South Korea’s Celltrion Inc. announced on Thursday that it decided to repurchase additional treasury shares worth 100 billion won ($71.6 million).
From November 22, Celltrion plans to acquire 583,431 treasury shares through on-market purchases.
The company stated that this additional buyback is part of a shareholder-friendly policy to prioritize and enhance shareholder value.
The decision was made in response to the company’s judgment that its corporate valuation has slowed, despite achieving record-breaking third-quarter sales and ongoing growth of its flagship products in global markets, along with approvals for new products.
Previously, Celltrion projected that its revenue for this year would reach a record high of 3.5 trillion won ($2.5 billion).
This marks the fifth share buyback by Celltrion this year, bringing the cumulative total for 2024 to 2,394,031 shares worth 430 billion won ($307.7 million).
Celltrion has consistently pursued shareholder value enhancement policies, including repurchasing 1,239 billion won ($886.5 million) worth of treasury shares last year.
This year, the company has also combined share buybacks with the cancellation of 700 billion won ($500.9 million) worth of treasury shares.
By Dae-Kyu Ahn
powerzanic@hankyung.com
