The CSL Limited (ASX:CSL) share price has jumped $8.79 or 5 per cent higher to $184.48 on Friday morning after the leading biotech company increased its full year profit guidance.
In a statement to the ASX, CSL said it now expects net profit after tax for FY18 to be around $US1.7 billion. This is up from its previous estimate of around $US1.575 billion.
Mr Paul Perreault, CSL’s Chief Executive Officer and Managing Director, said “I am pleased to report an improved Company outlook for the financial year, underpinned by a confluence of positive outcomes as we work to deliver on our strategy.”
The vaccines and blood products supplier says sales of drugs to treat haemophilia and angiodema – a hereditary condition that can cause swelling of the face, abdomen and limbs – were stronger than expected. Sales of Seqirus have also been strong following a severe northern hemisphere influenza season.
Before today, the CSL Limited share price has gained 35 per cent over the last 12 months, making it one of the top performers in the ASX 20 index.
Only mining stocks South32 Ltd (ASX:S32), Rio Tinto Limited (ASX:RIO) and BHP Billiton Limited (ASX:BH) have performed better than CSL shares in the last year.
Editor’s note: CSL was named in as one of 5 ASX blue chip shares for 2018 and beyond.