CSL Annual Profit Rises 8% at Constant FX

By David Winning

SYDNEY--Pharmaceuticals company CSL offered an upbeat outlook for all units despite its annual net profit falling by 3% due to unfavorable currency movements.

CSL said its statutory net profit totaled US$2.19 billion in the 12 months through June, compared to US$2.26 billion in the 2022 fiscal year. When foreign-exchange movements were stripped out, CSL said its net profit rose by 8% to US$2.44 billion.

Underlying profit rose by 20% to US$2.86 billion at constant exchange rates, while annual revenue rose by 31% to US$13.31 billion, CSL said.

The company declared a final dividend of US$1.29 per share, for a full-year dividend of US$2.36. Converted to Australian currency, the full-year dividend is up 13%, CSL said.

CSL said fiscal performance was driven by strong growth in its key immunoglobulin unit, and that there were record levels of plasma collections. It also said there was a strong performance at its flu-vaccine unit Seqirus.

"Our strong performance in the 2023 financial year was delivered against a challenging operating environment," said Chief Executive Paul McKenzie said. "While we have not been immune to inflation and currency headwinds, our focus on improving efficiencies across our global network of manufacturing sites has helped reduce the impact."

CSL reaffirmed its guidance for underlying net profit to be in the range of US$2.9 billion and US$3.0 billion for the 2024 fiscal year when currency swings are stripped out.

"The strong growth in our immunoglobulins franchise is expected to continue following record plasma collections in FY 2023," Mr. McKenzie said. "We anticipate that CSL Seqirus will deliver another strong year driven by demand for its differentiated products."

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

August 14, 2023 18:46 ET (22:46 GMT)

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