CSL (ASX: CSL) targets 13-17% profit growth in FY24

4 min read | June 05, 2024 03:56 PM AEST | By Team Kalkine

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CSL (ASX: CSL) targets 13-17% profit growth in FY24 — Image source: © Timonschneider | Megapixl.com

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Highlights

CSL is engaged in the research, development, manufacturing and distribution of biopharmaceutical products and services

In 1HFY24, CSL’s revenue jumped 12% YoY while EBITDA increased by 21% YoY

The Vanguard Group, Inc. has highest stake in the company with a shareholding of ~4.99%

CSL Limited (ASX:CSL) is an ASX-listed healthcare company, which is focused on research, manufacturing, development and distribution of biopharmaceutical vaccines and products. The company offers innovative life-saving medicines in over 100 countries.

In the first half of the financial year 2024 (1HFY24), CSL’s revenue grew by 12% YoY to USD 8,053 million, gross profit went up by 11% YoY to USD 4,494 million and EBITDA jumped 21% YoY to USD 3,042 million.

During the reported period, cash flow from operations increased by 9% YoY , underpinned by an increase in profitability and overall sales growth. The period witnessed sales growth across products and progress in late-stage research studies.

Top 10 shareholders of CSL

The top 10 shareholders of CSL have around 19.77% shareholding in the company, while the top four have nearly 13.53% shareholding. The Vanguard Group, Inc. has highest stake in the company with a shareholding of ~4.99%, followed by State Street Global Advisors Australia Ltd., with a shareholding of ~4.0%.

Recent business update

The company informed via an ASX filing that on 23 and 24 April 2024, the company delivered a presentation at the shareholder information meetings in Adelaide and Perth. The presentation highlighted business overview, consistent financial growth, global manufacturing presence and CSL’s 2030 strategy. The presentation emphasized the company’s focus on targeted R&D with continuous innovation, sustainability and consistent strategy and disciplined execution.

Outlook

In FY24, the company expects to deliver nearly 9-11% increase in revenue in constant currency and 13-17% rise in underlying NPATA to around USD 2.9 – 3.0 billion at constant currency.

Over the medium term, CSL expects to report double-digit earnings growth annually.

The company expects to see an increase in demand for immunoglobulin products because of critical patient needs. Additionally, several initiatives in plasma collections are underway with an aim to enhance efficiencies and processing times. These initiates are anticipated to contribute to the sustained expansion of CSL Behring’s gross margin.

The focus of CSL is on advancing digital technologies and expanding its pipeline via sustainable R&D frameworks.

Share performance of CSL

CSL shares closed 1.37% higher at AUD 285.860 apiece on 5 June 2024. In the last one year, CSL’s share price has dropped by 7.104% and in the last three months, it has increased by 1.26%.

The 52-week high of CSL is AUD 312.99, recorded on 6 June 2023, while the 52-week low is AUD 228.650, recorded on 30 October 2023.

CSL Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 05 June 2024. The reference data in this report has been partly sourced from EODHD/Others.

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