CSL reaffirms full-year guidance, flags protest vote
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The news: Biotech giant CSL has reaffirmed its full-year guidance for revenue and profit, and flagged a likely protest vote against its remuneration report.
The numbers: Chief executive Paul McKenzie told shareholders ahead of the annual general meeting the group is still targeting revenue growth of 5% to 7% for FY25, with underlying profit expected to be in the range of USD3.2 billion ($4.9 billion) to USD3.3 billion at constant currency, representing growth of 10% to 13%.
CSL shares were down 0.7% at $290.10 in early trading on the ASX.
The context: The blood products giant said it continues to expect strong demand at its core immunoglobulin division and is preparing for regulatory approval for its next product to come to market.
The Seqirus vaccine business has also continued to outperform the market despite tough operating conditions, while volume growth has remained solid at the Switzerland-based Vifor Pharma, which CSL acquired last year, despite near term pricing challenges.
Chair Brian McNamee also flagged a likely protest vote against its remuneration report at Tuesday’s AGM. He noted that many of CSL’s executives are based in the US and the company’s remuneration structure needs to attract and retain talented people across the globe. The overall remuneration framework is aligned with this goal, he added.
What they said: “We hear your discontent this year with some aspects of our approach and, of course, I’m disappointed in that. I want you to know that we are listening, and we will carefully consider the feedback we receive,’’ he told shareholders.
The source: ASX announcement
