By Mike Cherney

SYDNEY--Australia-based pharmaceutical company CSL Ltd. said net profit surged 45% in the fiscal first half, reflecting solid growth in its core immunoglobulin portfolio and the successful transition to its own distribution model in China.

CSL said net profit was US$1.81 billion. Sales revenue rose 19% to US$5.6 billion. At constant currency, underlying net profit was US$1.8 billion, up 44%, and underlying sales revenue was up 17% to US$5.5 billion.

The company declared an interim dividend of US$1.04 per share, compared with US$0.95 per share the prior year.

Looking ahead, CSL said it expected full fiscal year net profit in a range of US$2.17 billion to US$2.265 billion at constant currency, which would be growth of up to 8.0%.

It warned, however, that plasma collections--needed for its immunoglobulin products--have been adversely affected by the pandemic.

Another factor that contributed to the result was the exceptionally strong performance by Seqirus, its flu-vaccine unit.

It also said it received full financial recognition of contracted income for a Covid-19 vaccine developed with the University of Queensland despite the program being terminated.

Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

02-17-21 1706ET