CSL shares soar on higher profit forecast
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SYDNEY, Nov 27 AAP
November 27 2012, 10:47AM
CSL shares have risen above the $50-mark for the first time after the blood products and vaccine supplier lifted its full-year profit guidance.
CSL now expects its profit after tax in the 2012/13 financial year to grow by about 20 per cent, from $US1.02 billion in 2011/12.
In August, CSL forecast profit growth of about 12 per cent.
CSL shares were up $3.38, or 7.2 per cent, at $50.16 at 1045 AEDT, an all-time high for the company.
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.