Alteogen makes its money by licensing an enzyme technology (ALT-B4) that converts intravenous antibody drugs into subcutaneous injections, collecting upfront fees, milestones, and royalties from global pharmaceutical companies; its partners include Merck and AstraZeneca, and because one platform can be shared across many partners, margins are very high. For Q1 2026 it reported revenue of ₩71.6 billion, operating profit of ₩39.3 billion, and net profit of ₩71.3 billion, and in March an exclusive ALT-B4 license deal and in May the Korean marketing approval of its Eylea biosimilar (Eyzenpi) advanced technology validation and monetization at the same time. What stands out lately is that the start of Keytruda SC royalty inflows marks an inflection point that lifts this year's earnings to a new level, a clear strength; on the cautionary side, quarterly profit can swing depending on when new-contract upfront fees are recognized, and royalty size ultimately depends on the actual sales of partners' products.
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 31.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 49.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
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
- The way Alteogen earns money differs from a typical manufacturer.
- Its core asset is an enzyme technology called recombinant human hyaluronidase (product name ALT-B4, the Hybrozyme platform), which converts antibody drugs given by intravenous (IV) infusion into subcutaneous (SC, under-the-skin) injections.
- Because it turns a large cancer drug that used to take 30 minutes to an hour as an IV drip into a shot that finishes in a few minutes, global drugmakers license the technology when they want to make their blockbuster antibody drugs available in SC form.
- As a result, revenue comes not from selling drugs directly but from license upfront fees, milestones received at each development and approval stage, and royalties earned each time a partner's product is sold.
- Partners include Merck (MSD), AstraZeneca, Daiichi Sankyo, GSK, and Biogen, alongside in-house products such as the Eylea biosimilar (Eyzenpi, ALT-L9) for eye disease.
- Since one platform is shared by many partners, incremental costs are low and margins are large; the trade-off is that quarterly results swing with the size of a given contract and the timing of when it is recognized in the accounts.
- The recent closing price is ₩300,000 and the market cap is ₩16.1 trillion.
- The price sits below its 20-day line (₩348,750) and below its 60-day line (₩354,983).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supporting gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 37.8, a neutral level.
- The one-month change is -4.8%, the three-month change is -15.2%, and the position versus the 52-week high is -46.3%.
- Relative strength versus KOSDAQ is 58 (on a 1-99 scale, calculated from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 42% for strength among all stocks.
- Over the past three months it outpaced the index by 10.0%.
- It helps to read the chart alongside trading volume and the dates of disclosures.
- On a confirmed full-year 2025 basis, the P/E (how many times one year's net profit the price is) is 113.48x and the P/B (how many times the book value of shareholders' equity the price is) is 36.11x.
- The figures look high, but they use "last year's confirmed earnings" as the denominator (trailing).
- Alteogen has only just turned from losses to profit and its earnings are growing fast, so as this year's profit denominator grows larger, the multiple naturally comes down.
- In fact, on an expected earnings basis for this year the P/E is around 72x, distinctly lower than the confirmed trailing multiple.
- The trailing figures look expensive because earnings are in a fast-rising inflection phase, not because the company is simply pricey.
- Profitability itself is very solid: ROE (how much it earns in a year on shareholders' equity) is 31.8%, operating margin is 49.5%, and net margin reaches 65.6%.
- This directly reflects the high-margin structure of a licensing business that earns from technology fees and royalties rather than making drugs itself.
- The debt ratio (the size of debt relative to equity) is 156.9%, but with a current ratio of 200.6% and an interest coverage ratio of 8.7x, the debt burden is within control and cash reserves are ample.
- The dividend yield is 0.1%, so it is effectively a growth company reinvesting its profits.
- Five-year revenue ran ₩38.7 billion in 2021 → ₩28.8 billion in 2022 → ₩96.5 billion in 2023 → ₩102.9 billion in 2024 → ₩215.9 billion in 2025, a five-year compound annual growth rate (CAGR) of 53.6%.
