Ann: Half Year Results Analyst Presentation, page-17

yeah there is nothing skewiff about the business, it probably has the best track record on the asx by far.

the one and only concern i have with csl is the massive r&d expenditure for csl-112 which has been coming for a while but of course the market (especially retail investors) has trouble looking through the numbers and seeing that the 500mill r&d investment in csl-112 massively skews the numbers.

madamswear try running the numbers for h2 with say a 100 mill decrease in expenditure and you might find that a full year npat of >1.65bill is in line with the 66% h2 figure for 2017.

remember also that sequiris did not make the same contribution and thus skew the numbers in fy 17 h1 and h2 and that this means the seasonality of flu vaccine expenditure is a new factor in analysing csl earnings that will continue to have a similar or increased effect in fy19-20 and beyond, depending on the proportion of group ebit contributed by sequiris.