CSL（CSL.AU）FY24： Largely in line， but looking closely at Behring core gross margin

Investment Rating - The report assigns a 12-month rating of "Buy" for CSL, with a price target of A$340.00, while the current price is A$308.93 [9][22]. Core Insights - The financial results for CSL are largely in line with expectations, with a slight miss in Behring's core gross margin by approximately 60 basis points, which may raise investor concerns [2][6]. - Revenue for FY24 is reported at $14,800 million, reflecting an 11% increase, which aligns with consensus estimates [3][4]. - The underlying gross margin stands at 54.1%, exceeding consensus by 65 basis points [3]. - NPATA is reported at $2,907 million, also an 11% increase, but 5% below consensus expectations [3]. Revenue Breakdown - Behring's revenue is reported at $10,608 million, a 14% increase, consistent with consensus [4]. - Vifor's revenue is $2,064 million, in line with consensus, with an underlying gross margin of 68.5%, surpassing consensus by 249 basis points [4]. - Seqirus generated revenue of $2,128 million, a 5% increase, which is 2% above consensus, with an underlying gross margin of 61.9%, exceeding consensus by 147 basis points [4]. Outlook and Guidance - For FY25, CSL provides revenue growth guidance of 5-7% (constant currency) and NPATA growth guidance of 10-13% (constant currency) [5][6]. - The NPATA growth guidance aligns with expectations, although consensus is slightly more optimistic [6]. Valuation - The valuation of CSL shares is based on a discounted cash flow (DCF) model, with no changes made to estimates following the report [7].