CSL has entered into a licensing agreement with uniQure for exclusive rights to a gene therapy product for haemophilia B.
Macquarie believes the agreement highlights a willingness by the company to address competitive risks relating to key products.
In the more immediate future, the implications of lower plasma collections and risks in relation to FY21 earnings are in focus.
Neutral retained. Target is reduced to $300.50 from $302.00.
Sector: Pharmaceuticals, Biotechnology & Life Sciences.
Target price is $300.50.Current Price is $292.74. Difference: $7.76 – (brackets indicate current price is over target). If CSL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).