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Q3 sales reached $830 million, a 79.3% increase quarter-on-quarter, surpassing total revenue from the first half of the year in just three months.
Subcutaneous (SC) injection sales accounted for 15.8% of total U.S. sales in September, outpacing the adoption rates of competing immunotherapies.
Global expansion of products utilizing the ALT-B4 platform set to drive sustained, sales-based royalty revenue for Alteogen.
Keytruda SC, the subcutaneous version of MSD’s flagship immunotherapy developed using Alteogen’s (196170) proprietary delivery technology, recorded $830 million (approximately 1.1 trillion KRW) in sales for the third quarter of this year. This represents a 79.3% increase from the previous quarter, with single-quarter revenue exceeding the company's total earnings from the first half of the year. As the transition from traditional intravenous (IV) administration to the SC formulation accelerates, Alteogen anticipates a significant boost in revenue tied directly to product sales.
[Source: Alteogen]
Alteogen confirmed these figures on the 30th, citing MSD’s earnings report released on the 29th (local time). Keytruda SC sales climbed from $463 million in the second quarter to $830 million in the third. Cumulative sales for the first nine months of the year reached $1.42 billion (approximately 1.9 trillion KRW). Given this trajectory, the annualized run rate for the drug has already surpassed 4 trillion KRW just one year after receiving U.S. FDA approval.
Keytruda SC incorporates Alteogen’s recombinant human hyaluronidase, 'ALT-B4,' designed to offer a more convenient alternative to the standard IV infusion method.
According to Alteogen, the SC formulation accounted for 15.8% of Keytruda’s total estimated U.S. sales in September. This marks a notable achievement within roughly one year of the product's launch. In comparison, competing subcutaneous versions of Opdivo and Tecentriq recorded market penetration rates of 10.6% at 15 months and 4.9% at 18 months post-launch, respectively.
MSD stated during its second-quarter earnings call that Keytruda SC had already achieved a double-digit percentage share of total U.S. Keytruda sales. The company maintains its target of reaching a 30–40% SC transition rate within two years of launch, a goal it reaffirmed as achievable during the latest quarterly update.
The rapid adoption is largely attributed to the significantly shorter administration time. Depending on the dosage regimen, Keytruda SC can be administered in approximately one minute every three weeks, or two minutes every six weeks—a vast improvement over the roughly 30 minutes required for the standard IV formulation. This shift enhances both patient convenience and operational efficiency for healthcare providers.
Keytruda, a PD-1 targeting immunotherapy, is used across a broad spectrum of cancer indications as both a monotherapy and in combination treatments. MSD is prioritizing the shift to the SC formulation, particularly for monotherapies, combinations with oral anti-cancer agents, and adjuvant postoperative treatments.
The expansion of product sales is directly benefiting Alteogen’s bottom line. The company previously received its first commercial milestone payment of $25 million triggered by Keytruda SC sales—the first of up to $1 billion in potential milestone payments outlined in their licensing agreement. Alteogen expects that as global sales continue to climb, its revenue stream will shift from relying solely on upfront and development-phase payments to sustainable, long-term commercial-based royalties.
Alteogen continues to expand its partnerships with global pharmaceutical companies, leveraging its proprietary 'Hybrozyme' platform, which serves as the foundation for its hyaluronidase-based subcutaneous delivery technology.
[SOURCE] Title: Alteogen 파트너사 MSD, ‘키트루다 큐렉스’ 3분기 sales revenue 1.1조원 달성 … 빠른 SC 전환으로 성장 가속
