Brokerage : Hana Securities
Analyst : Seona Kim (RA: Heekyung Lee)
Investment Rating : BUY (Maintained)
Target Price : KRW 580,000 (Maintained)
Core Momentum : Market concerns dispelled as emerging competitors develop Enhanze biosimilars rather than novel enzymes, highlighting ALT-B4’s delivery differentiation potential and upcoming Qlex sales milestone confirmation via MSD’s Q2 earnings.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained) / Target Price (12M) KRW 580,000 (Maintained) (Closing price as of July 14, 2026: KRW 279,500)
- Market Data: KOSDAQ Index 783.98pt / Market Cap KRW 14.98 Trillion (Market Cap Weight 3.40%) / Shares Outstanding 53,586,300 / 60-Day Average Trading Volume 307.8 Thousand Shares / 60-Day Average Trading Value KRW 17.95 Billion / Foreign Ownership 14.28% / 52-Week High KRW 559,000, Low KRW 279,500 / Major Shareholders: Soonjae Park and 4 affiliates 20.33%, Inwoo Hyung and 2 affiliates 5.08%
- Annual Financial Forecast (Hana Securities Estimates):
- 2026F: Revenue KRW 470.3 Billion (+117.8% YoY), Operating Profit KRW 246.1 Billion (+130.2% YoY, OPM 52.3%), Pre-tax Profit KRW 294.0 Billion, Net Profit KRW 233.0 Billion, EPS KRW 4,320 (+64.07% YoY), BPS KRW 12,228, PER 64.70x, PBR 22.86x, ROE 42.24%, EV/EBITDA 69.89x, DPS KRW 371
- 2027F: Revenue KRW 1.05 Trillion (+123.8% YoY), Operating Profit KRW 608.7 Billion (+147.3% YoY, OPM 57.8%), Pre-tax Profit KRW 622.4 Billion, Net Profit KRW 493.3 Billion, EPS KRW 9,146 (+111.71% YoY), BPS KRW 21,005, PER 30.56x, PBR 13.31x, ROE 55.12%, EV/EBITDA 28.36x, DPS KRW 371
🚀 2. [Market Opportunities & Business Outlook]
- Market Misunderstanding Dispelled (Enhanze Biosimilar, Not a Novel Enzyme):
- Industry reports suggesting Samsung Bioepis developed a proprietary hyaluronidase were based on misunderstandings; inquiries confirmed the filings represent a biosimilar of Halozyme’s Enhanze.
- The PCT patent claims (WO2026/142300, WO2026/142299) cover protein purification and manufacturing methods rather than novel amino acid sequences. Bioepis is not pursuing an independent platform business, but securing subcutaneous formulation technology for its own pipeline.
- ALT-B4 Differentiation Potential & Composition Patent Exclusivity:
- Biosimilars based on Enhanze face challenges in product differentiation if complete patent barriers fail, whereas ALT-B4’s composition patents provide partner drugs with exclusive product differentiation throughout the patent period.
- In a specific dosage comparison, while Darzalex SC and Herceptin SC using Enhanze deliver 120 mg/2,000 units, Qlex using ALT-B4 delivers 165 mg/2,000 units—indicating that for an equivalent enzyme volume, it can deliver approximately 37.5% more antibody into the bloodstream, which the analyst expects could offer product differentiation in unit antibody capacity and storage stability.
- Upcoming clinical disclosures from biosimilar partnerships (such as Intas and Sandoz) in H2 are expected to showcase ALT-B4’s advantages relative to peers.
- Qlex Revenue Tracking (MSD 2Q26 Earnings on Aug 4) & Large-Scale Licensing Catalysts:
- As of June 2026, Keytruda Qlex reached a ~9% prescription conversion rate in the US market (integrated WAC basis).
- MSD’s 2Q26 earnings release on August 4 is expected to confirm the surging Qlex revenue trajectory and trigger the company’s first commercial sales milestone.
- Continued momentum in out-licensing negotiations with global pharma partners in H2 will dispel remaining concerns over platform competitiveness.
📝 Editor’s Comment (Perspective)
The analyst views Alteogen as a subcutaneous drug delivery platform enterprise whose commercial differentiation—supported by composition patent exclusivity and potential advantages in unit antibody capacity—remains strong despite market concerns regarding Enhanze biosimilars. The overarching perspective prioritizes the upcoming commercial milestone validation from Merck’s (MSD) Q2 earnings on August 4 and additional out-licensing deals in H2 over transient sentiment pullbacks.
To verify whether this investment thesis progresses as expected, investors should primarily monitor the actual Qlex revenue figures and commercial sales milestone confirmations in MSD’s 2Q26 earnings on August 4, clinical data disclosures from biosimilar partners (such as Intas and Sandoz) highlighting ALT-B4’s operational benefits, and new global licensing agreements signed in the second half of 2026. These developments can be verified through upcoming quarterly earnings releases, official company IR presentations, regulatory filings on DART/KRX, and MSD’s corporate disclosures.
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