Ann: CSL Half Year Results Investor Presentation, page-22

Dissapointing result.

I would not be suprised if it was borderline on whether they needed to downgrade guidance.

Analysts were questioning ability to maintain guidance on the call, supposedly Sequirus is going to get a little boost in second half from pandemic sales and comtinued help from Behring.


Still, with the weak first half that looks dicey. To my mind seems like they'll just scrape into the 10%, but its not out of the question CSL downgrades in "confession season" around May/June.

Despite good margin recovery above expectations in Behring, management was not willing to upgrade timeline to return to pre covid or move up from 100 and a bit basis points per annum improvement guiadance. The full recovery is towards to the back end of the 2 to 4 year timeline. This is quite dissapointing and will lead to analysts downgrading eps.

G&A costs were also above expectations and it is dissapointing the company isn't getting much operating leverage despite most of the growth coming from existing lines (as pointed out by analysts on call). So elevated costs miss.

Vifor seemed OK, dilling back sales and marketing to improve bottom line and suppsedly new markets going to be opening up. GP margin did improve a but which was positive.

Vaccine business now the problem child, though this seems cyclical and not structural to my mind. It is understandable there is a "hangover" from elevated covid usage and changing attitudes can change again, particularly if there are bad flu seasons in the future.

@madamswer offered great analysis.

Sadly and very soft result and again, I think a risk of downgrading the NPATA growth band in prior to EOFY.