The CSL Ltd (ASX: CSL) share price edged higher yesterday after spending much of the day in the red.
The company clawed back those losses during the day to end Tuesday’s market session up 0.97% to $310.38. In comparison, the S&P/ASX 200 Index (ASX: XJO) also closed higher, up 0.35% to 7,273 points.
However, since mid-August, the global biotech’s share price has advanced further.
Below, we take a look at its most recent earnings result and how the CSL share price has performed since.
What did CSL report for FY21?
CSL delivered its full-year results for the 2021 financial year to investors before the market open on 27 August. The CSL share price closed the previous day at $297.94, a near 2-month high.
Across the board, the company reported a robust performance with growth in several key financial metrics. This included:
- Total revenue increased 9.6% in constant currency to US$10,026 million;
- Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 15% to $3,605 million;
- Net profit after tax lifted 10% to US$2,307 million; and
- Full year dividend of US$2.22 per share, up 10% year on year.
The group recorded a strong scorecard against a backdrop of very challenging conditions brought on by the global COVID-19 pandemic.
CSL Behring revenue rose by 6% thanks to robust demand for its immunoglobulin portfolio. This was led by its market-leading subcutaneous product, Hizentra. Sales rose 15%, driven by a preference for home administration and uptake for the treatment of Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
On the other hand, its influenza vaccines business, Seqirus, recorded an exceptionally sound performance with revenue up by 30% (constant currency). This was driven by record demand for seasonal influenza vaccines.
How has the CSL share price reacted?
On the day, CSL shares fell almost 1.5% after the announcement to finish at $293.56. The following week saw a sudden shift in positive optimism from investors, registering a gain of 6.5% to $312.51. This represented a year-to-date high for the company’s shares.
Since then, the CSL share price has moved sideways following broader market weakness from the ASX 200.
A number of brokers weighed in after the company released its full-year results.
Analysts at Citi upgraded its rating on CSL shares by 4.8% to $325.00 apiece. Morgans followed suit with a similar outlook, adding 7.7% to $324.40.
JPMorgan had a more bearish view, raising just 1.8% to a price target of $285.00. Based on the current share price, this implies a downside of around 8% on the broker’s assessment.