Australia-based pharmaceuticals company CSL has announced a significant increase in its half-year net profit, driven by its main blood-plasma business. In the six months through December, CSL’s statutory net profit reached an impressive US$1.90 billion, surpassing market expectations of US$1.84 billion. The company’s total statutory revenue also rose by 12% to US$8.05 billion.
CSL operates a network of plasma-collection centers in the U.S. and has declared an interim dividend of US$1.19 per share, compared to US$1.07 in the previous year. When excluding foreign-exchange movements, CSL’s net profit saw a 20% increase to US$1.94 billion. Underlying profit at constant exchange rates rose by 13% to US$2.06 billion, while annual revenue grew by 11% to US$7.95 billion.
An exceptional performance in CSL’s CSL Behring unit, particularly in immunoglobulins derived from plasma, drove the strong half-year result. The company highlighted that recent plasma initiatives are already contributing to gross margin recovery.
CSL reaffirmed its previous guidance for the 2024 fiscal year, expecting underlying profit at constant currency to range between US$2.9 billion and US$3.0 billion. This represents an impressive annual growth of 13%-17%. With a strong position to deliver double-digit earnings growth over the medium term, CSL anticipates continued robust growth in its immunoglobulins franchise due to ongoing high patient demand.
Although CSL faced challenges during the coronavirus pandemic, with blood-plasma collections being impacted by lockdowns and restrictions, the company has since experienced a recovery in collections.
