CSL Ltd has reported a net profit after tax (NPAT) of $2.01 billion for the six months ending December 31, 2024, representing a 7% increase on a constant currency basis. Net profit after tax and amortisation (NPATA) reached $2.07 billion, rising 5% on a constant currency basis to $2.11 billion.
The company’s revenue for the period stood at $8.48 billion, marking a 5% increase at constant currency.
Earnings per share on an NPATA basis came in at $4.29, up 3%, while the constant currency measure rose 4% to $4.36. CSL declared an interim dividend of approximately A$2.08 per share, reflecting a 16% increase.
The company reaffirmed its full-year FY2025 guidance, projecting NPATA in the range of $3.2 billion to $3.3 billion at constant currency, representing an anticipated growth of approximately 10-13%.
“CSL delivered a solid result for the first half of the 2025 financial year led by CSL Behring. Strong demand for many of our market-leading therapies has translated into sales growth, particularly in our core Ig franchise," the company's CEO and MD Paul McKenzie said.
"We continue to advance key initiatives to improve gross margin, which is tracking according to our plans.
“CSL Seqirus was negatively impacted by significantly low influenza immunisation rates, particularly in the United States.
“CSL Vifor grew sales, underpinned by robust iron volumes in Europe and the expansion of our nephrology products.”
Needs to lift
Despite the positive outlook coming from the company, Josh Gilbert, market analyst at eToro, has said the company needs to lift in the second half.
"CSL delivered a disappointing set of first-half FY25 results, missing consensus estimates on both revenue and profit.
"Revenue rose 5% to $8.48 billion, while NPATA increased just 3% to $2.07 billion — both falling short of expectations, largely due to weakness in its Seqirus vaccine division.
“There were some positives, but the market will likely focus on the headline miss. The standout was CSL Behring, its core revenue driver, which posted a 10% increase in sales alongside improving margins. This margin expansion will be critical in the second half as CSL works to meet its full-year guidance, which it reaffirmed today.
“However, after missing NPATA estimates today, delivering on its full-year profit forecast will be an uphill battle. CSL will need a much stronger second half to reassure investors, particularly given a string of underwhelming results in recent years. With shares down 10% over the past two years, questions will inevitably persist about whether this ‘growth’ stock can still live up to its name."
CSL Behring
CSL Behring reported total revenue of $5.74 billion, reflecting a 10% increase compared to the prior corresponding period.
Immunoglobulin (Ig) products
Ig product sales reached $3.17 billion, up 15%, with strong growth across all regions. Sales of PRIVIGEN® / INTRAGAM® (Immune Globulin Intravenous (Human), 10% Liquid) grew 15%, driven by increased patient demand and higher diagnosis rates.
HIZENTRA® (Immune Globulin Subcutaneous (Human), 20% Liquid) recorded a 16% sales increase, supported by the strong uptake of the 50ml pre-filled syringe. HIZENTRA® remains the leading subcutaneous immunoglobulin product.
Underlying demand for Ig products continues to be robust, driven by significant patient needs in key indications, including Primary Immune Deficiency, Secondary Immune Deficiency, and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
Albumin
Albumin sales rose 9% to $672 million, with strong demand in China, supported by market share gains.
Haemophilia products
Haemophilia product sales reached $731 million, reflecting an 11% increase. IDELVION®, CSL Behring’s long-acting recombinant factor IX product, grew 6% and remains the market leader in key regions.
Adoption of HEMGENIX®, CSL’s gene therapy for haemophilia B, has accelerated since its FY24 launch. Plasma-derived haemophilia products increased 6%, driven by demand for HUMATE® / HAEMATE® for von Willebrand disease.
Specialty products
Specialty product sales declined 5% to $921 million. KCENTRA® (four-factor prothrombin complex concentrate) sales fell 20%, impacted by the loss of a major US contract.
ANDEMBRY® (Garadacimab), an anti-FXIIa therapy for hereditary angioedema (HAE), progressed in its regulatory approvals, securing approvals in Australia and the UK, receiving a positive CHMP recommendation in the EU, and gaining FDA acceptance for its Biologics License Application (BLA) re-submission.
Positive outlook
Dr McKenzie said the fundamentals of CSL's underlying business units were robust, and the company was in a “strong position to deliver annualised double-digit earnings growth over the medium term.
“For FY25, revenue growth is anticipated to be approximately 5-7% over FY24 at constant currency. CSL’s NPATA for FY25 is anticipated to be in the range of approximately $3.2 billion to $3.3 billion at constant currency, representing growth over FY24 of approximately 10-13%.
“Our therapies continue to be valued by patients and healthcare systems around the world as demonstrated by the continued growth of our core Ig franchise and the solid uptake of new product launches by CSL Vifor.
“In CSL Behring, we will continue to focus on improving our gross margins, which will be aided by the expected completion of the RIKA roll-out across CSL Plasma by the end of the financial year.
“While the market conditions for CSL Seqirus remain challenging, influenza will continue to be a burden to public health systems. We believe our differentiated strategy is well placed to grow market share.
“For CSL Vifor, the iron market growth remains strong, and we expect to maintain a leadership position. We will also build on the momentum in our nephrology business.”