ALTEOGEN
196170, KOSDAQ, Healthcare
- Prev. close
- ₩255,507
- Volume
- 205.5K
- Market cap
- ₩17.7T
- Near 52-week low
- -55% from high
Stock and sector context
Healthcareinflow- Sector comparison
- ALTEOGEN changed -0.59%. The 13 covered Healthcare stocks in Korean averaged +0.59%, with estimated sector flow of inflow.
- Variables to watch
- Drug approvals and trial resultsDrug pricing policyUS interest ratesUSD/KRW
- Risks to check
- -55% below the high, the downtrend may continue
- Clinical trial failure
- Drug pricing pressure
This compares price changes among covered stocks in the same market. It does not establish why prices moved. Variables and risks are sector reference lists.
Why a candidate
Exp 58/100The 0–100 score combines the 52-week range, valuation metrics, price changes and volume. It is not a probability of rising or a forecast return.
Today's read
ALTEOGEN scores 58 out of 100 on today's InverseOne expectation ranking, 19 of 60 in the Korean large-cap universe. There is 124% of room left to its 52-week high. Today's move of -0.59% came with money flowing out; the broader Healthcare sector flow is worth checking. Scores are estimates built from price and volume, a starting point for research rather than a trading signal.
Data basis: 2026-09-17 close, 09-19 00:18 KST updated, For reference only, not advice
Same-sector stocks, Healthcare
Lending balance
Little change4,599,124 sh
KRW 1.17T
New 38,647 sh, Returned 14,297 sh
Shares borrowed through securities lending that have not yet been returned. Borrowed shares are often sold afterwards, so the balance is used as a reference for pending sell pressure.
As of 2026-09-17, FSC stock lending data
Company research
Researched 2026-09-18 20:15 KSTThe KRW 253.2bn plant the board approved on August 21 is 1.8 times first-half revenue of KRW 140.5bn and 55.7% of equity at the end of 2025.
Alteogen's consolidated first-half 2026 revenue was KRW 140.5bn, with operating profit of KRW 73.5bn and net profit of KRW 101.3bn, up 37%, 21% and 108% from a year earlier. The company said the result reflects upfront payments and milestones from the ALT-B4 license agreements signed in the first quarter with Biogen and with GSK subsidiary Tesaro. On August 21 the board approved KRW 253.2bn for a new plant in the Dungok district of Daejeon, which the filing puts at 55.7% of equity. The first money tied to actual product sales was the USD 25m sales milestone disclosed on August 31.
Key figures
- First-half revenue
- KRW 140.5bn
- 2026-06-30
- First-half operating profit
- KRW 73.5bn
- 2026-06-30
- First-half net profit
- KRW 101.3bn
- 2026-06-30
- New plant investment
- KRW 253.2bn
- 2026-08-21
- Investment as share of equity
- 55.7%
- 2026-08-21
- First sales milestone
- USD 25m
- 2026-08-31
A plant that costs more than half the company's equity
Alteogen's board approved the construction of a new plant on August 21, 2026. The filing lists the investment at KRW 253.2bn and, beside it, equity of KRW 454.4bn on a 2025 consolidated basis. That is 55.7% of equity. The stated purpose is securing production capacity to expand the biopharmaceutical business and serve global markets. The investment period runs from the resolution date of August 21, 2026 to September 30, 2028, and that end date is the expected completion date of the plant. The site is the Dungok district of Daejeon. The company added that the amount covers building construction, facilities and machinery, and will be spent over three years through 2028. First-half revenue was KRW 140.5bn, so this is a decision to put 1.8 times half a year of revenue into a single plant.
The August 21 plant investment and what to measure it against (units of KRW 100m)
- Plant investment2532
- Equity, end of 20254544
- First-half 2026 revenue1405
The first-half money did not come from selling its own product
Consolidated first-half 2026 revenue was KRW 140.5bn, operating profit KRW 73.5bn and net profit KRW 101.3bn, up 37%, 21% and 108% respectively from the same period a year earlier. Net profit grew far faster than revenue because of what the revenue is. The company said the result reflects upfront payments and milestones from the ALT-B4 license agreements built on its Hybrozyme platform, signed during the first quarter with Biogen and with GSK subsidiary Tesaro. That is payment for letting a partner use a technology rather than for manufacturing and shipping goods, so almost no cost of sales attaches to it. These figures come from the preliminary earnings filing of August 7 and are labelled preliminary by the company.
The first money from a product on the market is USD 25m
On August 31 Alteogen disclosed that it will receive a first sales milestone of USD 25m from MSD, tied to sales of the subcutaneous formulation of Keytruda. The company said this is the first milestone achieved out of the USD 1bn in sales milestones contained in the agreement between the two firms. Citing MSD's earnings releases, the company reported quarterly sales of that product at USD 40m in the fourth quarter of 2025, USD 128m in the first quarter of 2026 and USD 463m in the second quarter of 2026, for a first-half total of USD 590m. The company wrote that the permanent J-code taking effect in the United States in April, which simplified insurance claims, is seen as having contributed to the expansion. This is the point at which income tied to actual sales begins, rather than payments for clinical and regulatory milestones.
