CSL working towards completing Vifor acquisition

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Investors have welcomed CSL's half-year result with the company announcing a net profit after tax of $1.76 billion for the six months to the end of December 2021.

The company's share price jumped almost 8 per cent in response to the result that was slightly down on the corresponding period last year but still considered a strong result in the context of the COVID-19 pandemic.

CSL said its performance during the six months was in line with expectations. It was marked by the strong performance of market-leading haemophilia B product IDELVION and the $16.4 billion acquisition of speciality care company Vifor Pharma.

The company said it expected to complete the acquisition in the current financial year.

CEO and managing director Paul Perreault said, “CSL has delivered a result in line with our expectations in a challenging environment brought about by the ongoing impacts of the global COVID pandemic.”

“Our core franchise, the immunoglobulin portfolio, has been impacted by the industrywide constraints on collecting plasma in FY21 during the course of the global pandemic," said Mr Perreault.

“We have responded by implementing multiple initiatives in our plasma collections network, which has given rise to significant improvement in plasma volumes collected. Given the long-term nature of our manufacturing cycle, this will underpin stronger Ig and albumin sales going forward.

“I am pleased to report that our key products, not limited by plasma collections, continue their strong growth trajectory.

“Our leading recombinant haemophilia B product, IDELVION, increased sales by 17% with its compelling clinical profile driving patient demand and market share.

“KCENTRA, our peri-operative bleeding product, grew a strong 15% as hospital demand began to return to pre-pandemic levels and HAEGARDA, our transformational therapy for patients with Hereditary Angioedema (HAE), increased 7% driven by the continued shift from on-demand to prophylaxis treatment and successful new launches.

“HPV royalties were up 134% as sales rebounded strongly to pre-COVID levels following strong demand and increased supply."

Mr Perreault also highlighted the 17 per cent increase in revenue from its influenza vaccines business, Seqirus.

He said the company expects to report a net profit after tax for the full financial year in the range of approximately $2.15 billion to $2.25 billion.

"This includes approximately $90 million to $110 million in transaction costs related to the agreement to acquire Vifor Pharma,” added Mr Perreault.