CSL specialises in blood products and vaccine makers. Credit:James Davies At its half-year result announcement on February 15, the company had forecast full-year underlying net profit would likely rise 18 to 20 per cent, up from previous guidance of 11 per cent growth. ​ Revisions 'in step' Mr Perreault said he was pleased that the Turnbull government consulted with the company on its 457 visa changes. The company, which is now expanding projects across the world, including a largely untapped market in China, had met with Turnbull government ministers to express its concern about the exclusion of skilled categories such as biochemist, microbiologist and production manager from 457 visa eligibility. With major facilities in Australia, Germany, Switzerland, United Kingdom and the US, CSL employs more than 20,000 people around the world, and relies on being able to move highly skilled workers between its plants globally.

It about 40 foreign workers on 457 visas in its Parkville research laboratories and Broadmeadows production plant, which is modelled on a plant in Bern, Switzerland. "These are very specialised technical positions that we were talking about," Mr Perreault said. Prime Minister Malcolm Turnbull made changes to 457 visas that upset CSL and other big companies, some of which it has now reversed. Credit:Alex Ellinghausen The Turnbull government's revisions to its policy following the consultations with CSL would "encourage development of local employees" and allow greater mobility of workers. "Thankfully the revisions that Australia put back were in step with rest of the world," he said. Don't tinker with tax But there was still uncertainty on tax settings. The government's Research and Development (R&D) Tax Incentive program provides about $3 billion in tax offsets to businesses each year. There were attempted moves to cut the R&D tax break under former prime minister Tony Abbott but they were blocked in the Senate.

Immunoglobulin therapy production at CSL in Victoria. The company has about 40 workers on 457 visas. "We have always said we do R&D where it is most viable to do R&D," Mr Perreault said. "It's great if you get tax credits and we wouldn't want the government to get rid of tax credits because it affects the rest of the biotech industry. A lot of the smaller companies rely on the growth and jobs that generates out of Australia, and without it they would really struggle." Mr Perreault said he was not sure, but there "could be further cuts" but called on the government to "not continue to tinker with these things back and forth because it gives uncertainty to the companies that rely heavily on them". There were attempted moves to cut the R&D tax break under former prime minister Tony Abbott but they were blocked in the Senate. Credit:Alex Ellinghausen As to whether Donald Trump's plans to cut the US corporate tax rate to 15 per cent would impact CSL's decision to stay in Australia - some companies have warned they may move offshore if Australia's rate stays at 30 per cent - he said tax settings may be a consideration on whether to set up future projects in Australia, but it would not see them abandon their current projects.

"We are expanding in Germany, In Switzerland and in Australia, regardless of the tax breaks we have today," he said. President Donald Trump plans to drop the US corporate tax rate to 15 per cent. Credit:AP Milestones hit Mr Perreault said the company had "delivered on our promise to provide innovative medicines to patients with rare and serious diseases in more than 60 countries". CSL Behring's, the company Mr Perreault previously ran, had hit "two milestones which were particularly significant", including the June FDA approval of Haegarda, which treats Hereditary Angioedema (HAE), and is a therapy for patients with the rare and potentially life-threatening genetic condition.

In June CSL received FDA approval for Haegarda, which treats Hereditary Angioedema (HAE), and is a transformational therapy for patients. Credit:Gillianne Tedder Haegarda provides 95 per cent reduction in oedema attacks, reduces the need for rescue medication. It also saw strong growth in its Idelvion range, which is used for patients with Haemophilia B. The company also continued to expand its plasma collection network, with nearly 180 centres in the US and Europe. "We intend to open 25-30 centres over the next year, a level of expansion which is unmatched in the industry," Mr Perreault said. CSL also took a majority stake in Chinese fractionator Ruide, which is CSL's entry point into one of the fastest growing immunoglobulin markets in the world. Credit:Bloomberg During the first half of FY18, CSL intends to approach the US private placement market to raise about US$600 million as part of the company's overall capital management program.

Entry into China CSL still has not made a return on the $US275 million acquisition of the Novartis influenza business, which is now called Seqirus. But Mr Perreault said it had secured multiple new product licences. Seqirus is the second-largest flu vaccine maker in the world. It has a seasonal flu vaccine, sales of which have remained steady. Credit:iStock Seqirus is the second largest flu vaccine maker in the world. It has a seasonal flu vaccine, sales of which had remained steady, Mr Perreault said. Sales had not increased under a bad flu season, but it could in coming years as more people take flu vaccines. CSL also took a majority stake in Chinese fractionator Ruide, which develops and manufactures plasma-derived products. Mr Perreault said this was the company's "entry point into a one of the largest and fastest growing immunoglobulin markets in the world".