CSL Limited (CSLLY) 17 Aug 222022 Q4 Earnings call transcript

Thank you for standing by and welcome to the CSL Limited Full Year Financial Results Conference Call. [Operator Instructions] I’d now like to hand the conference over to Mr. Mark Dehring, Head of Investor Relations. Please go ahead.

Good. good and and operator you, morning welcome. everyone Thank Operating in Paul Linton, Perreault, have CSL’s Chief with Chief room, here me Chief McKenzie, Paul Joy I CSL’s the Executive Officer; and Officer. Financial CSL’s Officer;

an As to with an the on to provide limit and doing opportunity results to the will and will giving financials. and a Joy will additional that overview Q&A. two. could then then move of question, operations some you practice, questions past your Paul everyone provide details view And with ask we In please to

If you this slide the disclaimer contained to briefing now welcome I have to draw before you note webcast. forward rejoin statement Paul will Paul? Perreault. being I do to lastly, And further are of deck. pass attention the is Please in you we questions, the over queue. start, course your

thank today. Thank everyone and joining and morning for call you, good you the Mark

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we billion same have larger which cash. the of Vifor being We are horizon the Vifor on, significantly A strategic could credit of ratings, $X.X a hope the have be but the broader deal dedicated with takeout acquisition, came merits our And at I its flexibility. can company, financial in have talking have now a kept time, all paid own we incidentally at go a more and for our October now strategic and make CSL we we you briefing about of it. I will retained the

environment. probably a top now to So, guidance of delivered XX,XXX in good the into of before detail, our it the And would the COVID CSL employees. get end CSL turning to at out a me our results. has I global call not challenging result remiss very be

patients displayed last the commitment emergence Over around the public to resilience years, with health employees on unwavering and our our enormous deliver promise the of of COVID, protection world. the few since have to an

We team focused be our executing am on I XXXX continue today. strategy what CSL to the than couldn’t in the invest I prouder on of business any and and remain

and products billion, been previous at year, slide. profit the products collections which and manufacturing the at emergence sales future. year $X.XX ‘XX. higher current the to plasma from to cycle that continue inflationary up topic the in anticipate have costs pressures all pleased fiscal this the of major of constant between collection liter previous been provided at top the this we and XX% chain year came strongly, have say immunoglobulin we business, long since was the collected will the constrained currency growth into growth year, constant of plasma we the plasma, of financial XX performance X% months. the COVID and two to have in a A throughout of extract rate over Behring underpin guidance the of every to net strong our has moving So volume am In have end after-tax financial plasma momentum CSL remembering albumin, plasma margin plasma aim by collections. challenges, and Revenue our at contributed X result. up sales compression I half that Supply grown

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We and forth strategy that set continued Seqirus. execute we on CSL the innovation to for

the ‘XX that. across R&D of year and will and to enterprise in beyond major component drive continue We sustainable is growth a fiscal

formally, welcome As such, CSL we to we that now long-term earlier, as Group. to Vifor continue invest growth. mentioned mid the CSL in Vifor will And both I deliver programs to

are as today. this in position, said, a I discuss not We to

value for However, strategy CSL we drivers. an Vifor market CSL will and the portfolio XX, growth to CSL hear October as key is some into product well Monday, team opportunity insights scheduled have as as management discuss Vifor’s of investors briefing when Vifor CSL its execs from

our So, have performance hemophilia B up IDELVION, of XX%, the very IDELVION. does major all launched strong was where market-leading for markets which a we Behring, from in this standard CSL remain product, care

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lower plasma Our last collected year. a franchise immunoglobulins of of declined volumes core reflection X%, financial the

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North revenue, the CSL Behring revenue, up our continues market CSL X%. split geographic XX% terms be In of largest of for America accounting total to Behring of

next Our revenue. supply And the is really declined market, tightness. in felt we this where impact Europe, X% biggest of Ig

was in a Asia-Pacific China. result the demand strong albumin of primarily as up XX%,

Slide in to on immunoglobulins. Moving X

constrained supply is earlier, by mentioned and plasma core last year I factor. the limiting been sales collected As have

performance are we half that are in evidenced second Ig. a We improved seeing by strong optimistic momentum

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Just a Products. Specialty comment on

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to XX Turning Slide plasma and collections.

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continue to momentum. gain We

remain. pandemic is are issues there some The industry-wide However, that ongoing.

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which The calendar Turning slide, collected. to a the next the liters ‘XX. donors per for ‘XX good line is year gray graphic, is black red week ‘XX, proxy and

for You manufacturing bring as outlook volumes, well-positioned The and business overall. prior with which now growth plasma investment, team With executing opened continued Plasma grow post-COVID stone year and is regards sales capacity unturned increasing of more more through I’d about new the volumes. beginning mentioned period, see more initiatives for growth plasma XX increase. demand Behring plus collection ‘XX. gives our to positive can together. to underlying elements pandemic, XX% improvement was the indicators. been key capacity, a the CSL has the than centers that’s collection in the the no to And evaluating when left good since the before, Fundamentally, on I CSL like growth extremely confidence fiscal XX% has us clearly and have

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U.S. type only to diagnosis in X data X have indicators Tier as has come the why The per consumed process, markets of home plasma, the an jigsaw. Demand they part when respiratory We with and answer. to Many are leading U.S. Demand part convenience HIZENTRA of opportunities completed strong pursuit Bern, and Ig continue Modules now for groups ear we to campaigns targeted albeit infections. are disease rates are X will not remind continue currently continue analytics. system. of the want are the infections to treatment immune is awareness continue usually will our of diseases Europe our Even and through live are the disease incidences treatment of consumption their require of in from projects Xx Ig other Patients invest rate invest Ig. you to continue world almost maximizing U.S. one suppression reason important there additional three in the to We of at of though I growth, we to in ongoing of unaware similar physicians Ongoing geographies, forces types yield supporting from at Many Collecting that recently then returning. liters Investments using CIDP costly, some and and population robust. remain preference even products. of patients treatment. are the has this treat but and of demand of to rebuild to the infections. the these for outside is which secondary the new disease drive only the include added necessary. quarters but These patients. X These HIZENTRA million only approximately compared driving prior Ig still immune immune of intravenous Ig It cancer Privigen, remain system And of absolutely have capacity. growth multiple grow. immune-deficient that to only undiagnosed. is treatments run now continues head that in Patient in is to including facilities. are across also not. seeing patients, primary are unnecessarily bronchitis, need the needs for patients

to with most CSL collection for collections CSL to not leave At this. to we could both better leading largest be efficient. Behring just and capabilities to and continue we I say want the the a front. industry’s company and move Operationally, Seqirus, CSL be Behring, Before are I on capacity plasma innovate and manufacturing placed

We everything to we patient patient our doing sure are satisfied ensure products. and can demand that, with possibly demand is that make

