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Half year reported NPATA US$2 billion¹,² Up 13% at constant currency³
Strong CSL Behring portfolio growth especially Ig
FINANCIAL HIGHLIGHTS4
- Revenue $8.05 billion, up 11% at CC3
- NPAT $1.90 billion1, up 17%
- NPAT $1.94 billion1 at CC3, up 20%
- NPATA $2.02 billion1,2 , up 11%
- NPATA $2.06 billion1,2 at CC3, up 13%
- NPATA1,2 earnings per share $4.182, up 11%
- NPATA1,2 earnings per share $4.26 at CC3 up 13%
- Interim dividend 5 of US$1.19 per share
- Converted to Australian currency, the interim dividend is approximately A$1.81 per share, up 12%
- Guidance reaffirmed – FY24 NPATA2,4 anticipated to be in the range of approximately $2.9 billion to $3.0 billion2 at CC3
MELBOURNE, Australia, Feb. 13, 2024 /PRNewswire/ — CSL Limited (ASX:CSL; USOTC:CSLLY) today announces a reported net profit after tax of $1.90 billion1 for the 6 months ended 31 December 2023, up 20% on a constant currency basis3. Underlying profit (NPATA) was $2.02 billion1,2, up 13% on a constant currency basis to $2.06 billion1,2,3.
Dr. Paul McKenzie, CSL’s Chief Executive Officer and Managing Director said, “Our strong first-half result for the 2024 financial year was driven by CSL Behring’s exceptional performance across its portfolio, especially immunoglobulins. The plasma initiatives we have implemented are starting to drive gross margin recovery.
“CSL Seqirus achieved solid growth in a challenging season. Its portfolio of differentiated products outperformed the market.
“For CSL Vifor we are well prepared for the transitioning iron market.”
PERFORMANCE
CSL Behring
Total revenue was $5,238 million, up 14%3 when compared to the prior comparable period.
Immunoglobulin (Ig) product sales of $2,757 million, increased 23%3 with strong growth recorded across all geographies driven by global plasma supply and patient demand.
PRIVIGEN® / INTRAGRAM® (Immune Globulin Intravenous (Human), 10% Liquid) sales grew 27%3 as the momentum from the prior year continued in improving product availability and patient diagnosis rates.
HIZENTRA® (Immune Globulin Subcutaneous (Human), 20% Liquid) sales were up 18%3 driven by patient diagnosis rates. HIZENTRA® continues to be the clear market leader for subcutaneous immunoglobulin.
Underlying demand for Ig continues to be strong due to significant patient needs in core indications – namely Primary Immune Deficiency, Secondary Immune Deficiency and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).
Albumin sales of $613 million, were up 8%3.
Sales were strong in emerging markets with solid growth in the US and Europe. Growth in China was modest, tempered by competitive pressure.
Haemophilia product sales of $662 million increased 8%3.
IDELVION®, CSL Behring’s novel long-acting recombinant factor IX product achieved growth of 7%3 and continues to be the market leader in key markets.
HEMGENIX®, the first and only gene therapy for haemophilia B was successfully launched in the US in FY23 and patient referrals have been accelerating.
The haemophilia A market continued to be competitive resulting in a modest decline in sales for AFSTYLA®, a novel recombinant factor VIII product.
Plasma-derived haemophilia products, however, achieved growth of 8% driven by HUMATE® / HAEMATE®, therapies for the treatment of patients with von Willebrand disease.
Specialty products sales of $976 million, were up 6%3 led predominately by demand for KCENTRA® and HAEGARDA®.
KCENTRA® (4 factor prothrombin complex concentrate) recorded sales growth of 12%3, as it continues to further penetrate the warfarin reversal market in the US.
HAEGARDA®, our therapy for patients with Hereditary Angioedema, increased 9%, driven by the continued shift from on-demand to prophylaxis treatment and a strong performance in the UK and Europe.
