A strong first half for CSL with Australia's leading life sciences company reporting a 7 per cent jump in net profit on the back of an 11 per cent increase in revenue to $4.505 billion.
The company also confirmed it expects its full-year net profit to be around the upper end of the previously provided range of $1.88 billion to $1.95 billion.
Net profit of $1.161 billion for the six months to 31 December 2018 was driven by increased use of its immunoglobulin products, the tripling of HAEGARDA for the treatment of Hereditary Angioedema, and a shift towards the use of its higher-valued quadrivalent flu vaccines.
CEO and managing director Paul Perreault described it as a "solid result" and “particularly pleasing given it follows a very strong comparative period.”
“Our immunoglobulin portfolio is performing very well, with PRIVIGEN sales growing 17% and HIZENTRA sales growing 14%. In part, driving the growth in demand has been our new CIDP (Chronic Inflammatory demyelinating polyneuropathy – a debilitating neurological disorder) label claim for PRIVIGEN and HIZENTRA.”
“HAEGARDA, our therapy for patients with Hereditary Angioedema (HAE) and IDELVION, our therapy for Haemophilia B patients, have been transformational products and the sales growth reflects this. HAEGARDA sales have tripled and IDELVION sales are up 55%,” Mr Perreault added.
“Our Seqirus influenza vaccines business is running to plan. Only three years ago it posted a full year loss of more than $200 million. Acknowledging its sales are heavily skewed to the first half of the financial year, Seqirus delivered a first half earnings before interest and taxes of over $300 million,” said Mr Perreault.
“Under the leadership of President Gordon Naylor, the Seqirus team have done an excellent job in taking this business into profitability. After a successful 31-year career at CSL, Gordon has decided to retire from the company later this year. He will continue to lead Seqirus until his replacement is appointed. I would like to recognize and thank Gordon for his stellar leadership, outstanding contributions and loyal service to CSL since 1987.”