Now Slide our on and changing XX CSL gears vaccines business, in moving to Seqirus. influenza

as As has short were XX%. with delivered The of CSL year revenues the mentioned vaccine said The dominant adjuvant in awarded fiscal ‘XX. CSL of influenza were Seqirus XX%. CSL up with contract technology. vaccine time. both CSL growth, Total products, FLUAD, for from year first continues was using earlier, highlights. They to the billion pandemic growth doses and reflects virus shift saw and ongoing platform In $X seasonal EU of Seqirus up in combination Seqirus development an a differentiated CSL for adjuvanted in of CSL strong outset, market our our $X in by globally Seqirus billion, the at XXXX. Seqirus influenza significant the some new delivered which UK up XXX increase BARDA, to fiscal A U.S. performance self-amplifying candidates achieve exceptional influenza constant the Hemisphere our product, U.S., distributed technology just XX% Continuing be I revenue government, currency particularly cell-based volume two the on mRNA also vaccines seasonal particularly with million operational of delivering XX Seqirus’ up I vaccines, the a record and Northern excess continues to and another XX%. which, Slide for

and on government from in of the from CSL Joint and Vaccination UK, and for we recognition Holly our Committee Springs. differentiated In the U.K, achieved achieve Europe the heightened the pandemic-ready successfully in Immunization launched products, We FLUAD Ireland. benefits have U.S. Seqirus designation to continued of the namely

We the the continue Advisory recommended team. one a the regulatory to pleased job FLUAD seasonal of adopted aged by for in Committee and great are work forward Practices the the CSL great, for Exciting U.S. to preferentially bodies over XX be adults and Seqirus that on opportunities with vaccines for CDC going Immunization

R&D Moving X. here, Slide held are just Day And to CSL on XX. November on we the is to R&D whilst be annual on virtually

So immunology, with secondary CSL to exciting level first-in-class line The provide tolerability. only that move Starting data some potential met of as the comments today we endpoints its primary that are for top in study announce pipeline our we so assets. some the developments a to also demonstrated the people safety through I’ll and and excited with and therapy results in garadacimab belief high mind, become primary for endpoint now approved, underscore and in for known XXXX. as garadacimab tracked HAE. These for EtranaDez, has transformative HAE, submissions will with with aims fiscal Notably, living the in authorities filing CSL a etranacogene, end regulators. this and launched U.S. fast the begin also achieved has been serving been patient to the the year group hematology, be CSL to years. in it many U.S. if by global with In for of has made approval that health for U.S. European positive was

to treatment Phase idiopathic results to line In this has of cardiovascular the fibrosis. development indication be completed Argentina. months enrollment U.S. was X study is been and beyond influenza homegrown and the it And In XX% and been for age FLUAD Moving Garadacimab monoclonal most notable strategy. complete. for over respiratory, that, of XX, With flagship for enrollment metabolic. another antibody. we on older calendar for Phase hand and CSL, course, trial going and now pulmonary primary X to in Phase HAE, will a treating The in sustainability end over XXXX, last potential completion provide data garadacimab achieving study over Joy? have Top thereafter. has to of once our molecule initiated Quadrivalent vaccines, some months an the the I year FLUCELVAX, the statements date CSLXXX and our a released now the analyzed. the study, will has be be am who with to financial progress achieved on with to X XX details is the to and XX Joy, well estimated with update of continues X adults patient

Paul and morning you, Thank good everyone.

Paul the has X% on extent financial CSL tailwind plasma of in main constrained after million. lower of The collections said of due expectations beginning, by was the strong IDELVION profit tax the On As Seqirus. a in a Ig adjusting top result, our at guidance. for billion, Paul basis, year performance at constant delivered billion, net result with and offset has of ‘XX, tax our X%. a CSL end features good sales the after decline was line $XX down which after to of the some $X.XXX Reported are a net to currency currency $X.XXX profit touched the and

margin fixed and absorption have caused We seen increased the Behring plasma expected. downward collections on cost this an gross has pressure CSL for higher cost that as and year,

result With ‘XX, over time. around higher collections increase vaccines, COVID of the being contribution will at ‘XX also FY effect not will have repeat on the the per be over acquisition with fixed strong and ‘XX a to this the and incurred the margin financial and start gross plasma of a volumes, FY in the from year The beneficial which $XX net in million. impact NPAT absorbed the Vifor unit over costs manufacturing to will the date cost a included associated contribution line,

Looking at the detail. in financials more

the issued was this XX% the the $X.X $XX.X down Our is billion, the EPS flow is capital driving $X.X of down XXXX December the plasma for NPAT this to was and increase an single the to from increase profit impacting changes improved in shares was X% were our collected. volumes the with costs vaccine was and was On we the the cash shares And investment of from due plasma increase in issue factors in the was EBIT R&D. liter increased this XXXX. Gross profit and significant billion, acquisition per prior we the main year. timing X%, returns. due total driving And X%. to the raising inventories factor higher as lower down biggest revenue was well profit part the and consistent to inventory and factor lower flow Cash tax before acquisition. up steady. January in the in in billion. to relating X% $X.X payables of operations Despite support as and trade Vifor billion basis, of reported rebates down Vifor influenza as net a Other

have our the bringing maintained per share. to total ‘XX share, financial the final per at $X.XX We year dividend $X.XX for dividend

the franked dividend up to shareholders, Australian For final translates AUDX.XX, approximately X% and is to XX%.

Turning to Slide the XX. results on segment

absorption plasma revenue costs the profit higher year, increase recovery. the revenue margin X%. other at was fixed to royalties to And has constant contract retaining and The in together margin significant CSL in the in that was and arrival the COVID been underpinned The of Gross cost gross And XX.X%. the as due received Behring’s down was manufacturing has delayed expected from and currency. of of the collecting at revenue now mentioned, with new gross decline beginning we I’ve vaccine. the increase variant the total of COVID-XX the up challenges staff as Behring, mentioned, CSL Paul calendar X% For AstraZeneca GARDASIL completed. a attracting

result, demand manufacturing vaccines efficiencies. an was revenue up continued Total XX%, and gross and reflecting up differentiation profit and XX% Seqirus strong the CSL for the strategy improved success influenza For exceptional of product our

basis. group’s with a constant on currency expenses the are changes slide for period next the the shown On the

to revenue. top XX% Our end investment of in to research billion, and of and development was guidance XX% the XX% $X.XX towards our up of

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to costs. comfortable our on plasma As improve, finished manage more level both that goods to will also meet inventory rebuild need over to demand have volumes of to to levels better continue but next we so able years chain our of supply we hand inventory couple patient the a be

