Alteogen said on the 27th that operating profit on a consolidation basis last year was 106.9 billion won, up 321% from a year earlier. Revenue for the same period rose 110% to 215.9 billion won, marking a record high.
The company cited expanded revenue related to its Hybrozyme® platform technology, which converts intravenous (IV) formulations to subcutaneous (SC) injections, as the driver of the results. The technology has been licensed out to seven global pharmaceutical companies, including Merck (MSD), AstraZeneca, GSK plc (GSK), and Daiichi Sankyo of Japan, and commercialization began in the second half of last year.
In particular, milestone revenue from U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) approvals last year for the SC product of MSD's blockbuster immuno-oncology drug Keytruda, as well as an upfront payment from a license agreement for AstraZeneca's conversion of an anticancer drug to SC, drove the results.
Royalty revenue increased on the back of rising sales in China of "Anguota," a biosimilar of the breast and gastric cancer treatment "Herceptin," sold by Chinese partner Qilu Pharmaceutical. The two companies are discussing expanding Anguota sales to regions outside China.
Alteogen recently approved a 20 billion won cash dividend through its board of directors. It also plans to review shareholder return measures such as dividends.
Jeon Tae-yeon of Alteogen said, "We will move forward as a global biotech company that continues to grow through the development of new platform technologies and open innovation."