CSL has upgraded its full year profit guidance after better than expected sales of its blood products.
The company now expects to report net profit after tax of $US800 million ($A1.06 billion) for the six months to the end of December.
Combining this with anticipated performance for the second half of 2017, CSL now expects to deliver profit growth of between 18% and 20%, up from the original forecast of 11%.
That would put the company on track to hit almost $US1.5 billion ($A1.9 billion) in profit for the 2017 financial year.
The company, whose share price dropped below $100 this month, is due to report half year results on February 15. Its shares closed yesterday at $99.12.
“CSL’s position as a leading large scale manufacturer, leveraging ongoing investments in plasma collections and commercial capabilities, has enabled the company to respond quickly and fulfil demand arising from current atypical market activity,” the company said today.
In August, CSL posted a 10% fall in full year net profit to $US1.24 billion ($A1.6 billion) after the costs of becoming the world’s second largest flu vaccine business.
The top 10 Australian company by market capitalisation last year bought a loss-making subsidiary of Swiss pharmaceutical multinational Novartis for $US275 million ($A357 million). The flu vaccine business is due to break even in 2018.
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