Seoul: Celltrion Inc., a South Korean biopharmaceutical firm, announced plans to cancel shares worth 100 billion won (US$72 million) in an effort to enhance shareholder value. The company intends to cancel 589,276 shares on May 21, increasing the total value of shares canceled this year to 900 billion won.

According to Yonhap News Agency, Celltrion also plans to repurchase additional shares, with the goal of canceling shares valued at over 1 trillion won by the end of the year. Last year, the company canceled shares valued at 700 billion won, demonstrating its ongoing commitment to boosting shareholder value.

In the first quarter of the year, Celltrion reported a net profit of 108.3 billion won, more than five times the profit from the same period last year. This increase was attributed to strong sales of its biosimilar drugs. The company has set a target to commercialize 22 biosimilars by 2030, aligning with projections that the global biosimilar market will nearly double to 261 trillion won from 138 trillion won this year.