CSL Posts US$2.07 Billion NPATA, Revenue Up 5% Despite Vaccine Headwinds

Robust Half-Year Financial Performance

CSL Limited (ASX: CSL) has delivered a solid first half for the 2025 financial year, reporting a net profit after tax (NPAT) of US$2.01 billion, marking a 6% increase on reported currency and 7% on a constant currency basis. More notably, net profit after tax before amortisation (NPATA) reached US$2.07 billion, up 5% at constant currency, underscoring the company’s operational strength amid a complex global healthcare environment.

Revenue climbed 5% to US$8.48 billion, driven primarily by strong performances from CSL Behring and CSL Vifor. These segments offset the headwinds faced by CSL Seqirus, which experienced a 9% revenue decline due to significantly reduced influenza immunisation rates, particularly in the United States.

Segment Highlights: CSL Behring and CSL Vifor Lead Growth

CSL Behring’s revenue surged 10% to US$5.74 billion, with immunoglobulin (Ig) product sales up 15%, reflecting robust patient demand across all geographies. Key products such as PRIVIGEN® and HIZENTRA® continued to gain market share, supported by increasing diagnosis rates and the uptake of innovative delivery formats like the 50ml pre-filled syringe.

Haemophilia therapies also contributed to growth, with sales rising 11%. The gene therapy HEMGENIX® showed accelerated adoption following its FY24 launch, while plasma-derived products maintained steady growth. Specialty products, however, declined 5%, impacted by the loss of a major US contract for KCENTRA®.

CSL Vifor posted a 6% revenue increase to US$1.08 billion, buoyed by strong iron product volumes in Europe despite generic competition, and promising uptake of nephrology treatments such as TAVNEOS® and the newly launched FILSPARI® in select European markets.

Challenges in Influenza Vaccines and Operational Efficiencies

CSL Seqirus faced a challenging period with a 9% revenue decline, primarily due to historically low influenza vaccination rates in the US. FLUAD® and FLUCELVAX® sales dropped 17% and 12%, respectively. Despite this, CSL Seqirus secured several tenders related to the ongoing H5 avian influenza outbreak, with most associated revenues expected in the second half of FY25.

On the operational front, CSL continues to advance initiatives to improve gross margins, notably through the rollout of RIKA plasmapheresis devices in the US, which is on track for completion by June 2025. Plasma collections are increasing while collection costs are decreasing, supporting margin enhancement efforts.

Financial Position and Corporate Developments

CSL’s balance sheet remains robust, with net assets of US$20.5 billion and cash flow from operations up 18% to US$1.26 billion. The company reported a 16% increase in interim dividends to approximately A$2.08 per share, reflecting confidence in sustained earnings growth.

Board changes included the appointments of Elaine Sorg and Dr Brian Daniels, bringing extensive pharmaceutical industry experience, while Professor Duncan Maskell retired. Leadership adjustments are also underway with Andy Schmeltz resuming as Executive Vice President of CSL Behring in March 2025.

Outlook: Confident in Medium-Term Growth

CSL reaffirmed its FY25 NPATA guidance at US$3.2 to US$3.3 billion, representing 10–13% growth at constant currency. Revenue is expected to grow 5–7%, supported by continued demand for core immunoglobulin therapies and momentum in nephrology products. While CSL Seqirus faces ongoing market challenges, the company’s differentiated strategy aims to grow market share in influenza vaccines.

CEO Dr. Paul Mckenzie emphasized the company’s strong fundamentals and commitment to delivering double-digit earnings growth over the medium term, highlighting the strategic importance of margin improvements and new product launches.