Garadacimab (Anti-FXIIa) for HAE, was filed for regulatory approval in the US and EU.
Plasma Collections
Plasma collections remain strong. The cost of collections, which includes donor compensation and labour, continued to trend down.
A new roll out plan for the RIKA plasmapheresis devices was developed. Deployment across the US fleet is expected over the next 18 months. In addition, results from an individualised nomogram trial conducted by our supplier have been submitted for regulatory approval.
CSL Seqirus
Total revenue of $1,804 million, was up 2%3 driven by the adjuvanted influenza vaccine FLUAD®, which increased by 14%3.
This growth was achieved against a backdrop of reduced rates of immunisation and highlights the strength of CSL Seqirus’ differentiated product portfolio.
During the period:
- Self-amplifying mRNA vaccine for COVID was approved by Japan’s Ministry of Health, Labour and Welfare
- aQIVc, a next generation influenza vaccine combining adjuvant technology with cell-based manufacturing, enrolled its last patient in the Phase III clinical study in January 2024.
CSL Vifor
Total revenue was $1,011 million. The prior comparable period included only 5 months revenue following the acquisition of Vifor Pharma in August 2022.
During the period:
- Preparations were made for the transitioning iron market
- There was strong performance from the long-acting erythropoiesis-stimulating agent, MIRCERA®
- TAVNEOS® was successfully launched in multiple European countries
While the strategic potential of the business remains strong, we have dampened our near-term growth aspirations for CSL Vifor.
Expense Performance
Research and development (R&D) expenses were $669 million8 , up 11%3 when compared to the prior comparable period. The increase in expenses reflects higher costs associated with the progression of the R&D portfolio and investment in R&D infrastructure.
Selling and marketing expenses (S&M) were $707 million8, up 2%3 in comparison to the prior comparable period. An additional month of CSL Vifor and an increase in labour costs accounts for the increase in S&M expenses while other S&M expenses were held in line with the prior comparable period.
General and administrative (G&A) expenses were $323 million8, down 7%3 due to favourable foreign exchange differences and efficiencies generated from the centralisation of the group’s Enabling Functions.
Depreciation and amortisation (D&A) expense (excluding acquired intellectual property) was $297 million, up 1%3.
Net finance costs were $234 million9, up 32%3. The increase in net finance costs was due to the debt associated with the acquisition of Vifor Pharma and higher interest rates.
Financial position
Cashflow from operations was $1,069 million, up 9%. The increase was driven by higher profitability and overall growth in sales. This was partly offset by higher payments for income tax and interest.
Cash outflow from investing was $702 million, down significantly when compared to the prior comparable period as payment for the acquisition of Vifor Pharma was made in the prior period.
CSL’s balance sheet remains in a strong position with net assets of $19,162 million.
Current assets increased by 10% to $10,146 million. The main driver was an increase in receivables due to the increase in sales and the seasonality of CSL Seqirus.
Non-current assets increased by 1% to $27,158 million in comparison to the previous year.
Current liabilities increased by 2% to $4,718 million. The increase in interest-bearing liabilities and borrowings (bank debt) was offset by the decrease in trade and other payables and current tax liabilities.
Non-current liabilities decreased by 3% to $13,424 million. The decrease was due to the reclassification of certain bank borrowings as current, coupled with repayment across the Group’s debt portfolio including the private placement senior notes.
Outlook (at FY23 exchange rates)
Commenting on CSL’s outlook, Dr. McKenzie said, “For FY24, I am pleased to reaffirm our previous guidance. CSL’s underlying profit, NPATA is expected be in the range of approximately $2.9 billion to $3.0 billion at constant currency3, representing growth over FY23 of approximately 13-17%[6]”
“CSL is in a strong position to deliver annualised double-digit earnings growth over the medium term.
“The strong growth in our immunoglobulins franchise is expected to continue as patient demand remains strong.
“We have a number of initiatives underway in plasma collections that are improving efficiencies and processing times, supporting continued expansion in CSL Behring’s gross margin.
