Half Year 2022 CSL Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Saul Hadassin - Barrenjoey Markets Pty Limited, Research Division - Analyst : And if I start, Joy, just to pressure the -- or pursue the guidance question again. I fully appreciate your comments about seasonality with Seqirus and also the Vifor transaction costs, a larger component in second half. But just working backwards from the full year guidance, it still suggests that Behring will have a particularly weak second half as well. And I just wanted to get a sense of how much is that OpEx phasing, particularly around sales and marketing costs falling in the second half versus a further decline of revenue for Behring into second half versus first half because liters are still below where they might have been in the first half if you go back 6 to 9 months. Can you just clarify, let's say, cost pressure issue? Or if it's actually still revenues are yet to bottom out in Behring?

Question: Saul Hadassin - Barrenjoey Markets Pty Limited, Research Division - Analyst : Okay. Thanks for clarifying that, Joy. And just one other follow-up for you. Some very big movements in some of the working capital accounts, which leads a big working capital headwind. And I know we see this in first half historically because of Seqirus. But is that all was the very strong Seqirus result and that should wash through in the second half?