Alteogen

Alteogen · Bio (SC Platform)

Fri, May 8, 2026·Before Market Open

AlteogenSC PlatformHyaluronidaseK-BioEarnings

01Wall Street Consensus

EPS₩1,500

Revenue₩120B

02Earnings Results

EPS—

RevenueKRW 71.6B-10.5%

After-Hours Reaction-4.5%

Key Takeaways

Revenue was KRW 71.6B, down 14.5% YoY
Operating profit was KRW 39.3B, down 35.6% YoY
Operating margin was 54.9%
Net income was KRW 71.3B, down 14.1% YoY
Signed a $285M ALT-B4 agreement with GSK subsidiary Tesaro
Signed a $579M ALT-B4 agreement with Biogen
The decline was mainly a base effect from the large AstraZeneca deal in the prior-year quarter

Key Checkpoints

01ALT-B4 (hyaluronidase) platform partnership deal count and pipeline expansion
02Licensing revenue — milestone payments from big pharma partners (Merck, Sandoz, etc.)
03Subcutaneous conversion pipeline — number of drugs using Alteogen's SC platform
04R&D progress on proprietary drug candidates beyond platform licensing
05Cash position and runway — funding sufficiency for ongoing R&D programs

Upside Catalysts

ALT-B4 platform expansion: new big pharma partnerships for SC conversion of blockbuster biologics
Merck partnership progress: SC Keytruda development could be transformative (largest oncology drug globally)
Halozyme patent expiry approaching: opens market for alternative hyaluronidase platforms
SC biosimilar trend: IV-to-SC switching accelerating globally — convenience and cost advantages
K-Bio platform company premium: Alteogen positioned as Korean Halozyme with growing validation

Risk Factors

Revenue lumpiness: milestone-based income creates highly volatile quarterly results
Platform dependency: ALT-B4 is the primary value driver — any safety signal would be devastating
Competition: Halozyme's ENHANZE platform is established and widely used — incumbent advantage
Regulatory risk: SC conversion of biologics requires separate clinical trials and approvals
Small-cap volatility: KOSPI crash (-4.37%) hits smaller biotech names disproportionately hard

Detail

SEPS 서프라이즈 히스토리

Beat0Miss1Beat률 0%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS—

RevenueKRW 71.6B-10.5%

After-Hours Reaction-4.5%

Key Takeaways

Revenue was KRW 71.6B, down 14.5% YoY
Operating profit was KRW 39.3B, down 35.6% YoY
Operating margin was 54.9%
Net income was KRW 71.3B, down 14.1% YoY
Signed a $285M ALT-B4 agreement with GSK subsidiary Tesaro
Signed a $579M ALT-B4 agreement with Biogen
The decline was mainly a base effect from the large AstraZeneca deal in the prior-year quarter

Key Checkpoints

01ALT-B4 (hyaluronidase) platform partnership deal count and pipeline expansion

02Licensing revenue — milestone payments from big pharma partners (Merck, Sandoz, etc.)

03Subcutaneous conversion pipeline — number of drugs using Alteogen's SC platform

04R&D progress on proprietary drug candidates beyond platform licensing

05Cash position and runway — funding sufficiency for ongoing R&D programs

Upside Catalysts

ALT-B4 platform expansion: new big pharma partnerships for SC conversion of blockbuster biologics

Merck partnership progress: SC Keytruda development could be transformative (largest oncology drug globally)

Halozyme patent expiry approaching: opens market for alternative hyaluronidase platforms

SC biosimilar trend: IV-to-SC switching accelerating globally — convenience and cost advantages

K-Bio platform company premium: Alteogen positioned as Korean Halozyme with growing validation

Risk Factors

Revenue lumpiness: milestone-based income creates highly volatile quarterly results

Platform dependency: ALT-B4 is the primary value driver — any safety signal would be devastating

Competition: Halozyme's ENHANZE platform is established and widely used — incumbent advantage

Regulatory risk: SC conversion of biologics requires separate clinical trials and approvals

Small-cap volatility: KOSPI crash (-4.37%) hits smaller biotech names disproportionately hard