MELBOURNE, Australia - CSL Limited (ASX:CSL; USOTC:CSLLY (OTC:CSLLY)), a global biotech leader, announced a significant increase in its financial performance for the six months ending December 31, 2023. The company's net profit after tax (NPAT) rose to $1.90B, marking a 20% increase on a constant currency basis. Underlying profit, or NPATA, also saw a rise to $2.02B, up 13% at constant currency, reaching $2.06B.
The strong financial results were primarily driven by the exceptional performance of CSL Behring, particularly in the immunoglobulin (Ig) sector. Immunoglobulin product sales soared by 23%, with PRIVIGEN®/INTRAGAM® and HIZENTRA® leading the charge, reflecting robust global demand and improved product availability.
CSL Seqirus, the company's influenza vaccine division, managed a solid growth despite a challenging season. Its differentiated product portfolio, including the adjuvanted influenza vaccine FLUAD®, outperformed the market with a 14% increase in sales.
CSL's recent acquisition, Vifor Pharma, contributed to the company's revenue with $1,011M. While the company has moderated its near-term growth expectations for CSL Vifor, preparations are underway for the evolving iron market, and products like MIRCERA® and TAVNEOS® have been successfully launched in multiple European countries.
Research and development expenses were reported at $669M, an 11% increase, reflecting the progression of the company's R&D portfolio. Meanwhile, selling and marketing expenses saw a modest 2% rise, and general and administrative expenses decreased by 7%, attributed to efficiencies from centralizing the group's enabling functions.
CSL's financial position remains robust with a strong balance sheet and a 9% increase in cash flow from operations, driven by higher profitability and sales growth. The company's outlook for the fiscal year 2024 remains positive, with NPATA expected to be in the range of $2.9B to $3.0B at constant currency, indicating a growth of approximately 13-17%.
CEO Dr. Paul McKenzie expressed confidence in CSL's ability to deliver double-digit earnings growth over the medium term, citing strong demand for immunoglobulins and successful initiatives in plasma collections that are enhancing efficiencies.
This report is based on a press release statement by CSL Limited.
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