Hana Securities reiterated a "buy" rating on Alteogen (KOSPI: 196170) on the 15th, with a target price of 580,000 won, after clarifying that the hyaluronidase developed by Samsung Bioepis is not a novel enzyme but rather a biosimilar of Halozyme's Enhanze platform.
The reassurance came in response to reports suggesting that Samsung Bioepis had developed its own, distinct hyaluronidase — separate from Alteogen's — which had sown confusion among investors. Hana Securities said it had verified with both companies that the representative claims in Bioepis's PCT patent applications (WO2026/142300 and WO2026/142299) relate to protein purification and manufacturing processes, and do not describe a new enzyme.
Kim Seon-a, an analyst at Hana Securities, argued that major pharmaceutical companies have chosen Alteogen's ALT-B4 over Halozyme's Enhanze on the basis of superior antibody delivery efficiency and storage stability. The numbers bear this out: Darzalex SC and Herceptin SC, both of which use Enhanze, deliver 120mg of antibody per 2,000 units of enzyme, whereas Qlex — Merck's subcutaneous formulation of Keytruda using ALT-B4 — delivers 165mg per 2,000 units, approximately 37.5% more.
Kim added that even if an Enhanze biosimilar reaches the market, Alteogen's partners would retain an exclusive, differentiated product for the duration of ALT-B4's substance patent. She expects the advantages of ALT-B4 to become more apparent in the second half of the year, when partnership results with biosimilar manufacturers including Intas and Sandoz are due to be disclosed.
Merck is scheduled to report its second-quarter results on 4th August. As of June, the conversion rate of Keytruda to the Qlex subcutaneous formulation stood at approximately 9% on an integrated wholesale acquisition cost (WAC) basis. Hana Securities anticipates that the earnings release will confirm an upward trend in Qlex revenues, along with a sales milestone payment to Alteogen.
Alteogen's projected revenues for 2026 stand at 470.3bn won, with operating profit forecast at 246.1bn won. The company's shares closed at 279,500 won on 14th July.