By Mike Cherney


SYDNEY--Australia-based pharmaceuticals company CSL said its half-year statutory net profit rose by 17%, reflecting a strong performance in its main blood-plasma business.

CSL, which runs a network of plasma-collection centers in the U.S., said its statutory net profit in the six months through December was US$1.90 billion. That compares to market expectations of US$1.84 billion, as assessed by FactSet. Total statutory revenue rose 12% to US$8.05 billion, compared to market expectations of US$7.94 billion, according to FactSet.

The company declared an interim dividend of US$1.19 per share, compared to US$1.07 in the prior year.

When foreign-exchange movements were stripped out, CSL said its net profit rose by 20% to US$1.94 billion. Underlying profit rose by 13% to US$2.06 billion at constant exchange rates, while annual revenue rose by 11% to US$7.95 billion, CSL said.

CSL said the half-year result was driven by exceptional performance in its CSL Behring unit, especially immunoglobulins, a key substance collected from plasma. It added that recent plasma initiatives are starting to drive gross margin recovery.

Looking ahead, CSL reaffirmed its previous guidance, and expects underlying profit at constant currency for the 2024 fiscal year to be in the range of US$2.9 billion to US$3.0 billion. That represents annual growth of 13%-17%.

It added that it is in a strong position to deliver annualized double-digit earnings growth over the medium term and that it expects strong growth in its immunoglobulins franchise to continue as patient demand remains strong.

CSL struggled a bit in the aftermath of the coronavirus pandemic when collections of blood plasma--from which it derives life-saving therapies--took a hit as lockdowns and other pandemic-era restrictions closed collection centers and dissuaded people from donating. But collections have since recovered.


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


(END) Dow Jones Newswires

02-12-24 1716ET