Alteogen (196170) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Alteogen is a platform biotech that licenses to global pharmaceutical companies its proprietary recombinant human hyaluronidase (ALT-B4) technology, which converts anticancer drugs and biologics from intravenous (IV) infusion into a quick subcutaneous (SC) injection, earning upfront payments, milestones, and royalties. In 2025 revenue rose 109.9% year-on-year to ₩215.9 billion with net profit of ₩141.7 billion, and Merck's subcutaneous Keytruda (Keytruda Qlex) received U.S. approval in September 2025, so sales royalties have begun to flow in. What stands out lately is that as global big-pharma demand to convert IV to SC concentrates on Alteogen and the number of royalty-bearing products grows, earnings can step up in stages, while revenue swings sharply from quarter to quarter depending on the timing of large upfront-payment recognition and the stock is sensitive to patent and competitive issues.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Biotech (Drug Development & Research)” (Biotech & Pharmaceuticals), a type best read first through qualitative factors such as pipeline value and cash runway rather than earnings multiples.
Drug-discovery biotech firms often have little in the way of earnings or revenue yet, so P/E or sales multiples can't meaningfully capture their value. Instead, it makes more sense to judge them qualitatively — by the clinical stage of the pipeline, licensing and out-licensing progress, and the cash runway that keeps research going.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 109.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 14.4% lower than a year earlier.
- ROE is 25.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 41.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Soon-jae 19.1% (individual)
Controlling bloc incl. related parties 20.4%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Rather than selling new drugs itself, Alteogen makes money by licensing out the technology that makes other companies' drugs more convenient to administer. The core is ALT-B4, a recombinant human hyaluronidase. Anticancer drugs that used to be given by IV over 30 minutes to an hour, like a saline drip, can, when mixed with this enzyme, be injected under the skin (subcutaneously) in just a few minutes. Because it greatly cuts time spent in hospital, both patients and clinicians prefer it. The revenue structure has three streams. First, the upfront payment received when a contract is signed. Second, milestones received each time the partner company hits development, approval, or sales goals. Third, royalties received in proportion to sales as the product sells. Added to these is direct revenue from its own-developed Eylea (macular degeneration treatment) biosimilar 'ALT-L9' and the hyaluronidase product 'Tergase' sold domestically. The 2025 revenue surge owed much to large license upfront payments from partners such as AstraZeneca and Biogen being recognized at once.
The latest close is ₩293,500 and the market capitalization is ₩15.7 trillion. The price sits below its 20-day moving average (₩295,825) and below its 60-day moving average (₩333,525). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.9, a neutral level. The one-month change is -13.0%, the three-month change is -19.3%, and the position relative to the 52-week high is -47.5%. Relative strength versus the KOSDAQ is 49 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 49% of all stocks. Over the past three months it outpaced the index by 23.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is very high. ROE (how much it earns in a year on its equity) is 31.8%, the operating margin 49.5%, and the net margin 65.6%. That is because royalties and milestones are high-margin income with almost no cost. The balance sheet is sound too, with more cash than total borrowings, a net-cash position (net debt of about -₩59.3 billion). The current ratio (cash and near-cash assets against debt due within a year) is 2.0x. That said, the valuation metrics look very high on the surface. On last year's results the P/E ratio (how many times one year of earnings the price represents) is 111.02x and the P/B (how many times book net assets the price represents) is 31.22x. For this company's niche of new-drug-development biotech, a forward-looking view of how much earnings will grow ahead is more fitting than the ordinary P/E, because royalty-bearing products (such as SC Keytruda) have only just started selling and their earnings contribution begins in earnest this year. The debt-inclusive metric EV/EBIT (enterprise value divided by operating profit, a debt-adjusted counterpart to the P/E) also comes out high at 176x, because royalty revenue is still early and the denominator (current operating profit) is small. The FCF yield (cash actually generated relative to market cap) is low at 0.5%, again showing that cash generation is only now beginning to expand.