“Our transformational gene therapy product for haemophilia B patients, HEMGENIX®, is attracting significant interest from patients and health care professionals and patient referrals have accelerated. We expect more patients dosed in the second half of this financial year.
“CSL Seqirus has performed well in a challenging season. However, due to the seasonality of this business we anticipate it to post a loss in the second half of the fiscal year.
“For CSL Vifor, we are operating within an evolving iron market. While there are challenges for near-term growth, we are well positioned for iron competition in the EU and further geographic expansion. Our focus remains on unlocking value by leveraging capabilities across the CSL group”, Dr. McKenzie concluded.
In compiling the company’s financial forecasts for FY24, a number of key variables that may have a significant impact on guidance have been identified and these have been included in the endnote[7].
FURTHER INFORMATION
Additional details about CSL’s results are included in the company’s 4D statement, investor presentation slides and webcast, all of which can be found on CSL’s website www.csl.com A glossary of medical terms can also be found on the website.
|
Group Results |
||||
|
Half year ended December US$ Millions |
Dec |
Dec |
Dec |
Change |
|
Sales |
6,943 |
7,804 |
7,707 |
11 % |
|
Other Revenue / Income |
241 |
249 |
247 |
2 % |
|
Total Revenue / Income |
7,184 |
8,053 |
7,954 |
11 % |
|
Earnings before Interest, Tax, Depreciation & Amortisation |
2,515 |
3,042 |
3,047 |
21 % |
|
Depreciation/Amortisation |
(293) |
(297) |
(296) |
1 % |
|
Other acquisition adjustments Earnings before Interest and Tax8 |
184 2,406 |
50 2,795 |
49 2,800 |
16 % |
|
Net Interest Expense |
(171) |
(234) |
(226) |
32 % |
|
Tax Expense8 |
(358) |
(491) |
(465) |
30 % |
|
NPATA2 |
1,877 |
2,070 |
2,109 |
12 % |
|
Amortisation of acquired intellectual property |
(88) |
(132) |
(129) |
|
|
Other acquisition adjustments |
(184) |
(50) |
(49) |
|
|
Income tax on the above adjustments |
35 |
32 |
31 |
|
|
Net Profit After Tax |
1,640 |
1,920 |
1,962 |
20 % |
|
NPATA attributable to: |
||||
|
– Shareholders of CSL Limited |
1,818 |
2,017 |
2,056 |
13 % |
|
– Non-controlling interest |
59 |
53 |
53 |
|
|
NPAT attributable to: |
||||
|
– Shareholders of CSL Limited |
1,623 |
1,901 |
1,942 |
20 % |
|
– Non-controlling interest |
17 |
19 |
20 |
|
|
NPATA2 earnings per share1 Interim Dividend (US$) |
3.77 1.07 |
4.18 1.19 |
11%9 11%9 |
|
1 Attributable to CSL shareholders
2 Statutory net profit after tax (NPAT) before impairment and amortisation of acquired intellectual property, business acquisition and integration costs and the unwind of the inventory fair value uplift.
3 Constant currency (CC) removes the impact of exchange rate movements, facilitating the comparability of operational performance. For further detail refer to CSL’s Financial Statements for the Half Year ended December 2023 (Directors Report).
4 All figures are expressed in US dollars unless otherwise stated.
5 For shareholders with an Australian registered address, the interim dividend of US$1.19 per share (approximately A$1.81) is expected to be paid on 3 April 2024. For shareholders with a New Zealand registered address the interim dividend of US$1.19 per share (approximately NZ$1.94) is expected to be paid on 3 April 2024. The exchange rates will be fixed at the record date of 12 March 2024. All other shareholders will be paid in US$. CSL also offers shareholders the opportunity to receive dividend payments in US$ by direct credit to a US bank account.
6 % growth rates excludes the one-off gain from the sale of property in FY23 (NPATA $44m).
