Skip to main content
KREDKRED
196170KOSDAQ

Alteogen

257,000
-3,000 (-1.15%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Alteogen is a biotechnology company established on May 13, 2008. The company is headquartered in Daejeon and is listed on the KOSDAQ market.

The company develops, produces, and distributes biopharmaceuticals including biobetters and new drugs. It utilizes platform technologies such as Hybrozyme, NexP, and NexMab. The company supplies technology to global pharmaceutical firms through license agreements and distributes a standalone injection product called Tergase. It also develops biosimilars for global markets.

Business overview as filed

당사는 고유의 원천기술인 정맥주사(Intravenous infusion, IV) 제형을 피하주사(Subcutaneous injection, SC) 제형으로 전환해주는 히알루로니다제 단백질 공학 기술(Hybrozyme™), 지속형 바이오의약품 기반 기술인 NexP™ 융합(Fusion), 차세대 항체-약물접합체 기반 기술인 NexMab™ (ADC 기술) 등의 플랫폼 기술(Platform Technology) 등을 기반으로 바이오의약품(바이오베터, 바이오신약 등)의 연구개발, 생산 및 판매 활동을 영위하는 바이오기업입니다. 또한 바이오시밀러 분야의 연구 개발 및 상업화 등을 진행하고 있습니다.바이오베터 및 바이오신약 분야에서 당사는 보유 원천기술인 플랫폼 기술에 대해 다국적제약사와 기술이전 라이선스 계약을 체결하여 해당 기술의 개발 및 상업화를 진행하고 있습니다. 사업보고서 제출일 기준으로 MSD(미국/캐나다 내 Merck), AstraZeneca, GSK, Daiichi Sankyo, Sandoz 등 글로벌 제약사들과 플랫폼 기술 개발 및 상업화에 대한 라이선스 계약을 체결하였습니다. 이러한 라이선스 계약으로 선급금(upfront), 마일스톤(milestone), 상업화 후 로열티(royalty) 등 지속적으로 안정적인 영업현금창출을 기대하고 있습니다.당사의 핵심 자산인 ALT-B4(물질명: berahyaluronidase alfa)를 사용한 피하주사(SC) 제형은 기존 정맥주사(IV) 제형에 비해 환자의 투약 편의성 및 약물전달의 효율을 증대시키고 전반적인 의료 비용을 절감할 수 있습니다. 또한 글로벌 제약사의 정맥주사 제품 외에 피하주사 제품을 추가함으로써 특허 연장 수단으로 활용할 수 있으며, 전 세계에서 가장 큰 의약품 시장인 미국의 메디케어 약가 인하 협상에서도 제외될 가능성이 있습니다. 이로 인해 기존 단일클론항체(mAb) 기반 치료제에 주로 적용하던 피하주사 제형 변경은 ADC(Antibody-drug conjugate), 이중항체(Bispecific antibody), RNA, 합성의약품 등으로 영역이 확대되고 있습니다.히알루로니다제(hyaluronidase)는 기존 정맥주사(IV) 제제에 혼합하여 피하주사 제형으로 변경하는 기능 이외에 단독으로 쓰일 때 통증 및 부종완화 기능도 있어 마취과, 통증의학과, 정형외과, 산부인과 및 피부과 등에서 처방되고 있습니다. 당사는 2024년 ALT-B4를 활용한 단독 주사제품을 상업화(ALT-BB4, 제품명: 테르가제주) 하였습니다. 동물유래 히알루로니다제(Animal-derived hyaluronidase)는 1950년대부터 시판되고 있으나 이종 단백질 함량이 높아 부작용 보고 건수가 증가하고 있어, 이를 유전자 재조합 인간유래 고순도 제품으로 대체할 수 있는 미충족수요(Unmet needs)가 확대되고 있습니다. 현재 히알루로니다제 단독 주사제품의 글로벌 시장은 연간 1.3조원 규모로 추산되며, 당사는 향후 해외 상업화 판매 진출을 계획하고 있습니다.바이오시밀러 사업은 중국 치루제약(Qilu Pharmaceutical)사에 허셉틴 바이오시밀러 기술수출을 하였으며 아일리아 바이오시밀러의 자체 개발 및 상업화를 목표로 하고 있습니다. 치루제약은 2024년 중국에서 상업화 판매( 중국 제품명: 安曲妥)가 이루어져 이로 인한 로열티 수익이 발생하고 있으며, 아이럭스비( Eyluxvi®, 아일리아 바이오시밀러)는 2024년 글로벌 임상 3상을 완료한 후 2025년 9월 유럽지역 품목허가를 획득했습니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사는 '주식회사 알테오젠' 이라 표기 합니다. 또한 영문으로 'Alteogen Inc.' 이라 표기합니다.

