• Reported NPATA of US$2.07 billion, up 5% at constant currency
• Strong performance in CSL Behring, with 10% revenue growth at constant currency
• CSL Seqirus impacted by low influenza immunisation rates, particularly in the US
• CSL Vifor grew sales, driven by robust iron volumes in Europe and expansion of nephrology products

CSL Ltd has announced its half-year results for the 6 months ended 31 December 2024, reporting a net profit after tax (NPAT) of US$2.01 billion, up 7% on a constant currency basis. The company's net profit after tax and amortisation (NPATA) was US$2.07 billion, up 5% on a constant currency basis to US$2.11 billion. CSL Behring, the company's largest business unit, delivered a strong performance with total revenue of US$5,743 million, up 10% at constant currency. Immunoglobulin (Ig) product sales grew 15%, driven by strong demand across all geographies. Albumin sales were up 9%, particularly in China, while haemophilia product sales increased 11%. Specialty products sales declined 5%, impacted by the loss of a substantial contract in the US market.CSL Seqirus was negatively impacted by significantly low influenza immunisation rates, particularly in the United States. Total revenue for the business was down 9% at constant currency, with FLUAD and FLUCELVAX sales declining 17% and 12% respectively.CSL Vifor grew sales by 6% at constant currency, driven by continued volume growth in Europe for its iron products and the successful launch of FILSPARI in Germany, Austria and Switzerland.The company's research and development expenses were down 4% at constant currency, while selling and marketing expenses increased 7% and general and administrative expenses were up 27% due to the timing of non-recurring project costs.CSL's balance sheet remains strong, with net assets of US$20,546 million. The company's cash flow from operations increased 18% to US$1,259 million.Looking ahead, CSL has reaffirmed its guidance for the 2025 financial year, with NPATA anticipated to be in the range of approximately US$3.2 billion to US$3.3 billion at constant currency, representing growth of 10-13% over the prior year.

For FY25, revenue growth is anticipated to be approximately 5-7% over FY24 at constant currency. CSL's NPATA for FY25 is anticipated to be in the range of approximately $3.2 billion to $3.3 billion at constant currency, representing growth over FY24 of approximately 10-13%.

The fundamentals of CSL's underlying business units are robust and the company is in a strong position to deliver annualised double-digit earnings growth over the medium term. In CSL Behring, the company will continue to focus on improving gross margins, which will be aided by the expected completion of the RIKA roll-out across CSL Plasma. While the market conditions for CSL Seqirus remain challenging, the company believes its differentiated strategy is well placed to grow market share. For CSL Vifor, the iron market growth remains strong and the company expects to maintain a leadership position, while also building on the momentum in its nephrology business.