- Operating profit swung from a ₩9.7 billion loss in 2023 to ₩25.4 billion in 2024 and ₩106.9 billion in 2025, quickly escaping losses, while net profit turned from a ₩3.4 billion loss in 2023 to ₩141.7 billion in 2025.
- In 2025 alone, revenue jumped +109.9% and operating profit +320.8%.
- Q1 2026 came in at revenue of ₩71.6 billion, operating profit of ₩39.3 billion (54.9% operating margin), and net profit of ₩71.3 billion, so Q1 net profit alone already filled half of last year's full-year net profit.
- Q1 revenue looks -14.4% year on year, but that reflects a high base from a large contract payment booked all at once in the same quarter last year rather than any downturn; Q1 2026 also included new deals with GSK subsidiary Tesaro (Jemperli SC) and Biogen.
- The key going forward is Merck's Keytruda SC.
- Following U.S.
- FDA approval (September 2025) and European approval (November 2025), a U.S. insurance billing code was assigned in 2026, speeding prescription conversion, and the structure shifts to sales-linked milestones and royalties flowing in earnest.
- This year's profit is therefore likely to far exceed last year's, because royalties that accumulate every year as partner products sell are added on top of one-time upfront fees.
- This is also why the P/E on this year's expected earnings falls sharply below the confirmed trailing P/E.
- Recent flow has been driven by "contracts and approvals." On March 25, 2026, the company disclosed an exclusive license agreement for its ALT-B4 recombinant human hyaluronidase product, signaling further commercialization of its core platform.
- On May 8, it first released Q1 2026 preliminary results (revenue ₩71.6 billion, operating profit ₩39.3 billion, net profit ₩71.3 billion) via fair disclosure.
- On May 15, it disclosed, as a material management matter relevant to investment judgment, that its Eylea biosimilar Eyzenpi (ALT-L9) had received marketing approval from the Ministry of Food and Drug Safety, confirming that an in-house product had cleared domestic approval; the Q1 report was also filed the same day.
- On April 7, it announced an investor briefing.
- The broad arc is "additional platform licensing → imminent royalty inflows → in-house product approval," with technology validation and monetization progressing together.
- The strengths are clear.
- ALT-B4 has been validated in the global market by being applied to a mega-product, Merck's Keytruda SC, and its licensing is broadening to AstraZeneca, Daiichi Sankyo, GSK, and Biogen, reducing reliance on any single customer.
- Because it does not make drugs itself, margins are high (49.5% operating margin, 31.8% ROE) and its finances are stable on debt and liquidity.
- Above all, Keytruda SC royalties are only just beginning to flow, making this an inflection point that lifts this year's earnings a step higher, so even if the confirmed trailing P/E looks expensive, the multiple clearly comes down on this year's expected earnings, and a high trailing multiple alone is not enough to call it burdensome.
- The cautions deserve balanced attention.
- Quarterly profit can be uneven depending on when new-contract upfront fees are recognized, so simply multiplying one quarter's figure into an annual number distorts the picture (the Q1 decline is an example, due to the high base), and royalty size ultimately depends on the actual sales of partner products including Keytruda SC, so slow conversion can push back the timing of inflows.
- In short, earnings growth is clearest when partners' SC conversions proceed smoothly and new licenses keep coming, while quarterly swings widen when conversion is delayed or new-deal gaps stretch on.
