CSL celebrates 100th birthday with $1 billion profit

Tuesday, 16 Feb 2016 07:54:21 | Stephen Letts

CSL is one of the world's largest blood product makers. (7pm TV News NSW)

Biotech giant CSL has celebrated its 100th birthday with a record $US719 million ($1 billion) profit.

It represents a 4 per cent increase on last year's $US692 million result and was ahead of analyst expectations.

Total sales rose 11 per cent to $US3,056 million for the half-year.

CSL chief executive Paul Perrault described the result as exceptional, particularly in plasma therapy where all products recorded double-digit sales growth.

The new Seqirus division - formed after a merger with the Novartis flu vaccine business - reported sales of $US519 million.

However Seqirus - now the world's second-largest supplier of flu vaccines - is expected to report a full-year loss of $US90 to 120 million.

"With the (Seqirus) deal now closed, a significant multi-year strategy has commenced to integrate this business and turn its performance around," Mr Perrault said.

Flu shot sales were not helped by a milder-than-expected winter flu season in the northern hemisphere.

CSL traces its history back to the old Commonwealth Serum Laboratories, which was established in 1916 to supply a nation isolated by war with vaccines, sera and antitoxins.

It was privatised in 1994 and closed its first day's trade on the ASX at $2.48 per share.

Today's result pushed CSL shares up another 2.7 per cent to $107.28 by 10:49am (AEDT).

Mr Perrault said 2016 would be an exciting year for CSL with a range of new products set to be released, pending regulatory approval.

"We also continue to invest in our research and development pipeline and our manufacturing spine to ensure we meet growing demand," he added.

Mr Perrault said, despite the additional spending and a competitive market, CSL was on target to meet its full-year guidance of 5 per cent profit growth.

CSL maintained a flat dividend of 81 cents per share ($US0.58 cents per share).

External Link: CSL profit graph

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CSL celebrates 100th birthday with $1 billion profit

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