Australia's CSL sees strong sales and profit growth for FY 2019

Australian biotech CSL Limited (ASX: CSL) saw its shares rise 6.6% to A$234.00 today, after it posted revenue of $8,539 million, up 7.9%, for the 12 months ended June 30, 2019. CSL is Australia largest health business specializing in immunotherapies and vaccines for life-threatening diseases.

Net profit after tax of $1,919 million was up 11%, or 17% on a constant currency (CC) basis, just beating UBS analysts’ expectations of $1.893 million. Earnings per share (EPS) were $4.236, up 16% at CC (all figures are US dollars).

FY20 net profit after tax is anticipated to be in the range of approximately $2,050 million to $2,110 million at CC, representing a growth over FY19 of around 7%-10%. This growth takes into account the one-off financial headwind of transitioning to a new model of direct distribution in China, the company noted. This new model in China will have a one-off financial effect on FY20 albumin sales, which are expected to reduce by about $340 - $370 million.”