Alteogen said in a filing on the 2nd that on a standalone basis last year it posted 202.1 billion won in revenue and 114.8 billion won in operating profit. Revenue rose 117% from a year earlier, and operating profit increased 275%.
Alteogen disclosed the results through a preliminary earnings filing that day. The company said results improved significantly as revenue from the "Hybrozyme" platform technology out-licensing was recognized.
Upfront payments from the technology licensing agreement with AstraZeneca and milestones related to U.S. and Europe approvals for the subcutaneous (SC) formulation "Keytruda Qlex" were also included in sales. Royalty revenue from "Anguota," a Herceptin biosimilar sold by Chinese partner Qilu Pharmaceutical, and sales from supplying "ALT-B4" were also reflected.
Alteogen said a U.S. insurance reimbursement code, the "J-code," is expected to be granted for Keytruda Qlex in Apr. The company believes streamlined reimbursement procedures and an expansion of countries where the product is marketed could affect future sales. The company also said its own product "Terghazeu" is in the early stage of the market.
With products applying the Hybrozyme platform entering the commercialization stage, additional discussions on technology transfer are continuing. Alteogen said it is pursuing additional partnerships starting with a contract with Tesaro Inc., a GSK subsidiary.
Jeon Tae-yeon, head of Alteogen, said, "Last year was the year when the Hybrozyme platform technology entered the commercialization stage through partners," and added, "Performance will become more visible through the recognition of sales-linked milestones."
Jeon added, "We also plan to continue investing in production facilities to stabilize the global supply chain and securing new pipelines through open innovation."
Alteogen is currently marketing three items: Terghazeu, MSD's Keytruda Qlex, and Qilu Pharmaceutical's Anguota. The Eylea biosimilar "Eyluxvi" received marketing authorization from the European Commission in the second half of last year and is set for commercialization within the year.
Alteogen plans to increase the number of commercialized products, including its own and out-licensed items, to nine or more by 2030.