CSL’s profits up 30%, explaining 1.8m-sq-ft Illinois operation expansion
CSL, an Australian-based biotech manufacturer, revealed in its full year results that it had achieved a post-tax net profit of $1.7bn ($2.34bn AUD).
The press release regarding its financials for the full year-to-date also suggested that it expects growth of 10-14% for the year to come.
The full details revealed that the company’s US subsidiary, CSL Behring, was responsible for the lion’s share of the sales generated by the company ($6.6bn in sales against total sales of $7.5bn). In addition, this part of the business grew by 11%.
CEO, Paul Perreault, also pointed towards the launch of several products, including Haegarda and Idelvion, as part of the reason the company has seen such growth.
In addition, he noted that it had opened 27 plasma collection centres in the US, as part of an expansion plan to bolster its CSL Plasma division – a subdivision of CSL Behring.
Rapid expansion in the US
The success of its CSL Behring unit explains why the company felt secure in an announcing a massive 1.8m-square-foot expansion to its campus in Kanakakee, Illinois.
The plans for the site, announced earlier this year, could take as long as 12 years to complete.
How much the company is investing in the development was not released but it is currently completing construction of its ‘CSL South’ building, a space of 300,000-square-foot, which cost $240m.
The company is also set to further invest in a 74-acre site in Bourbonnais Township, located next to its current campus, which has already been purchased but with no announcement made to the public regarding its plans for the site.
