CSL (CSL) H2 2024 earnings summary

Executive summary

• Achieved FY24 revenue of $14.8B, up 11% at constant currency, and NPATA of $3B, up 15%, with NPAT up 25%.

• Key growth drivers included CSL Behring's IG franchise (+20%), albumin (+12%), and IDELVION/haemophilia (+10%).

• CSL Seqirus outperformed the market with 4% revenue growth, led by Fluad (+14%), and CSL Vifor delivered robust nephrology and iron market performance.

• Delivered on strategic priorities, including Rika rollout, yield initiatives, and product launches in EU, China, and Japan.

• Positioned for continued double-digit annualized earnings growth, supported by robust demand and product launches.

Financial highlights

• Revenue: $14.8B (+11% YoY, constant currency); NPATA: $3B (+15% YoY, constant currency); NPAT: $2.8B (+25%).

• Group operating result up 13% to $6.5B; EBITDA up 24% to $4.75B; R&D costs up 12%.

• NPATA EPS up 11% to $6.02; total dividend up 12% to $2.64/share.

• CapEx reduced by 31% to $849M; net debt to EBITDA at 2.2x.

• Cash flow from operations up 6% to $2.8B.

Outlook and guidance

• FY25 revenue growth expected at 5%-7% (constant currency); NPATA guidance: $3.2B-$3.3B (+10%-13%).

• Double-digit annualized earnings growth reaffirmed for the medium term.

• FX headwind of ~$50M anticipated if current rates persist.

• Behring gross margin to expand by 100+ bps in FY25; Vifor gross margin to remain stable.

• Tax rate guidance for FY25: 18%-20%.