Australia's CSL reports half-year profit jump on strong demand for immunoglobulin products
Feb 11 (Reuters) - Australia's biotech giant CSL Ltd (CSL.AX), opens new tab reported a 5% rise in its first-half profit on Tuesday, boosted by growth in its core immunoglobulin business across geographies, while low U.S. immunisation rates weighed on its influenza products unit.
Strong underlying demand for CSL's immunoglobulin (Ig) products for the treatment of patients with chronic immune system disorders drove up sales.
Total revenue from the company's largest division, Behring, for the six months ended December 31 rose 10% to $5.74 billion. CSL Behring includes the Ig products segment, whose sales grew 15% year over year.
The Melbourne-based firm has been in the process of improving CSL Behring's gross profit margins by introducing the efficient "RIKA Plasma Donation System" technology across its plasma collection business.
The company expects the RIKA roll-out to be completed across CSL Plasma by the end of the financial year, it said.
Meanwhile, revenue for CSL Seqirus, the company's influenza-related products division, fell 9%.
"CSL Seqirus was negatively impacted by significantly low influenza immunisation rates, particularly in the United States," CEO Paul McKenzie said.
The firm said that its underlying net profit after tax attributable for the half year was $2.11 billion, on a constant currency basis, compared with $2.06 billion reported a year ago.
On a reported currency basis, its profit was $2.07 billion, missing a Visible Alpha consensus estimate of $2.16 billion.
CSL reassured investors that it continues to expect annualised double-digit earnings growth over the medium term. It declared an interim dividend of $1.30 per share, higher than $1.19 per share declared a year ago.
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