Paul McKenzie will not be able to rely on the same growth drivers that have propelled CSL’s profit growth in the last five years, but he’s the right man to find operational efficiencies.
“It makes sense in terms of where the business is heading. It has invested a lot in capex and facilities in the last few years,” he said.
“CSL isn’t immune to [inflation pressures]. It has internal labour costs, collection costs, donor fees, and consumables,” he said. When CSL acquired the asset from Novartis in mid-2015 , it was a disorganised loss-making money pit, which lacked focus. In the short term, the other big challenge for Mr McKenzie will be the integration of CSL’s new renal and iron deficiency business, Vifor.
On the medium-term horizon, Mr McKenzie will also be charged with the commercialisation of newly approved haemophilia B gene therapy Hemgenix, and seeing potential blockbuster second heart attack-stopping drug candidate CSL112 through the final stages of its phase three clinical trial.
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