ALTEOGEN (196170) Q1 2025 earnings summary

Executive summary

• Achieved strong revenue growth in Q1 2025, driven by major licensing deals and milestone payments, especially for ALT-B4 technology and biosimilar products.

• Maintained robust R&D investment, advancing multiple clinical-stage biopharmaceutical projects and expanding global partnerships.

• Secured significant upfront and milestone payments from global pharmaceutical partners, including new exclusive licensing agreements with AstraZeneca subsidiaries and Daiichi Sankyo.

• Completed key product launches and regulatory milestones, including domestic approval for Tergase (ALT-BB4) and Chinese approval for Herceptin biosimilar (ALT-L2).

Financial highlights

• Q1 2025 consolidated revenue: KRW 83.7 billion, up from KRW 34.9 billion in Q1 2024.

• Q1 2025 consolidated net income: KRW 83.0 billion, compared to KRW 20.9 billion in Q1 2024.

• Gross margin improved significantly, with gross profit of KRW 71.1 billion in Q1 2025.

• Basic EPS for Q1 2025: KRW 1,561, up from KRW 396 in Q1 2024.

• Cash and cash equivalents at period end: KRW 45.1 billion, up from KRW 18.9 billion at end of 2024.

Outlook and guidance

• Expects continued revenue growth from ongoing and new licensing agreements, milestone achievements, and product launches.

• Anticipates further commercialization of biosimilar and proprietary products in global markets, with additional regulatory submissions and approvals targeted for 2025.

• Plans to expand manufacturing capacity and invest in pipeline development, leveraging recent capital raises.