The company continues to delight the market.

The core IVIG franchise (middle-row, left) resumed growing again, this has been a key area of concern for the market, given the pandemic/border-closures/sourcing-blood-from-Mexico lead to a drop in plasma collections, in turn, with a sizeable lag, leading to reduced IVIG production.

Those plasma collection levels are now back at record highs.

The Seqirus vaccines business likewise expands at a solid clip, having been a fantastic addition to the CSL collection (turning it from loss making in 2016, to a solid contributor today).

CSL is expected to grow for a long time. Novel therapeutics, unmet clinical need, the recent Vifor acquisition (expands CSL into renal failure and iron deficiency treatments); all these underpin that growth trajectory. The only issue is the valuation.

We own it in our direct portfolios, but do feel much of this recovery in IVIG has been “priced in”, post the recent rally.

Important Information: This document has been prepared by Aequitas Investment Partners ABN 92 644 165 266 (“Aequitas”, “our”, “we”), a Corporate Authorised Representative (no. 1284389) of C2 Financial Services, (Australian Financial Services Licensee no. 502171), and is for distribution within Australia to wholesale clients and financial advisers only.

This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.

Please note that past performance is not a reliable indicator of future performance.

General Advice Warning: This document has been prepared without taking into account your objectives, financial situation or needs, and therefore you should consider its appropriateness, having regard to your objectives, financial situation and needs. Before making any decision about whether to acquire a financial product, you should obtain and read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) and consider talking to a financial adviser.

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