Alteogen said on the 14th that it swung to a profit with operating income of 26.7 billion won on a consolidation basis in the third quarter of this year. Revenue jumped about 900% year over year to 49.0 billion won, and net income of 22.0 billion won also returned to the black.
On a cumulative third-quarter basis, it posted revenue of 151.4 billion won and operating income of 87.3 billion won, achieving its best cumulative third-quarter results since its founding.
The company cited receipt of a $25 million milestone tied to the U.S. Food and Drug Administration (FDA) approval of the subcutaneous formulation of "Keytruda" as the driver of the strong results. Alteogen explained that it can also secure additional approval and sales milestones for the Keytruda subcutaneous formulation in other regions going forward, supporting steady revenue growth.
Park Soon-jae, CEO of Alteogen, said, "The third quarter marked the full-fledged commercialization of the first product using the core product 'ALT-B4,' achieving a monumental milestone," adding, "We will further strengthen our global growth strategy, including expanding technology partnerships, securing in-house manufacturing facilities, and developing next-generation platforms."
Alteogen plans to use these results as a springboard to diversify its business portfolio—such as expanding global technology partnerships and developing next-generation platforms—while maintaining steady growth.