Biotech and healthcare giant CSL has increased full-year profit by 11 per cent to $US1.92 billion ($A2.82 billion), with better disease diagnosis driving global demand for its antibody replacement drugs.
Revenue for the twelve months to June 30 increased 7.9 per cent to $US8.53 billion, with the company’s immunoglobulin portfolio – used for the treatment of chronic therapies – growing by 16 per cent on a constant currency basis to $US3.54 million.
Shares in CSL were up 5.7 per cent per cent to $232.025 at 1251 AEST, after hitting an all-time high of $235.66 earlier in the day.
“I am pleased to report a robust result given it follows a very strong comparative period,” CSL’s chief executive Paul Perreault said.
The biotech manufacturer said the significant growth of its immunoglobulin portfolio was bolstered by Privigen and Hizentra sales up 23 per cent and 22 per cent respectively.
“Privigen and Hizentra were exceptionally strong, and driving this demand has been its increased usage for chronic conditions and increased disease awareness and diagnosis, ” Mr Perreault told investors.
Privigen and Hizentra were both approved in American treatment therapies in 2018, contributing to strong sales in 2019.
Sales growth in vaccines business Seqirus was up 12 per cent to $US1.19 billion, significantly bolstering the company’s overall earnings, with chief executive Paul Perreault saying it was delivering on strategy.
“Seqirus is expected to continue to perform well and deliver in line with prior guidance, benefiting from product differentiation and process improvement.”
Global sales of albumin – a protein that makes up a large portion of blood plasma – grew by 15 per cent compared with the previous year, following a strong second-half performance in China.
In June, CSL announced it would incur a “one-off” hit of between $US340 million and $US370 million on FY20 albumin sales as it moved to its own model for distribution in China.
Mr Perreault said the company would continue to invest in a diverse workforce, saying females currently made up 57 per cent of its 25,000 employees.
Australia’s fourth-largest listed company will continue to expand its plasma collection centres, opening 30 new sites across America over the last 12 months, with a further 40 planned for the following year.
CSL will pay a final dividend of US$1 per share, unfranked, up from 93 US cents per share a year ago.