Strong
FINANCIAL HIGHLIGHTS4
- Revenue
$8.05 billion , up 11% at CC3 - NPAT
$1.90 billion 1, up 17% - NPAT
$1.94 billion 1 at CC3, up 20% - NPATA
$2.02 billion 1,2 , up 11% - NPATA
$2.06 billion 1,2 at CC3, up 13% - NPATA1,2 earnings per share
$4.18 2, up 11%- NPATA1,2 earnings per share
$4.26 at CC3 up 13%
- NPATA1,2 earnings per share
- Interim dividend 5 of
US$1.19 per share- Converted to Australian currency, the interim dividend is approximately
A$1.81 per share, up 12%
- Converted to Australian currency, the interim dividend is approximately
- Guidance reaffirmed – FY24 NPATA2,4 anticipated to be in the range of approximately
$2.9 billion to$3.0 billion 2 at CC3
Dr.
"CSL Seqirus achieved solid growth in a challenging season. Its portfolio of differentiated products outperformed the market.
"For CSL Vifor we are well prepared for the transitioning iron market."
PERFORMANCE
Total revenue was
Immunoglobulin (Ig) product sales of
PRIVIGEN® / INTRAGRAM® (Immune Globulin Intravenous (Human), 10% Liquid) sales grew 27%3 as the momentum from the prior year continued in improving product availability and patient diagnosis rates.
HIZENTRA® (Immune Globulin Subcutaneous (Human), 20% Liquid) sales were up 18%3 driven by patient diagnosis rates. HIZENTRA® continues to be the clear market leader for subcutaneous immunoglobulin.
Underlying demand for Ig continues to be strong due to significant patient needs in core indications – namely Primary Immune Deficiency, Secondary Immune Deficiency and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
Albumin sales of
Sales were strong in emerging markets with solid growth in the US and Europe. Growth in
Haemophilia product sales of
IDELVION®,
HEMGENIX®, the first and only gene therapy for haemophilia B was successfully launched in the US in FY23 and patient referrals have been accelerating.
The haemophilia A market continued to be competitive resulting in a modest decline in sales for AFSTYLA®, a novel recombinant factor VIII product.
Plasma-derived haemophilia products, however, achieved growth of 8% driven by HUMATE® / HAEMATE®, therapies for the treatment of patients with von Willebrand disease.
Specialty products sales of
KCENTRA® (4 factor prothrombin complex concentrate) recorded sales growth of 12%3, as it continues to further penetrate the warfarin reversal market in the US.
HAEGARDA®, our therapy for patients with Hereditary Angioedema, increased 9%, driven by the continued shift from on-demand to prophylaxis treatment and a strong performance in the
Garadacimab (Anti-FXIIa) for HAE, was filed for regulatory approval in the US and EU.
Plasma Collections
Plasma collections remain strong. The cost of collections, which includes donor compensation and labour, continued to trend down.
A new roll out plan for the RIKA plasmapheresis devices was developed. Deployment across the US fleet is expected over the next 18 months. In addition, results from an individualised nomogram trial conducted by our supplier have been submitted for regulatory approval.
CSL Seqirus
Total revenue of
This growth was achieved against a backdrop of reduced rates of immunisation and highlights the strength of CSL Seqirus' differentiated product portfolio.
During the period:
- Self-amplifying mRNA vaccine for COVID was approved by
Japan's Ministry of Health, Labour and Welfare - aQIVc, a next generation influenza vaccine combining adjuvant technology with cell-based manufacturing, enrolled its last patient in the Phase III clinical study in
January 2024 .
CSL Vifor
Total revenue was
During the period:
- Preparations were made for the transitioning iron market
- There was strong performance from the long-acting erythropoiesis-stimulating agent, MIRCERA®
- TAVNEOS® was successfully launched in multiple European countries
While the strategic potential of the business remains strong, we have dampened our near-term growth aspirations for CSL Vifor.
