Alteogen Q1 Revenue Reaches 71.6 Billion Won, Reflecting Technology Out-Licensing to GSK and Biogen

Operating Margin Nears 55%
Platform Commercialization Drives Strong Results

Alteogen recorded significant profit growth in the first quarter of this year, driven by the effects of technology out-licensing agreements.

Alteogen Headquarters Exterior. Alteogen

On May 8, Alteogen announced its provisional results, reporting consolidated first-quarter revenue of 71.6 billion won, operating profit of 39.3 billion won, and net profit of 71.3 billion won. The operating margin stood at 54.9%.

The strong results were largely due to two Hybrozyme platform technology out-licensing agreements signed in the first quarter. In January, Alteogen entered into a development agreement with Tesaro, a subsidiary of GlaxoSmithKline (GSK), for a subcutaneous (SC) formulation of the immuno-oncology drug Zejula. In March, the company signed an agreement with Biogen for the development of SC formulations of two therapeutic agents.

Hybrozyme is Alteogen’s proprietary subcutaneous conversion platform based on human hyaluronidase. The technology enables the conversion of large-volume biologics previously administered intravenously (IV) to subcutaneous injection, reducing administration time and improving patient convenience.

The company also expects the commercialization of Keytruda SC to become an additional growth driver. MSD’s Keytruda SC, developed using Alteogen’s ALT-B4, was assigned a J-code in the United States beginning in April. With hospital billing procedures simplified, there are expectations for accelerated prescription expansion. The company anticipates that receipt of related milestone payments will become visible from the second quarter.

Taeyoun Jeon, CEO of Alteogen, stated, “Our first-quarter performance this year demonstrates the growing demand from global pharmaceutical companies for the Hybrozyme platform,” adding, “We are currently in discussions with multiple global pharmaceutical companies regarding technology out-licensing, backed by our proven competitiveness through partner product commercialization and accumulated collaboration experience.” He further stated, “We will continue to expand the application scope of the Hybrozyme platform and strengthen our mid- to long-term revenue base through milestone payments at various development stages and future royalties and supply revenues from commercialization, thereby growing into a sustainable global biotech company.”

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