CSL +3.73%: Strong today following a marginal beat in FY23 at the earnings line ($2.44bn v $2.19bn exp) as plasma collections were solid, volumes up 31% and now at record levels while the costs associated with collections fell. This includes donor compensation and labour, declined ~14% over the previous year and ~17% down from the peak in March 2022 – an interesting trend. They re-affirmed FY24 guidance with better-than-expected FY24 capex guidance, offset by slowing plasma collections growth. The increase in plasma supply is key here, as it underpins the company’s ability to manufacture plasma products and enables CSL to meet the underlying patient demand for core plasma products.
- CSL still sees NPATA at constant currency of about $2.9-$3.0bn (mkt was already at top end) driven by revenue growth of 9-11% in constant currency terms.
- A good result no doubt, but not a significant game-changer.
MM remains neutral CSL ~$275
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