Expense Performance
Research and development (R&D) expenses were
Selling and marketing expenses (S&M) were
General and administrative (G&A) expenses were
Depreciation and amortisation (D&A) expense (excluding acquired intellectual property) was
Net finance costs were
Financial position
Cashflow from operations was
Cash outflow from investing was
CSL's balance sheet remains in a strong position with net assets of
Current assets increased by 10% to
Non-current assets increased by 1% to
Current liabilities increased by 2% to
Non-current liabilities decreased by 3% to
Outlook (at FY23 exchange rates)
Commenting on CSL's outlook,
"CSL is in a strong position to deliver annualised double-digit earnings growth over the medium term.
"The strong growth in our immunoglobulins franchise is expected to continue as patient demand remains strong.
"We have a number of initiatives underway in plasma collections that are improving efficiencies and processing times, supporting continued expansion in
"Our transformational gene therapy product for haemophilia B patients, HEMGENIX®, is attracting significant interest from patients and health care professionals and patient referrals have accelerated. We expect more patients dosed in the second half of this financial year.
"CSL Seqirus has performed well in a challenging season. However, due to the seasonality of this business we anticipate it to post a loss in the second half of the fiscal year.
"For CSL Vifor, we are operating within an evolving iron market. While there are challenges for near-term growth, we are well positioned for iron competition in the EU and further geographic expansion. Our focus remains on unlocking value by leveraging capabilities across the CSL group",
In compiling the company's financial forecasts for FY24, a number of key variables that may have a significant impact on guidance have been identified and these have been included in the endnote[7].
FURTHER INFORMATION
Additional details about CSL's results are included in the company's 4D statement, investor presentation slides and webcast, all of which can be found on CSL's website www.csl.com A glossary of medical terms can also be found on the website.
Group Results | ||||
Half year ended December US$ Millions | Dec | Dec | Dec | Change |
Sales | 6,943 | 7,804 | 7,707 | 11 % |
Other Revenue / Income | 241 | 249 | 247 | 2 % |
Total Revenue / Income | 7,184 | 8,053 | 7,954 | 11 % |
Earnings before Interest, Tax, Depreciation & Amortisation | 2,515 | 3,042 | 3,047 | 21 % |
Depreciation/Amortisation | (293) | (297) | (296) | 1 % |
Other acquisition adjustments Earnings before Interest and Tax8 | 184 2,406 | 50 2,795 | 49 2,800 | 16 % |
Net Interest Expense | (171) | (234) | (226) | 32 % |
Tax Expense8 | (358) | (491) | (465) | 30 % |
NPATA2 | 1,877 | 2,070 | 2,109 | 12 % |
Amortisation of acquired intellectual property | (88) | (132) | (129) | |
Other acquisition adjustments | (184) | (50) | (49) | |
Income tax on the above adjustments | 35 | 32 | 31 | |
Net Profit After Tax | 1,640 | 1,920 | 1,962 | 20 % |
NPATA attributable to: | ||||
- Shareholders of | 1,818 | 2,017 | 2,056 | 13 % |
- Non-controlling interest | 59 | 53 | 53 | |
NPAT attributable to: | ||||
- Shareholders of | 1,623 | 1,901 | 1,942 | 20 % |
- Non-controlling interest | 17 | 19 | 20 | |
NPATA2 earnings per share1 Interim Dividend (US$) | 3.77 1.07 | 4.18 1.19 | 11%9 11%9 |
1 Attributable to CSL shareholders
2 Statutory net profit after tax (NPAT) before impairment and amortisation of acquired intellectual property, business acquisition and integration costs and the unwind of the inventory fair value uplift.
3 Constant currency (CC) removes the impact of exchange rate movements, facilitating the comparability of operational performance. For further detail refer to CSL's Financial Statements for the Half Year ended
4 All figures are expressed in US dollars unless otherwise stated.
5 For shareholders with an Australian registered address, the interim dividend of
6 % growth rates excludes the one-off gain from the sale of property in FY23 (NPATA
7 Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; ability to collect plasma; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and CSL's ability to protect its patents and other intellectual property.
8 Underlying results are adjusted to exclude amortisation of acquired intellectual property (
9 At reported currency
For further information, please contact:
Investors:
Director, Investor Relations
P: +61 3 9389 3470
E: bernard.ronchi@csl.com.au
Director, Investor Relations
P: +61 402 231 696
E: stephen.mckeon@csl.com.au
Media:
Communications
P: +61 450 909 211
E: jimmy.baker@csl.com.au
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