CSL (CSL) H1 2025 earnings summary

Executive summary

• First half FY2025 revenue grew 5% year-over-year to $8.48B, with NPATA up 5% to $2.1B and NPAT up 7%, led by strong CSL Behring (+10%) and Vifor (+6%) performance, while Seqirus declined 9% due to low US immunization rates.

• Gross margin improved by 170 bps at constant currency, driven by operational efficiencies and product mix.

• Interim dividend declared at $1.30/share, up 9% (AUD 2.08, up 16%).

• Guidance for FY2025 reaffirmed: revenue growth of 5%-7% and NPATA growth of 10%-13% at constant currency.

Financial highlights

• Total revenue: $8.48B (+5% year-over-year); gross profit: $4.73B (+5%); operating result: $3.97B (+5%).

• NPATA: $2.1B (+5%); NPAT: $2.04B (+7%); EBITDA: $3.28B (+8%).

• Cash flow from operations increased 18% to $1.26B.

• EPS (NPATA): $4.29 (+3%); effective tax rate: 19.1%.

• R&D spend was $646M, about 10% of revenue.

Outlook and guidance

• FY2025 revenue growth expected at 5%-7% at constant currency; NPATA guidance reaffirmed at $3.2B-$3.3B, up 10%-13%.

• Double-digit medium-term earnings growth outlook maintained.

• Behring gross margin expected to improve, with full-year expansion of 100+ basis points.

• Seqirus H2 revenue to benefit from avian flu contracts; Vifor to maintain iron leadership.

• FX headwind of ~$90M anticipated for FY2025.