Australia’s biotech company CSL Ltd experienced a significant dip in its stock as its influenza vaccine division, Seqirus, and recently acquired anaemia therapy unit, Vifor, faced a bleak outlook. CSL’s shares plummeted to their lowest point in nearly two months following disappointing news regarding the Phase III trial of its drug CSL112, which aimed to address heart attacks. The company also projected a loss for Seqirus in the second half of fiscal 2024 due to decreased seasonal demand for flu immunizations. Additionally, CSL revised its near-term growth forecast for Vifor amidst challenges in the iron market. Despite these setbacks, CSL maintained a positive annual profit outlook, with expectations of double-digit growth over the medium term, thanks to the success of its immunoglobulins business, Behring. The company reported a robust rise in plasma collections for Behring, which bolstered its half-year period ending on December 31. CSL remains optimistic about the future, relayed by its projected profit of US$2.9bil to US$3bil for fiscal 2024, excluding certain asset revaluations and one-off costs, compared to US$2.44bil from the previous fiscal year. CSL anticipates continued growth in plasma donations, driven by decreasing compensation for donors and labor. With these developments, CSL looks to sustain its position as the world’s largest blood plasma company after a string of substantial acquisitions.
CSL’s Flu Vaccine & Anaemia Therapy Units Forecast Weaker Outlook, Shares Drop
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