Alteogen알테오젠

Alteogen's profits have surged on licensing income, but the shares have fallen about 36% over the past year and trade far above the model's base value.

Alteogen is a Korean biotech that earns licensing, milestone and royalty income from its subcutaneous drug delivery platform, which is used by major global drugmakers. Trailing results to H1 2026 show revenue of ₩254B and net income of ₩193B, well above its 2023 and 2024 levels. The share price is ₩218,500, down 36.3% over one year, and the company's own discounted cash flow model gives a base value of ₩9,793 per share, which the data is cited with the caveat that it is a model output, not a forecast.

What stands out

• Trailing revenue is ₩254B with an operating margin of 47.2%, and 2025 revenue grew 109.9% to ₩216B.
• Net income of ₩193B is well above operating income of ₩120B, and the data does not explain the gap.
• Valuation is high: P/E of 78.8, P/B of 28.4 and P/S of 59.9, against peers such as Samsung Biologics at a P/E of 33.9 and Celltrion at 28.
• Cash of ₩80B against borrowings of ₩4.9B, with trailing free cash flow of ₩61B.
• Foreign ownership rose to 16.4% from 14.8% over 60 days, while retail investors sold about ₩202B over the last 20 days.

What to watch

• Filings from early October show a rights offering, a merger decision and a securities registration, and the details and dilution effects are not in the data.
• Upcoming results and any new licensing or milestone announcements, which drive most of the income reported.
• Ongoing news on competition with Halozyme in the subcutaneous injection market, and the share price's sharp moves in mid-October.