다. 설립일자 및 존속기간당사는 2008년 5월 13일에 설립되었으며, 계속사업기업으로 존속기간이 정해져 있지 않습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소○ 주소 : 대전광역시 유성구 유성대로 1628번길 62(전민동)○ 전화번호 : 042-384-8780○ 홈페이지 : http://www.alteogen.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

사. 신용평가에 관한 사항

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

*특례상장 근거 : 코스닥시장상장규정 제2조에 따른 기술성장기업으로서 동 규정의 기술성장기업에 대한 상장 특례를 적용

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.65%
[2.81%, 7.52%] · As of 2026-10-01
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 52.1% (2026-07-22). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.90
Beta [0.78, 1.03] · KOSDAQ150 · As of 2026-10-07
Intercept
-0.114%[-0.519%, +0.291%]
R squared
0.48
Observations
252
Trading-time corrected beta
0.73[0.54, 0.91]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M47681211372924244112889651,0292,1592,540
Revenue growth%—44.7976.8713.21113.3045.15-3.07-29.95235.086.56109.87—
Operating incomeKRW 100M1-54-62-77-231-128-294-972541,0691,198
Operating income growth%—-4,462.41————-12,437.09———320.80—
Net incomeKRW 100M12-36-74-71-17-34-92-101-366071,4521,978
Net income growth%—-396.86————————139.20—
Attributable to ownersKRW 100M12-36————————1,417—
Attributable to minoritiesKRW 100M00————————35—
Operating margin%2.62-79.07-51.00-55.90-7.700.24-31.12-101.97-10.0924.7049.5247.16
Net margin%25.57-52.42-61.54-51.59-5.95-8.07-22.35-34.99-3.7159.0167.2577.86
ROE%3.13-7.93————————31.82—
ROA%3.07-7.48-17.32-9.90-2.02-2.15-3.53-4.11-1.4014.8420.7826.73
Debt ratio%2.166.027.957.0222.4716.8394.3968.8673.2349.2253.7635.21
Current ratio%6,450.831,769.051,323.492,352.08573.37645.85172.25153.85143.48163.94200.60276.34
Quick ratio%—1,760.281,315.472,332.87565.62643.70171.40152.18142.42163.20197.87272.94
Reserve ratio%1,158.491,336.06519.08856.48894.63816.23526.36458.74444.99908.241,564.101,902.28
Free cash flowKRW 100M-16-41-51-16310-34-230-243-905031,011—
FCF margin%-33.02-59.89-41.75-119.043.32-8.11-55.94-84.35-9.3148.9346.85—
OCF conversion%187.37————————87.4085.50—
Capex to revenue%80.9213.745.8452.5427.9312.0733.0422.301.262.6410.66—
Receivable daysdays—54.946.881.040.419.539.795.148.265.642.2—
Inventory daysdays——6.810.813.710.38.419.77.49.527.2—
Payable daysdays——46.250.0111.5208.3159.3156.342.5171.5——
Cash conversion cycledays——7.441.8-57.4-178.5-111.3-41.513.1-96.4——
EPSKRW206-596-597-544-53-35-92-159-651,1722,653—
PERx—————————264.08169.43—
BPSKRW—7,2373,1605,2705,0364,6713,2352,8872,8385,1318,32010,011
PBRx—4.537.035.4313.2838.4723.4013.2534.7060.3254.0236.06
Dividend per shareKRW——————————371—
Payout ratio%——————————13.98—

Consolidated basis

Profit flowKRW 100M

Revenue
2,159
Gross profit
1,656
Cost of sales
502
Operating income
1,069
SG&A expenses
587
Non-operating income
558
Profit before tax
1,627
Net income
1,452
Income tax expense
176

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
3944794307148601,5922,603*2,4552,5614,0906,987
8273247158229*1,264*1,0011,0831,3492,443
3864523986677021,363*1,339*1,4541,4782,7414,544

