CSL’s net profit decreased 10 per cent for the year to June 30, due to its newly-acquired Novartis vaccine business, though is expected to rebound sharply over the current year.
AAP reports that net profit was $US 1.24 billion, down from $US 1.38 billion, though discounting Novartis underlying net profit is up 5.2 per cent to $US 1.47 billion.
Total revenue was up 8.3 per cent to $US billion.
“In our 100th anniversary year, it is clear CSL has evolved from an organisation that largely brought international discoveries to Australians — to an established and growing global leader which translates its own early research into commercial medicines for patients in more than 60 countries,” said CEO Paul Perrault, according to The Australian.
The Australian Financial Review reports that the company expects net profit after tax to increase 11 per cent this year, assuming a constant currency.
The reorganised Novartis division, now known as Sequiris, is expected to break even in the 2018 financial year.
“The turnaround of Seqirus is on track,” said Perrault.