Immunology giant CSL Limited (ASX: CSL) reported its half-year results on Wednesday.
The market loved it.
CSL Limited is the ASX’s largest health business specialising in immunotherapies and vaccines for life-threatening diseases. It’s one of a few of Australia’s true global success stories.
This morning, the $67 billion CSL released its half-year report to the ASX and its shares hit an all-time high of $150, according to Google Finance.
Here are the key news stories from CSL’s ASX filing:
- Revenue was $US4.1 billion, up 13% on the prior corresponding period
- Profit rose 35% to $US1.1 billion
- An interim dividend of 79 US cents (unfranked) was declared
“CSL’s focused execution of our strategic priorities delivered outstanding results in the first half, especially considering the strength of the prior comparable period,” CSL CEO Paul Perreault said.
“Our results reflect the effectiveness of our patient-focused R&D pipeline, robust demand for our differentiated products, and market leadership positions around the world.”
CSL Behring, CSL’s largest business unit (ahead of Seqirus), reported revenue of $US3.4 billion, up 8% in constant currency. Immunoglobulin product sales grew 7% with increased global demand being driven by increased usage for chronic therapies, disease awareness and an improving US economy, the company said.
“Our immunoglobulin products Hizentra® and Privigen® continued to deliver strong performance,” Perreault added. “To some extent their growth has been masked by atypical market conditions in the prior comparable period when some competitors experienced supply constraints.”
Seqirus, formerly known as bioCSL is the company’s second-largest business by sales. During the half it grew revenue 26%. CSL said it is transitioning the business to higher-valued influenza vaccines.
Perreault noted, “Seqirus continues to progress as planned…While significant work remains, our strategy for Seqirus is paying off.”
Looking ahead, CSL expects to report constant currency profit in the range of $1.55 billion and $1.6 billion for its 2018 financial year.
“An uneven profit profile for CSL is expected for the first and second half results, due to the seasonality of the influenza business and the timing of expenses – particularly research and development,” Perreault added.
Before midday on Wednesday shares of CSL were trading 5.7% higher at $150.20.
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