The growth trajectory is clear. Revenue grew from ₩96.5 billion in 2023 to ₩102.9 billion in 2024 and ₩215.9 billion in 2025, surging 109.9% year-on-year in 2025 in particular. Operating profit turned around and expanded from a loss of ₩9.7 billion in 2023 to a profit of ₩25.4 billion in 2024 and ₩106.9 billion in 2025. Net profit likewise jumped from -₩3.4 billion in 2023 to ₩141.7 billion in 2025, an average annual growth of 53.6% versus revenue five years ago. First-quarter 2026 shows revenue of ₩71.6 billion, operating profit of ₩39.3 billion, and net profit of ₩71.3 billion. On a year-on-year basis, revenue looks -14.5% lower and operating profit -35.6% lower. But that is merely a comparison against the high base when the large AstraZeneca and Biogen upfront payments were booked at once in early 2025, not a decline in earnings. On the contrary, operating profit roughly doubled versus the immediately prior quarter. From this year, sales royalties on Keytruda Qlex begin to flow in for the first time. This is the phase in which the quality of earnings shifts from reliance on one-off upfront payments to recurring royalty revenue. If this structural change takes hold, there is ample room for earnings to climb in stages.
The flow confirmed by disclosures runs along three lines. First, partnership expansion. In February 2024 it converted its Merck contract from non-exclusive to exclusive, securing global exclusive rights for subcutaneous Keytruda (a $20 million upfront, up to $432 million in milestones, plus royalties). In September 2025 the fruit of that, Keytruda Qlex, received U.S. FDA approval. Partners continued with Daiichi Sankyo (Enhertu SC, $300 million total) and AstraZeneca (multiple anticancer drugs SC, up to $1.35 billion). Second, commercialization of its own products. In May 2026 the Eylea biosimilar ALT-L9 (Aizenfy injection) received domestic product approval, broadening its direct-revenue base. Third, results and shareholder returns. In May 2026 it fairly disclosed preliminary first-quarter results and pays a small dividend (₩371 per share).
The strengths are clear. Alteogen is effectively one of only a few global suppliers of the hyaluronidase technology that converts IV to SC. It has been adopted for the SC conversion of mega-blockbusters such as Keytruda and Enhertu. Royalties carry almost no cost, so as products sell, high-margin earnings accumulate recurringly. With net cash and a high ROE, the balance sheet is also robust. Last year's P/E looks high at 113x, but that is on earnings before royalty revenue ramped in earnest, so the picture differs from a forward-looking view. On the cautionary side too, the points are clear. Revenue is driven by the timing of large upfront-payment recognition, so quarterly results swing sharply. The scale of royalties depends on the actual sales growth of partners' products and on the outcome of patent disputes with competing hyaluronidases. Ultimately, if the number of royalty-bearing products and each product's market expansion continue smoothly it is strong, but if patent and competitive risks come to the fore or a gap between new contracts drags on, the valuation burden comes into view.
