CSL hits back at critics with profit growth

Melbourne biotechnology giant CSL has hit back at doubters posting a massive rise in revenues for the year.

The company, which has been questioned by analysts about its recent acquisition of the Vifor pharmaceutical business, reported revenues up 31 percent at constant currency value to $13.31 billion for FY23.

Sales for CSL Vifor in the 11 months since the company was taken over were up 14 percent compared to the 11 months prior to the acquisition.

Net profit after tax at constant currency value was up eight percent to $2.44 billion.

CSL Chief Executive Officer and Managing Director Dr Paul McKenzie said the strong result was delivered against a challenging operating environment.

The company’s CSL Behring division that manufactures plasma-derived, and recombinant therapeutic products rebounded strongly driven by record blood plasma collections and growth in immunoglobulin sales.

Immunoglobulin sales were up 21 percent to $4.68 billion as global supply recovered strongly. Albumin saies were up 11 percent and haemophilia product sales by eight percent.

Dr McKenzie said: “While we have not been immune to inflation and currency headwinds, our focus on improving efficiencies across our global network of manufacturing sites has helped reduce the impact.

“We remained focused on executing on our strategy of delivering innovative medicines to best serve our patients and protect public health.

“This…is now delivering positive momentum for CSL.”

Dr McKenzie said the integration of the Vifor business was well advanced and cost synergies were well on track.

“Undoubtedly a highlight during the period was treating the first patients with HEMGENIX, after the FDA approved the first and only gene therapy for the treatment of adults with haemophilia B earlier in the year.”

NPAT for FY24 is anticipated to be in the range of $2.9 billion to $3.0 billion.

Picture: Dr Paul McKenzie