Underlying net profit after tax and amortisation at constant currencies was up 20 per cent, showing a strong rebound from pandemic troubles.
Underlying earnings rose 20 per cent with a strong rebound at CSL BehringAustralia’s premier biotech CSL has shrugged off doubts it can rebound from pandemic challenges to its core business after lifting full-year profit 10 per cent to $US2.61 billion and embarking on a plan to boost the yield of its key raw material – immunoglobulin.
CSL CEO Paul McKenzie and CFO Joy Linton are out to rest doubts the blood products company could recover from pandemic challenges to its core business.The company’s push to increase it further had two elements: a plan to increase the efficiency of its plasma collection centres and manufacturing plants, where CSL separates plasma into immunoglobulin and other components; and the introduction of new technology to isolate immunoglobulin and eventually albumin, another key plasma product.
The company is a global leader in separating human blood into components used to treat chronic and hereditary life-threatening diseases. This concern – and competitive threats to immunoglobulin and newly acquired CSL Vifor’s iron deficiency treatments – had dragged the shares down 14 per cent from a six-month-high above $308 in June. On June 14 CSL, which had been as high as $US3.5 billion.
Underlying net profit after tax and amortisation, accounting for currency fluctuations, rose 20 per cent led by a rebound at CSL Behring. Its key products include blockbuster drugs for immune system disorders Privigen and Hizentra, haemophilia therapies Idelvion and Afstyla, and albumin-based therapies to bolster blood volume and pressure in shock, burns and cardiac patients after surgery.
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