CSL powers ahead with massive $1.9 billion profit

Biotechnology and blood plasma business CSL (ASX: CSL) powered ahead in the latest financial year recording net profit of more than 1.9 billion, up 17 per cent on the year before.

The Parkville, Melbourne based company expects this year to show another profit growth of seven to 10 per cent as it executes its strategy to develop its blood businesses alongside new product launches.

CSL CEO, Paul Perreault said today: “I am pleased to report a robust result given it follows a very strong comparative period.”

As forecast in @AuManufacturing news, CSL is powering ahead with gains across its product spectrum, justifying its $99 billion market capitalisation.

CSL’s largest business sector in immunoglobulins derived from blood performed strongly, with major products Privigen and Hizentra sales up more than 22 per cent.

Hizentra was sold in the United States for CIDP, a debilitating neurological disorder, for the first time during the year.

Perreault said: “Albumin sales into China made a strong resurgence in the second half….(while) global albumin sales grew 15 per cent when compared to the previous year.”

Even bigger gains were made by the company’s therapies for patients with haemophilia, with sales of Haegarda up 61 per cent and Idelvion sales up 40 per cent.

Perreault said: “Our Seqirus vaccines business is delivering on strategy and is positioned well in the market place with a differentiated product portfolio and production process innovation.”

Sales of influenza vaccines produced in hen’s eggs or through cell culture techniques were up 19 per cent during the year.

During the year CSL opened its new Bio21 research facility in Melbourne and installed a new ERP system at its global manufacturing sites.

CSL shares opened 11 cents higher today at $230.77.

Picture: CSL

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