CSL mandates COVID jabs, eyes big profit

·1-min read

Biotechnology firm CSL says it will mandate COVID-19 vaccines for its Australian and US workers.

In a speech at its annual general meeting on Tuesday, CSL chair Dr Brian McNamee told investors Australia's economic rebound from the pandemic is dependent on vaccination uptake.

He also noted the AstraZeneca vaccine, which the company manufactures in Australia, had been subject to "perhaps disproportionate criticism."

The company saw both revenue and net profit rise about 10 per cent in the 2020/21 financial year, and continues to expect a net profit for 2021/22 of up to $US2.25 billion (about $3 billion).

That would be slightly less than the fiscal 2021 profit of $US2.38 billion (about $3.2 billion), in part due to increased costs associated with plasma collection during the pandemic.

CEO Paul Perrault said while plasma collections have rebounded, they have not yet returned to pre-pandemic levels.

But sales of CSL's seasonal flu vaccine have jumped 41 per cent and sales of its albumin liver protein product were up 61 per cent.

The company is building new production and research facilities in Melbourne.

In 2020/21, the company increased its total full-year dividend to $US2.22 per share (about $3).

CSL shares traded at $287.50 each ahead of the opening of the Australian Securities Exchange on Tuesday.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting