Morningstar | CSL’s Strategy Beyond Plasma Sets It Up for Sustained Growth
CSL is a global leader in the plasma therapies market and is benefiting from the investments made in both plasma collection facilities and R&D. The company’s R&D pipeline has been commercially successful and major launches buoyed low-teens sales growth in fiscal 2017 and 2018. In the near term, we forecast a more subdued single-digit revenue growth until the next wave of R&D commercialisation from 2021 forward.The plasma industry is changing and CSL is broadening its scope to include emerging therapies. Headwinds for the industry come from recombinants, non-plasma derived products, which already dominate haemophilia treatment, and in the future alternative therapies, such gene therapy, aiming to cure rather than treat diseases currently being treated with plasma products. Mitigating these risks, CSL has successfully transitioned to include recombinants and has acquired a gene therapy platform with early stage R&D.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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