CSL reports 25% profit increase as immunoglobulins and plasma collections lead growth

Biotherapeutics giant CSL (ASX: CSL) has reported a net profit after tax of US$2.64 billion for the 12 months to 30 June, up 25% on a constant currency basis.

Net profit after tax before amortisation was US$2.91b (up 15% on a constant currency basis), while revenue for the year was up 11% to US$14.8b.

Total revenue for the business was US$10.6 billion, up 14% on the previous year.

Behring a driver

The performance was led by immunoglobulins subsidiary CSL Behring, with significant patient demand reported to have delivered exceptional growth in its portfolio.

Underlying demand for immunoglobulin continues to be strong due to growing market needs in the core indications of primary and secondary immune deficiency and chronic inflammatory demyelinating polyneuropathy.

Influenza vaccine subsidiary CSL Seqirus – with revenue up 4% on the previous period to US$2.1b – outperformed the market in a challenging environment, driven by the adjuvanted influenza vaccine Fluad Quadrivalent.

Specialty pharmaceuticals business CSL Vifor continues to grow iron volume in Europe despite generic entrants.

CSL chief executive officer Dr Paul McKenzie said the group remained confident in its double-digit earnings growth target over the medium term, reflecting a disciplined focus on the execution of its business strategy.

Plasma collections

CSL maintained its momentum in plasma collections and reduced its cost per litre (inclusive of donor compensation and labour) during the period.

Significant progress was made on digital transformation, with a focus on plasma centre efficiencies and the rollout of the new Rika plasma donation system scheduled for the end of the 2025 financial year.

An individualised nomogram that will enable donation of the right amount of plasma on any given day based on participant height, weight and haematocrit (the volume percentage of red cells in blood), has been approved by the US Food and Drug Administration for deployment in 2025.

R&D expenses

CSL incurred US$1.42b in research and development (R&D) expenses for the 2024 financial year, reflecting a 12% increase on the previous period and sitting at the low end of the company’s guidance.

Selling and marketing costs increased 5% to US$1.5b due to higher labour rates and additional expenses to support upcoming commercial launches.

General and administrative expenses were US$825 million, down 6% due to the centralisation of the group’s business activities and reduced foreign exchange impacts.

Depreciation and amortisation expenses (excluding acquired intellectual property) were US$637m, while net finance costs were US$437m (both up 7%).

Financial position

CSL recorded cash flow from operations for the 12 months to the end of June of US$2.7b, reflecting higher profitability and overall growth in sales, partly offset by CSL Behring’s strong finish to the year.

Capital expenditure for plant, property and equipment was US$849m, down 31% on the previous year due to the completion of major capital projects in earlier periods.

The group’s balance sheet remains strong with net assets of US$19.4b and the value of current assets increasing by 16% to US$10.7b.

Non-current assets of US$27.2b were reported to be in line with the previous year.

Revenue growth for the 2025 financial year is anticipated to be up to 7% higher than in 2024 at constant currency, while net profit after tax is expected to be around US$3.2b (or 13% up on the current period).