Brokerage : Hana Securities
Analyst : Seona Kim (RA: Changkeun Yoo)
Investment Rating : BUY (Maintained)
Target Price : KRW 640,000 (Maintained)
Core Momentum : Execution of a USD 285 Million exclusive licensing agreement with GSK for Jemperli SC shows terms broadly comparable to the Enhertu single-asset agreement (USD 20M upfront for a sub-KRW 1T asset), highlighting early SC adoption with expectations for expanding deal volumes in 2026.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained) / Target Price (12M) KRW 640,000 (Maintained) (Closing price as of January 20, 2026: KRW 481,000)
- Market Data: KOSDAQ Index 976.37pt / Market Cap KRW 25.74 Trillion (Market Cap Weight 4.82%) / Shares Outstanding 53,505,800 / 60-Day Average Trading Volume 570.7 Thousand Shares / 60-Day Average Trading Value KRW 27.89 Billion / Foreign Ownership 13.92% / 52-Week High KRW 559,000, Low KRW 317,500 / Major Shareholders: Soonjae Park and 4 affiliates 20.38%, Inwoo Hyung and 2 affiliates 5.09%
- Annual Financial Forecast (Hana Securities Estimates):
- 2025F: Revenue KRW 275.2 Billion (+167.5% YoY), Operating Profit KRW 164.4 Billion (+547.2% YoY, OPM 59.7%), Pre-tax Profit KRW 167.4 Billion, Net Profit KRW 129.5 Billion, EPS KRW 2,407 (+105.55% YoY), BPS KRW 7,865, PER 186.75x, PBR 57.15x, ROE 37.19%, EV/EBITDA 173.19x
- 2026F: Revenue KRW 599.5 Billion (+117.8% YoY), Operating Profit KRW 391.4 Billion (+138.1% YoY, OPM 65.3%), Pre-tax Profit KRW 396.0 Billion, Net Profit KRW 301.7 Billion, EPS KRW 5,592 (+132.32% YoY), BPS KRW 13,458, PER 86.02x, PBR 35.74x, ROE 52.58%, EV/EBITDA 72.96x
🚀 2. [Market Opportunities & Business Outlook]
- First Deal of 2026 with GSK (Comparable to Daiichi Sankyo’s Enhertu Terms):
- On January 20, signed an exclusive license agreement with GSK’s subsidiary Tesaro (US) to develop and commercialize a subcutaneous formulation of dostarlimab (trade name: Jemperli).
- Total contract value stands at USD 285 Million (~KRW 420.0 Billion), comprising an upfront payment of USD 20 Million (~KRW 29.5 Billion) and milestones of USD 265 Million (~KRW 390.5 Billion).
- Terms are broadly comparable to Daiichi Sankyo’s single-asset Enhertu deal in November 2024 (USD 300M total, USD 20M upfront), confirming that the contract was not signed under inferior terms regarding technology or marketability.
- Significance of USD 20M Upfront for a Sub-KRW 1 Trillion Asset:
- Despite Jemperli generating approximately USD 600 Million (~KRW 850.0 Billion) in annual sales in 2025, GSK committed to an early IV-to-SC switch and paid a lump-sum upfront of KRW 30.0 Billion.
- This indicates that potential partners are not limited to patent-expiry (LoE) defense, and SC adoption can occur early across competitive target landscapes (such as PD-L1xVEGF bispecifics) to secure market advantages.
- SC Formulations Becoming Essential: Continuous Deal Flow Ahead:
- Discussions regarding SC formulation across diverse modalities accelerated following JPMHC 2026, engaging both new pharma partners and existing clients.
- Subcutaneous delivery has evolved beyond life-cycle management (evergreening) into a prerequisite for early market entry. As the number of deals increases, cash inflow speed and stability are expected to improve further compared to relying on a few large-scale deals.
📝 Editor’s Comment (Perspective)
The analyst views Alteogen as a drug delivery platform company whose USD 285 Million Jemperli agreement with GSK shows terms broadly comparable to the Enhertu single-asset agreement, while successfully expanding its licensing reach to high-growth commercial assets generating under KRW 1 Trillion in sales. The overarching perspective prioritizes the structural demand from global pharma seeking early SC adoption for competitive advantage and the expectation that expanding the number of partnership deals will enhance cash inflow speed and stability over short-term market disappointment regarding deal sizes compared to multi-asset packages.
To verify whether this investment thesis progresses as expected, investors should primarily monitor the accounting recognition of GSK’s upfront payment (~KRW 29.5 Billion) in Q1 2026, the execution of additional definitive out-licensing agreements discussed during and post-JPMHC 2026, and platform expansion into competitive immuno-oncology targets such as PD-L1xVEGF. These developments can be verified through upcoming quarterly earnings releases, official company IR presentations, and regulatory filings on DART/KRX.
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Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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