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CSL (ASX:CSL) share price lifts amid ASX 200’s best day in 8 weeks

It has been a good day for the global biotech’s shareholders…
The post CSL (ASX:CSL) share price lifts amid ASX 200’s best day in 8 weeks appeared first on The Motley Fool Australia. –

The CSL Ltd (ASX: CSL) share price edged higher today despite no news having been released by the global biotech.

However, the S&P/ASX 200 Index (ASX: XJO) has had its best day over the past 2 months, buoyed by positive investor sentiment.

At the closing bell, the CSL share price finished up 1.13% to $308.32. In comparison, the ASX 200 Index ended the day 0.58% higher at 7,460 points.

A recap on CSL’s performance

Last month, CSL provided investors with its full-year scorecard for the 2021 financial period.

The group delivered a strong result against a backdrop of very challenging conditions brought on by the global COVID-19 pandemic.

Regardless of the uncertainty and complexities faced, CSL’s Behring and Seqirus businesses recorded robust growth. However, the CSL share price fell on the result.

CSL Behring revenue rose by 6% thanks to strong demand for its immunoglobulin portfolio. This was led by its market-leading subcutaneous product, Hizentra. Sales rose 15%, driven by a preference for home administration and uptake for the treatment of Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).

On the other hand, its influenza vaccines business, Seqirus, recorded an exceptionally strong performance with revenue up by 30% (constant currency). This was driven by record demand for seasonal influenza vaccines.

CSL noted that COVID-19 presented challenges for the collection of plasma, an essential raw material used in the production of its therapies.

Current plasma numbers are said to be around 20% below the levels recorded in FY20.

While plasma collections across the industry were adversely impacted, the company implemented multiple initiatives to mitigate this. As such, 25 new facilities were opened to attract lapsed and new donors through its doors.

Furthermore, marketing initiatives were also implemented to draw back its existing customer base.

In FY22, the company plans to open another 40 centres, expanding its presence mostly across the United States.

More on the CSL share price

Uncharacteristically, it has been a turbulent year for CSL shareholders. The CSL share price has recorded a modest gain of around 6% over the past 12 months. Year-to-date, the company’s shares are up by around 8%.

CSL has a price-to-earnings (P/E) ratio of 38.55 and commands a market capitalisation of roughly $140.4 billion.

The post CSL (ASX:CSL) share price lifts amid ASX 200’s best day in 8 weeks appeared first on The Motley Fool Australia.

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More reading

2 ASX shares that won’t stay cheap: fund manager

Is the CSL (ASX:CSL) share price too expensive right now?
These ASX 200 dividend shares are about to dish out $40bn to shareholders

How is the CSL (ASX:CSL) share price performing against its sector in 2021?
How have ASX healthcare shares performed during the August 2021 earnings season?

Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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