CSL Ltd

CSL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$327.00	Fpmxqt	Wkwmfcmhk

CSL Earnings: Another Strong Showing From CSL Behring

Shane Ponraj

Aug 13, 2024

Narrow-moat CSL reported fiscal 2024 revenue of USD 14.8 billion and net profit after tax before amortization of USD 2.9 billion, up 11% and 15% in constant currency, respectively, close to our expectations. Strong underlying performance was driven by immunoglobulins, or Ig, revenue growth of 20% to USD 5.7 billion on strong patient demand and improved global supply. The firm provided fiscal 2025 NPATA guidance of USD 3.2 billion-USD 3.3 billion, implying 10%-13% constant-currency growth, but roughly 3% lower than our prior fiscal 2025 forecast. The guidance factors in continued gross margin recovery in CSL Behring and constant-currency group revenue growth of 5%-7%, largely driven by Ig.

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