[Edaily Reporter KIM JI-WAN ] Alteogen Inc.(196170)has surpassed 100 billion won in quarterly revenue for the first time. With revenue from the commercialization of “Hybrozyme,” a subcutaneous (SC) formulation conversion platform, combined with new technology export achievements, the company’s revenue and operating profit through the third quarter of this year have both exceeded last year’s full-year results.

Alteogen Inc. announced on the 3rd through a preliminary earnings release that it recorded consolidated revenue of 119.8 billion won and operating profit of 78.9 billion won for the third quarter of this year. Both figures represent all-time highs on a quarterly basis.

Cumulative results also saw significant growth. Revenue from January through September of this year totaled 260.3 billion won, a 72.0% increase compared to the same period last year. During the same period, operating profit reached 152.4 billion won and net income reached 143.5 billion won, up 74.6% and 102.8%, respectively. The company surpassed last year’s full-year revenue of 215.9 billion won and operating profit of 106.9 billion won in just nine months.

The company explained that expanded sales of partner products and additional licensing agreements for HYBE drove the strong performance. Cumulative sales of Keytruda SC, marketed by MSD, reached $1.42 billion (approximately 1.9 trillion won) in the first three quarters of this year, leading to an increase in sales milestones flowing to Alteogen Inc. In addition, two new technology export agreements were signed in the third quarter.

The U.S. product name for Keytruda SC is “Keytruda Qlex,” which received approval from the U.S. Food and Drug Administration (FDA) in September of last year.

The new technology export agreements were signed consecutively in August and September. In August, Alteogen Inc. signed a contract worth up to $365 million (approximately 490 billion won) with an undisclosed global partner for the development and commercialization of a subcutaneous (SC) formulation of one biopharmaceutical product. In September, the company signed a contract with Novartis worth up to $3.223 billion (approximately 4.3253 trillion won) to apply the same technology to multiple biopharmaceutical products.

As a result, the total number of HYBE-licensed Hybrozyme licensing agreements signed through the third quarter of this year stands at four, with a maximum contract value of $4.452 billion. This amount is contingent upon the achievement of milestones for each agreement, and royalties generated after commercialization will be received separately.

Alteogen Inc. is also investing in production facilities and follow-up R&D to support its business expansion. Last August, the company decided to invest 253.2 billion won in the construction of a new biopharmaceutical production facility in the Dungok District of Daejeon. In September, it completed a PCT (Patent Cooperation Treaty) international patent application for its ultra-long-acting conjugate platform.

“ALT-M5,” an obesity treatment candidate based on this platform, is currently under development with the goal of once-monthly administration. The company plans to present the results of animal studies on ALT-M5 at the American Society for Obesity’s annual conference this month.

Jeon Tae-yeon, CEO of Alteogen Inc., stated, “These results are supported by both the commercial success of partner products based on the Hybrozyme platform and new technology exports,” adding, “We are strengthening our business foundation for sustained growth by combining revenue from existing partners’ development progress and expanded product sales with the achievements of new partnerships.”

He added, “We will expand our mid- to long-term growth drivers by simultaneously securing in-house production capabilities and developing next-generation platforms and new drugs, while also actively exploring business opportunities such as acquiring external pipelines and technologies.”