Quarterly sales of subcutaneous Keytruda (USD m)
September added one more agreement and one more approval
On September 2 Alteogen said it had signed an option agreement and a license agreement with Novartis covering the development and commercialization of subcutaneous formulations based on ALT-B4. Through multiple options, Novartis secures exclusive rights to develop and commercialize subcutaneous formulations for multiple products. The company wrote that if every option is exercised and all development and commercialization milestones are met, it could receive up to USD 3.223bn, with royalties on net sales after commercialization paid separately. It is the fourth ALT-B4 license agreement this year. On September 18, MSD's subcutaneous Keytruda formulation containing ALT-B4 received manufacturing and marketing approval in Japan. The company described it as the first subcutaneous immune checkpoint inhibitor approved in Japan, following approvals in the United States, Europe and Canada. The basis was MK-3475A-D77, a phase 3 trial in advanced and recurrent non-small cell lung cancer in which the subcutaneous formulation showed non-inferiority.
Filings and announcements since August 2026
- 2026-08-07Preliminary second-quarter and first-half results. Revenue KRW 140.5bn, operating profit KRW 73.5bn, net profit KRW 101.3bn
- 2026-08-21Board approves a new plant in the Dungok district of Daejeon. KRW 253.2bn, 55.7% of equity, completion expected September 30, 2028
- 2026-08-31Discloses receipt of a USD 25m sales milestone on subcutaneous Keytruda, the first of USD 1bn in sales milestones
- 2026-09-02Option and license agreement with Novartis on ALT-B4 subcutaneous formulations, up to USD 3.223bn
- 2026-09-17Completes an international patent application for long-acting conjugate technology; ALT-M5, a once-monthly obesity candidate, in development
- 2026-09-18Subcutaneous Keytruda containing ALT-B4 receives manufacturing and marketing approval in Japan
The conditions attached to each number
Three conditions sit under the figures on this page. The first-half results are filed by the company as preliminary. The USD 3.223bn in the Novartis agreement is not a confirmed receipt but a ceiling that applies only if every option is exercised and every milestone is met, and neither the number of options nor their timing has been disclosed. The KRW 253.2bn plant investment is not a single payment either: it is to be spent over three years through 2028, and the company noted it may change with the business environment during execution. On September 17 the company said it had completed an international patent application for a long-acting conjugate technology that combines multiple active molecules, and that it is developing ALT-M5, an obesity treatment candidate dosed once a month using that platform. What the company says it confirmed are animal study results, and the specific figures are to be presented at ObesityWeek 2026 in Washington, D.C., held from November 14 to 17.
Common questions
- What kind of income is reflected in Alteogen's first-half 2026 results?
- Upfront payments and milestones from license agreements signed in the first quarter. The company said the results reflect income from the ALT-B4 license agreements on its Hybrozyme platform signed with Biogen and with GSK subsidiary Tesaro. Consolidated first-half revenue was KRW 140.5bn, operating profit KRW 73.5bn and net profit KRW 101.3bn, filed by the company as preliminary figures.
- How large is the USD 25m sales milestone on subcutaneous Keytruda relative to the total?
- It is the first milestone achieved out of USD 1bn in sales milestones. Alteogen disclosed on August 31 that it will receive the amount from MSD. In the same material, citing MSD's earnings releases, the product recorded USD 463m in sales in the second quarter of 2026 and USD 590m in the first half.
- What has to happen for Alteogen to receive USD 3.223bn under the Novartis agreement?
- Every option in the agreement has to be exercised and all development and commercialization milestones have to be met. The company said that in that case it could receive up to USD 3.223bn, with royalties on net sales after commercialization paid separately. The agreement is dated September 2, 2026 and is the fourth ALT-B4 license agreement this year.
Sources
- 1.Alteogen announces preliminary second-quarter and first-half 2026 results Alteogen IR News, as of 2026-08-07
- 2.Alteogen to receive a USD 25m sales milestone on subcutaneous Keytruda Alteogen IR News, as of 2026-08-31
- 3.Alteogen signs option and license agreement with Novartis for Hybrozyme-based subcutaneous formulations Alteogen IR News, as of 2026-09-02
- 4.Subcutaneous Keytruda with Alteogen's ALT-B4 approved for sale in Japan Alteogen IR News, as of 2026-09-18
- 5.Alteogen files international patent for long-acting conjugate platform and develops ALT-M5 Alteogen IR News, as of 2026-09-17
- 6.Alteogen new facility investment filing DART, Financial Supervisory Service, as of 2026-08-21
Reference information compiled from public material. Not investment advice; decisions and their consequences rest with the investor.
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Today's talking points
- It sits low in its 52-week range (1).
- It is 124% below its 52-week high.
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