CSL (ASX:CSL) has reported a 15 per cent increase in net profit after tax for the 12 months ending June 2024 to $2.64 billion.
The company reported revenue of $14.8 billion, up 11 per cent at constant currency, driven by a 14 per cent increase in total revenue reported by CSL Behring.
Immunoglobulin product sales increased 20 per cent to $5.66 billion. Sales of the company's albumin, haemophilia, and specialty products all reported strong growth.
CSL launched the first gene therapy for haemophilia B in the financial year 2023. The company said it "continues to build momentum with patient infusions across the US and Europe, following recent reimbursement approvals in EU, UK, Switzerland and Canada."
The CSL Seqirus vaccine division reported a 4 per cent increase in revenue to $2.128 billion, driven by a 14 per cent increase in sales of its adjuvanted influenza vaccine FLUAD.
CSL CEO and managing director Dr Paul McKenzie said, "I am pleased to report a strong result for the 2024 financial year led by CSL Behring. Our largest franchise, the immunoglobulins portfolio, delivered exceptional growth driven by significant patient demand and the recovery in CSL Behring's gross margin is progressing to plan.
"CSL Seqirus outperformed the market in a challenging environment driven by the adjuvanted influenza vaccine FLUAD.
"CSL Vifor continues to grow iron volume in Europe despite generic entrants and we remain confident in our plan to drive long-term value from this business.
"Overall, this result demonstrates that we are delivering on the strategic objectives that we communicated at our Capital Markets Day in October last year. We remain confident in our double-digit earnings growth target over the medium-term, reflecting a disciplined focus on the execution of our strategy."
On the company's outlook, Dr McKenzie said, "The momentum in our CSL Behring business is expected to continue to be underpinned by the strong patient demand in our immunoglobulins franchise.
"We have a number of initiatives underway in plasma collections and our manufacturing operations that will continue to drive efficiencies and lead to an improving CSL Behring gross margin.
"We are excited about the potential growth in our transformational gene therapy product for haemophilia B patients, HEMGENIX and we are looking forward to bringing our monoclonal antibody, Garadacimab, for the treatment of HAE, to market in FY25, subject to receiving regulatory approvals.
"While the market conditions for CSL Seqirus remain challenging, the business is expected to outperform the market benefitting from its differentiated product portfolio.
"For CSL Vifor, the iron market continues to evolve and we are well positioned for increased competition. We continue to believe in the longer term strategic merits of the business.
"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%."
"Over the medium term, CSL is in a strong position to continue to deliver annualised double-digit earnings growth," added Dr McKenzie.
