CSL shares are being hammered

German Chancellor Angela Merkel. John MacDougall/AFP/Getty Images)

Shares CSL dropped hard after the blood products company posted a 10% fall in full year net profit to $US1.24 billion ($A1.6 billion).

In early trade, they were down almost 8% to $A107.56.

The top 10 Australian company by market capitalisation last year became the world’s second largest flu vaccine business by buying a loss-making subsidiary of Swiss pharmaceutical multinational Novartis for $US275 million ($A357 million).

Without the costs of that purchase, and adjusting for currency fluctuations, underlying net profit after tax was up 5.2% to $US1.47 billion ($A1.9 billion).

The flu vaccine business is due to break even in 2018.

Revenue at the 100-year-old company increased by almost 9% to $US6.13 billion (almost $A8 billion).

For 2017, CEO Paul Perreault forecasts 11% profit growth and a 14% rise in EBITDA (earnings before interest, tax, depreciation and amortisation).

A final dividend of $US0.68 a share, up 3%, was declared.

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