• Marcus Bogdan

Increasing CSL & Selling Starpharma (SPL)

Recent changes to the Blended Australian Equities Portfolio

Increasing CSL Limited (CSL) We are adding to our position in CSL following recent retracement in its share price and growing confidence that earnings growth remains well supported. CSL is benefiting from favourable price and volume mix in its US immunoglobulin (IG) business. Furthermore, growth in its higher margin speciality products and its influenza business, Seqirus continue to underpin double-digit earnings per share growth into FY20.

Selling Starpharma Holdings (SPL) A c.36% recovery in Starpharma’s share price over the last quarter has provided an opportunity to divest our position. Whilst Starpharma’s pipeline of projects in both its operating businesses (VivaGel & Dendrimer) remain promising, its most recent regulatory submission to the US FDA for its VivaGel application has been delayed, as the regulator has requested further confirmatory clinical data. With a cash position of $44.7m (31 March 2019) and annual cash burn of $9-$10m Starpharma is dependent on the timely payment of milestone and royalty payments.

See the full update here

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