Alteogen Posts Record H1 2026 Revenue as Keytruda SC Sales Surge 262% and Platform Deals Expand
核心洞察
Alteogen reported first-half 2026 sales of 140.5 billion won, a 37% year-on-year increase, with net profit more than doubling to 101.3 billion won.
Keytruda Qlex (搜索), the first commercialized SC product using ALT-B4, posted Q2 sales of $463 million, a 262% jump from $128 million in the prior quarter.
The company secured ALT-B4 platform license agreements with Tesaro (GSK) (搜索) and Biogen in Q1 and is in final-stage negotiations for additional deals.
Alteogen has delivered its strongest half-year financial performance to date, reporting provisional consolidated results for the first half of 2026 that underscore the accelerating commercial traction of its ALT-B4-based Hybrozyme platform. The bioplatform company recorded sales of 140.5 billion won, operating profit of 73.5 billion won, and net profit of 101.3 billion won—representing year-on-year increases of 37%, 21%, and 108%, respectively.
The results were driven by upfront and milestone revenues from ALT-B4 platform license agreements signed in the first quarter with Tesaro, a GSK subsidiary, and Biogen, alongside growing royalty streams from commercialized biosimilar products.
Keytruda SC Formulation Gains Rapid Market Uptake
Keytruda Qlex (搜索), the subcutaneous injection formulation of Merck's blockbuster immunotherapy developed using ALT-B4, posted second-quarter sales of $463 million (approximately 662.1 billion won). This marks a roughly 262% increase compared to the first quarter's $128 million. According to developer MSD (Merck) (搜索), the adoption of a permanent J-code in April and the administration convenience of the SC formulation have driven expansion in medical institution introduction and conversion from the intravenous formulation.
Analysts project Keytruda SC sales could reach $2 billion for the full year, which would trigger over 300 billion won in sales milestones payable to Alteogen from Merck. Cumulative sales milestones under the agreement could reach up to $1 billion (approximately 1.559 trillion won).
Platform Validation and Expanding Applications
Alteogen disclosed that Sanofi was the first ALT-B4 license agreement partner, dating back to 2019, highlighting the platform's decade-long development history. At the PDA Miniverse 2026 conference in May, the company presented research combining ALT-B4 with Becton Dickinson's drug delivery device. At World ADC in June, Alteogen suggested the potential for improved skin toxicity and safety profiles when ALT-B4 is co-administered with antibody-drug conjugates (ADCs).
The company is currently in the final stages of negotiating additional technology licensing agreements with multiple global pharmaceutical companies, signaling further platform expansion.
Legal and Regulatory Tailwinds
Alteogen's competitive position has been strengthened by favorable outcomes in intellectual property disputes. The United States Patent and Trademark Office (USPTO) dismissed the initiation of an inter partes review for a manufacturing method patent filed by competitor Halozyme. Additionally, Merck successfully invalidated a Halozyme patent, significantly reducing legal risks surrounding the SC formulation platform.
Biosimilar Portfolio Growth
The biosimilar business segment also contributed to the half-year results. The Eylea biosimilar "Eyenpi Injection (搜索)" received product approval in both Korea and Saudi Arabia during the second quarter. Royalty revenues from the Herceptin biosimilar "Angokta (搜索)," marketed in China, are on an upward trajectory.
Strategic Outlook
Tae Yeon Jeon, CEO of Alteogen, characterized the period as a pivotal inflection point: "The first half is significant as the Hybrozyme platform has transitioned from technology export to the stage of generating revenue through commercialized product sales. Building upon the three technology export deals conducted this year, we aim to achieve additional results and grow into a global bioplatform company."
The company intends to evolve its revenue structure from one centered on upfront fees and milestones toward a growth model anchored in product sales, leveraging both expanded commercialized product revenues and continued technology export achievements.