Celltrion purchases and cancels additional treasury shares worth ’75 billion won’… “This year alone, we have already purchased 150 billion won and incinerated 600 billion won.”

2024-04-17 10:41:56

Continuing last month, additional stock purchases were made… Part of improving shareholder value
“Corporate value is still undervalued compared to this year’s business performance”
Expected to begin full-fledged sales of Gympentra in the U.S. and new overseas approvals
Burn 30% of treasury stock held this year

Celltrion decided to purchase additional treasury stocks and cancel them as of last month. They determined that Celltrion’s stock price was still undervalued in the stock market, so they set out to improve shareholder value. The plan is to continue the stock price stimulus policy in the future to promote stock price stability.

Celltrion announced on the 17th that it would repurchase shares worth 75 billion won. This is a measure to purchase a total of 150 billion won worth of treasury stocks this year alone, following 75 billion won last month.

The total number of treasury shares to be purchased is 436,047. The estimated acquisition amount is approximately 75 billion won. Starting from the 18th of this month, the company will begin acquiring its own shares through over-the-counter purchases. Incineration is carried out simultaneously with purchase. The total number of treasury stock shares canceled this time is 1,119,924 shares. It is worth about 200 billion won, equivalent to 10% of the number of treasury stocks held.

Last January, Celltrion also carried out a cancellation of 400 billion won worth of treasury shares, equivalent to 20.6% of the shares held at the time. With this additional cancellation of treasury shares, the company is canceling approximately 600 billion won worth of treasury shares, which is approximately 30% of the total number of treasury shares held this year alone. Once this treasury stock cancellation is completed, the total number of Celltrion issued shares will be reduced to 216,929,838 shares.

This decision was made through a resolution of the council on the 17th. This is to stabilize the stock price and improve shareholder value. In particular, Celltrion is expected to settle in the market with the listing of its new drug, Zympentra (Remsima SC), as a large prescription drug benefit management company (PBM) in the U.S., and its follow-up biosimilar product line is expected to be approved in major overseas countries, so its corporate value compared to future growth engines is expected to increase. is judged to be greatly undervalued.

As the number of stocks in circulation decreases due to share buybacks and cancellations, the stock value of shareholders who hold stocks is expected to naturally increase. Celltrion Group purchased a total of approximately 1.25 trillion won worth of treasury stocks last year. As of the end of last year, we are putting a lot of effort into maximizing shareholder value, including deciding to pay cash dividends of 500 won per share, totaling 103.7 billion won.

A Celltrion official said, “This year, we expect Celltrion to enter a new heyday through the establishment of Zympentra in the U.S. market and approval of follow-up biosimilars,” adding, “We will work together with the company and shareholders to create business results and strengthen shareholder returns.” “We will continue to grow,” he said.

Kim Min-beom, Donga.com reporter [e-mail]

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2024-04-17 10:41:56