The CSL Limited (ASX: CSL) share price will be one to watch on Tuesday.
This follows the release of the biotherapeutics giant's eagerly anticipated half year results.
CSL share price on watch following results release
- Total revenue up 19% to US$7,183.5 million
- Net profit after tax down 8% to US$1,623.2 million
- Net profit after tax before amortisation (NPATA) in constant currency up 10% to US$1,957 million
- Interim dividend up 2.9% to US$1.07 per share
What happened during the half?
For the six months ended 31 December, CSL reported a 19% increase in total revenue to US$7,183.5 million.
This was driven by the acquisition of Vifor Pharma, strong growth in immunoglobulin and albumin sales, record levels of plasma collections, strong growth in market leading haemophilia B product Idelvion and key specialty product Kcentra, and a strong performance by influenza vaccines business, CSL Seqirus.
And while CSL's profits were down 8% to US$1,623.2 million, this was in line with consensus estimates and due to currency headwinds and acquisition costs. This was largely.
NPATA on a constant currency basis provides a better reflection of the company's performance. That was up 10% year over year to US$1,957 million.
CSL's outgoing CEO, Paul Perreault, commented:
CSL delivered a solid performance in the first half of the financial year demonstrating the strong fundamentals of the company and the disciplined execution of our patient focused strategy. Our focused investment across our business units underpinned our resilience throughout the pandemic, and as we emerge from it we are starting to deliver positive momentum behind our sustainable growth agenda.
Management is expecting more of the same in the second half. As a result, it has reaffirmed its guidance for FY 2023 NPATA in the range of approximately US$2.7 billion to US$2.8 billion at constant currency. Perreault added:
The strong growth we have seen in plasma collections and our immunoglobulins franchise is expected to continue. We are looking forward to launching Hemgenix in the US, an exciting, ground breaking, new therapy that will change people's lives. The rest of our R&D pipeline is in great shape and we look forward to bringing more innovative therapies to patients in the future.
Seqirus continues to perform strongly and will deliver another profitable year. Consistent with the seasonal nature of the business we anticipate, however, a loss in the second half of the year. The integration of CSL Vifor is well advanced and we will focus on driving organic growth and efficiencies across the product portfolio and deliver on our synergy objectives