CSL shares soar as boss pledges to keep investing in Australia

BIOTECH giant CSL’S chief Paul Perreault says he is “doubling down” on investment in Australia to secure the country’s role in the global company as he also flags the Us-china trade tensions are yet to have an impact.

Mr Perreault made the comments after delivering a solid set of annual numbers, with all divisions contributing to the result.

CSL reported its net profit after tax was $1.9 billion, which was up 11 per cent, or 17 per cent on a constant currency basis. Revenue was 11 per cent higher at $8.7 billion. Shares in the company are up 5.6 per cent at $231.86 on the positive results, as Australian investors also cheer an 18 per cent lift in the total dividend.

“It is a tough business, there are always stops and starts along the way but in general things went really well,” Mr Perreault said.

“We had things we had to work on. That first half with China, that was the turnaround we had to have in the second half. We knew what we were doing and we got it done.”

The CEO’S comments on China refer to albumin sales. CSL highlighted in its results that global albumin sales grew 15 per cent when compared to the previous year, with albumin sales into China making a strong resurgence in the second half.

Mr Perreault also said the company close attention to the trade tensions between the US and China but had not seen major impacts to CSL.

Despite its US business driving strong revenues, the Australian-listed company (CSL) continues to invest locally and announced last week that it would move its global headquarters into a new $750 million-plus development in the heart of Melbourne’s biomedical precinct.

Mr Perreault said that being in that hub in Parkville was important for the future of Australia.

“This investment says that CSL is doubling down and we believe in Australia and we believe in the science and believe that CSL needs to be more visible in that precinct,” Mr Perreault said.

CSL also has an important role in Australia providing flu vaccines.

Australia had an unusually early flu season this year.

Since the start of the year, there have been some 183,330 notifications of laboratory-confirmed flu diagnoses. That is higher than last year but below the last big flu season in 2017.

Mr Perreault said it was hard to respond in the middle of the flu season but he said CSL monitored it carefully to ensure it had enough capacity for next year.