[Edaily Reporter KIM SAE-MI ] Alteogen Inc.(196170), driven by advance payments and milestone revenues from this technology export agreement, returned to profitability in both operating income and net income for the second quarter of this year. Cumulative net income for the first half of the year exceeded 100 billion won.

Alteogen Inc. announced on the 7th that its consolidated revenue for the second quarter of this year was provisionally estimated at 68.9 billion won, a 269.5% increase compared to the same period last year. During the same period, operating profit reached 34.2 billion won, marking a turnaround from an operating loss of 0.4 billion won. The operating profit margin stood at 49.6%. Net income also reached 30.0 billion won, shifting from a net loss of 34.3 billion won in the second quarter of last year to a profit.

Compared to the previous quarter (Q1 of this year), both revenue and profit declined. Second-quarter revenue fell 3.8% from the previous quarter, and operating profit decreased by 13.0%. Net income for the same period also dropped by 58%.

Cumulative revenue for the first half of the year was 140.5 billion won, a 37.3% increase compared to the same period last year. Operating profit rose 21.3% to 73.5 billion won, with an operating profit margin of 52.3%. Net income for the first half of the year increased by 108.0% to 101.3 billion won.

The first-half results reflect upfront payments and milestone revenues from the “ALT-B4” technology export agreement—based on the Hybrozyme platform—signed in the first quarter of this year with Tesaro, a subsidiary of GlaxoSmithKline (GSK), and Biogen.

Sales of the first commercial product utilizing ALT-B4 are also expanding. Sales of “Keytruda Qurex,” the U.S. version of Keytruda in a subcutaneous (SC) formulation announced by Merck (MSD), reached $463 million (approximately 660 billion won) in the second quarter of this year, an increase of approximately 262% from the previous quarter’s $128 million (approximately 180 billion won).

MSD explained that since April, with the implementation of the J-code in the U.S. and the emphasis on ease of administration, adoption by medical institutions and the shift from intravenous to subcutaneous formulations have been expanding. Alteogen Inc. stated that it has begun to generate commercial revenue from ALT-B4 driven by sales of Keytruda Qurex.

The company is also working to expand the scope of application for its Hybrozyme platform. In May, at the international conference “PDA Minibus 2026,” Alteogen Inc. presented results from animal studies showing that combining ALT-B4 with Becton Dickinson’s drug delivery DEVICE reduced administration time and increased the rate of drug dispersion within subcutaneous tissue.

At “World ADC,” held in June, the company presented findings suggesting that co-administration of ALT-B4 with antibody-drug conjugates (ADCs) could improve skin toxicity and safety profiles. Alteogen Inc. plans to broaden the application scope of the Hybrozyme platform through integration with medical devices and various therapeutic modalities, including ADCs.

In its biosimilar business, the Eylea biosimilar “Izenpi” received marketing approval in South Korea and Saudi Arabia during the second quarter. Royalty revenue from “Angota,” the Herceptin biosimilar currently being sold by a partner company in China, is also increasing.

Jeon Tae-yeon, CEO of Alteogen Inc., stated, “The first half of 2026 is significant in that we have begun generating revenue from the sales of commercialized products, moving beyond the technology export of the HYBE Hybrozyme platform.” He added, “In addition to the three technology export deals completed this year, we will turn the technology export negotiations currently underway into further achievements.”