CSL Limited (ASX:CSL) share price up after profit jumps 29%

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CSL

The CSL Limited (ASX: CSL) share price is up $2.44 or 1.21% to $204.13 in early trade after announcing a full-year net profit of $US1.73 billion ($A2.39 billion), up 29%.

The vaccines and blood products supplier said sales revenue for the year to June 30 rose 14.7% to $US7.59 billion. The results were slightly ahead of the guidance the company provided in May.

CSL also announced a final dividend of 93 US cents per share, compared to 72 US cents per share paid last year.

Profit boosted by new product launches and strong sales of flu vaccine

The company’s vaccines firm, Seqirus, broke even three years after it was formed, following a severe flu season in the United States.

Influenza vaccine sales grew 53% at current currency – which removes the impact of foreign exchange fluctuations – with doses of the vaccine quadrupled at the company’s North Carolina facility.

Sales for the FLUAD flu vaccine – for people over the age of 65 – grew by 142%.

“Seqirus delivered on its commitment to achieving profitability just three years after the business was formed,” managing director Paul Perreault said in a statement on Wednesday.

“We continue to implement process improvements to further boost this capacity.”

During the year, the company had “exceptionally strong” launches of drugs to treat haemophilia and angioedema – a hereditary condition that can cause swelling of the face, abdomen and limbs.

The company has also commenced a phase three clinical trial of CSL112, a drug, which if successful, will reduce early recurrent cardiovascular events in heart attack survivors.

Outlook

The company expects 2018/19 net profit in constant currency terms to be in the range of $US1.88 billion to $US1.95 billion, an increase of 10-14%t from 2017/18.

The CSL Limited share price has gained 43% since the beginning of 2018, compared to the S&P/ASX 200 Index, which has risen 3.87%.

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Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at laurens@thecapitalclub.com.au