Alteogen Receives $25 Million Sales Milestone for KEYTRUDA SC

[Financial News] Alteogen Inc. will receive its first sales milestone related to its subcutaneous (SC) formulation conversion technology, which it licensed to global pharmaceutical company Merck Sharp & Dohme (MSD).
Alteogen said in a regulatory filing on the 31st that it is set to receive a $25 million sales milestone, or about 34.4 billion won, from MSD based on sales of the subcutaneous formulation of KEYTRUDA, marketed as KEYTRUDA QLEX.
This milestone is the first of a total $1 billion in sales milestones included in the licensing agreement between Alteogen and MSD. Unlike the technology fees generated during development stages such as clinical trials and regulatory approval, this marks the start of revenue based on actual product sales.
According to MSD, sales of KEYTRUDA SC in the first half of this year reached $590 million, or about 812.1 billion won. Since its launch in October last year, sales rose from $40 million in the fourth quarter of 2025 to $128 million in the first quarter of this year and $463 million in the second quarter.
The expansion in sales is also believed to have been helped by the introduction of a permanent J-code in the United States in April, which simplified the insurance claims process.
KEYTRUDA is an immuno-oncology drug that targets the immune checkpoint protein Programmed Cell Death Protein 1 (PD-1) and is used to treat a wide range of cancers. MSD is pushing ahead with a strategy to convert the existing intravenous (IV) version of KEYTRUDA into a subcutaneous formulation.
A subcutaneous formulation injects the drug under the skin, unlike the conventional method of administering it through a vein. It is considered a more patient-friendly option because it can reduce the time required for administration.
Alteogen has its own Hybrozyme technology, a hyaluronidase-based platform for converting drugs into subcutaneous formulations. Using this platform, the company signed agreements with MSD for the development and commercialization of KEYTRUDA SC.
An Alteogen official said, "With the first sales milestone achieved, revenue from product sales has begun to flow in." The official added, "We will continue to expand our subcutaneous formulation business through cooperation with global pharmaceutical companies."
Meanwhile, Alteogen currently has partnerships related to subcutaneous formulation conversion technology with nine global pharmaceutical companies, including MSD, Sanofi, AstraZeneca, GSK, Biogen Inc., Daiichi Sankyo, Sandoz Group AG, and Intas Pharmaceuticals.

[email protected] Jung Sang-hee Reporter