First Impressions Profit Report: CSL - FY15 result in line but a weak FY16 guidance

Business Units sales: In cc terms, sales for Immunoglobulins grew 5% in FY15 vs 13% in FY14; Specialty Products grew 15% vs 18% in FY14, Albumin up 12% vs 16% in FY14, Haemophilia was up 3% vs a decline of 4% in FY14 (reflecting some tender wins in pdFVIII), and bioCSL sales were up 11%. Net operating cash flow up 2% to US$1363.6m Outlook: CSL guided to FY16 NPAT growth of 5% in cc terms, excluding Novartis influenza vaccine sales, and greater EPS growth. On the same basis CSL guided to FY16 revenue growth of 7%. In an effort to increase gearing, management is contemplating launching another buyback program (last one was A$950m) and raising ~US$500m in debt in 1H16 Read the summary here: (VIEW LINK)