Alvotech (NASDAQ: ALVO), a global biotech company specializing in biosimilar medicines development and manufacturing, announced the appointment of Linda Jónsdóttir as Chief Financial Officer, effective immediately. The leadership transition comes as the company continues its expansion in the global biosimilars market.
Executive Leadership Transition
Jónsdóttir brings extensive international executive experience across multiple industries, including banking, food technology, transportation, and healthcare. She will be based in Iceland and succeeds Joel Morales, who has served as CFO since 2020 and will step down to spend more time with his family in the United States while continuing to support the company in an advisory capacity.
"We are delighted to welcome Linda to the Alvotech executive team. She brings a wealth of experience to this position, with a strong record of senior leadership and financial expertise. I am confident that she will hit the ground running, supporting our continued growth and evolution," said Robert Wessman, Alvotech's founder.
Proven Track Record in Corporate Leadership
Jónsdóttir held senior positions for 15 years at Marel, a global leader in food processing technology, where she served as Director of Treasury and Investor Relations, Chief Financial Officer, and Chief Operating Officer until stepping down in 2024. Her board experience includes roles in banking, private equity funds, and the Icelandic Chamber of Commerce.
"It's a great pleasure to join Alvotech, which is a unique company domestically as well as an emerging leader in its field internationally. It's been thrilling to watch Alvotech's rapid growth, and its prospects are equally exciting. I look forward to working with an exceptional team, building on this strong foundation and history of achievement," Jónsdóttir stated.
Company Transformation Under Outgoing CFO
Morales oversaw Alvotech's significant transformation during his tenure, as the company evolved from a privately held, R&D-focused organization to a public, profitable, and fully integrated global commercial biosimilars company. Wessman acknowledged Morales' contributions, noting the "amazing transformation" achieved during his leadership.
"It has been an honor to be a part of the Alvotech team. I would like to thank all of my colleagues and Robert especially for a wonderful journey. We have accomplished much together, and I'm confident that Alvotech is well positioned for future growth and success," Morales said. He will remain a shareholder in the company and continue supporting the transition through the presentation of Q2 results in August.
Current Market Position and Pipeline
Alvotech currently has two approved biosimilars in the market: biosimilars to Humira® (adalimumab) and Stelara® (ustekinumab), which are marketed across multiple global markets. The company's development pipeline includes nine disclosed biosimilar candidates targeting autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer.
The company has established strategic commercial partnerships providing global reach across the United States, Europe, Japan, China, other Asian countries, and large parts of South America, Africa, and the Middle East. Commercial partners include major pharmaceutical companies such as Teva Pharmaceuticals, STADA Arzneimittel AG, Fuji Pharma Co., Ltd, and Dr. Reddy's, among others.
