South Korea's leading biopharmaceutical company, Celltrion, announced plans to cancel shares worth 100 billion won (approximately $72 million) to enhance shareholder value. The company stated it will cancel 589,276 shares, bringing the total value of shares canceled this year to 900 billion won.
Celltrion also aims to repurchase additional shares, with a target to cancel over 1 trillion won worth of shares by the end of the year. Last year, the company canceled shares valued at 700 billion won.
In the first quarter of this year, Celltrion's net profit surged more than fivefold compared to the same period last year, reaching 108.3 billion won, driven primarily by strong sales of biosimilars.
