CSL’s shares hit an all-time high yesterday after the company issued a bullish outlook statement on top of a very solid 2018-19 result and higher dividend (which was made a lot fatter by the slide in the value of the Aussie dollar in recent weeks).
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Global equities manager, WCM Investment Management (WCM), says the Australian company included in their international portfolio is one of their strongest performers over the past seven years – CSL Limited (ASX: CSL).
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Investors have been left cold despite CSL reporting an interim net profit of $US1.2 billion ($A1.7 billion), a higher dividend and a lift in full-year guidance.
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CSL shares ended up 2.4% in yesterday’s general rally after CEO, Paul Perreault reaffirmed to the company’s AGM that the company was sticking to previous guidance for a 10-14% increase in annual net profit in 2018-19.
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CSL has lifted dividends to shareholders by a very sold 26% for the year to June 30 after reporting record sales and profits for the year to June.
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The Trump Administration has withdrawn its proposed rebate rule which was intended to stop the practice of pharmacy benefit manager rebates from January 1, 2020. UBS suggests the most likely reason was the cost of implementation.
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CSL is moving to direct distribution into China after gaining its Good Supply Practice Licence through the acquisition of Guangzhou Junxin Pharmaceutical last year.
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CSL had earlier flagged that transitioning to its own distribution channel in China would have a one-off impact on FY20 financials. On Friday the company quantified this impact in the form of a decline in albumin sales by -US$340-US$370m.
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UBS reviews the commercial opportunity for the company's reconstituted high-density lipoprotein product. The product is currently in a phase 3 clinical trial with the final result expected in 2022.
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Credit Suisse observes specialty sales for CSL Behring have grown around 15% per annum since FY13, driven in part by Kcentra. The broker believes this product is increasingly used off label to reverse other anti-coagulants including NOAC and control bleeding in trauma situations.
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