Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> has reported strong financial performance in H1FY24, with revenue and net profit growing 11% and 20%, YoY, respectively. Growth was mainly driven by immunoglobulins franchise.</li>
<li>CSL reaffirmed FY24 guidance. Revenue growth is anticipated to be 9–11% YoY at constant currency. NPATA is anticipated to be $2.9–3.0B at constant currency, up 13–17% YoY.</li>
<li>The company is confident to deliver double-digit earnings growth over the medium term, citing strong demand for immunoglobulins and successful initiatives in plasma collections that are enhancing efficiencies.</li>
</ul>



CSL Ltd (CSL AU) has reported strong financial performance in H1FY24, with revenue and net profit growing 11% and 20%, YoY, respectively. Growth was mainly driven by immunoglobulins franchise.
CSL reaffirmed FY24 guidance. Revenue growth is anticipated to be 9–11% YoY at constant currency. NPATA is anticipated to be $2.9–3.0B at constant currency, up 13–17% YoY.
The company is confident to deliver double-digit earnings growth over the medium term, citing strong demand for immunoglobulins and successful initiatives in plasma collections that are enhancing efficiencies.


CSL Ltd (CSL AU): Double-Digit Sales and Profit Growth in H1FY24 Led by Immunoglobulin Franchise

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<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> expects strong growth in immunoglobulin franchise to continue following record plasma collections. Optimizing plasma collection costs, improving yields, and new products launches should support margin recovery.</li>
<li>In June 2023, first patient has received Hemgenix in the U.S. With global annual peak sales estimate of $2.4B in 2030, Hemgenix is a compelling opportunity for CSL.</li>
<li>CSL Seqirus is anticipated to deliver another strong year driven by demand for its differentiated products. The company began influenza vaccine shipment across the U.S. for 2023–24 influenza season.</li>
</ul>



CSL Ltd (CSL AU) expects strong growth in immunoglobulin franchise to continue following record plasma collections. Optimizing plasma collection costs, improving yields, and new products launches should support margin recovery.
In June 2023, first patient has received Hemgenix in the U.S. With global annual peak sales estimate of $2.4B in 2030, Hemgenix is a compelling opportunity for CSL.
CSL Seqirus is anticipated to deliver another strong year driven by demand for its differentiated products. The company began influenza vaccine shipment across the U.S. for 2023–24 influenza season.


CSL Ltd (CSL AU): Banking on Strong Growth in Immunoglobulin Franchise on Record Plasma Collection

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 14th (reported today) which has an aggregated short interest worth USD19.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in BHP, Champion Iron, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 14th (reported today) which has an aggregated short interest worth USD19.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in BHP, Champion Iron, Woolworths.


ASX Short Interest Weekly (Jun 14th): BHP, Champion Iron, Woolworths

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 31st (reported today) which has an aggregated short interest worth USD19.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wisetech Global, Pro Medicus, CSL, IDP Education, Boral, Woodside Energy, Mineral Resource.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 31st (reported today) which has an aggregated short interest worth USD19.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wisetech Global, Pro Medicus, CSL, IDP Education, Boral, Woodside Energy, Mineral Resource.


ASX Short Interest Weekly (May 31st): Wisetech Global, Pro Medicus, CSL, IDP Education, Boral

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported 18% revenue growth in Q4FY24, driven by C&amp;V and TBCT businesses. With the steady progress in profit improvement measures, operating profit rose 45%.</li>
<li>For FY25, the company expects revenue of ¥980B (up 6% YoY), operating profit of ¥165B (up 18% YoY), and net profit of ¥122B (up 15% YoY).</li>
<li>The company remains cautious and provided a conservative FY25 guidance. Improvement in any its assumptions provides room for upward revision of the guidance.</li>
</ul>



Terumo Corp (4543 JP) reported 18% revenue growth in Q4FY24, driven by C&amp;V and TBCT businesses. With the steady progress in profit improvement measures, operating profit rose 45%.
For FY25, the company expects revenue of ¥980B (up 6% YoY), operating profit of ¥165B (up 18% YoY), and net profit of ¥122B (up 15% YoY).
The company remains cautious and provided a conservative FY25 guidance. Improvement in any its assumptions provides room for upward revision of the guidance.


Terumo Corp (4543 JP): Q4 Result Beats Guidance; Double-Digit Profit Growth to Continue in FY25

Australia

CSL Limited develops, manufactures and markets human pharmaceutical and diagnostic products derived from human plasma. The Company's products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

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CSL Ltd (CSL AU)

CSL Ltd (CSL AU): Double-Digit Sales and Profit Growth in H1FY24 Led by Immunoglobulin Franchise

In H1FY24, CSL reported 23% YoY growth in revenue from Immunoglobulin. The company has reaffirmed FY24 guidance. FY24 revenue and NPATA are...

Tina Banerjee

CSL Ltd (CSL AU): Banking on Strong Growth in Immunoglobulin Franchise on Record Plasma Collection

In FY23, plasma volume grew 31%, while plasma collection cost declined ~14% YoY and down 17% from the peak. In FY24, revenue and profit are...

Tina Banerjee

ASX Short Interest Weekly (Jun 14th): BHP, Champion Iron, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Champion Iron, Woolworths.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (May 31st): Wisetech Global, Pro Medicus, CSL, IDP Education, Boral

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, Pro Medicus, CSL, IDP Education,...

Ke Yan, CFA, FRM

Terumo Corp (4543 JP): Q4 Result Beats Guidance; Double-Digit Profit Growth to Continue in FY25

Terumo reported 18% revenue growth in Q4FY24, with operating profit up 45%. FY25 outlook includes revenue of ¥980B, op. profit of ¥165B, and net...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSL Ltd (CSL AU): Double-Digit Sales and Profit Growth in H1FY24 Led by Immunoglobulin Franchise

In H1FY24, CSL reported 23% YoY growth in revenue from Immunoglobulin. The company has reaffirmed FY24 guidance. FY24 revenue and NPATA are...

Tina Banerjee

CSL Ltd (CSL AU): Banking on Strong Growth in Immunoglobulin Franchise on Record Plasma Collection

​In FY23, plasma volume grew 31%, while plasma collection cost declined ~14% YoY and down 17% from the peak. In FY24, revenue and profit are...

Tina Banerjee

ASX Short Interest Weekly (Jun 14th): BHP, Champion Iron, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Champion Iron, Woolworths.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (May 31st): Wisetech Global, Pro Medicus, CSL, IDP Education, Boral

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, Pro Medicus, CSL, IDP Education,...

Ke Yan, CFA, FRM

Terumo Corp (4543 JP): Q4 Result Beats Guidance; Double-Digit Profit Growth to Continue in FY25

​Terumo reported 18% revenue growth in Q4FY24, with operating profit up 45%. FY25 outlook includes revenue of ¥980B, op. profit of ¥165B, and net...

Tina Banerjee

In FY23, plasma volume grew 31%, while plasma collection cost declined ~14% YoY and down 17% from the peak. In FY24, revenue and profit are...

Terumo reported 18% revenue growth in Q4FY24, with operating profit up 45%. FY25 outlook includes revenue of ¥980B, op. profit of ¥165B, and net...