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switching absolute both to cutting to which part emissions. our a new direct sustainable on Moving and sustainability is key emissions three These environment, reduction carbon we FY reductions and X serve across pillars annual aligned fuels with X decarbonize science-based sustainability months range targets. suppliers our reductions XX% baseline the and who environment as emissions contribute less By next our know, X pillar, of slide to the X road communicated target this X Scope through ‘XX. energy that are will and looks to two-thirds our operations manufacturing our efficiency, set global of Scope emission strategy, over average XX strategy initiative. as sites. Scope intend key X emissions against sources as And was carbon under today, carbon-intensive ensure our Scope the achieving more ‘XX of on initiatives, energy of announcing of workplace. by transparent to renewable of indirect reduction a a we targeting we time, Scope focused social emissions and redesigning you strategy and a increased X map the and to targets including XXXX, CSL towards pushing forward power, of Scope ago, And will Scope CSL

already of underway. work well this Aspects are

source today in UK and Bern, renewable energy. the Our Switzerland, facilities in in Liverpool,

our achieve target, we working our cell advocacy new headquarters will and collaborate. including supplier our facility state-of-the-art To and education through and new feature complex to Our revised innovate Marburg, be X R&D sustainable in also Germany, partnerships and enablement award Melbourne of with design standards features. range and will with strategic in suppliers Scope a in Melbourne, criteria, our through culture initiatives, procurement new

measures to we our the most goals. the for these scientific we the of continue and company, Sustainability As undertaking I these are meet enterprise. Board that And CSL finish At will some senior outlook. back with ahead. levels, Committee and hand who and data-driven comments up of Nomination to we set Corporate are the ensure right that the with to a chair, a oversight targets the Governance the analysis and road of with will accountability I to have culture Paul, And that, Committee specific creating across Executive will on

plasma coming to of that’s Joy. to fiscal and more cost to more see products, on plasma prevail ability us level collections year and Behring. and you, way. and demand our the let’s to confidence improvement strong needs in marginal a are in is that on sales that now We fiscal a effective meet Well, Ig higher is still thank specifically outlook expected The replenish looking the we look gives and XXXX, evident the for patient’s to expected inventory underpin so and future leader albumin. in And our ‘XX cost for a growth at year continued CSL

continue strong cost faced the challenges. to staffing be be continue whether that challenges product differentiation expect drive constraints the particularly FLUCELVAX. For And pressures, in logistics influenza environment CSL with to external inflationary will Seqirus, vaccines, demand for chain supply and our or the to we across enterprise,

be On practical constant ‘XX, guidance profit well the X% of of billion a expected to with at to the earnings to growth as range all contribution. the year range CSL at $X.X vaccine after currency. include constant and in acquisition year nonrecurring of COVID revenue tax fiscal CSL growth $X.X this the Group with Vifor to costs to terms associated This over a In for billion ‘XX CSL we will first XX% at the approximately the XX%. in of be to Guidance fiscal opportunity. expect currency, like-for-like represents XX% for the updated basis, as between excludes Vifor be net

course, rich build for questions. Of I strong up be absolutely of your absolutely to I and guess to disclaimers sustainable the presentation. start to track fundamentals usual the years certain, the am the close, now our we really to mentioned forward-looking of of record are happy to subject certain, will is at And business growth statements our pipeline and that, of this CSL we diversity that with that come. take as set are at our on the are

if you open Paul. I ask lines Good. to Thank the you, up. could Operator,

please. at Our ahead Andrew go Marquee. first question from comes Goodsall MST Andrew,

much very taking for my Thanks question.

a in etcetera. just of got Vifor a non-recurring just you it, results obviously, on a the Just where get I noise guess lot with rate, was? trading to sense landed where level on basis of you even base your of organic just or EBIT or sort trying an get your a just NPAT acquisition of sense to exit items, ballpark trying with think level,

you, Thank Andrew.

have to August of our of is closing on tried we what you Vifor tricky. on Xth think the the and acknowledge slightly announced do August the XXth here results acquisition of when that I CSL

– we we as are will market soon as the able. come we So back to are

at you and we just work the valued or to will acquisition And As a of know, the value going little the Vifor. need us how of whole that’s to a we do fair for accounting time. bit look be good take balance think also intangibles get sheet really

have very that do or million today our guidance basis. of so NPAT to today the underlying what legacy costs, to – what an acquisition point of CSL So XX% guidance accounts sort million then of FY on Vifor the do $X.X XX% guidance clear integration forward million think costs being clear of excluded to And is sure financial company, just in a performance we’re FY Note at here interest accounts. tried And including with Behring sort I’d ‘XX. notes $X.X any much the very underlying sit efforts, – business to $X.X ‘XX contribution the we contribution, the with we that numbers in are outlined Vifor we’ve to million I of repeat you have in vaccine doesn’t go-forward performance and Seqirus. $X.X forward we’ve that tried on the making the CSL COVID to costs, any to that on of X anything we’re be of transparent of The

Okay. That’s great.

about your business before XX% think is to sort underlying Vifor? XX% of So we

that’s Yes, correct. Yes.

Paul, exit question the just half the at margins it terms ahead. for gross look looking plasma perhaps of does And just my number sort rate a I in like reasonably for think And were that’s Behring. second probably clean just of second business,

are to know in the the quite We European on. amplifier considerably – price guess might volume I the comes I markets just, across you opportunity. shoots sort guess, more of, guess, that be is ask I that up of sort and seeing effect? Just green sort the Is you an that as you of

in and The affects are would know But up, weather come in say, it the at these mean, Andrew, they costs with that. donors, look of U.S. second good that improving confident affects that’s expected indicator. second rate we the I business, wintertime, would the of very affects staffing, things we well. the the is the that but quite that, Look, said issues been continue in are feel exit up, had the have rates, to kind variants half Omicron, we a it have we some the etcetera. I exit everybody half it having starting out massive as we than in in slower

we well. retain a in you takes normally those staff, at as year, are brand And to opened throughput of And centers, people cost staffing running getting we are new because that you center COVID. with thousands X high, that’s and had acquire is centers the have up the new, of and We And to to last not actually. staffing look right. X say it they years get all

it’s that, running. and And longer We rate of them has years X just pandemic, closer up opened that during the ramp of up the now start to been the since because to X centers. I’d have get to XX say pandemic

that first half, a the take when that’s we area. I the in up or make I at year really we trying we’re something quarters look would the to X% X%. about Ig on say fiscal sure that, in right we So previous for we’re half, where second at and that down say were previous would period. the were we look And

a with we portfolio I And the I’d and responsible costs minus our for we way. everybody’s at Pricing, might you aware. that pricing continue and so look optimize as at on. have other be their the just fiscal ended will opportunities eye well that we overall, tenders things to got just cautious up say on X% be year. would And in pharmaceutical to

you, Thank Andrew.

Our Saul Hadassin from Saul. next comes at Barrenjoey. question Go ahead,

general. question in Thanks Ig Mark. Joy. just on Good and Paul, morning, a Paul

come, in launch. an I indicator sales have say It albeit quarter change to if early next the CIDP seen indication CIDP first looks myasthenia is we product with all FCRN the your calendar positively Ig gravis. in first well, general. So the a year, at relatively about launch approved But like that is calendar those the outlook quarter out, Are in that year on indeed for data post is first stage there on think, ‘XX? you done spoke have that thoughts

Not really, Saul.

