I'm by no means an expert on CSL, however a few things stand out to me in the financials.
1. GP margin recovery in Behring looks to be improving faster than anticipated. This will drive a lot of the bottom line growth for CSL going forward.
Big Tick.
2. Vifor was expected to go backwards this year and even possible next year. Looks like they have some pockets of growth with new products. Operating result was well ahead of expectations (Despite the Marketing spend reduction).
3. Seqirus is well behind expectations. It looks like the market was right to be worried about the JFK affect. However, I wonder if the market will utlimately view this as a more cyclical trend. Not a lot of growth has been atributed to Seqirus over the medium term anyway.
Not sure how the market will react, however if it reacts to the negative headline and surprise in Seqirus, could be missing the bigger picture regarding Behring operating leverage and Vifor possible turn around.
I think it's a pretty ok result. Market has been pretty hard on the stock so could go either way I guess.
(20min delay)