CSL shares rise as profit forecasts boosted
Shares in biotechnology giant CSL jumped in early trade as chief executive Paul Perreault revealed boosted profit forecasts at the company’s annual general meeting and outlined its large R&D pipeline.
Shareholders in the $140 billion biotech were told net profit after tax was expected to be between $2.17 billion and $2.26 billion for the next financial year, a growth of between 3 and 8 per cent. These numbers tightened the previous forecasts in the upwards direction, with predictions in August putting the low end of growth at zero per cent.
CSL shares were sitting 1.7 per cent higher just before 11.30am AEDT, at $303.36.
The blood plasma giant confirmed investor expectations that it was continuing to struggle to collect plasma, the product at the core of CSL’s key products, in a post-pandemic environment. Mr Perreault said restrictions were expected to “add to the overall cost of collection” in coming months, though the business was throwing significant resources towards mitigating this.