Alteogen's (196170.KQ) expectations for an early sales milestone payment are growing as Keytruda Qlex, an immuno-oncology drug from U.S.-based Merck (MSD) that applies Alteogen's subcutaneous (SC) platform technology, continues its steep growth in the early stage of its launch.
According to industry sources on the 5th, MSD said in its second-quarter earnings announcement that Keytruda Qlex recorded sales of $463 million (about 660 billion won). That marks a 3.6-fold increase from the first quarter of this year ($128 million).
Keytruda Qlex is a product that applies Alteogen's hyaluronidase platform "ALT-B4" to convert the existing intravenous (IV) form of Keytruda into a subcutaneous (SC) formulation. Its strengths lie in shortening administration time and enhancing patient convenience.
Launched in September last year, Keytruda Qlex is rapidly establishing itself in the market, recording $35 million in the fourth quarter of 2025, $128 million in the first quarter of this year, and $463 million in the second quarter. In particular, second-quarter sales exceeded market consensus by 64%, and Qlex's share of total Keytruda sales expanded from 1.6% in the first quarter to 5.5% in the second quarter.
This growth is attributed to accelerated prescription expansion following the acquisition of a permanent U.S. insurance claim code (J-code) in April this year. As the insurance claim process was simplified, the "J-code effect" was reflected in the second-quarter results.
Qlex's rapid market establishment is expected to directly affect Alteogen's earnings as well. Under its contract with MSD, Alteogen receives sales milestones of up to $1 billion and sales royalties after commercialization. The market is focusing on the possibility that the timing of the sales milestone payment may be moved up as Qlex sales grow faster than expected.
Alteogen's technology exports are also continuing. On the same day, Alteogen signed an exclusive license agreement for an SC formulation worth up to $365 million (about 521.9 billion won) with a global pharmaceutical company. The contract includes an upfront payment and development, approval, and commercialization milestones, and Alteogen will also receive sales royalties after product commercialization. The counterparty and the target product were not disclosed.
This contract is Alteogen's third technology transfer this year. With earlier contracts signed in January with GSK subsidiary Tesaro and in March with Biogen, the total value of new technology transfer contracts this year has risen to $1.229 billion.
