CSL profits soar on strong sales growth

Australia’s most successful manufacturer, biotechnology company CSL today reported net profit after tax of $2.64 billion for the 12 months ended 30 June 2024, up 25 percent on a constant currency basis.

Net profit after tax (NPATA) was $2.91 billion, up 15 percent on revenue up 11 percent to $14.8 billion.

CSL’s Chief Executive Officer and Managing Director Dr Paul McKenzie (pictured) said, “I am pleased to report a strong result for the 2024 financial year led by (blood products group) CSL Behring.

“Our largest franchise, the immunoglobulins portfolio, delivered exceptional growth driven by significant patient demand and the recovery in CSL Behring’s gross margin is progressing to plan.

“(Vaccine group) CSL Seqirus outperformed the market in a challenging environment driven by the adjuvanted influenza vaccine FLUAD.”

The company’s pharmaceutical division CSL Vifor, which focuses on iron deficiency and nephrology, continued to grow iron volume in Europe despite generic competitors.

“We remain confident in our double-digit earnings growth target over the medium-term, reflecting a disciplined focus on the execution of our strategy.”

CSL Behring revenues were $10.6 million, up 14 percent on the prior corresponding period of which Immunoglobulin (Ig) product sales were $5.7 billion, a 20 percent rise.

The company’s PRIVIGEN/INTRAGAM (Immune Globulin Intravenous (Human)) sales grew 21 percent while HIZENTRA (Immune Globulin Subcutaneous (Human)) sales were up 19 percent.

During the year CSL’s research and development (R&D) expenses were $1,4 billion, up 12 percent.

Picture: Dr Paul McKenzie