Altimmune, Inc.

ALT

$3.23

-1.52%

N/A-$0.05

Healthcare

Biotechnology

NASDAQ

Active Trading

Altimmune, Inc. is a clinical-stage biopharmaceutical company focused on pioneering treatments for obesity and various liver diseases. Its primary investigational drug, pemvidutide ...

Supply Chain of ALT

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Lonza Houston, Inc. (Lonza Group AG)

Charles River Laboratories International, Inc. (via Vigene Biosciences acquisition)

Adocia S.A.

Mederis Diabetes, LLC

Janssen Vaccines & Prevention B.V. (Johnson & Johnson)

DynPort Vaccine Company (General Dynamics Information Technology)

Peptide API CDMO (unconfirmed, inferred from industry structure)

Bachem Holding AG

Lonza Houston, Inc. (Lonza Group AG)

SIX:LONN

Contract Development & Manufacturing Organization (CDMO) – manufactured AdCOVID vaccine candidate under a dedicated manufacturing suite agreement with ~$23M committed capital expenditure

Charles River Laboratories International, Inc. (via Vigene Biosciences acquisition)

NYSE:CRL

CDMO – provided clinical manufacturing services for AdCOVID (intranasal vaccine); Vigene was acquired by Charles River in 2021

Adocia S.A.

EURONEXT:ADOC

Collaboration & License Agreement (signed December 24, 2024) – provides formulation technology for pemvidutide, including potential oral delivery formulation

Mederis Diabetes, LLC

IP Licensor – holds foundational intellectual property covering pemvidutide (ALT-801) composition of matter and method-of-use patents; exclusive license granted to Altimmune via Spitfire Pharma acquisition

Janssen Vaccines & Prevention B.V. (Johnson & Johnson)

NYSE:JNJ

Licensor – second restated license agreement for vaccine platform technology used in earlier pipeline candidates (NasoVAX, AdCOVID); multiple amendments executed between 2005-2021

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Biomedical Advanced Research and Development Authority (BARDA) / U.S. Department of Health & Human Services

Major pharmaceutical company (potential future partner – unconfirmed)

Biomedical Advanced Research and Development Authority (BARDA) / U.S. Department of Health & Human Services

Primary funding source for NasoShield anthrax vaccine development; contract HHSO100201600008C with total potential value of ~$133.7M; provided $3.7M in grant revenue recognized in FY2021 · 100.0%

Major pharmaceutical company (potential future partner – unconfirmed)

Altimmune has publicly stated it is seeking a Big Pharma partnership for late-stage development and commercialization of pemvidutide; no deal announced as of mid-2026; names such as Pfizer, Novartis, or Roche have been speculated by analysts but none confirmed

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Madrigal Pharmaceuticals, Inc.

Akero Therapeutics, Inc.

89bio, Inc.

Viking Therapeutics, Inc.

Bachem Holding AG

Madrigal Pharmaceuticals, Inc.

NASDAQ:MDGL

Direct peer in MASH therapeutics; Madrigal received FDA approval for Rezdiffra (resmetirom) in 2024, making it the closest approved-product comparator to Altimmune's pemvidutide in MASH.

Akero Therapeutics, Inc.

NASDAQ:AKRO

Peer developing a FGF21 analog (efruxifermin) for MASH; shares similar clinical-stage risk profile and target indication with Altimmune.

89bio, Inc.

NASDAQ:ETNB

Peer developing pegozafermin (FGF21 analog) for MASH and severe hypertriglyceridemia; comparable development stage and metabolic disease focus.

Viking Therapeutics, Inc.

NASDAQ:VKTX

Peer developing GLP-1/GIP dual agonist for obesity and metabolic disorders; comparable peptide-based metabolic pipeline with similar development risk profile.

Bachem Holding AG

SIX:BANB

Proxy for the peptide CDMO capacity constraints that affect Altimmune's manufacturing supply chain; leading peptide CDMO whose capacity utilization and pricing trends directly impact clinical-stage biotechs developing peptide therapeutics.

Geographic

Region-level exposures that can distort the supply network.

