Health Care · KOSDAQ
ALTEOGEN
A biotech that owns Hybrozyme (ALT-B4, berahyaluronidase alfa), a platform that converts intravenous (IV) drugs into subcutaneous (SC) form. It licenses the technology to global pharma companies such as Merck (Keytruda SC), AstraZeneca, Daiichi Sankyo, Sandoz and Intas, earning upfronts, milestones and royalties. In 2025 Merck's Keytruda SC won US (September) and EU (November) approval, moving Alteogen into a milestone and royalty phase. 2025 consolidated revenue was 215.9 billion won with a 106.9 billion won operating profit (about 50% margin). A top KOSDAQ constituent by market capitalization.
196170.KQ Updated Jul 12, 2026 2 AI consumers· 2 recurring
Per the valuechain.wiki graph, ALTEOGEN is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 2 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 consolidated revenue 215.9bn KRW
- Segments · Licensing (upfronts, milestones, royalties) · Product sales (Tergase, biosimilars) · Technical services and supply
Revenue from
- Merck & Co. (MSD) High confidence· Amount $4.3B · 최대 총 계약금액(로열티 별도) · DART annual report & milestone filings
Exclusive license applying ALT-B4 to Keytruda SC (subcutaneous pembrolizumab). A 2020 non-exclusive deal was amended in Feb 2024 to a pembrolizumab-only exclusive worth up to US$4.317B. Alteogen received a US$25M milestone on US FDA approval (Oct 2025) and US$15M on EU approval (Nov 2025). The royalty rate is confirmed at 2% of net sales; Daishin estimates ~300bn won of milestone/royalty in 2026.Confirms KO Edaily MarketIn / Daishin Securities Published May 20, 2026: Daishin Securities initiates Alteogen at Buy, 500,000 won target on Keytruda SC royaltiesConfirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)Confirms EN BigGo Finance Published Jan 22, 2026: Alteogen Merck royalty rate confirmed at 2%; Hana Securities cuts target priceConfirms KO DART (FSS) Published Nov 27, 2025: Material disclosure: ALT-B4 milestone US$15M (Keytruda SC EU approval)Confirms KO DART (FSS) Published Oct 1, 2025: Material disclosure: ALT-B4 milestone US$25M (Keytruda SC FDA approval) - AstraZeneca (MedImmune) High confidence· Amount $1.4B · 최대 총 계약금액 합계(UK $750M + US $600M) + 로열티 · DART annual report
Two exclusive licenses (effective Mar 2025) applying ALT-B4 to SC forms of three AstraZeneca oncology drugs. MedImmune Ltd. (UK) up to US$750M plus royalties with a US$25M upfront; MedImmune LLC (US) up to US$600M plus royalties with a US$20M upfront; US$45M of upfronts received in Apr 2025.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART) - Daiichi Sankyo High confidence· Amount $300M · 최대 총 계약금액 + 로열티 · DART annual report
Exclusive license (Nov 2024) applying ALT-B4 to a subcutaneous form of the ADC cancer drug Enhertu. Up to US$300M plus royalties, with a US$20M upfront received in Dec 2024.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART) - Sandoz High confidence
Co-development and exclusive license (Jul 2024) applying a hyaluronidase distinct from ALT-B4 to multiple Sandoz products. Total contract value withheld by mutual agreement; structured on milestones and sales royalties. Sandoz is a global biosimilar/generics firm spun off from Novartis in 2023.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)Confirms KO DART (FSS) Published Jul 30, 2024: Material disclosure: hyaluronidase co-development & license with Sandoz - Intas Pharmaceuticals Medium confidence· Amount $115M · 최대 총 계약금액 + 두 자릿수 로열티 · DART annual report
Exclusive license (Jan 2021) applying ALT-B4 to SC forms of two Intas products (worldwide ex-parts of Asia). Up to US$115M plus a sales-linked royalty of up to double digits (%), with a US$6M upfront received in Jan 2021.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)
Pays to
- Overseas CMO (ALT-B4 contract manufacturing) Medium confidence· Amount ₩58B · 2025 외주가공비(국내+수입) · DART annual report
With no mass-production plant yet, Alteogen outsources preclinical/clinical material and commercial ALT-B4 to domestic and overseas CMOs. FY2025 outsourced processing cost was about 58.0bn won (including US$23.6M imported). GMP production and a European CMO contract are in place.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART) - CRO / R&D outsourcing Medium confidence· Amount ₩33.2B · 2025 연구개발 외주용역비 · DART annual report
Preclinical, clinical and some experimental work is outsourced to external CROs for pipeline development. FY2025 R&D outsourcing cost was about 33.2bn won, within total R&D spend of about 57.3bn won (28.2% of revenue).Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART) - Raw material suppliers (media, reagents) Medium confidence· Amount ₩11.1B · 2025 원재료 매입 소계 · DART annual report
Purchases of raw materials for commercial production and reagents/lab supplies for R&D. Many items are made by overseas manufacturers and imported through domestic agents, exposing costs to FX. FY2025 raw-material purchases totaled about 11.1bn won.Confirms KO FSS DART Published Mar 23, 2026: Alteogen annual report — Daiichi Sankyo ALT-B4 license (DART)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Merck & Co. | lead1 | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +19.1 |
| Daiichi Sankyo | lead1 | -23.1 | +59.8 | +9.7 | -2.1 | -32.4 | -2.4 |
| ALTEOGEN | node | -45.9 | -8.2 | +110.6 | +380.6 | +11.3 | -21.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Alteogen's thesis is 'the IV-to-SC reformulation platform (ALT-B4) entering its royalty phase.' It licenses the technology that converts intravenous drugs to subcutaneous form to Merck, AstraZeneca, Daiichi Sankyo, Sandoz and Intas, collecting upfronts, milestones and royalties in an asset-light model that a ~50% 2025 operating margin proves. The decisive shift is the US (Sep 2025) and EU (November) approval of Merck's Keytruda SC — moving it from upfront-led to net-sales royalty (2%), changing the quality of earnings. But with no mass-production plant it outsources ALT-B4 to domestic and overseas CMOs and development to CROs, so supply and quality risk persist. The stock's give-back (-21.5% in 2026) is a correction of pre-priced approval hopes; whether partners' SC conversions succeed decides the royalty scale.
Analysis generated from returns as of 2026-07-10