Celltrion Announces Fourth Share Buyback of 2023 to Enhance Shareholder Value

SEOUL: South Korean biopharmaceutical firm Celltrion Inc. announced on Friday its plan to repurchase shares worth approximately 100 billion won (US$72.3 million) as part of its ongoing strategy to increase shareholder value. This marks the fourth instance this year that the company has initiated a share buyback. According to Yonhap News Agency, Celltrion's latest buyback will involve a total of 537,924 shares and is set to commence next week. This move follows similar buybacks conducted in March, April, and June, bringing the total expected value of the company's share repurchases in 2023 to over 330 billion won. The company stated that the decision to buy back shares is aimed at boosting shareholder value. Celltrion emphasized that its corporate value remains underestimated despite achieving significant milestones, including increased global sales of its key products and the introduction of new medical treatments such as Zymfentra, an autoimmune disease treatment, in the United States. In a broader contex t, Celltrion repurchased shares worth 1.27 trillion won last year and earlier this year canceled shares valued at 700 billion won. As of 11:30 a.m., Celltrion's shares were trading at 187,100 won, reflecting a 0.65 percent increase from the previous session's closing price.