Geographic

Switzerland / Europe

United States

France

Lonza Group AG (SIX:LONN)

Bachem Holding AG (SIX:BANB)

PolyPeptide Group AG (SIX:PPGN)

BARDA / U.S. Department of Health & Human Services

Charles River Laboratories (NYSE:CRL)

Johnson & Johnson / Janssen (NYSE:JNJ)

Adocia S.A. (EURONEXT:ADOC)

Switzerland / Europe

CDMO concentration for peptide API manufacturing capability

Lonza Group AG (SIX:LONN)SIX:LONNManufacturing partner for vaccine candidates; potential peptide manufacturing capacity

Bachem Holding AG (SIX:BANB)SIX:BANBPotential peptide API manufacturer given Swiss-based peptide CDMO leadership

PolyPeptide Group AG (SIX:PPGN)SIX:PPGNPotential peptide API manufacturer based in Switzerland/European Union

United States

Government funding concentration and regulatory dependence

BARDA / U.S. Department of Health & Human ServicesPrimary funder of NasoShield program; source of all historical revenue

Charles River Laboratories (NYSE:CRL)NYSE:CRLCDMO via acquired Vigene Biosciences for vaccine manufacturing

Johnson & Johnson / Janssen (NYSE:JNJ)NYSE:JNJLicensor of vaccine platform technology

France

Formulation technology partner

Adocia S.A. (EURONEXT:ADOC)EURONEXT:ADOCCollaboration & License Agreement for pemvidutide formulation technology including potential oral delivery

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Foundry

Critical

Single-asset dependency: pemvidutide represents 100% of Altimmune's pipeline value. No approved products, no commercial revenue. If Phase 3 trials fail or are delayed, the company has no other advanced candidates to fall back on.

Customer

High

Government funding concentration: all historical revenue derived from a single BARDA contract. Loss of government support would eliminate all recognized revenue.

Equipment

High

CDMO dependency for peptide manufacturing: Altimmune relies on external CDMOs for all drug substance and drug product manufacturing. Capacity constraints in the peptide CDMO market (driven by GLP-1 demand surge) could delay clinical supply or increase costs for Phase 3/commercial scale.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Grant Revenue (BARDA / U.S. Government)

100.0%

$0.0B

Altimmune is pre-commercial; its only historical revenue has been from BARDA grants supporting development of anthrax vaccine NasoShield and COVID-19 vaccine AdCOVID. No product sales exist, so upstream sourcing is focused entirely on R&D-stage and clinical-trial manufacturing rather than commercial-scale supply chains.

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Altimmune, Inc.

Supply Chain of ALT

Upstream

Lonza Houston, Inc. (Lonza Group AG)

Charles River Laboratories International, Inc. (via Vigene Biosciences acquisition)

Adocia S.A.

Mederis Diabetes, LLC

Janssen Vaccines & Prevention B.V. (Johnson & Johnson)

DynPort Vaccine Company (General Dynamics Information Technology)

Peptide API CDMO (unconfirmed, inferred from industry structure)

Bachem Holding AG

View More

Downstream

Biomedical Advanced Research and Development Authority (BARDA) / U.S. Department of Health & Human Services

Major pharmaceutical company (potential future partner – unconfirmed)

Proxies

Madrigal Pharmaceuticals, Inc.

Akero Therapeutics, Inc.

89bio, Inc.

Viking Therapeutics, Inc.

Bachem Holding AG

Geographic

Switzerland / Europe

United States

France

Supply Chain of ALT

Upstream

Lonza Houston, Inc. (Lonza Group AG)

Charles River Laboratories International, Inc. (via Vigene Biosciences acquisition)

Adocia S.A.

Mederis Diabetes, LLC

Janssen Vaccines & Prevention B.V. (Johnson & Johnson)

DynPort Vaccine Company (General Dynamics Information Technology)

Peptide API CDMO (unconfirmed, inferred from industry structure)

Bachem Holding AG

View More

Downstream

Biomedical Advanced Research and Development Authority (BARDA) / U.S. Department of Health & Human Services

Major pharmaceutical company (potential future partner – unconfirmed)

Proxies

Madrigal Pharmaceuticals, Inc.

Akero Therapeutics, Inc.

89bio, Inc.

Viking Therapeutics, Inc.

Bachem Holding AG

Geographic

Switzerland / Europe

United States

France