Income statement

20152016201720182019202020212022202320242025
4768121137292424411*2889651,0292,159
1-54-62-77-231*-128*-294-972541,069
10-45-74-60-17-28*-83*-100-363661,627
12-36-74-71-17-34*-92*-101-366071,452
Basic earnings per shareKRW206-596*-597-544-53*-35*-92*-159-651,1722,653
Diluted earnings per shareKRW199-596*-597-544-53*-35*-92*-159-651,1632,591
12-36-74-71-17-34*-92*-101-366071,452

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement12-36-74-71-17-34-92-101-366071,452
Total adjustments to operating cash flowcomputed11431-2010951-2-78-42-76-210
23-32-43-919117*-94*-179-785301,241
-42-50-3-228-220-429-1,260*502-93-1,078-2,311
1941735486759*1,07029174331,556
Cash at beginning of periodKRW 100M877184528944389105458302190
7184528944389105458302190664
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 18삼일회계법인2025-12-31
2024적정의견Term 17삼일회계법인2025-12-31
2023적정의견Term 16이촌회계법인2025-12-31
2022적정Term 15이촌회계법인2022-12-31
2021적정Term 14이촌회계법인2022-12-31
2020적정Term 13이촌회계법인2022-12-31
2019적정Term 12이촌회계법인2019-12-31
2018적정Term 11이촌회계법인2019-12-31
2017적정Term 10이촌회계법인2019-12-31
2015적정Term 9이촌회계법인2016-12-31
적정Term 8이촌회계법인2016-12-31
2014적정Term 7안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-074.38%
BetaDaily 5Y1.03
%
%
Cost of equity9.51%
Weighted average cost of capital9.51%
Initial growth27.4%
Effective tax rate10.8%
Base fiscal year2025
Current priceKRW257,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model3,876-98.5%
Dividend discount model DDM6,624-97.4%
Discounted cash flow FCFF34,690-86.5%
Discounted cash flow FCFE33,420-87.0%
Residual income model RIM47,824-81.4%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.38% + 1.03 × 5.00% = 9.51%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(31.82% × (1 − 13.98%), 0) = 27.37%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 371 × (1 + 2.00%) / (9.51% − 2.00%) = 378 / 0.0751 = 5,037 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 371, g_1 = 27.37%, g_T = 2.00%, r = 9.51%

YearGrowthDividend KRWDiscount factorPresent value KRW
127.37%4730.9131431
221.03%5720.8338477
314.69%6560.7614499
48.34%7110.6952494
52.00%7250.6348460
Terminal value2.00%9,8410.63486,247
Total8,609

P_0 = 8,609 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 8,320 KRW, ROE = 31.82%, payout ratio = 13.98%, r = 9.51%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
18,3202,6487921,8560.91311,695
210,5983,3721,0082,3640.83381,971
313,4994,2951,2843,0110.76142,293
417,1935,4711,6363,8360.69522,667
521,9006,9692,0834,8850.63483,101
Terminal value66,3240.634842,105

P_0 = 8,320 + 11,727 + 42,105 = 62,153 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,241.3 − 230.1 + 1.4 × (1 − 10.79%) = 1,012.5 KRW hundred million

Weighted average cost of capital

E = 178,711.3, D = 40.3 KRW hundred million; equity weight = 99.98%, debt weight = 0.02%; cost of debt k_d = 4.38%

WACC = 99.98% × 9.51% + 0.02% × 4.38% × (1 − 10.79%) = 9.51%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
127.37%1,289.60.91311,177.6
221.03%1,560.80.83381,301.4
314.69%1,790.00.76141,362.9
48.34%1,939.30.69531,348.4
52.00%1,978.10.63491,255.9
Terminal value2.00%26,859.50.634917,052.6
Total23,498.7

Firm value = 23,498.7; less borrowings 40.3; plus cash 663.8 → 24,122.3 KRW hundred million

P_0 = 24,122.3 KRW hundred million ÷ 53,505,788 (shares) = 45,083 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,241.3 − 230.1 + -9.7 (net borrowing) = 1,001.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
127.37%1,275.60.91311,164.8
221.03%1,543.80.83381,287.3
314.69%1,770.60.76141,348.1
48.34%1,918.30.69521,333.7
52.00%1,956.60.63481,242.2
Terminal value2.00%26,563.60.634816,863.8
Total23,239.8

P_0 = 23,239.8 KRW hundred million ÷ 53,505,788 (shares) = 43,434 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSDAQ list