CSL's FY14 profit grows 8% to $1.4bn

CSL (ASX:CSL) grew its FY14 profit by 8% to US$1.31 billion ($1.41 billion), despite the impact of a settlement in a class-action lawsuit against the company.

Revenue grew 8%, or 9% in constant currencies, to US$5.5 billion. Plasma subsidiary CSL Behring accounted for US$4.9 billion of this revenue, with sales up 10% in constant currency terms.

Immunoglobulin product sales grew 12% to US$2.32 billion, while albumin sales increased 16% to US$694 million. But haemophilia product sales fell 4% to US$1.06 billion.

Vaccines division bioCSL meanwhile reported sales of $433 million, down 4% in constant currency terms.

Announcing the result, CSL CEO Paul Perrault said the company had made progress turning around bioCSL, “although considerable work remains. Our decision last year to create a separate business unit is paying off with a range of targeted efficiency and growth initiatives underway.”

The company opened its new biotech manufacturing facility at Broadmeadows in May and also recently completed construction of its new Privigen facility in the Melbourne suburb.

The year’s financial results were impacted by CSL’s agreement to pay US$64 million to settle a class-action lawsuit in the US accusing the company of conspiring to drive up the price of plasma-derived protein therapies.

Based on FY14 exchange rates and excluding the impact of variables that might influence its performance, CSL is forecasting a 12% increase in net profit for the financial year ahead.

CSL (ASX:CSL) shares were trading 3.01% higher at $67.520 as of around 12.30 pm on Wednesday.