Stock in CSL rose as much as 3 per cent on Wednesday after the Australian biotech company reported half-year profits had risen 12 per cent year on year.
Net profit after tax for the six months ended December rose $87m from the same period in 2015 to $806m, besting a revised January estimate by $6m. Revenue rose 18 per cent year on year to $3.677bn to push earnings per share up 14 per cent to $1.77.
Chief executive officer Paul Perreault noted supply constraints at competitors had boosted CSL’s sales for the period, adding that such conditions “are expected to normalise in the second half as the competition has indicated they are back on track.”
The company last month raised its forecast for profit growth to as high as 20 per cent for the 2017 financial year, prompting shares to jump as much as 11 per cent at the time. At A$118 in late afternoon trading, shares in CSL are up 17.5 per cent in the year to date.