ALTEOGEN (196170) Q3 2025 earnings summary

Executive summary

• Achieved strong revenue growth in 2025 Q3, driven by licensing, milestone payments, and product sales.

• Multiple global licensing deals for core technology (ALT-B4) with major pharma partners, including new contracts in 2024–2025.

• Significant product approvals: ALT-L9 biosimilar approved in EU, ALT-BB4 (Tergase) approved in Korea, and Herceptin biosimilar in China.

• Completed major internal restructuring, including subsidiary mergers and rebranding.

Financial highlights

• 2025 Q3 consolidated revenue: ₩151.4B, up from ₩96.5B in 2024 Q3 and ₩102.9B in 2023 Q3.

• Operating income: ₩87.3B (2025 Q3), up from ₩36.6B (2024 Q3) and a loss of ₩3.6B (2023 Q3).

• Net income: ₩70.7B (2025 Q3), up from ₩60.7B (2024 Q3) and a loss of ₩3.6B (2023 Q3).

• Cash and cash equivalents at Q3-end: ₩51.7B, up from ₩19.0B at 2024 year-end.

• R&D expenses (consolidated): ₩35.1B YTD, 23.2% of sales.

Outlook and guidance

• Expects continued revenue growth from new and existing licensing deals, milestone payments, and product launches.

• Ongoing expansion into global markets, with further regulatory submissions and launches planned.

• Anticipates stable cash flow from royalties and product sales as more products reach commercialization.