Alteogen announced on the 14th through a disclosure that it achieved consolidated sales of KRW 49 billion and an operating profit of KRW 26.7 billion in the third quarter of this year. Compared to last year, sales grew by 900%, and operating profit turned positive. The operating profit margin reached 54.5%. On a cumulative basis for the first to third quarters of this year, sales were KRW 151.4 billion, and operating profit was KRW 87.3 billion, marking the highest performance ever, with an operating profit margin of 57.7%, higher than the third quarter figure. As sales increase, profitability shows an improving trend.

This performance is attributed to the milestone payment of USD 25 million (approximately KRW 36.4 billion) being reflected in the results after the subcutaneous injection (SC) formulation of Merck (MSD)'s blockbuster anticancer drug ‘Keytruda (pembrolizumab)’ received approval from the U.S. Food and Drug Administration (FDA).

Keytruda is an immuno-oncology drug developed by MSD. As of last year, its global sales amounted to approximately KRW 40 trillion. It ranked as the world's best-selling drug for two consecutive years in 2023 and 2024, making it a global blockbuster pharmaceutical. MSD adopted a strategy to introduce a new SC formulation in response to the expiration of Keytruda's patent. Although MSD pursued its own development of Keytruda SC, it did not achieve results and decided to adopt Alteogen's platform technology. With MSD's strategy aligning with continued sales of the Keytruda product line, Alteogen's performance is also expected to continue increasing naturally. The first product applying Alteogen's Hybrozyme platform, ‘Keytruda Qlex,’ received FDA approval last September and began sales, with a recommendation for marketing approval from the European Medicines Agency (EMA), raising expectations for entry into the European market. The self-developed macular degeneration treatment Eylea biosimilar ‘Ilyuxbi (ALT-L9)’ also obtained European marketing authorization, enabling sales in Europe.

Besides MSD Keytruda, Alteogen is on the brink of significant overseas technology exports and licensing agreements, which are expected to greatly enhance Alteogen's performance both quantitatively and qualitatively in the future. Ahead of the full-scale commercialization of major technologies, Alteogen is putting considerable effort into stabilizing its supply chain. As part of this, it has appointed Dr. Lee Young-pil, an expert in pharmaceutical and biotech production and quality management (CMC), as Chief Product Officer (CPO) Vice President to strengthen supply capabilities to partner companies.

Alteogen also strengthened its rights to its technology. In July, Alteogen registered the ALT-B4 substance patent with the United States Patent and Trademark Office (USPTO), securing exclusive rights until 2043. This provides a stronger foundation for offering robust technology protection to global pharmaceutical companies considering the conversion to subcutaneous injection formulations. Additionally, Alteogen filed a patent for a new hyaluronidase with enhanced thermal stability and activity and completed a PCT international application for the technology to convert antibody-drug conjugates (ADC) to subcutaneous injection formulations. The company continues to strengthen its global competitiveness in platform technology in the bio sector.
The unique technology recognized by global pharmaceutical companies is leading to an enhancement in corporate value and maximization of shareholder value. In fact, Park Soon-jae, CEO of Alteogen, is known to place great importance on communication with shareholders. Shareholders have affectionately nicknamed him ‘Soon-daehyung,’ showing high regard for both the company and CEO Park.

Having ascended to the top of the KOSDAQ, Alteogen is pursuing a transfer listing to the KOSPI. The company has selected Korea Investment & Securities as the lead underwriter and plans to hold an extraordinary general meeting of shareholders on December 8 to present and vote on related agenda items. Through the transfer listing, Alteogen aims to further strengthen its corporate structure and take a step forward as a globally competitive bio company.

Park Soon-jae, CEO of Alteogen, stated, “The third quarter marked a monumental milestone with the commercialization of the first product applying Alteogen's core product ALT-B4,” and added, “Through this, we have established a self-sustaining growth structure and will further strengthen our global growth strategy, including expanding technology partnerships, securing our own production facilities, and developing next-generation platforms.”

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