CSL shares smash through $100 again

Photo by Michael Dodge/Getty Images

CSL today rejoined the exclusive ranks of company’s with a share price above $100.

A short time ago, the shares were at $109.15, up 10% after a profit upgrade announcement.

CSL in August 2015 became the first ASX stock to hit $100 since the GFC but the blood products and flu vaccine group shares dropped below $100 earlier this month and closed yesterday at $99.12.

The other two $100 stocks on the ASX are vitamin maker Blackmores at $118.00 and bionic ear company Cochlear at $126.91.

CSL today 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.

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.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.