Bio platform corporations Alteogen said on the 11th that it held a board meeting and decided on cash dividends. It will pay 371 won per common and preferred share, with total dividends of about 20 billion won in aggregates.
It is the first dividends since Alteogen was founded. The company said the decision is to share the results of its growth with shareholders and to enhance shareholder value.
Jeon Tae-yeon of Alteogen said, "The reason a small venture corporations that started with a few people could grow into a leading bio corporations with sound fundamentals is thanks to the support of shareholders," adding, "We find it meaningful to share the company's profits with shareholders through the first dividends."
Alteogen has continued external growth based on expanded technology exports and approvals through partnerships after turning to profit in 2024. Last year, on a separate basis, revenue was 202.1 billion won and operating profit was 114.8 billion won in a provisional tally, marking the best performance since the company's founding.
The company has the proprietary Hybrozyme® platform, which converts intravenous (IV) drugs into subcutaneous (SC) injections 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 the drug 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) using the company's technology began U.S. sales in Sep. last year. After its launch, with the assignment of a J-code in the United States and European approval, the company expected a gradual expansion of switching from the existing intravenous (IV) formulation to the subcutaneous formulation.
A J-code is the official code required in the United States to claim insurance reimbursement for hospital-administered injectables. Once a J-code is assigned, the claims process between hospitals and insurers is simplified, which can create a more favorable environment for wider prescribing and sales growth in the United States.
The company said, "Milestone revenue will increase going forward and is expected to contribute to improved results," adding, "Talks with various potential partners are ongoing, creating opportunities for growth through additional partnerships."
Alteogen plans to continue pursuing a shareholder-return policy based on sustainable growth. Jeon said, "We will work to further strengthen performance and financial soundness through a stable revenue base and expanded partnerships, and to continue shareholder returns consistently."
The dividends will be finalized at the regular shareholders meeting in Mar. and will be paid within one month from the date of the shareholders meeting resolution in accordance with relevant laws and procedures. The dividends will be paid using dividend funds for which dividend income is tax-exempt.