Aug. 14 (Bloomberg) -- CSL Ltd., the world’s second-biggest maker of blood-derived therapies, reported a 19 percent jump in annual profit, boosted by demand in the U.S. and Europe for Hizentra, an infection-fighting infusion.
Net income rose to $1.22 billion, or $2.43 a share, in the 12 months ended June 30, matching the average estimate of 11 analysts. CSL had profit of $1.02 billion, or $1.97, a year earlier. Revenue increased 6.6 percent to $5.13 billion, the Melbourne-based company said in a statement today.
Sales of Hizentra, injected by patients under the skin at home, jumped 27 percent, helping buffer currency fluctuations that eroded earnings by $18 million. Paul Perreault, who succeeded Brian McNamee as chief executive officer on July 1, predicts profit will jump 10 percent in the current year, based on constant exchange rates. Per-share earnings will increase more after CSL repurchased A$869 million of its own stock.
“The board will consider new capital management initiatives which may include a further on-market share buyback program of a similar amount to the current program,” Perreault said in the statement. “The company’s core products of immunoglobulin and albumin have performed very well and we have strengthened our margins through a change in sales mix and a relentless pursuit of efficiency.”
CSL is evaluating its non-plasma businesses in a process that could take as long as two years, Perreault said in a March interview. It created a new unit, named bioCSL, in January to encompass its vaccine, pharmaceutical and diagnostics units in order to identify profitability, he said.
The company switched to reporting in U.S. dollars from Australian currency earlier this year.
To contact the reporter on this story: Natasha Khan in Hong Kong at email@example.com
To contact the editor responsible for this story: Jason Gale at firstname.lastname@example.org