2022年12月18日

分享传入CSL首席执行官保罗·麦肯齐将无法依靠增长动力,推动该公司在过去的五年里,当他踏入工作明年3月,但分析师说这就是为什么他是合适的人选。了年的强劲的收益增长由CSL的流感疫苗业务Seqirus及其专业产品Kcentra Haegarda,新CSL首席执行官保罗·麦肯齐将需要找到操作效率在短期内保持利润增长,虽然等待产品管道通过临床试验进展,希望监管机构批准。Barrenjoey扫罗Hadassin说中超需要找到操作效率继续推动强劲的利润增长。“有意义的业务发展的方向。投入了大量的资本支出和设施在过去的几年里,”他说。”是有道理的人与麦肯齐的背景,以确保他们生成适当的投资回报……从等离子体的角度CSL仍将是资本密集型,和这是一个复杂的制造过程……(和麦肯齐)的人可以看看过程,理解它,看看它如何添加额外的价值更广泛的业务。“广告上周CSL开设了一个新的9亿美元的血浆分离工具,Broadmeadows南半球最大的。在过去的十年中,它已投入约20亿美元。 It is part of a multi-billion dollar expansion program currently underway in Australia, which includes its next-generation influenza vaccine manufacturing facility in Melbourne’s Tullamarine and CSL’s new global headquarters and R&D facilities based out of Melbourne’s biomedical precinct in Parkville. Paul McKenzie will takeover from CSL CEO Paul Perreault in March. Eamon Gallagher It was particularly important for the biotech giant to find operational efficiencies at this time, Mr Hadassin said because it does not have the pricing leverage to offset inflation that other companies have. “CSL isn’t immune to [inflation pressures]. It has internal labour costs, collection costs, donor fees, and consumables,” he said. “For the next few years, it needs to drive operational improvement on the basis that it’s not in the position [of companies] in other sectors where they can just put prices up and pass it onto end users.” Advertisement In the full-year to June 30, CSL suffered from a 5 per cent fall in net profit to $US2.3 billion, as a result of lower plasma donations during the COVID-19 pandemic, which constrained sales of its core immunoglobulin therapies. Its revenue, however, rose 2 per cent to $US10.6 billion, driven by an “exceptional” performance from Seqirus, Mr Perreault said at the time. Hallmark of success The transformation of the Seqirus business - a combination of bioCSL and Novartis’ flu vaccine branch which CSL acquired - has been one of the hallmark successes of Mr Perreault’s tenure at the $141 billion company. When CSL acquired the asset from Novartis in mid-2015 (after the deal was announced the year earlier), it was a disorganised loss-making money pit, which lacked focus. This year, it generated almost $US2 billion in revenue (up 13 per cent) and was responsible for about 25 per cent of the company’s $US2.3 billion in net profit. Advertisement “There was a significant improvement in profitability,” Mr Hadassin said. “[But] Seqirus has reached a point now that it’ll be more difficult for CSL to grow the earnings base by 20 per cent-plus.” While Seqirus is a more mature business, the company will likely see a rebound in growth from its immunoglobulin and albumin products, driven by donations increasing again post-pandemic. But, due to the complex manufacturing process, these typically have a lower margin than its specialty products. In the short-term the other big challenge for Mr McKenzie will be the integration of CSL’s new renal and iron deficiency business Vifor. Renal products is an adjacent field for CSL, so there wasn’t an existing asset base for CSL to be able to gain operating leverage by joining the two entities. MST Marquee senior analyst Andrew Goodsall said in a note Mr McKenzie was “operationally astute and culturally aligned” and had been a key supporter of the Vifor deal. Advertisement