The bio platform corporation Alteogen announced on the 14th that its consolidated first-quarter revenue amounted to approximately 83.7 billion won, an increase of 139.8% compared to the same period last year, marking the highest quarterly sales in its history.
First-quarter operating profit rose by 253.5% year-on-year to approximately 61 billion won, while net profit recorded an increase of 297.5% to 83 billion won.
Alteogen has a proprietary technology called 'ATL-B4' that allows for the transformation of intravenous treatments into subcutaneous injections. The company explained that the growth in this performance was driven by the technology export contract money received from the global pharmaceutical company ASTK and product sales from the commercialization of ALT-B4.
The company entered into a technology export contract with ASTK in March, granting exclusive rights to use Alteogen's ALT-B4 for three types of cancer treatments. The total contract amount is $1.35 billion, with a contract fee of $45 million, which is the largest contract fee ever secured by Alteogen.
Ahead of the commercialization of the first subcutaneous injection formulation treatment using ALT-B4, the company generated related product sales of approximately 10 billion won by supplying hyaluronidase raw materials to partners.
A company representative noted that 'the progress of the HYBE platform and the success of technology exports have been positively reflected in this quarter's performance,' and that 'the sales of the standalone product Terga, as well as the royalty income from the HER2 biosimilar ALT-L2 currently sold in China, are gradually expanding a stable revenue base.'
Previously, Alteogen exported the rights to develop subcutaneous injection formulations based on the HYBE platform to six global pharmaceutical companies. The company expects the market launch of the first subcutaneous injection anticancer drug 'Keytruda' this year, with the results from its Phase 3 clinical trial seen as a demonstration of the safety and technological capability of the HYBE platform being recognized at a global level.
Alteogen plans to register the material patent for ALT-B4 in the United States this month to provide effective intellectual property (IP) protection strategies for partners and potential partners. The company aims to maintain and extend its monopoly through additional patent applications and the expansion of existing patents.
The company stated, 'We aim to secure more than two technology export contracts for the HYBE platform annually,' and 'We expect to establish ourselves as a bio-pharma corporation generating stable revenue starting next year.'