🔎 Valuation vs peers Fairly valued
Based on the substance of earning from an SC-conversion platform and technology licensing and royalties rather than making and selling drugs directly, leading Korean new-drug and biotech companies were chosen as the peer set (for reference, since the business models are not exactly the same).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Celltrion | 37.26x | 2.23x | 5.98% |
| Hugel | 20.61x | 3.06x | 14.82% |
| SK Bioscience | — | 1.59x | -3.21% |
(a) Position versus peers: the roughly 130x P/E and roughly 41x P/B on last year's earnings are far higher than peers such as Celltrion (35.7x, 2.1x) and Hugel (22.1x, 3.3x). (b) That said, this is largely limited by calculating on "last year's numbers" at an inflection point where earnings are just leaping. Alteogen earns from platform licensing and royalties rather than manufacturing and sales, so its margins and growth differ from peers, and Keytruda SC royalties have only just begun to flow. (c) On a forward basis the multiple falls sharply, yet remains above a typical pharmaceutical company, so a premium persists. That premium is largely explained by the substance of a validated platform and multiple global partners, while it also carries the volatility that royalty size depends on partners' product sales, so on balance it reads as fairly valued. Rather than declaring it expensive on a high trailing multiple alone, it is more appropriate to check whether the pace of royalty inflows and the flow of new deals support the premium.
Price history Close · MA20 · MA60
The latest close is ₩300,000 and the market capitalization is ₩16.1 trillion. The price sits below its 20-day moving average (₩348,750) and below its 60-day moving average (₩354,983). 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 37.8, a neutral level. The one-month change is -4.8%, the three-month change is -15.2%, and the position relative to the 52-week high is -46.3%. Relative strength versus the KOSDAQ is 58 (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 58% of all stocks. Over the past three months it outpaced the index by 10.0%. 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 +9.96% / 6M -23.80% / 12M -24.69%
Key metrics vs sector median
Valuation
The P/E of 113.48x is above the sector median (59.55x). The P/B of 36.11x is above the sector median (7.05x).
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 49.5%. The debt ratio is 156.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $64.0M | $68.2M | $143.1M | +109.87% ↑ faster |
| Operating profit | -$6.5M | $16.8M | $70.9M | +320.80% |
| Net profit | -$2.2M | $41.3M | $93.9M | +127.57% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $25.7M | $19.1M | $64.0M | $68.2M | $143.1M |
| Operating profit | -$10.1M | -$19.5M | -$6.5M | $16.8M | $70.9M |
| Net profit | -$7.7M | -$6.7M | -$2.2M | $41.3M | $93.9M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 31.8% 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
- 2026-05-15FilingDisclosure of a material management matter relevant to investment judgment: Eyzenpi (ALT-L9, an Eylea biosimilar) received marketing approval from the Ministry of Food and Drug SafetyAn in-house eye-disease biosimilar clearing domestic approval provides a basis for diversifying revenue sources beyond platform technology fees. However, approval itself does not immediately guarantee sales, so launch and sales progress need to be watched alongside it. Source
- 2026-05-08EarningsFair disclosure of Q1 2026 preliminary consolidated operating results — revenue ₩71.6 billion, operating profit ₩39.3 billion, net profit ₩71.3 billionQ1 alone achieved half of last year's full-year net profit, making the earnings leap visible, and confirmed the high margin (54.9% operating margin) at a stage before royalties flow in earnest. Source
- 2026-03-25FilingDisclosure of an exclusive license agreement for the core platform enzyme ALT-B4 (recombinant human hyaluronidase)As further commercialization of the flagship technology, this broadens the base for medium- to long-term upfront, milestone, and royalty inflows. The actual revenue contribution depends on when each stage is recognized. Source
- 2026-04-07IRDisclosure of an investor briefingThis is an official channel to confirm information, where the company explains business progress and the royalty inflow timeline directly. The short-term impact is limited, but it is useful for checking direction. Source
- 2026-05-15FilingFiling of the Q1 2026 quarterly reportIt officially confirms the quarter's financial and business status, allowing the consistency with the preliminary results to be checked. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit | ₩39.3 billion | ₩39.3 billion | Confirmed | link |
| 2025 full-year revenue | ₩215.9 billion | ₩215.9 billion | Confirmed | link |
| ALT-L9 domestic marketing approval | — | approx. | Confirmed | link |
| 2026 estimated net profit / forward P/E | net profit approx. ₩255.0 billion, forward PER approx. 72x(self-estimate) | — | Unverified | link |
Recent filings
- 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.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.