ALTEOGEN (196170) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of KRW 215.9 billion in 2025, up 109.9% year-over-year, driven by major licensing deals and product sales.

• Operating income surged to KRW 106.9 billion, a 320.8% increase from the previous year.

• Net income reached KRW 145.2 billion, up 139.2% year-over-year, reflecting strong profitability from milestone payments and royalties.

• Significant cash inflow from issuance of redeemable preferred stock and robust operating cash flow.

Financial highlights

• Revenue: KRW 215.9 billion (2025), KRW 102.9 billion (2024), KRW 96.5 billion (2023).

• Operating income: KRW 106.9 billion (2025), KRW 25.4 billion (2024), loss of KRW 9.7 billion (2023).

• Net income: KRW 145.2 billion (2025), KRW 60.7 billion (2024), loss of KRW 3.6 billion (2023).

• Gross margin: 76.7% in 2025, up from 62.3% in 2024.

• Cash and cash equivalents at year-end: KRW 66.4 billion (2025), up from KRW 19.0 billion (2024).

Outlook and guidance

• Expects continued revenue growth from new and existing licensing agreements, including major global partners.

• Ongoing expansion into global markets with biosimilar and proprietary products.

• Plans to increase manufacturing capacity and invest in R&D for pipeline advancement.