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CSL Ltd reported a near 30 percent rise in annual net profit on Wednesday, thanks to strong drug sales in the United States.

 

CSL posted a net profit of $1.73 billion for the year ended June 30, roughly in line with an estimate of $1.72 billion from an aggregate of seven analysts, according to Thomson Reuters I/B/E/S. The company's forecast was $1.68 billion to $1.71 billion.

 

CSL had raised its annual profit guidance twice since it last reported full-year results and forecast a fiscal 2019 net profit between $1.88 billion and $1.95 billion on Wednesday.

 

Revenue from CSL's Pennsylvania-based Behring grew by more than 13 percent and accounted for more than 86 percent of CSL's haul this year.

 

CSL's Seqirus, the world's second largest influenza vaccines firm, broke even three years after it was created to report earnings before interest and tax of $52.4 million this year, helped by seasonal vaccine sales in the United States. Seqirus had reported a loss of $179.4 million last year.

The global pharma firm also announced a final dividend of $0.93 per share, compared to the $0.72 per share paid last year

 

 

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with

[t]he foundation of CSL's enviable growth .. the 8 to 9 per cent underlying growth in the plasma products market, a rate it exceeds as global leader by expanding its collection centres and manufacturing capacity more rapidly than its rival

; it makes interesting reading (taken with a pinch of salt) that plasma is basically a US story, as it

opened 27 highly automated plasma collection centres in the US in 2017-18 to take its total to 206. Another 30 plus will be opened in 2018-19. It costs $2 million to $3 million to own a centre. Overall in the US, there are around 600 centres, so CSL has about one third of the collection market...

 

...[there is] the need to collect more and more white blood cells, or plasma, to meet the ever-increasing need for raw materials for a widening range of products.

https://www.theaustralian.com.au/business/o...eff620365d80243

 

and the Phase III trial for CSL112 will cost $500million, take place in 1000 hospitals around the world, and take 5 years:

When people have heart attacks, they often survive the first one, but die on a second and third attack. It is believed that cholesterol plaque is a major cause of these secondary heart attacks.

 

CSL's "112" rapidly reduces the cholesterol plaque. The [test] will determine that whether if you reduce the plaque quickly it greatly reduces the incidence if secondary heart attack.

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FWIW, extract AFR article - a couple of "opinions" from Pengana Capital's Rhett Kessler and Airlie Funds Management's Matt Williams

 

CSL (CSL)

Rhett Kessler: CSL is a hold. In spite of the nosebleed valuation we think it's got growth well-diversified geographically company with non-economically sensitive earnings. It's a hold.

 

Matt Williams: I'm the same as Rhett. It's a hold. It's a good long-term hold. The investment that they've made whilst their competitors have been in a bit of disarray is going to hold them in good stead for good profit growth for the next few years. But the valuation certainly encompasses that, but because it's such a high-quality business hold.

https://www.afr.com/personal-finance/shares...20181004-h1696j

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