CSL (CSL) H1 2025 earnings summary

Executive summary

• Revenue for the half year ended 31 December 2024 rose 5% year-over-year to US$8.48 billion, with NPAT up 7% to US$2.01 billion and NPATA up 5% to US$2.07 billion at constant currency, driven by strong CSL Behring (+10%) and Vifor (+6%) growth, while Seqirus declined 9% due to low US immunization rates.

• Gross margin improved by 170 bps at constant currency, reaching 51.7% for Behring, supported by operational efficiencies and product mix.

• Interim dividend declared at US$1.30 per share (A$2.08, up 16% in AUD terms), payable 9 April 2025.

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

Financial highlights

• Total revenue: US$8.48 billion (+5% year-over-year); gross profit: US$4.73 billion (+5%).

• NPATA: US$2.07 billion (+5% at constant currency); NPAT: US$2.01 billion (+7% at constant currency).

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

• EPS (NPATA): US$4.29 (+3%); interim dividend: US$1.30 per share (+9%).

• R&D spend was about 10% of revenue; effective tax rate reported at 19.1%.

Outlook and guidance

• FY2025 revenue growth expected at 5–7% over FY2024 at constant currency.

• NPATA guidance reaffirmed at US$3.2–3.3 billion, 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 pandemic contracts; Vifor to maintain iron leadership.