CSL lifts profit guidance
Market watch top headlines
SYDNEY, Nov 27 AAP
November 27 2012, 09:18AM
Blood products and vaccine supplier CSL has lifted its profit guidance for the financial year due to the performance of its US-based subsidiary CSL Behring.
The company on Tuesday said it now expected its profit after tax in the 2012/13 financial year to grow by about 20 per cent, from $US1.02 billion profit in 2011/12.
In August, CSL forecast profit growth of about 12 per cent.
Managing director Brian McNamee said the improved forecast was largely underpinned by the performance of CSL Behring, which supplies antibodies to treat immune deficiencies and rare diseases.
"A number of factors have contributed, including a higher level of sales, a better sales mix and improved efficiencies across the supply chain," Dr McNamee said in a statement.
"Also contributing to the better outlook is higher-than-anticipated royalty income from sales of Gardasil."
Gardasil, invented by Australian immunologist Professor Ian Frazer, vaccinates against the cervical cancer-causing papillomavirus.