can you speak to the economics just in a sort of generic sense of a company, let's say a large multinational that wants to license a product of yours for global purposes, for example? How does that shake out and how does that share out? Sure. Thanks for the question. So, of course, biosimilars are still a brand business, as you know. So, the complexities there, especially sometimes people just so much focus on the costing of development. I mean, $150 million-$200 million is the cost for development, but the complexity is somehow forgotten. This is a much more complex technology than peptide or any other advanced technologies. Therefore, having a platform is really helping us to position Alvotech in a prime space. Going back to the commercial, so as we have said, for any product from a license fee perspective, our target is to get $200 million. We have seen $250 million, $150 million depending on the product. But that's kind of the number we are targeting all the time, and we are achieving that. It's not a far target for us. On the product supply, I think we publicly said in our partnerships, typically, depending on the partner, we have 40% of the net sales as a royalty to our business. So, that's kind of the key, key financials of this business. Sure. Are you looking for full development? So, thank you for the question. Of course, Keytruda development is more costly than any other programs that I think anyone develops, so it's fair. In our business model, the good thing is that we can partner, we can do it on our own. We are really having this flexibility in our business model. Probably you have seen omalizumab is not our in-house development. Actually, it was partnered asset. So, we also have business development capabilities to expand our portfolio, so why not? But what I can tell you is that for Keytruda, we are ready to go to clinic. So, pretty much all the difficult work has been already done. Thank you very much for your attention.