going very at trials. we that the results their still standard showed to a be think of Ig product from a This in the they least on are transformative care. bullish is I isn’t fact not interim

especially going outlook has to to is affect on has a been with happen decent but to say, sure, change unless strategic also the likelihood depending change rates rates the a you and have of in the fact our I penetrate they X this really completely the will my response major to and Ig in an year difference from affect And final Ig X,XXX terms I and lot cost product to growing Everybody demand So, takeover capita this a pointed overnight and share, it access, effect I chronic market pricing the have they it’s to to going get to we market, is a current to still the or get that had some and would disease of per areas where plan to underutilization that patients countries. make there’s results, Phase terms It’s transformational of PID efficacy a an for the like or in in a not IDELVION product. head grams of that in going think their with Ig some really Ig point of the standard not per care. want of out wants many still. don’t in sick If a SID. see interim demand,

for can’t And Ig, Ig During disease which to through the there the demand you telemedicine. that result. numbers have flavor be But of of still people of demand. rare of in tends frank, has need and rare every at of been have during looked I pandemic, COVID know mean people there day, the lot the U.S. U.S. is a a outside be diseases, lot the because diagnose diagnosis I less let’s satisfied of some

have time. face going history for face patients have You a long to through these to

really do opposed the the symptoms to condition to people testing these have to exhibiting. get to as You that multiple underlying are

things coming as access, hospital are we seeing testing office in normal to return a return back online. physician So, access, terms of

subside, apparently MRI waves, seemingly COVID that are the different get months months And we patients specialized COVID even and even testing come has in to done. – it you in couldn’t During take in, the get an after time done U.S. still and started just was access. for and even to although to

tell, So and we on from bullish, a you I perspective, think the perspective. might an I perspective, am very growth as patient that and still Ig very, from a see efficacy demand

on it. positive very am I so And

Paul. Thanks,

competitive Just to expected up had bit we what little than demand on was commentary pressures, pricing that. profile. the just The commentary underlying around a and around albumin probably I softer guess even

is liter over – core confidence there can that So, the where two few per the maintain still last you proteins next years?

Yes, yes.

why pricing confident things, for And a to with just more more to the a available will to very still that the widely understands it continues It I Europe of also the they think And really other wasn’t of is China plasma is China pressures bit just goes and in that back go tight It’s that’s nature the the in last strong. driver demand key was And everybody competitive that of be feel be get product I there. albumin that’s impact. had there available. sure. beast, right. terms still the years. problem pretty couple the to When over the collection for albumin issue because

kind I think across. I was So trying of get to that’s what

Thanks.

Low Go David David. from at comes question JPMorgan. ahead, next So,

collections, I starting reported we the as by your well. plasma mean see that with growth that’s strong the competitors been Just

should think mean, plus level we that volumes into ‘XX? is to think and albumin of in of FY extrapolating you that sales. going XX% immunoglobulin to volumes contribute about I in how in wondering that growth Just growth

mean No, long sell, for David, to we this goat. sitting, remember, this python with we system. don’t a a as a ready think start swallowed pass to that through I I look XX% the time a It takes take right. is

right. been all so that It’s in go we coming didn’t X month. as And XX% come

for But we inventory also to in that because exhausted I levels we’ve much have of mean a finished for has have confidence go gives from couple take the sure, been It other but process been fumes, it of through of about. our to we’ve care production the of going where have to stock amount we sure, inventory patients. that us we years So, also a right. because want limit collection. safety pretty we talked running countries had to long last our growth goods numbers our on point forward in of had ‘XX plasma

had you better levels to there underlying that just to you growth So of it, X% half I up. tomorrow. seen think an collected more I inventory back those you have that fact But about that than we Ig would think just the demand. if pump product we’ve I sitting about have as in even mean, think the second get to out can’t Ig, ready the extrapolate the and more, it’s all that XX% shows sell

year. So the it will happen over the course of

say half rate I exit So is would strong. half, second the into coming going that the out be of the first to moving

to be Second ‘XX. obviously appropriate time, cycles in me to and really giving time at a making this long the to do half we’ve all to out it guidance not And sell. that long lead really the get been we that. into past sure important it understand it these you markets can get stronger. looking moving because gives as I’m But think it’s will confidence I

well, you get markets growth XX%, that we’re Ig. bit supply. – that the probably So it XX% inventory math say, supplying happen that’s building it’s need you mean, you the more why through pipe effort – XX%, It and takes and to and on do the just the a while make get I

thought worth crystal I that’s was but clear, it No, clarifying.

you The was other the mean, centers. collection all I question CapEx. Paul, I had about talked

the is is capacity that – there coming those all need as coming about I not collection fractionation on online? You well. behind capacity of Is centers less that now Bern to capacity believe a expand talked of so and far Melbourne all

lead facilities licensed, long strategy there say in the out helps these be some mean, that David. in go. do actually needs of finishing still we’re look looking XXXX say near-term, I to business. years that the I to we’re off it capital our take because And Look, we and the would that times But other X just validated towards X because would some I because get to capital build XX will large years projects. and

R&D have to have facility which new XXX the this Marburg, in scientists. have capacity will We

help headquarters a We floors space, of of here have the Melbourne, also here biotech Australia. infrastructure two plus the number space of which incubator support has new lab in floors to in

cell is might have Tullamarine We have projects we’re when of which at and Banksia out the continue looking we culture facility. for project. is on, start next still to – to going the There big some and complete to

So closely to and very trying that we are manage carefully. obviously

concerned still are invested We return on capital. about

appropriate So we built want utilize invest facilities right the that the way. and we sure to make time, the to we it’s whatever in, that we have want in

are they times efficient that of something start you when up, some So start-up we’re if them looking at seeing completed. the the can these and also we now do more on of facilities start-up

David. Thanks,

from comes question Sachs. next Go at Our Goldman ahead, Cooper Chris Chris.

Thanks confirm Behring in Mark. and Joy, expectation. you in from half recover the [indiscernible] that ‘XX to then gross you still on just to there. February, second expect cost was the the just wanted the margins, said I continue of

and the this call, already those gross did clear You captured was by whether on comments at recovery margin that I delayed but Omicron state fair? was by starting, made you wasn’t

question. your for Chris, Thanks,

in we the January, around Omicron, Hemisphere, Easter. peak additional And of staff. articulated, has Feb, and our going Paul anticipate time that length staffing then of there in but to again didn’t that Omicron was with costs the in Northern around the on clearly, the in to So as retain hang really, kind and impacts was February,

challenging a well. month of April very So was sort as

And collections we back. coming really May started really so into to only see where plasma it was

were year they X cost the per pretty first liter. in – of so And terms months those were of expensive months

through So that ‘XX. is in come all still to FY

is on a gross there in the yes, bit in the margin delay on and the will pressure half a FY we first gross ‘XX. little more of so return margin, see downward And

Got it.

reducing U.S.? on you one very question notably specific the June moment so seeing quarter. ‘XX, dynamic that across commented a your compensation cost the collection by perhaps at XX% fiscal of that into competitors Are the were in anything Obviously, costs. network And more your they that in from Okay. donor

industry, local in too. everything haven’t tells wholesale a country that’s all of of local, areas. that Like environment seen most across it’s friends really that right? the We massive anything kind is is the and the something us our It’s there

have So centers, where seen seen competition pervasive might fees. be donor in you’ve in some adjustment where we some not as

are donors to that then relief, And donor fees Chris. but the donor though, door X% one X% have to on certainly their area only structures. Donor be coming is the a again new some donors somewhere look into the or fees the you system. part, is think I talking through coming think for I new of at everyone as lapsed you’re about one working only cost to know, between are maybe new

money which things So the is reduce will that of time the place, And significant. this in for a on on, of to putting the bed donors. we XX% as these in on platform is we’re a because be for working over this beds we’re to the on one new the in is other for out roll centers there massive areas people that to all going and and machine that’s going decrease be time time terms change of our year, the

competitive, we’ve aggressive for So we sure getting make look be value also the continue but to innovation ways investments the we’re made. that for that and to will in

