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.
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