Pharmaceuticals company CSL remains optimistic about its future prospects, despite a 3% decline in its annual net profit due to unfavorable currency movements. In the 12 months through June, CSL's statutory net profit stood at US$2.19 billion, down from US$2.26 billion in the previous fiscal year. However, when foreign-exchange fluctuations are excluded, CSL's net profit actually increased by 8% to US$2.44 billion.
At constant exchange rates, CSL's underlying profit surged by a remarkable 20%, reaching US$2.86 billion. Additionally, the company reported a substantial 31% rise in annual revenue to US$13.31 billion.
CSL attributed its fiscal success to the strong growth of its key immunoglobulin unit, as well as record plasma collections. The flu-vaccine unit Seqirus also delivered an outstanding performance.
Despite operating in a challenging environment influenced by inflation and currency headwinds, CSL managed to mitigate their impact by focusing on enhancing efficiencies across its global network of manufacturing sites.
CSL declared a final dividend of US$1.29 per share, resulting in a full-year dividend of US$2.36. Notably, this represents a 13% increase when converted to Australian currency.
Looking ahead, CSL reaffirmed its guidance for the 2024 fiscal year, projecting an underlying net profit between US$2.9 billion and US$3.0 billion after adjusting for currency fluctuations. The company expects the growth in its immunoglobulins franchise to persist following record plasma collections in FY 2023. Furthermore, it anticipates another strong year driven by the demand for differentiated products at CSL Seqirus.