In CSL's business, there is often some years between when money is invested (in R&D) and any return resulting from that investment. Various reasons, such as the time it takes to collect evidence and gain regulatory approval.
As you say, this can mean moneys invested which have not YET produced a return, may still contribute to future returns. [There is also a risk, associated with research, that investment does not produce a return, but anyone who has made an informed decision to invest with CSL will be aware of that].
CSL tends to be conservative in their predictions. I'd much prefer that over (say) a company like Tesla, which has a CEO who makes big promises that the company comes short on delivery. Over the long haul, CSL has tended toward under promising but over delivering, whereas Tesla leans toward over promising but under delivering.
CSL Price at posting:
$240.36 Sentiment: Hold Disclosure: Held
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