🔎 Valuation vs peers Inconclusive
Compared against domestic license-out-focused platform and new-drug-development biotechs (LigaChem Biosciences, ABL Bio) and a pharmaceutical with a track record of successful licensing (Yuhan). Because there is effectively no direct domestic comparison for the hyaluronidase SC-conversion technology, it is viewed against a set with a similar revenue structure (technology export, milestones, royalties).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | — | 8.87x | -18.04% |
| ABL Bio | — | 25.82x | -24.44% |
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
Fellow platform biotechs (LigaChem Biosciences, ABL Bio) are still in net loss despite large technology-export deals, so a P/E cannot be computed. Alteogen, by contrast, has already turned to profit and high margins, so it is qualitatively ahead. On last year's results the P/E of 113x and P/B of 34.73x look high on the surface. However, that comes with the limitation of being on earnings just before the SC Keytruda royalties ramp in earnest. From this year, when royalty-bearing products have begun selling, forward earnings rise sharply, so on a forward basis the multiple burden falls considerably. That said, because the fair multiple has a wide range depending on the pace of royalty growth, the outcome of patent disputes, and the flow of new contracts, it is more appropriate at this point to call it inconclusive than to declare it undervalued or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩293,500 and the market capitalization is ₩15.7 trillion. The price sits below its 20-day moving average (₩295,825) and below its 60-day moving average (₩333,525). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.9, a neutral level. The one-month change is -13.0%, the three-month change is -19.3%, and the position relative to the 52-week high is -47.5%. Relative strength versus the KOSDAQ is 49 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 49% of all stocks. Over the past three months it outpaced the index by 23.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +23.15% / 6M +2.06% / 12M -34.83%
Key metrics Computed vs sector median
Valuation
The P/E of 111.02x is above the sector median (52.77x). The P/B of 31.22x is above the sector median (3.91x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
The operating margin is 41.8%. The debt ratio is 43.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $67.8M | $72.3M | $151.6M | +109.87% ↑ faster |
| Operating profit | -$6.8M | $17.8M | $75.1M | +320.80% |
| Net profit | -$2.4M | $43.7M | $99.5M | +127.57% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.2M | $20.2M | $67.8M | $72.3M | $151.6M |
| Operating profit | -$10.7M | -$20.6M | -$6.8M | $17.8M | $75.1M |
| Net profit | -$8.1M | -$7.1M | -$2.4M | $43.7M | $99.5M |
| Revenue CAGR | 4-yr avg 53.63% | ||||
Revenue rose 109.9% year over year (2023 ₩96.5 billion → 2024 ₩102.9 billion → 2025 ₩215.9 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 320.8% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 53.6%. The two-year revenue CAGR is 49.5%. In the most recent quarter (Q1 2026), revenue was 14.4% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 25.8% points to solid profitability.
- Revenue grew 109.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15FilingOwn-developed Eylea biosimilar ALT-L9 (Aizenfy injection, ingredient aflibercept) receives MFDS product approval. Secures a direct-sales revenue base in addition to license-out.Medium term: diversifies own-product revenue sources and eases reliance on upfront payments. Source
- 2026-05-08EarningsFair disclosure of preliminary Q1 2026 results. Consolidated revenue ₩71.6 billion, operating profit ₩39.3 billion (operating margin 54.9%), net profit ₩71.3 billion. Down year-on-year against the large upfront-payment base, but operating profit roughly doubled versus the prior quarter.Short term: confirms quarterly volatility; the quality of earnings improves in the direction of a rising royalty share. Source
- 2026-03-25UpdateExclusive license agreement for the recombinant human hyaluronidase product ALT-B4 (for subcutaneous formulation development and commercialization). A further expansion of the core-technology partnership.Medium and long term: expands the milestone and royalty pipeline. Source
- 2025-09-19UpdateMerck's subcutaneous Keytruda (Keytruda Qlex, pembrolizumab + berahyaluronidase alfa-pmph) receives U.S. FDA approval. The first large-scale commercialization of an ALT-B4-applied product, with sales royalties beginning.The starting point of a structural shift from one-off upfront payments to recurring royalty revenue. Source
- 2024-02-22UpdateMerck ALT-B4 agreement changed from non-exclusive to exclusive. A $20 million upfront, regulatory and sales milestones of up to $432 million, and royalties tied to net sales after achieving final sales milestones.Securing a long-term royalty base through exclusivity of the core partnership. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Key subsector metric: forward P/E (new-drug-development biotech) | trailing PER 111.02x | forward PER approx. 55x | Unverified | link |
| Net cash (cash generation and financial capacity) | -₩59.3 billion, 2.0x | 2026 1 ·net profit 713 | Confirmed | link |
| Merck Keytruda SC license terms (milestones and royalties) | 2,000, 43,200 | 5,100+ 10, revenue 2% . 2025 4,000 · 89,000 | Confirmed | link |
| 2025 revenue growth rate | revenue YoY +109.9% | — | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-07Disclosure
- 2026-04-01Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
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