Chris. Thanks, Good.

at comes Sean. Stanley. ahead, Sean question Go from Laaman Next Morgan

the what And fixed of you, Thank Paul RECA expanding and base base elements, margin. has cost roll could cost Hope thinking cost fees, been center also Good fixed and morning, Joy. on business centers the and staffing question donor plasma going relates mean plasma volumes the as you both and the to for well. some about then those forward. gross Mark. the in you of and a out My of

levels, elements, fees prove might those those if donor if margin think a so of benefit. running, really them commentary I some then pre-pandemic you of And a can And be some each can and get gross XXXX, wonder get comments brief mean, could some of Paul, – on us be again about them. you if question higher you actually thinking to some would of I up positive, efficient do less yields give So of that, look normalized. useful? some than centers you If somewhat all RECA into we sort just as new quite

quicker we’re RECA, we because need So Sean. number going get thanks beds of get that beds I would complexity and business with there going we’re social that centers the tells that am of and Look, had to going – asking, If us to so But of have the say the And the doing need that for and and make the have is of as in to this take pull centers in to time sure thanks. these are to of beds Yes, X,XXX beds. turning with amount to levers to I the well, push we’re of the Because different percentage moving that I need less benefits latent some beds all is, actually mentioned distancing the to into the centers during you ones items. the to those on of said, have bays we these the our system. because be get we the time terms out opened donors thing as of through that really machines, right? the COVID and capacity, spend first money. to we filled and up snuff back to we already we’ve the do donor

competition, less than $X the to our more to our so spend likely fee, then for can or centers another. donor they for you if So XX% than in a are in center change come time

and the of that volumes make it’s there try the have believe volume outside of is the – with you the don’t And time thing the amount The to pumping comfortable cycles. cycles those that fist is comfortable. any through more also will other actually machine get to that you the and very red during that time moving people cells And a we donation go through their have of donor that the one the donor. for at

rolled makes is a experience. we’re RECA that a about out. a pieces donor and getting much sense excited there safety it many so so standpoint of So from why so comfortable technology and That’s

focused part is is lot there staffing, the it that having of said Now, right. on that, within a of have to execution that and stay business we

we of the paid staff door. available So cost sure increase make have as had donors donors terms the we started have that to that in the hourly when And we to have the environment. retail salaries the and infrastructure wage that ready come we’ve in return, in the we’ve and that and to have

couple another and weeks here of in here people June that service is Australia. of mean industry I’ve it’s the even was the It’s You been in now in that in see lack working in that here you And Australia. and U.S., it – the I just here see bigger no in a I different areas there February. scale.

issue and So that you us. take U.S., a across a for it’s the been major look at

invested and that the do well analytics that as marketing donors through has of flowing we’ve is running as the with each really you’d of actually that costly those centers, don’t see we’ve digital number paid of up to those digital the in overhead terms contacting and the centers because app the efforts. in have significantly recoveries the involved everything digitally can doing liters that. off But through. you we we’re liters the like increase and Getting as in So to

have through So been that I new reached people which is say app, million almost fantastic. X

to So really saw we of CSL. terms back some good metrics donors in coming

As come timing. will gross we and take as timing. to we bit had year. at a predicted to, what margins half than little are out, But out, where It slower being back. start delayed, a with they It’s bit a return look things pointed it’s the Joy

but the We overheads get plants. the through not have through to centers, only the plasma

on and and volume through put margins. will will COGS, So down as recovery back more the we the – that hopefully continue to the through flow the plants overhead will get we we

that couple able to EBIT judicious sure to helped markets job as that whatever down well So this, managing we tenders we’ve allocate as it been to us in, the be as profit all had in through very pulling we all as into to last the for product we’re line. of our and of over on including a expenses on the we’ve I has good price the on might very years participate that line levers and different hopefully on, work think, of make all margin done, flows pricing which

say the that usual, in all but us, high, to of to sure the on. we’re back levers and which all, I are pulling but the pushing all happy as we for So expectations I’d take know, make have we on I complex challenge think to that get

check one commentary And that got right just Thanks, you I’ve the follow-up, the quick timelines XXX Paul. just to in I provided. Great. on want

So the Did headline it’s the the year, to maybe XX% trial by complete said. XX recruitment get months on to front, months completed to calendar of the data. the to XXX% that and the release get you maybe I I Then analysis think do then end right? you XX

No.

of of the – course, I And XX that’s delayed for think been of completion is end the we’re the trial the this year expecting. fiscal what through COVID.

the We top the everything about to take will XX months all completed. get the it But have of to line us released. expected already trial, it after and data completion

fast on depending we data, depends after be do. the on XX, months just to it it has that, how the – what can to data it So that complexity have get X could and analysis might be we the done,

So the I understanding of would say we are. the we before to the where have line end data ‘XX, calendar and should top as

Sean. Thanks,

from question at ahead, Gretel Janu Next Suisse. Credit comes Go Gretel.

Mark. Thanks

So to the just going back guidance.

of continue and detail, costs margin R&D? We’ve it gross quite could for around explicit make just to imply elevated. wondering a costs any if So commentaries talked remain but SG&A will in bit guidance through you does

your for Gretel, Thanks, Yes. questions.

job So pretty to we in etranacogene, we’re hopeful we’ve of which I investing think costs, you’ll notwithstanding actually come will managing those see are on good SG&A, market. done a

speak. that a on quite we marketing as pre-launch of doing activity We’re lot

you think well controlled will next I aside, time. can that remain underlying the in SG&A expect cost particular period that of So our

any In different guidance that of is our think forward. to no I terms see going XX% R&D, and to reason be for XX%

to period the As a Paul time. big of in we have outlined, next programs load of coming has hopefully, fruition,

invest R&D. So we’re in continuing to

seeing terms thanks. how HAEGARDA, a of And mid-single-digit is half think Great, ‘XX. of the now it just second low then about more ‘XX? pressure slow products? Is Are growth And going you to in guess, now I FY product? from into product bioCSL we in significant growth do this

patients I the No. access patients these that a now to – always. not in to are again, think Look, Gretel, back, present emergency these this lot diseases, diagnosing COVID And hospitals. environment of that goes situations, in people having the but

And people so available. you still disease the to this have and have diagnosing people the

demand or just haven’t stopped COVID getting getting disease that – has say around. patients So sick because been I’d

I piece disease. demand on. to for sick, these Ig, is the to because and The clear away are with These specialty just something around. still demand process patients want not this need sure rare products is everybody COVID be that has So is make the still for this demand gone that has been diagnosed

But would need to I will So I a out not let see. interesting you attacks. wouldn’t have to you product say to of there. say give that going competitors what be that isn’t just any that be, will I’m growth the me – – there are percentage say

we’re top I all – that the very We’ve moved good have with BERINERT longer-term attacks. had to with they because the we’ve with HAE cannibalization longer-term competitors. been HAEGARDA And seen in the say prophylaxis. a people and the so line in are to on not of But data I going case data our And there HAEGARDA garadacimab, the time. be to they long that think with as that’s There would going data that of shape been community. has for haven’t prophylaxis

