CSL (ASX:CSL) has reported net profit after tax of $1.9 billion for the six months to the end of December 2023.
The company reported an underlying profit (NPATA) of $2.02 billion, up 13 per cent on a constant currency basis to $2.06 billion.
CSL CEO and managing director Dr Paul McKenzie said, “Our strong first half result for the 2024 financial year was driven by CSL Behring’s exceptional performance across its portfolio, especially immunoglobulins. The plasma initiatives we have implemented are starting to drive gross margin recovery.
“CSL Seqirus achieved solid growth in a challenging season. Its portfolio of differentiated products outperformed the market.
“For CSL Vifor, we are well prepared for the transitioning iron market.”
CSL Behring reported a 14 per cent increase in revenue to $5.238 billion. Immunoglobulin (Ig) product sales of $2.757 billion, was up 23 per cent, with strong growth recorded across all geographies driven by global plasma supply and patient demand.
The company said plasma collections remain strong with the cost of collections, which includes donor compensation and labour, continuing to trend down.
CSL Seqirus reported total revenue of $1.804 billion, up 2 per cent driven by the adjuvanted influenza vaccine FLUAD, which increased by 14 per cent.
"This growth was achieved against a backdrop of reduced rates of immunisation and highlights the strength of CSL Seqirus' differentiated product portfolio," said the company.
Vifor reported total revenue of $1.011 billion. "While the strategic potential of the business remains strong, we have dampened our near-term growth aspirations for CSL Vifor," said the company.
CSL said it invested research and development expenses were $669 million, up 11 per cent when compared to the prior comparable period.
On the company's outlook, Dr McKenzie said, “For FY24, I am pleased to reaffirm our previous guidance. CSL’s underlying profit, NPATA is expected to be in the range of approximately $2.9 billion to $3.0 billion at constant currency, representing growth over FY23 of approximately 13-17%.”
“CSL is in a strong position to deliver annualised double-digit earnings growth over the medium term.
“The strong growth in our immunoglobulins franchise is expected to continue as patient demand remains strong.
“We have a number of initiatives underway in plasma collections that are improving efficiencies and processing times, supporting continued expansion in CSL Behring’s gross margin.
“Our transformational gene therapy product for haemophilia B patients, HEMGENIX, is attracting significant interest from patients and health care professionals and patient referrals have accelerated. We expect more patients dosed in the second half of this financial year.
“CSL Seqirus has performed well in a challenging season. However, due to the seasonality of this business we anticipate it to post a loss in the second half of the fiscal year.
“For CSL Vifor, we are operating within an evolving iron market. While there are challenges for near-term growth, we are well positioned for iron competition in the EU and further geographic expansion. Our focus remains on unlocking value by leveraging capabilities across the CSL group,” added Dr McKenzie.