CSL hit by currency moves, inflation as profit falls
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The news: Biotech giant CSL has posted a small drop in full-year profit due to currency fluctuations and inflation headwinds.
The numbers: Statutory net profit for the year to 30 June fell 3% to USD2.19 billion ($3.4 billion). However, underlying net profit adjusted for currency fluctuations was up 8% to $2.44 billion. Revenue for the year soared 31% to USD13.3 billion, in line with analyst estimates. The company will pay a final dividend of USD1.29 a share, up from USD1.18 a share a year ago.
The context: The blood products giant has seen a surge in sales at its core immunoglobulin division led by blockbuster therapies and a strong rebound from its pandemic troubles. CSL also said its integration with Switzerland-based Vifor Pharma, which it acquired last year for $16 billion, is well advanced.
What they said: “Our strong performance in the 2023 financial year was delivered against a challenging operating environment. Our CSL Behring business rebounded strongly, driven by exceptional growth in immunoglobulin sales and record plasma collections.”
“While we have not been immune to inflation and currency headwinds, our focus on improving efficiencies across our global network of manufacturing sites has helped reduce the impact.” - newly installed chief executive Paul McKenzie said.
The source: ASX announcement
