(Reuters) – Australia’s CSL reported an annual profit on Tuesday that rose 8% as higher plasma collections helped the biotech company counter the impact of currency fluctuations and higher costs.
The company in June warned of a hit to its fiscal 2024 profit due to currency exchange rates, and said annual earnings would remain below analysts’ estimates amid “robust” inflation.
CSL reiterated on Tuesday it expects underlying net profit after tax attributable between $2.9 billion and $3.0 billion on a constant currency basis in fiscal 2024.
Revenue from the company’s vaccine unit, CSL Seqirus, that accounts for about 15% of total revenue, rose 9% to $2.03 billion, boosted by demand for seasonal influenza vaccines.
CSL posted a net profit after tax of $2.44 billion for the year ended June 30, on a constant currency basis, compared with $2.24 billion in fiscal 2022.
(Reporting by Navya Mittal and Poonam Behura in Bengaluru; Editing by Shinjini Ganguli and Shounak Dasgupta)
