The share price of Australia’s largest-listed company CSL Ltd [ASX:CSL] has been trending upward this month on news of a COVID-19 vaccine and solid future growth.
Yesterday the biotech company saw a bump in its share price on the back of its annual general meeting (AGMO).
Results highlighted strong growth over the last financial year and the company unveiled its plan to continue to drive growth in FY21.
Since the beginning of October, CSL has tacked on about 4.4% to its share price, with shares climbing 1.4% yesterday to $302.29.
CSL flags strong growth ahead
In yesterday’s meeting, CSL flaunted strong results from 2020 and promised there’s more to come this financial year.
CSL business is being bolstered as governments rush in orders for flu vaccines in attempt to try to avoid major outbreaks of influenza during the pandemic.
The company’s revenue was buoyed by its business Seqirus’ strength.
Steady demand for its core plasma-based immunodeficiency products and a return to normal for its albumin sales in Chinas will see CSL lift the lower end of its full-year earnings forecast.
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The bottom end of its net profit range went from no growth to a 3% jump to $2.17 billion.
Why is CSL one of the best blue chip stocks?
Many large companies on the ASX have faced difficulties in their operations throughout the year, but it’s the good ones that manage to drive growth during adversity.
CSL’s core business is making therapies for conditions such as kawasaki disease, Guillain-Barre syndrome, lupus, chronic inflammatory demyelinating polyneuropathy, and immune deficiencies.
The key takeaway here is that CSL has explored other avenues of growth while its core business has been affected — to positive effect.
Meaning that income investors could still get a juicy dividend from CSL when other blue chip stocks have reduced dividend payouts.
But it’s not just CSL who is in with a chance of maintaining a nice dividend. In our latest report we reveal our top five ASX-listed dividend stocks with a great chance of maintaining big payouts during and after the crash. Click here to download your free report.
For The Rum Rebellion