Seoul: Celltrion Inc., a major South Korean biopharmaceutical company, reported a significant increase in its first-quarter net income, which more than tripled from the previous year. This growth was largely driven by the strong performance of its high-margin products.

According to Yonhap News Agency, the company's net profit for the three months ending in March reached 349.8 billion won (US$238.2 million), marking a substantial increase of 222.9 percent compared to the same period last year. Operating profit for the January-March period also saw a notable rise, jumping 115.4 percent on-year to 321.9 billion won. Additionally, sales grew by 36 percent on-year, reaching 1.14 trillion won.

Celltrion attributed this remarkable year-over-year growth to the successful market entry of its high-margin products, even during the typically slow first quarter. The company highlighted that sales of these products more than tripled compared to the same period in the previous year.

The company also noted improvements in its operating profit margins, following the resolution of one-off costs associated with its acquisition of Celltrion Healthcare Co., the group's sales arm. Furthermore, Celltrion announced its intention to continue its shareholder return policy. At a recent board meeting, the company decided to cancel 100 billion won worth of treasury shares it had recently purchased.

In a previous move to enhance shareholder returns, the company canceled 9.1 million shares, valued at approximately 1.8 trillion won, last month.