CSL (CSL) H2 2024 earnings summary

Executive summary

• Achieved strong FY2024 results with revenue of $14.8B, up 11% at constant currency, and NPAT up 25%, driven by robust immunoglobulin and vaccine performance.

• NPATA reached $3.01B at constant currency, up 15%, with double-digit growth in key franchises and realization of over $100M in Vifor synergies.

• Advanced strategic priorities including Rika rollout, yield initiatives, and product launches in EU and China.

• Maintained a robust R&D pipeline with progress in HAE, DM, and vaccine innovation.

• Positioned for continued annual double-digit earnings growth, supported by strong demand and product launches.

Financial highlights

• Revenue reached $14.8B, up 11% at constant currency; NPATA was $3.01B, up 15% at constant currency; NPAT was $2.75B, up 25% at constant currency.

• Group operating result rose 13% to $6.5B; EBITDA up 24% to $4.75B.

• Cash flow from operations increased 6% to $2.76B; CapEx reduced by 31% to $849M.

• NPATA EPS up 11% to $6.02; NPAT EPS up 20% to $5.47; total dividend up 12% to $2.64/share.

• Gross profit increased 11% to $8.0B, with group gross margin stable at 54.1%.

Outlook and guidance

• FY2025 revenue growth expected at 5%-7% (constant currency); NPATA guidance $3.2B-$3.3B, up 10%-13%.

• Double-digit earnings growth reaffirmed for the medium term.

• Behring revenue to grow high single digits; Seqirus flattish but above market; Vifor flattish.

• Behring gross margin to expand by 100+ bps in FY2025; Vifor gross margin to stabilize.

• Effective tax rate guided at 18%-20%; FX headwind of ~$50M anticipated if current rates persist.