Bio platform corporations Alteogen said on the 11th that it held a board meeting and decided on a cash dividends. It will pay 371 won per common and preferred share, with total aggregates of about 20 billion won.
This is the first dividends since Alteogen was founded. The company said the decision is aimed at sharing the results of its growth with shareholders and enhancing shareholder value.
Jeon Tae-yeon of Alteogen said, "What allowed a small venture corporations that started with a small team to grow into a leading bio corporations with sound fundamentals was the support of shareholders," adding, "We find it meaningful to share the company's profits with shareholders through the first dividends."
After turning a profit in 2024, Alteogen continued its top-line growth based on expanded technology exports and product approvals through partnerships. On a separate basis, last year's sales were 202.1 billion won and operating profit was 114.8 billion won on a preliminary basis, marking the best performance since the company was founded.
The company has the proprietary Hybrozyme® platform that converts drugs in an intravenous (IV) formulation to a subcutaneous (SC) injection that can be administered in a short time. The hyaluronidase ALT-B4 developed by the company breaks down the hyaluronan layer in subcutaneous tissue to create space for drugs to be absorbed quickly. When this technology is applied, existing IV anticancer drugs can be administered in just a few minutes.
The Keytruda SC formulation (U.S. product name Keytruda Qlex), to which the company's technology was applied, began U.S. sales in Sep. last year. Since launch, with the assignment of a J-code in the United States and European product approval, the company expected a gradual shift from the existing IV formulation to the SC formulation.
A J-code is an official code required in the United States for hospitals to bill insurance for injectable drugs administered in clinical settings. Once a J-code is assigned, the claims process between hospitals and insurers is streamlined, creating a more favorable environment for broader U.S. prescribing and sales growth.
A company official said, "Milestone revenue will increase going forward, and we expect it to contribute to improved results," adding, "Talks with various potential partners are ongoing, creating opportunities for growth through additional partnership expansion."
Alteogen plans to continue to pursue a shareholder return policy based on sustainable growth. Jeon said, "We will work to further strengthen performance and financial soundness through a stable sales base and expanded partnerships, and to continue shareholder returns consistently."
The dividends will receive final approval at the regular shareholders meeting in Mar. and will be paid within one month of the meeting resolution in accordance with relevant laws and procedures. The dividends will be paid using dividend funds for which dividend income is tax-exempt.