HAEGARDA is I specialty so through And the also a And an hopefully, come as area with would get more and with move of lot that pipe. that about. a little there look, to garadacimab I still just then I bit that excited we growth think say is

the transformational to now. HAEGARDA me trying remember we’re are and we these nobody $XXX for days about patients. And fine. $X.X But billion believed Just can talked that’s because KCENTRA get like and the million when products I franchise to then,

is want that disrupt is And the to best have we of is then market. so will. if think currently is to value the than to better the that we I bring that’s much And And to innovate. we what here because just available. continuing about, we’re HAEGARDA there some real competition some ourselves, But

Good, thanks, Gretel.

at ahead, Steve. from Wheen Go comes question Next Steve Jarden.

the particularly what I just next in back X% is the to go context top and rebuild XX% being around to wanted about of the Thanks your over Because line, Ig Mark. extent Paul, wondered to Ig the guidance, just growth. to inventory constrained think efforts the by the to year? that growth I

fast building Yes. I appropriate as grow to of that finished going inventory. Thanks, with back caveat as just can would goods we’re that Steve. the we say

starting to into of fiscal if like continue collected. not been next So couple weeks anything already – collecting next that remembering been collected what’s the see really year, goes ‘XX, we’re has we

me sitting ready the Now it’s up have to production go. that we Paul to and here next and to to McKenzie lines slots make his all available sure group

etcetera to and And various access. in that that, time have the it etcetera. have as be said to through, labeling, patients well making does it take as markets Now finish, around sure fill having that replenished Europe we the globe need get

additional me growth to exact between inventory say number it’s to finished the get trying and been goods about hard growth. for So just the you an give never I’ve but shy

Yes.

and new – into with that the into etranacogene then are HAE those Fair B. with enough. products just into And Okay. to heme regards garadacimab coming

as so, a you margin accretion If could a have that Does product? cause expect comment And if mix existing do to to a change that mix of if products that some are cannibalization might ensue those a you result? approved? see is your change as benefit

it I product product answer right, thing the And would would Look, and efficacy as be earner sure and for what be would it innovative, be, and if own then that’s have would the good would garadacimab, product differentiated, do we’re I us, as And gains to portfolio. based that well sure. patients. know, But it safety on to we expect you available say, with cannibalization. a the I is best others make drives share be from most my think outside Steve, garadacimab, The really market that yes. Yes, profile, main well company. the for delivering of

the of B, for transformational in a heme In would But gene that also say It that perspective, therapy. gene first hemophilia market a I’d gene terms that, really is of be the Not course. product heme that be any by by to potentially But lot when than it’s the yes, I A, a say smaller that from etranacogene, would regulators. and of this therapy therapy say in both will is picking that is people going that pediatrics choosing I approved It’s saying get a under not start sure. at program. all for and it’s not to would patients and stretch. first, going scrutiny they indicated be for

years, more is will data long one I basically there at be would it looking because start. out limited good – And it and say, to as sustainability be for a a a well with So couple is of deliver, the continue over going it next we’re a time will dose. to earner

I perspective. the helpful margin be yes, that quite would a So changeover would from say

Thanks, Good. Steve.

at David comes question from Macquarie. Next Go David. ahead, Bailey

Yes. Thanks, Mark, and Paul Joy.

of some the expansion gross of room you into would last supported wondering quantification I’m expansion. ‘XX? think and that’s the on any Seqirus, on Holly couple Springs back just that margin just completion Liverpool we’ve higher-priced be seen mix at some maybe if still growth of revenue of for too? from good years, higher good there benefits also and the the is products And growth of shift, Just

couple there a things. I David, Look, is think of Yes.

the and real-world has effectiveness being generated So FLUCELVAX been also FLUAD fantastic. data that’s with

will this differentiated, because that we strategy shown. expand had the of products expand innovative, of and So the efficacy continue the it’s technology to higher-priced and

So make that these are the a difference. things

value. of key differentiated drivers one portfolio As and the know, our that’s is of growth you products high a

markets, So hard I around the Hemisphere, out It’s room think that time there a all wants And time. want same in is capacity, which Northern yield. and fill lot globe. still the of is to right, grow. people There everybody the more same is the get these at is we’ve in because products at all main invested to it why finish, that’s the it

yield at things in not yield in is It’s gold, of it’s right? of it’s people that my right. One only lost Ig, be yield. is the I not haven’t way may Yield So CSL. flu, aware

and on, in So we’re programs as influenza on yield going working we well. have improvements

is us forgotten today. So cell whether the to gotten basics of things or thing where the I And about what’s to we key for are culture where yield, haven’t the we’ve the drive drivers CSL. that’s continue to that it’s gold. plasma gotten

with also at look – on are the So people we with there some that differentiation, indicated happy compete is XX recommendation, and the a for it will continue the elderly product we is needs. older in FLUAD proves This but years the data preferential that day. to that weren’t is and you sure the had that. I the the I’m move because it that elderly the for what recommendation with But U.S.,

the need system that compensate. the You those so adjuvanted that people immunosenescence vaccine immune can for have

a The ask value to continue the facility this to we’re come. people in So from And continue facility. building a culture to going small we’re Tullamarine – that’s new cell not continues portfolio to expand. of

in I building But wouldn’t if to And a David. be think more there was there more I come, lot didn’t it Seqirus. think do I so is

users to new demand But to the you you think how need products? I’d more other material plasma, then oversupply or a added a your for demand be you And for interested is as again, versus mean of do supply side, to couple the have maybe years. demand past I just well. medium interested think risk on do Ig the Thinking has Ig for are to just thoughts the centers of meet existing patients centers also around quite the in industry in these of then and potential demand few longer-term, over there and

is the look, is there. sure. the Yes, there. I’m No, demand convinced that medical demand

of is to we they still of the there when the and Ig shortages were demand of there people long You coming back XXXXs – hoarding out because the because the And nothing demand always shortage. that was in supply, and prescribe uptake. people in though they were there it with could terms the but were by around remember confidence, thank worried, Once marketplace. all straight continuing was build constrained finally can era. manufacturers they been just we constraining oversupply. were realized was out to product supply were people did think to well, there it’s I’ve were needed that a The upward didn’t goodness line that go enough we even early real of because Well, fact the this and coming Ig

when amount is more at the that back in producing, XXx was what days. Ig is look the it you of those industry it mean than Here, I

supply that X, just be to the time. had would in month increase. back so it to would have mean you a for I takes can Because holding oversupply and earlier like about It’s oversupply. the somebody to X And the pipeline, manufacture but year’s maybe, XX% to collect, oversupply goes question or it

obviously. material company. sell hard you going in next one really raw month. is to short the oversupply X be month, It’s The to for if So all you’re be key it any then going to

that arm and You have have stick juice right? when that So show material of out the But without to raw infrastructure us have you’re scaled token, their can’t oranges, an make day. the these scale to provide that orange in player every donors sure you up same have by you you wonderful precious make single to that’s the industry.

