Alteogen's Quarterly Revenue Tops KRW 100 Billion for First Time Since Founding... "Keytruda SC Effect"

Q3 operating profit reaches KRW 78.9 billion
This year's cumulative results surpass last year's

Alteogen posted quarterly revenue of more than KRW 100 billion for the first time since its founding. Sales grew for products marketed by partners that use its Hybrozyme platform for switching to a subcutaneous (SC) formulation, while technology-export agreements followed one after another. As a result, the company surpassed its full-year performance from last year in just nine months.

Aerial view of Alteogen's headquarters and research institute in Yuseong-gu, Daejeon. Alteogen.

On November 3, Alteogen said it posted record quarterly results in the third quarter on a consolidated basis, with revenue of KRW 119.8 billion and operating profit of KRW 78.9 billion. Cumulative revenue through the third quarter was KRW 260.3 billion, operating profit was KRW 152.4 billion, and net income was KRW 143.5 billion. Compared with the same period a year earlier, revenue rose 72.0%, operating profit increased 74.6%, and net income climbed 102.8%. These figures have already surpassed last year's full-year revenue of KRW 215.9 billion and operating profit of KRW 106.9 billion.

Results were led by Keytruda SC, an immuno-oncology drug marketed by U.S. pharmaceutical company Merck (MSD). The product uses Alteogen's platform to convert intravenous Keytruda into a subcutaneous formulation. Cumulative sales of Keytruda SC through the third quarter of this year reached $1.42 billion (approximately KRW 1.9 trillion), boosting the milestones Alteogen receives based on sales.

New technology-export deals also contributed. In August, Alteogen signed a licensing agreement worth up to $365 million (approximately KRW 490 billion) with an undisclosed global partner, followed in September by an agreement worth up to $3.223 billion (approximately KRW 4.3253 trillion) with Novartis. This brought the number of Hybrozyme technology-export agreements signed through the third quarter of this year to four, with a combined value of $4.452 billion. These amounts are maximum potential payments contingent on the achievement of milestones; royalties will be paid separately after commercialization.

Alteogen also moved to secure its next growth drivers. In August, the company decided to invest KRW 253.2 billion to build a biopharmaceutical manufacturing facility in the Dungok District of Daejeon. In September, it filed an international patent application for its ultra-long-acting conjugate platform, designed to extend the duration of a drug's effects. This month, the company will present animal study results for ALT-M5, an obesity drug candidate in development using the technology with the goal of once-monthly dosing, at the annual meeting of the Obesity Society in the United States.

“These results reflect the combined support of commercialization gains from our partners’ products and new technology-export deals,” said Jeon Taeyeon, CEO of Alteogen. “We will pursue our own manufacturing capabilities alongside the development of next-generation platforms and new drugs, while actively exploring opportunities to bring in external pipelines and technologies to broaden our medium- to long-term growth drivers.”

This content was produced with the assistance of AI translation services.