CSL lifts 2013 profit expectations

Pharmaceutical manufacturer CSL today revised their US Dollar profit outlook for 2013 up.

In a statement released today, the company said it expects profit to grow approximately 12 per cent during the 2013 financial year after reporting a net profit after tax of US$1.024 million.

“I am pleased to report an improved company outlook for the financial year, largely underpinned by the performance of CSL Behring.” CSL’s managing director Brian McNamee said.

He added there were a number of factors which contributed to this result including an increase in sales and improved efficiencies across the supply chain.

“Also contributing to the better outlook is higher than anticipated royalty income from sales of GARDASIL®.”

The company said “earnings per share growth will exceed profit growth expectations as shareholders benefit from the ongoing effect of share buybacks”.

Manufacturers’ Monthly reported the first of CSL’s new buildings from a $250 million investment at its Broadmeadows site will start producing biopharmaceuticals for clinical trials early next year.