CSL OUTLOOK (at FY20 exchange rates) Commenting on CSL’s outlook, Mr. Perreault said, “Demand for CSL’s core plasma, and influenza vaccine products remains robust.” “Seqirus is performing well as strong demand for influenza vaccines together with our differentiated products portfolio will see it deliver another strong profitable year. Consistent with the seasonal nature of the business we anticipate, however, a loss in the second half of the year.” “COVID-19, however, will continue to have an impact on CSL. Our plasma collections have been adversely affected during the pandemic. To combat this, we have implemented a number of initiatives to increase plasma collections and introduced a customer fulfilment process to ensure the equitable distribution of medicines to patients.” “We remain the industry leader in opening new plasma collection centres and investing in future innovation - positioning CSL to emerge strongly when the COVID-19 crisis recedes.” “The additional work we have been doing on COVID-19 vaccines in Australia has resulted in significant opportunity costs to our standard business and manufacturing operations and the re-prioritisation of some R&D projects. Subsequently, there will be an increase in operations and R&D spend in the second half as we restart projects and build them back to scale. “Our people continue to work exceptionally hard to undertake the COVID-19 vaccine work without compromising the production of our core life-saving therapies – influenza vaccines and plasma and recombinant protein therapies. “We’re proud that we’ve been able to meet our existing global commitments while leveraging our unique position and capabilities in Australia, resulting in what will be a significant contribution to the COVID-19 vaccine effort. “CSL’s net profit after tax for FY21 is anticipated to be in the range of approximately $2,170 million to $2,265 million at constant currency, representing growth over FY20 of up to 8%,” Mr. Perreault concluded. In compiling the company’s financial forecasts for FY21, a number of key variables that may have a significant impact on guidance have been identified and these have been included in the footnote below: Footnote: Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; ability to collect plasma; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and CSL’s ability to protect its patents and other intellectual property. --- ends --- I think the info you need is in there, but the overarching principle is that CSL is not likely to overpromise and then underdeliver. They will set conservative guidance (underpromise), allowing them to upgrade guidance as the second half of the financial year progresses, then hopefully deliver even better results in six months' time.