Csl Limited · ASX:CSL
Csl — H1 2002 Earnings Presentation
25 slides from Csl's earnings presentation, Feb 19, 2002
Slide 1: CSL Limited
CSL Limited AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 2: Progress 2001/02
Progress 2001/02 • Strong Financial Performance – Revenues increase to $595.6m 73% – EBITDA increase to $143.6m 81% – NPAT(before Amort) to $77.6m 108% – NPAT increase to $57.5m 111% – R&D investment increase to $49m 53% AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 3: Sales by Business Unit
Sales by Business Unit December 2001 $589.8m ZLB Plasma Services Animal Health 17% 5% Biosciences CSL Bioplasma 12% 15% Pharmaceutical 15% ZLB Bioplasma 36% AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 4: Total Revenues
Total Revenues $700 595.6 $600 $500 343.5 Million $400 $300 214.1 $200 $100 $0 1999 2000 2001 Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 5: Operating Profit after Tax
Operating Profit after Tax $70 57.5 $60 $50 $40 Million 27.3 $30 18.6 $20 $10 $0 1999 2000 2001 Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 6: NPAT before Goodwill
NPAT before Goodwill $90 77.5 $80 $70 $60 37.3 Million $50 $40 $30 18.6 $20 $10 $0 1999 2000 2001 Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 7: EBITDA
EBITDA 143.6 $160 $140 $120 $100 79.2 Million $80 41.9 $60 $40 $20 $0 1999 2000 2001 Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 8: R&D Investment
R&D Investment 49.0 $50 $45 $40 32.1 $35 $30 22.9 Million $25 $20 $15 $10 $5 $0 1999 2000 2001 Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 9: Business Unit Performance
Business Unit Performance AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 10: Business Unit Performance: Plasma Services
Business Unit Performance • Plasma Services – Revenue of $100m for first 4 months – Collection’s exceed forecast by 6% – Complex integration almost complete – One off adverse impact on CFO of $21m AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 11: Business Unit Performance: ZLB Bioplasma
Business Unit Performance • ZLB Bioplasma – Revenues increase 111% to $217m – Product demand profile • IVIG • Albumin AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 12: ZLB Sales & Marketing Initiatives
Business Unit Performance • ZLB Sales & Marketing Initiatives – Increase size and reach of sales team – Improve reach into Home care segment – Launch branded IVIG mid 2002 – IVIG product enhancements AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 13: Group Inventory Levels
Group Inventory Levels • Group inventory growth $166m – Plasma Services $ 33m – Foreign exchange $ 20m – JRH Biosciences (growth) $ 11m – CSL Limited (influenza) $ 7m – Sub-total $ 71m – ZLB Bioplasma $ 95m AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 14: ZLB Inventory Levels
ZLB Inventory Levels 266 $300 $250 $200 154 Million $150 $100 $50 $0 June Dec Half year ending 31 December AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 15: ZLB Inventory Cycle
Business Unit Performance • ZLB Inventory Cycle – Jan - Jun 01 filled Novartis gap in distribution system – Jul - Dec 01 normalised pattern of inventory cycle plus one off & initiatives – Normal inventory cycle 8 to 9 months • Plasma cycle 3 mths • Manufacturing 3 mths • Finished products 2-3 mths A
Slide 16: ZLB Inventory Levels
Business Unit Performance • ZLB Inventory Levels – Delayed sales as result of Sept 11 – Plant optimisation initiative – Increase volumes of recovered plasma collected (new FDA guidelines May 02) – Will take a full cycle to reduce by approx $35-40m AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 17: Swiss Taxation Relief
Business Unit Performance • Swiss Taxation Relief – Agreement for a period of 10 yrs – Applies to Bern Cantonal Taxes – Effective tax rate expected to be in the order of 12 % – Significant Canton decision AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 18: Bioplasma (Australia) and Pharmaceutical
Business Unit Performance • Bioplasma (Australia) – Sales growth 4% – Impact of donor deferral • Pharmaceutical – Sales growth 28% • Tramal® sustained release • Export influenza vaccine – Normal yielding influenza strain AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 19: Biosciences
Business Unit Performance • Biosciences – Market conditions remain strong – Sales increase 44% – Capacity planning under way AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 20: Animal Health
Business Unit Performance • Animal Health – Spirovac® USDA registration milestone – Underlying growth 10% excluding Bayer contract in 2000 – Bovigam® TB diagnostic licensed in the US (patented technology) – Domestic sales increase 13% AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 21: Clinical Trials Update
Clinical Trials Update • Merck and HPV • ISCOM® Adjuvant – Chronic viral infection: CerVax™ 16 – Human cancer antigen: ESO-1 • HCV with Chiron AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 22: Clinical Trials Update
Clinical Trials Update • rAntiD for HDN • Fibrin Bandage • rHDL and stroke AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 23: Current Initiatives
Current Initiatives • Plant optimisation • ZLB capacity expansion • US market reach • European market development • Influenza capacity expansion AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 24: Shareholder Value
Shareholder Value • Key financial focus remains creation of shareholder value • Growth and international market access • Innovation • Leverage technological advantage AUSTRALIA’S BIO-PHARMACEUTICAL COMPANY
Slide 25: Group Results
Group Results Half year ending December 2001 2000 $m $m Sales 589.8 335.4 Other Revenue 5.8 8.1 Total Revenue 595.6 343.5 Depreciation/Amortisation 55.1 35.1 Net Interest Expense/(Income) 15.2 6.0 Tax Expense 15.9 10.8 Profit after tax before Goodwill Amortisation 77.5 37.3 Amortisation of Goodwill