CSL has announced a reported net profit after tax of $1.086 billion for the six months to the end of December 2017, up 31 per cent on a constant currency basis compared to the corresponding period the year before.
Revenue was up 11 per cent to $4.147 billion.
Highlights include a 13 per cent increase in immunoglobulin sales from its CSL Behring division while sales of Seqirus' flu vaccine soared 43 per cent.
“CSL’s focused execution of our strategic priorities delivered outstanding results in the first half, especially considering the strength of the prior comparable period,” said CEO and managing director Paul Perreault. “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. Investments in R&D, production and commercial capabilities have positioned us well for sustainable growth and continue to deliver on our promise to patients with rare and serious diseases.”
He continued, “Our immunoglobulin products Hizentra and Privigen continued to deliver strong performance. To some extent their growth has been masked by atypical market conditions in the prior comparable period when some competitors experienced supply constraints. A comparison of the immunoglobulins sales to the trailing period (six months ended June 2017) saw the immunoglobulin portfolio growing 13%.”
According to Mr Perreault, “Solid ongoing demand for CSL Behring biotherapies is expected, including the strong patient uptake of our newly approved specialty product Haegarda.”
Haegarda is approved for patients with Hereditary Angioedema. It reduces oedema attacks and significantly reduces the need for rescue medication.
"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,” added Mr Perreault.
“CSL Group’s net profit after tax for FY18 is now expected to be in the range of approximately $1,550 to $1,600 million at constant currency.”