will year, some to done doubt books, still you the I what, we’ve have So have not have no the as we know appropriate that last This year focus. many things. on centers we new because as but

we’ve in have put platform get get way, already all back flying while got the place new And plasmapheresis that the and up in centers. to centers. to to We get have we’re centers for by those beds plane in the implemented We I running. to the change the engines the the

for yes, demand spend you the I donors beds, centers yield plasma can of a some the the significant individual because if you that to centers on improvements from Yes, limits time less new also more in is number get can get have yield. by you there. having us. think benefit that’s build the And helps So if

that investment in open. need we the of centers of for all take consideration when our we at look that we So to number into projections

me. Excuse David. Thanks,

comes question Go Jefferies. from Stanton Next ahead, David David. at

you for hope afternoon, everyone. taking everyone I Thank Good is question. well. my

over now. to circa you it revenue approximately is Just Do Bailey’s or is going at got XX% following in of vaccines up XX% now? forward? on egg adjuvanted where actually, that David question get stay you’ve What it top think Seqirus, can going to out

our on say right? too. I’d I well, I egg vaccine in the look, that thanks, yes, that’s you’re area. R&D goal, hope cell. to focus and And it’s Well, David, now and clinical area is to egg being in But the portfolio continue where doing is that to to think – in our move mean needs Seqirus right product I that’s to that is focused that from adjuvanted in adjuvanted, innovate cell

I market, people there not the on getting vaccinated think where expand say And that So enough how would depends right? it I out? we is still for top It flu. will

to that So see right? just but a that’s plan we tell our improve the only is that not also the volumes question. the But process can climbed product consideration percentage And and producing. expanded continuing for I’m continued take rate rates so and we’ve percentage I mean you if what fine, stayed the to to into that you then vaccination market that it where be. I current I we’re further, static, but have the need that the would

compete just shows, competitors done ability You marketplace. the saw our and some a big the a They of that It very in to job. again, with team. – have increase. proud heck very of big I’m

So they of you as that. like me, better than continue expect they’ll expect course, do that tell I me all to

us net please? you. the question And and you Thank a be transaction XXXX give fees question, paid second for expect Joy Understood. for to in Vifor could what you and those in ‘XX, my perhaps you

David. Thanks, Yes.

was that on circa it point to a its it little kind I all the December year. bit And back in that So changed. you at all to million an Note which was financial through million glorious if $XX I’ll basis the X of at does our guidance and NPAT hasn’t our go over accounts, in of out $XXX view it come detail, think up,

Thanks, David.

Royal Next Wong-Pan Canada. question from Craig. comes Craig ahead, of Bank Go at

Great. Thanks.

that was has X% you during or was temporarily COVID, beds what the the Just of how X% bed be to line those put with in? point put can centers. time into been June the about there wondering back collections I the back those you back much that put of were of that beds removed of end made at expect

We X% to Thank put of beds, actually still have XX% back Yes. and we you. took about in. out

on local back social already in states in it’s that still and And local. U.S., jurisdictions put all goes we’ve So of counties in it the certain certain depends the distancing the cities certain really of X%. current on

yet, So the we for that’s requirements local it reason COVID. put depends on haven’t that all really in the beds is that the back

a bit tighter some And say, others. I are, would areas than

through So of the we go. have about course X% we to those left in. year, And hopefully, this put can back

were is the donors just few because a your shows of for collections. donors. second saw you clarifying. whether returning I there or of Gladstone. And around engagement then marketing increase economic and whether Thanks been cost I was And Okay. information guess, living higher question, wondering initiatives That mentioned with any there conditions. in

So on I coming whether was wondering influence those have factors any donors back. those had

is in about But pinch. Inflation and The is economy around moment things. the feeling are running is the enough Absolutely. the gig say that would U.S. at There I other somewhat people X% just full. Ubers

even has prices, that petrol down, current ago. which it’s administration though last couple it’s still was it the so over And than will of claim the come a months, year it higher

donors it’s that feeling and really by marketing every it. unless back. the on, actually everybody time we when So what a is there marketing in Because people been what these do day. about campaigns is goes And get know – aware and of So drive efforts you new in, is our people getting this right? they centers you’ve don’t

donors. out as to of more lapsed new have are X been them donor. of And you’ve than again present you months, Some if system for our a

which always home, And not stay they where areas same to college, were that’s good have part-time, actually for left a in then donation they college. graduated, reasons. certain They they So going to they it had got at children, if plasma they a you’re could located. the we mean be are call the and they they donors. got lapsed thing, are full-time, with new I so those job, went they centers lapsed that familiar

of are around And then people have U.S. and that people a impact. this the may all So reasons bit move the quite those time, does during economy an so lapse.

Craig. Thanks,

Next Citi. John question from comes Deakin-Bell at John. Go ahead,

is for but that question at look looking ‘XX gross the high. like you on for margin XX%, the profit, the half, XX.X%, at out, and Note the very and margin first lower. gross includes If is into that this XX.X%, profits we COVID quick But to said gross it’s XXXX back has revenue there, second segment Apologies that getting gross got it A X Mark. the segment to on detail. which going looks for If gone half XX.X%. be margin information you’ve I Joy. Thanks,

half obviously, So lower. or Are is XX%? points XX% – margin to you doesn’t COVID margin first basis be in repeat. more The like and the is confirming that the ex-COVID, going XXX gross probably

correct, confirming numbers, directionally yes. your John, Without exact you’re

Thank data, okay. outlook on you’re talked talk the know just I the forecast in the change about from And Vifor. October indicates we you. slide, to you about no Okay, early going now. need to it it contribution to

put So all those numbers that acquisition, are EPS they valid? the accretion out still of time can that at we assume you from that the

based not it here reason I we’ve the that yet positive position to suggest and what perhaps, of we’re a date, would what bit – of say we we don’t is say is would I yet. not we do I it’s it’s But still got John, more rather validation we can that a on a suggest think But on sit seen assurance because one. anything to see what seen, data That’s positive have a validate what no a them. in all haven’t negative can’t have actually correct. than we based to valid.

thanks much. Okay, very

position Just that. hopefully, can but for on nuance, appreciate in the we’re you the

the I encouraging. account cash the very seen strong, is we’ve very think would which what bank and we is say is

Thanks, John.

