CSL, the Australian biotech giant, achieved a significant milestone in the 2024 financial year, reporting a multi-billion dollar profit and a boost in revenue. The company’s underlying net profit after tax and amortisation (NPATA) reached US$2.91 billion, a notable 11 percent increase from the previous year. CSL’s revenue also soared by 11 percent, reaching US$14.8 billion. These impressive results can be attributed to the exceptional growth in CSL Behring, the company’s largest franchise, driven by significant patient demand.
CSL consists of three major divisions: CSL Behring, which focuses on biotherapies and plasma collection; CSL Seqirus, which develops vaccines; and CSL Vifor, which specializes in iron deficiency therapies. Despite facing challenges in a competitive market, CSL Seqirus outperformed its rivals, particularly with the adjuvanted influenza vaccine FLUAD. Meanwhile, CSL Vifor experienced growth in iron volume in Europe, even in the face of generic entrants.
Looking ahead, CSL has identified developing new and improved vaccines as a strategic priority. The company aims to broaden its scope beyond influenza and focus on mRNA COVID-19 vaccines. In fact, CSL has made significant progress in mRNA vaccine technology, with the approval of a self-amplifying mRNA COVID-19 vaccine in Japan. This achievement marks a historic milestone in CSL’s partnership with Arcturus Therapeutics. The company recognizes the importance of embracing technology and intends to lead in the development and manufacture of influenza vaccines, including cell-culture technology and the use of sa-mRNA technology for both influenza and COVID-19 vaccines.
CSL acknowledges the competitive nature of the global influenza vaccine market and anticipates an exciting acceleration of new vaccine technologies in the short-term. Despite a reduction in immunization rates due to the pandemic, CSL remains confident that its unique vaccine portfolio will continue to deliver value to public health systems. Seasonal influenza remains a significant vaccine preventable disease, and CSL Seqirus is focused on finalizing clinical work and regulatory submissions to launch commercial vaccines in major markets worldwide.
In addition to its success in the vaccine business, CSL achieved impressive growth in immunoglobin (Ig) product sales, reaching nearly US$5.67 billion, a 20 percent increase. This growth can be attributed to strong underlying demand for Ig, driven by patient needs in core indications such as Primary Immune Deficiency, Secondary Immune Deficiency, and Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). The company also made significant progress in plasma collections, with cost reduction and efficiency improvements through digital transformation.
Although CSL’s financial results were positive, the company experienced a slight decline in share price on the market. This decrease can be attributed to the company’s guidance for the 2025 financial year, which fell slightly below market expectations. CSL anticipates a revenue growth of 5 to 7 percent and an NPATA of between US$3.2 billion and US$3.3 billion, representing a growth rate of 10 to 13 percent.
Overall, CSL’s strong financial performance in the 2024 financial year showcases its commitment to innovation and its strategic focus on developing new and better vaccines. The company’s achievements in mRNA vaccine technology and its dedication to addressing unmet needs in the global influenza vaccine market position CSL as a key player in the biotech industry. With continued investment in research and development and a focus on driving long-term value, CSL is poised for further growth and success in the years to come.
