Healthy numbers for biotech firm

SHARES in Australia’s biggest biotechnology company CSL surged to a record high yesterday after it reported a net profit of $2.4 billion for the year to June, up 28 per cent from the previous year.

The result came in slightly ahead of the group’s previously upgraded forecast.

Melbourne-based CSL has lifted its final dividend, with Australian shareholders to receive $2.28 a share, a 30 per cent increase.

Shares in the company rose 6.4 per cent, or $12.89, on the revelations, closing at $214.58. The result came in slightly ahead of the group’s previously upgraded forecast.

CSL chief Paul Perreault said drivers of the results included the launch of Haegarda, a transformational therapy for patients with hereditary angioedema.

The immunoglobulin product Privigen was approved in the US, and Hizentra was approved there and in the EU.

These treat patients with chronic inflammatory demyelinating polyneuropathy, or CIDP, a rare neurological disorder that causes inflammation of the body’s nerves.

CSL’s flu vaccine business Seqirus delivered on its commitment to achieve profitability three years after its formation, following the merger of the Novartis influenza business and CSL’s vaccines and pharmaceutical business.

Seasonal influenza vaccine sales were up 53 per cent.

Mr Perreault said that the investments CSL had made in infrastructure, capacity and plasma centres paid dividends as competitors had not kept up.