7 Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; ability to collect plasma; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and CSL’s ability to protect its patents and other intellectual property.
8 Underlying results are adjusted to exclude amortisation of acquired intellectual property ($132 million), business acquisition and integrations costs and the unwind of the inventory fair value uplift.
9 At reported currency
For further information, please contact:
Investors:
Bernard Ronchi
Director, Investor Relations
CSL Limited
P: +61 3 9389 3470
E: [email protected]
Stephen McKeon
Director, Investor Relations
CSL Limited
P: +61 402 231 696
E: [email protected]
Media:
Jimmy Baker
Communications
CSL Limited
P: +61 450 909 211
E: [email protected]
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Fintech PR
LONGi advocates for accelerating the energy just transition through green innovation at COP29
BAKU, Azerbaijan, Nov. 22, 2024 /PRNewswire/ — On November 11th, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change kicked off in Baku, the capital of Azerbaijan. The conference focused on how to fairly and effectively allocate climate financing resources, ensuring that every penny can be used to its maximum effect, helping countries achieve low-carbon economic transformation and enhance climate resilience.
At this critical moment in the global fight against climate change, as an advocate, practitioner, and leader in sustainable development in the global clean energy field, LONGi actively participated in COP29, advocating for the promotion of energy equity through green innovation. This marks LONGi’s sixth consecutive participation in the United Nations Framework Convention on Climate Change.
On November 15th, LONGi in collaboration with Deeprock Group, hosted a special event titled “SOLAR FOR ALL — The Key to Tackling Climate Change: Green Innovation Accelerates Just Energy Transition” at the “Biosphere 3” Solutions Pavilion in the Blue Zone of COP29. The event showcased LONGi’s latest scientific and technological achievements and project progress in the field of clean energy. Additionally, LONGi participated in a roundtable forum attended by representatives from UNHCR, the UN Refugee Agency, China Electricity Council (CEC), Global Energy Interconnection Development and Cooperation Organization (GEIDCO), World Economic Forum (WEF), Energy Foundation (EF), and relevant NGOs. At the forum, LONGi shared its stories about “Energy Equity” and discussed how to help climate-vulnerable regions enhance their climate resilience.
Solarization of the Emergency Stockpile in Uzbekistan Completed
UNHCR, the UN Refugee Agency and LONGi, a leading global solar technology company, have completed a groundbreaking project to solarize the UNHCR Regional Humanitarian Logistics Hub located in the Termez Cargo Centre in Surkhandarya, Uzbekistan.
The project, part of a wider UNHCR-LONGi climate action partnership, marks a significant step towards ensuring a sustainable energy supply for logistics that support refugees and internally displaced people (IDPs) across the region and beyond.
The solarization has transformed the Hub into a critical operation powered by clean energy. With the installation of high-efficiency solar panels, a substantial amount of renewable energy will be generated each year, reducing the Hub’s reliance on the grid and significantly lowering its carbon emissions.
“This transition to clean energy – a milestone in greening our supply chain globally – not only provides a renewable, reliable and cost-effective power source for the critical work that the Termez Supply Hub supports in the region, but also demonstrates UNHCR’s strong commitment to environmental sustainability,” said Shoko Shimozawa, Director of UNHCR’s Division of Emergency, Security and Supply (DESS).
The 700kW solar photovoltaic powerplant is expected to generate around 989,993kWh of electricity annually, reducing carbon emissions by approximately 495 metric tons per year. It will also result in significant annual electricity savings, which will benefit local energy infrastructure by reducing operating costs and allowing for reinvestment in further sustainable initiatives.
“By solarizing the Hub and partnering with UNHCR, LONGi is able to provide more efficient, reliable, safe and sustainable energy solutions for refugees around the world, accelerating the global energy transition and promoting energy equity,” said Dennis She, Vice President of LONGi. “Our vision is to promote a global energy transformation using BC (back-contact) solar technology, solving the electricity problem for people who are often without access to basic services, helping refugees to safeguard their rights and live in dignity.”
