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Korean biotech that licenses a hyaluronidase enzyme technology converting IV biologic drugs into subcutaneous injections.
Korean biotech that licenses a hyaluronidase enzyme technology converting IV biologic drugs into subcutaneous injections.
Earns by licensing its enzyme to drug companies for upfront payments when a deal is signed, milestone payments as development proceeds, and royalties once the injectable form is sold, so income is lumpy and depends on partners' launches. Merck's subcutaneous Keytruda, approved in 2025, is the most prominent product using it.
In one line: Korea's Halozyme — the rival subcutaneous drug-delivery enzyme maker..
Moat: narrow (IP/patents, switching costs). Patented enzyme technology is now embedded in approved drugs like Keytruda Qlex, though it faces Halozyme patent litigation.
Headquarters: Daejeon, South Korea · Founded: 2008 · Employees: 161
Size ALTEOGEN (196170.KS) is a South Korea Health Care company (Biotechnology) with a market value of $10.3B, the 44th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩200,500 on 6 Nov 2026.
Performance Over six months the shares fell 45.6%, against +9.7% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 60.6% over the last twelve months (peer median +26.0%); the operating margin is 53.0% (peer median 9.4%).
Valuation It trades at 47.0× forward earnings against a peer median of 34.7× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.9 points above its cost of capital (6.9% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩325B | ₩216B | ₩103B | ₩96.5B | ₩28.8B |
| Revenue growth | — | +110% | +7% | +235% | — |
| Gross profit | n/a | ₩176B | ₩81.4B | ₩82.2B | ₩9.41B |
| EBITDA | n/a | ₩112B | ₩28.3B | -₩6.40B | -₩26.7B |
| Net income | ₩211B | ₩142B | ₩62.3B | -₩3.37B | -₩8.15B |
| Free cash flow | n/a | ₩101B | ₩50.3B | -₩8.98B | -₩24.2B |
| Capital expenditure | n/a | ₩33.4B | ₩24.5B | ₩43.5B | ₩42.5B |
| Total debt | n/a | ₩101B | ₩102B | ₩83.8B | ₩85.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ALTEOGEN 196170.KS | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% |
| Halozyme Therapeutics HALO | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 196170.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.0% | -3.0% | 4th lowest of 21 |
| 6-month return | -45.6% | +9.7% | lowest of 21 |
| Distance from 52-week high | -64.8% | -22.0% | lowest of 21 |
| Revenue growth (TTM) | +60.6% | +26.0% | 5th highest of 18 |
| Operating margin | 53.0% | 9.4% | 2nd highest of 18 |
| Forward P/E | 47.0× | 34.7× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 29.8% | 11.9% | 5th most demanding of 12 |
| Growth delivered (Del g) | +38.5% | +16.6% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -8.7 pp | -5.5 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +20.9 pp | -3.2 pp | 5th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | n/a | n/a | n/a |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |