CSL lifts FY12 profit to US$1 billion

CSL (ASX:CSL) grew its FY12 net profit 4.5% to $983 million, despite taking a significant hit on exchange rates.

Revenue for the year grew 7% to $4.62 billion, thanks largely to strong sales at plasma protein therapeutics subsidiary CSL Behring.

However, the strength of the dollar throughout most of the year led to an exchange rate loss of $108 million.

“The appreciation of the Australian dollar masks the company’s excellent operating performance,” CSL's outgoing managing director and CEO Dr Brian McNamee said. “At constant currency, CSL’s profit came in above guidance, growing 16%.”

Revenue, too, would have grown 12% had currencies remained constant from last financial year.

McNamee pointed out that even with the foreign exchange impact, CSL reached a US$1 billion profit milestone this financial year.

The top performers in CSL's product portfolio for the year were immunoglobin products Privigen and Hizentra, McNamee said. Total immunoglobin sales grew 15% to US$1.7 billion ($1.62 billion).

Total specialty product sales meanwhile grew 18% to US$618 million. McNamee said hereditary angioedema treatment Berinert performed particularly well.

CSL is forecasting a 12% increase in profit for the current financial year on a constant currency basis.

The company has been conducting a $900 million share buyback. McNamee said that once this program concludes, the board will consider launching another $900 million buyback.

CSL (ASX:CSL) shares were trading 2.32% higher at $42.290 as of around 2:30pm on Wednesday.