Profit statements

CSL benefit declines despite plasma rebound

Biotech giant CSL says the pandemic set back growth in crucial blood plasma drives for its drugs by two years, as it reported a 6% drop in full-year profits.

The $142 billion company saw its net profit drop to $2.24 billion ($3.2 billion) in the 12 months to June 30, which was at the upper end of its forecast but down from the $2.38 billion profit made in 2021. Sales rose 4% to $10.7 billion in constant currencies, CSL said Wednesday morning in a statement to the ASX.

CSL CEO, Paul PerreaultCredit:Jason South

Many of CSL’s drugs use human blood plasma, which is collected from donor centers across the United States to be refined into its therapeutic treatments. A shortage of collections throughout the pandemic is now impacting sales of these drugs, with revenue from Ig (immunoglobulin) products down 3% on the year.

CSL Chief Executive Paul Perreault said plasma drives have now rebounded. But collection costs have also increased as the company works hard to attract donors to its centers, enticing them with fees for their plasma.

“Collections increased by 24%, which we believe will support strong growth in sales of our core plasma, Ig and albumin products,” he said.

“That said, the pandemic has put us two years behind the expected growth in plasma collections – which is suboptimal for patient care.”

The company had forecast a weaker second half after posting a record profit of $1.76 billion in the six months to December, and its full-year earnings are at the top end of the spectrum. its forecast range.

Perreault said the company expects a return to earnings growth in 2023, seeing earnings of between US$2.4 billion and US$2.5 billion for the year.

This does not include the projected profits and costs of CSL’s recent multi-billion acquisition of Vifor, which closed last week.