Alteogen: Sharp Profit Growth Meets a 49.8% One-Year Share Price Decline and New Merger and Rights Offering Filings

Thesis

The data supports a sharp swing from losses to high profitability. Revenue rose from ₩28.8B in 2022 to ₩215.9B in 2025, and operating income moved from a ₩29.4B loss to a ₩106.9B profit. Trailing revenue of ₩254.0B suggests the growth has continued into 2026.

The share price has moved the other way. The close of ₩231,500 on 2026-10-12 is 59.3% below the 52-week high of ₩569,000 and just above the 52-week low of ₩230,000. Returns were -13.6% over one month, -26.9% over three months and -49.8% over one year. The data does not explain the decline, and no news headlines are available.

The multiples remain high even after the fall: P/E 64.1 and P/B 23.1. The data does not show what is priced in. The October 6 merger and rights offering filings are material, but their size, price and purpose are not in the data.

Business overview

Alteogen is listed on KOSDAQ in the Biotech & Pharma sector. It was founded on 2008-05-13 and listed on 2014-12-12, with 53,464,968 listed shares. CEO is 전태연. Market capitalization is ₩12.4T and enterprise value is ₩12.3T. Among the peers shown, Samsung Biologics (₩85.5T) and Celltrion (₩41.7T) are much larger, while Hanmi Pharm (₩6.1T), HLB (₩5.8T) and Yuhan (₩5.8T) are smaller. The data does not describe products or the revenue sources. Revenue was volatile: ₩41.1B in 2021, ₩28.8B in 2022, ₩96.5B in 2023 and ₩102.9B in 2024.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 14, 2026Update noteM&A / restructuringAlteogen Files Merger Securities Registration Statement for 600,477 New Shares Worth ₩156.9B
2. Oct 13, 2026InitiationAlteogen: Sharp Profit Growth Meets a 49.8% One-Year Share Price Decline and New Merger and Rights Offering Filings