Andrew, Andrew at we afterwards are not back on you. Andrew. and comes you Andrew, CLSA. question can hearing Go mute? from a we ahead, maybe chat. Paine Next have Okay, circle

Bank ahead, Next Go question of comes from Lyanne America. Harrison at Lyanne.

on on afternoon, all. I Seqirus. good Hey, just Can questions those follow-up

As year? negotiated Hemisphere prices time and were we you where Northern demand head into the compared last this to winter, does how

Good.

we we’re the U.S., on lot I good – on It’s pretty would Lyanne. is that there think say very well in a delivery in done the I and but shape, happening clearly actually. negotiations the we’ve – the in markets

sooner the for and it year. out, have were the We early. you of less a bodes we sooner the U.S. in which to of at returns get you So because the first market gets had quite July, season, into end the in arms the lot is the the rest that releases And of well

on confident so So pretty is track that am the right I far. Seqirus

one is we’ve June. balance how inventory much of increase And indication you. XX% of Okay, an as Joy Can obviously, the give go that for thank question of inventory, up the on versus just volume final seen cost? us you

is Seqirus of back the clearly, also higher gone Seqirus collections. timing right? you – between question. as at through – got what sure off there It’s about your but the higher have hand, as it think for Lyanne, higher two has Thanks, the And I as volume split it’s a coming not both I’m cost well. as year well. in of should But plasma both, so the on

Lyanne, both, yes. it’s yes, So

thank very much. Okay, you

Good. Thanks, Lyanne.

close make a Go Partners. very need will Evans the next that’s & to our need so will to draw question [ph] Nigam soon, at and we last David We to ahead, David. from

much thanks Hi, for very question. the taking

of couple a actually questions. Just high-level just

and also satisfaction, is backdrop employee is So which culture Omicron you’ve think you’ve also on wave I reckon pipeline this mentioned the calendars, noted happening R&D. ongoing you described in the that. and and investments very global impacting of talked in that I strong you’ve about the – staffing which And firstly, then admirable your

to So strategies people? going And you forward? salary expect staff, and curious, OpEx key research are have attract continue key your you this will what the on the your do what do just impact lines collection to

attract are is of things how our employment continually where those retain it’s look and guess to at I what look, staff marketplace. we ability our Well, and the in we competitive one

projections. into of people staff, all to looking well. our thinking is cost and our you there add Once things for then So, we’re as those value and go incurred

there are easy lot way. in mean, only and we there is billions sure to organization, wasted to we’re try R&D is it’s sure to there to an because our areas do not the in And areas, Bill focused that – R&D one sit we’re in Mezzanotte, Head make yards, So is that of where of do very is stop of that why we or that to lot our And portfolio a twice because of and R&D, deliver, one money their year sure of the everybody projects, hard billions actually really a people make things focus It’s of afraid on review as we myself, of our David, the make And those pet and to that your lose progress. I a industry. but every hire right? focused when we’ve is project I’ve time, everybody has on right companies progress a seen lot single it a don’t favorites. them and for things seen to long that’s that need

Without the exist, deliver, we projects, take some right? be But me if I projects good. deliver reason stop in the for because will only company. we of and to through. We we stopped to mean science see which But you Still to science through product, is people human some why protect move patients in have health. it years. going and have is at the it’s to data of the not we’ve is people care are then do and it, that’s patients doing business. or probably need mad benefit But not want because get the that, to a popular see for a we it’s basic the shouldn’t commercialization

to it’s So me as really an focus that we important organization.

see they company them because us. just there are started do people though politics you even think organizations, I company two we’re bureaucracy a and But times. actually to are probably people in way at by of other the we’d because that David, that’s many come the with that and big the people work when together, I from expect if big and is have sometimes energized we a

have we earn to the we living and trust earn to have culture the people earn So to delivery, and culture. have we have the the and really

people accountable culture holding So also for do they important. is what the and

done? we you hold objectives, it So it’s did the how people And get when have do job, we what organization. drive did you to in to not that. that’s going if do the but culture to do you’re a just, you And

gotten said expensive. more having So it’s people that, and are expensive

And competitive. be we need to so do

global a organization. We’re

We have over countries. people XX in

now have We Vifor, Vifor, CSL with employees. XX,XXX

business try to I patients a right is connecting and competitive. think of our we just explaining, see we’re a donors, and with thing. globe the around them we’re so we’re constant it’s the with make of Whether And them people. people we for what we’re terms achieve we a hear whether It’s talking, it’s that trying it’s say And hired it. that, I what that to but communicating we’re the doing a doing. companies to connect with – plasma lot what serving patients. actually that we’ve of the employees, have that So sure vision patients lot our they big in employees and And mission, from with collaborating, mean

important And that’s piece do. we what think an so of I

bank. cost the more to way environment. a right will get of So saying, talent not long the but it global the break going to It’s that’s us

me That’s we when make that as entry. have I’m within used a again, when good recruiter be right what skills. have difference, they to they CSL. to the are they continue the better will We that’s interviewing they work doesn’t I culture. live made people, can are, have them, because I think, people the skills, know people? right? that people But I ticket tell I somebody sure interview But skills. if the our won’t mean want your I Are And at and to a sends culture

be responses myself, So but employees hopefully, and I’m from the our positive. kidding to numbers not pretty the seem

we’re hard. So organization There we Look, not I is try right track. no we’re is, perfect. that but on think the

answer. And Paul. that. great a Thanks, That’s to thanks

to in any facility quickly Of vaccines forefront are If investing with mRNA mRNA we bringing question, you general change course, too, level? high Victoria, a vaccine what obviously, to at very so, this second and time. peak on to with some mean it guess. out and regulatory thoughts be to course, competitors then, the you about this higher an thoughts, in just change in and will happy company the Just of a margin growth. CSL COVID with that technology to accompany ramp to years the And assuming to ask could I sales particular, it my this? How won’t playing as new noted do But instant what doing up your it, start technologies? I long lead assumes see over changes

think I Look, platform mRNA right? is it plenty today. is There will flu David. Thanks, an vaccine, no There of time. have burning take available vaccine to

that’s no to says that take quick COVID emergency going a hard normal it. development, be we approvals think get as promising, the everybody making impetus going your is for lot an for can number going right? it We there therapeutics. process without just it, use But platform. authorization to of fast-track is without is in says of trials, of be it is We’re data mRNA more. just through I just clinical the mRNA think, This still there I a needed it with technology not approvals analysis front areas, make including doing to So quite yards. of technology of going is go data. to mRNA And because was because because clinical forward, that the any

an emergency not the it right it’s done approval. data, was but without So

again, spark you that when of more deliver need doses to process world Going to billions have take that don’t is through to you really the going that time.

you And state dose, with its issues in state, where is for, We’ve mRNA mRNA, which have you issues have with so again, what the you’re is seen the issue looking first differentiation. of current stability. with

chain. solved. You to And have cold and issues be need distribution those with

going for antigens, so us we’re FDA of And with combo you the in people and which to seen the actually world four sure the you to that combination get reduce not vaccine similar. while what of around that spike make to fans virus and you’re you are the working trying last particular vaccine, it’s if regulators to going you’re with one dose dosing the other And to years symptoms in is in. to generation, for And the vaccine arms that and not so going that virus. into to as space people, inject don’t just a flu a have very that do on one have reactivity instance, tell, with take have it’s been and especially the want put next have antigen to the want Lord a knows you’re XX current COVID the much with because self-amplifying because the for of not COVID to do if to you therapies flu, difficult you’ve to very

about you booster then time? have it’s through a how So want the some approved seasonal to more shot way you Because And are of think is you but the than take variance. in same people immunogenicity, flu, we might response don’t to it at it in And the then X as what, fifth sort same going durability on the I going with the it So now the to immunogenetic okay? time right? is are years, flu vaccine, show efficacy, get our X.X and year.

that of to lot be to this work and people It So have – a we art is we’re this lot of be there to some go. left but these smart very used used I the still work have art medicine, – think to left called in days, through. of a of we’re to going is there to

So that would overall comment. be my

you interest question, to Goodbye. for I’ll the CSL. Thank your draw thank for meeting now in broadly, close. David. a gentlemen, you and Ladies your more