The CSL Limited (ASX: CSL) share price has gained 8% since the beginning of August following upbeat investor sentiment. This comes as the global biotech released its FY21 scorecard to the market, highlighting another robust full-year result.
At Wednesday’s market close, CSL shares finished the day up 1.28% to $312.51. It’s worth noting the company’s share price is now sitting at a year-to-date high.
How did CSL shares react this earnings season?
Last Wednesday, CSL announced its full-year results citing growth against very challenging conditions brought on by the global COVID-19 pandemic.
CSL Behring’s portfolio faced headwinds while its Seqirus business, made up of seasonal influenza vaccines, recorded strong tailwinds in FY21. This led the company to post a net profit after tax in constant currency of $2,375 million, up 10%.
However, the focus remained on CSL’s update regarding its plasma collection issues faced since COVID-19 began.
As such, the company advised its plasma numbers are down around 20% compared to FY20’s levels.
These collection issues stemmed from federal government stimulus packages as well as extended lockdowns.
In response, CSL opened 25 new facilities along with marketing initiatives to attract lapsed and new donors. The company also reduced the holding period of plasma from 60 days to 45 days.
The FY21 results had a positive effect on the CSL share price, sending it on an upwards trajectory.
It appears investors believe the worst is over for the company. Vaccination rates are climbing and countries are eyeing a post-COVID-19 world.
CSL share price summary
Over the past 12 months, the CSL share price has pushed around 7% higher, with 2021 gains above 10%.
This is a stark contrast to when the company’s shares were trading at a 52-week low of $242.00 in March. In comparison, when COVID-19 hit the ASX in March 2020, CSL shares fell around the $270 mark.
CSL commands a market capitalisation of roughly $142.2 billion, making it the second-largest company on the ASX.
The post August has been a great month so far for the CSL (ASX:CSL) share price appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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