This partnership sets a precedent for future projects that aim to promote renewable energy adoption and improve the lives of vulnerable populations.
A milestone in UNHCR’s efforts to achieve climate neutrality across its operations, the solarization of the Hub paves the way for further collaboration that draws on the skills and expertise of the private sector. And by investing in renewable energy solutions, alongside strong partners, UNHCR is not only reducing its environmental impact but also building resilience and ensuring a sustainable future for refugees and IDPs.
The Hub, which has served as UNHCR’s regional emergency preparedness and response stockpile since 2021 primarily for the Afghanistan response, will be incorporated into UNHCR’s global stockpile network in 2025. This network, currently consisting of seven UNHCR stockpiles, enables the organization to respond to emergencies anywhere in the world by delivering core relief items (CRIs) – like blankets, mattresses, solar lamps and kitchen sets – to up to 1 million people who have been forced to flee their homes within 72 hours of an emergency being declared.
Turning emergency stockpile operations net carbon-neutral is a critical priority for the sustainability of UNHCR’s work. And the success if this pilot in Termez paves the way for similar projects around the globe.
Accelerating Global Energy Equity with Leading Photovoltaic Technology
Dennis She believes that energy equity lies in providing clean, affordable, and non-discriminatory energy services for all of humanity. However, there is currently a huge disparity in per capita energy consumption levels among countries worldwide, with the top 20% of economies consuming about 80% of the global energy. At the same time, approximately 11% of the global population still lives in darkness without electricity, and about one-third of the population cannot use clean energy for cooking, with energy poverty directly affecting local economic development and the improvement of people’s quality of life. In addition, the uneven distribution of global energy resources and limited affordability also constrain the realization of energy equity on a global scale.
With the deepening implementation of global carbon neutrality goals, clean energy represented by photovoltaics will gradually become the backbone of the global energy transition. In particular, the technological and manufacturing attributes of photovoltaics continuously enhance their cost competitiveness, rapidly driving the process of energy transition.
Solar energy is more widely and abundantly distributed globally than traditional fossil fuels, and it is more beneficial to developing countries. As a new type of clean energy, photovoltaic (PV) power generation has seen a rapid decrease in the cost per kilowatt-hour with the continuous development of photovoltaic technology. Photovoltaics have become the most economical source of electricity in the majority of countries and regions worldwide. Their sustainability, affordability, and characteristics of fairness and security provide an excellent solution to help achieve global energy equity.
As a global leading solar technology company, LONGi calls for global energy equity and has been driving global energy transition in all aspects, reducing the costs for people on the path to carbon neutrality. This allows more people around the world, especially those in developing and underdeveloped countries and regions, to enjoy affordable clean energy and achieve energy equity. In 2022, Dennis She first advocated for global energy equity at COP27, calling for the allocation of limited resources to the popularization of renewable energy and urgent climate actions.
In the future, a new round of energy revolution centered on new energy will be accelerated, and the beautiful vision of a zero-carbon future will be realized sooner based on equal and economical distribution of clean electricity. At that time, light will be brought equally into every corner of the world, providing inclusive clean energy for all regions under all scenarios, truly achieving “SOLAR FOR ALL,” and the world will have unlimited possibilities for sustainable development.
View original content:https://www.prnewswire.co.uk/news-releases/longi-advocates-for-accelerating-the-energy-just-transition-through-green-innovation-at-cop29-302314066.html
BEIJING, Nov. 22, 2024 /PRNewswire/ — A report from China Daily
The 2024 World Vocational and Technical Education Development Conference brought together around 1,000 delegates in Tianjin in North China this week from Wednesday to Friday. Discussions at the conference have revolved around topics such as industry-education integration, sustainable development, teacher training and lifelong learning.
Co-hosted by China’s Ministry of Education, the National Commission of the People’s Republic of China for UNESCO and the Tianjin municipal government, the conference aims to advance vocational education as a driver of innovation and sustainable development worldwide.
