Morningstar | CSL's High-Quality Blood Products Franchise to Fuel Further Strong Growth
CSL is one of three major players in the global blood-plasma-derived biotherapies space. We expect consistent product innovation to drive high-single-digit top-line growth in developed markets, augmented by midteen lower-margin sales growth in emerging markets. With moderate operating leverage, this should result in double-digit profit growth during the next few years. CSL operates with a cost advantage, given its manufacturing scale and a wide plasma-derived product range which maximises the value of its collection and processing assets. Manufacturing know-how drives incremental yield improvements. Cost advantage and intangible assets underpin a narrow moat, reflected in returns on invested capital consistently above 20%, well above a sub-10% cost of capital. CSL is growth-oriented with the primary risks around the effectiveness of R&D spending, new product launches, and competing treatments.CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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