The event introduces six key initiatives to shape vocational education globally: a comprehensive conference featuring keynote speeches, ministerial roundtables and bilateral talks; a global alliance uniting vocational institutions, industries and educational organizations; the presentation of the world vocational education award; an international skills competition with 42 tracks; an exhibition highlighting achievements in vocational education, intangible cultural heritage and international cooperation; and the launch of World Vocational and Technical Education, a journal produced by Tianjin University of Technology and Education.
In a video address to the conference, Stefania Giannini, assistant director-general for education at UNESCO, highlighted vocational education as a catalyst for transformation. She referenced UNESCO’s recent Recommendation on Education for Peace, Human Rights, and Sustainable Development, which emphasizes vocational education as a driver of change.
Calling for greater investment and innovation in vocational education to meet global challenges, Giannini said skills are the passport to navigating today’s complex world.
Huai Jinpeng, China’s minister of education, said vocational education should align with the trends of the times, uphold the essence of education and preserve its unique characteristics. It should anchor its development goals amid evolving opportunities and challenges, striving for innovative breakthroughs, he added.
Huai outlined a vision for vocational education as “5I” education — Inclusive, Industry-oriented, Innovative, Intelligent, and International — positioned to serve all, integrate with industries, drive innovation, embrace smart technologies and foster global cooperation.
To ensure smooth volunteer services during the conference, the Tianjin Municipal Youth League recruited 1,448 young volunteers from nine universities, including Nankai University. Their duties spanned more than 30 roles, including guest registration, conference coordination, translation, media reception and medical assistance.
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View original content:https://www.prnewswire.co.uk/news-releases/global-focus-on-vocational-education-at-tianjin-conference-302314016.html
Fintech PR
CKGSB Publishes 2024 ESG and Social Innovation Report Showcasing Progress on Driving Responsible Management Education
BEIJING, Nov. 22, 2024 /PRNewswire/ — On November 21, 2024, Cheung Kong Graduate School of Business (CKGSB) released its 2024 ESG and Social Innovation Report at its event “ESG Strategies Conference: Insights for Business Transition” hosted in Shanghai in collaboration with the European Chamber of Commerce in China, witnessed by nearly 100 ESG-minded multinational business executives.
As the second edition of the school’s English-language ESG report, this report outlines CKGSB’s achievements and progress in the past two years in promoting sustainable business practices, fostering social innovation, and offering solutions to humanity’s common challenges as part of its broader mission to lead and drive responsible business education.
It emphasizes the school’s role in reshaping the future of management education through efforts in integrating ESG factors into its research and insights, programs and courses for decision-makers, strategic partnerships and dialogues, as well as institutional practices, which in return allows it to nurture responsible business leaders for society.
“Our approach to management education is rooted in the belief that businesses can and should be a force for good,” stated Li Haitao, Dean and Dean’s Distinguished Chair Professor of Finance of CKGSB. “CKGSB remains steadfast in its mission to developing leaders who are not only successful in their business endeavors, but also mindful of their responsibilities towards society and the environment.” CKGSB Professor of Marketing Zhu Rui, who drives the school’s efforts in teaching business for good, echoed Dean Li in saying, “Our goal is to empower companies, big or small, to seamlessly integrate ESG considerations into their core strategies and operations.”
The 2024 ESG and Social Innovation Report follows the seven principles of and has been submitted to the United Nations’ Principles for Responsible Management Education (PRME), a platform designed to promote responsible management practices for the benefit of society and our planet. It is now available for download on CKGSB’s website.
Looking forward, CKGSB will continue driving progress on responsible management education and contribute to a more sustainable and equitable future.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion. To learn more about CKGSB, please visit: https://english.ckgsb.edu.cn/
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-publishes-2024-esg-and-social-innovation-report-showcasing-progress-on-driving-responsible-management-education-302314000.html
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