CSL Limited Annual Report 2002-2003

Transcription

VISIT OUR WEBSITES
CSL LIMITED
ANNUAL REPORT
2002-2003
CSL Limited – www.csl.com.au
ZLB Bioplasma AG – www.zlb.com
ZLB Bioplasma Inc – www.zlbusa.com
JRH Biosciences – www.jrhbio.com
TRADEMARKS
CSL, Biocor, Bioplasma, JRH and ZLB are all
trademarks of the CSL Group.
® Registered trademark of CSL Limited or its affiliates.
TM
Trademark of CSL Limited or its affiliates.
* Trademarks of companies other than CSL and
referred to in this Annual Report are listed below:
Controlled Therapeutics
(Scotland) Limited
Cervidil
C Z Veterinaria
Gudair
Leo Pharmaceutical
Products Limited AS
Merck & Co. Inc.
Daivonex
Fucidin
Comvax
H-B-Vax II
M-M-R II
PedvaxHIB
Pneumovax
Vaqta
Varivax
Schering AG
Advantan
Yamanouchi Europe BV
Flomax
Grunenthal GmbH
Tramal
Chiron SpA
Menjugate
Genelco SA
Modavigil
Merck KGaA
EpiPen
Animal Health – www.biocorah.com
ABOUT CSL LIMITED
The CSL Group of companies develops, manufactures and markets:
> Life-saving products derived from human plasma;
> Pharmaceuticals and diagnostics essential to health;
> Cell culture reagents for the pharmaceutical industry;
> Veterinary vaccines and diagnostics to protect livestock and companion animals.
CSL has substantial manufacturing facilities in the United States, Europe and Australia and operates globally
through four businesses: Human Health, JRH Biosciences, Animal Health and ZLB Plasma Services.
Our Human Health business includes the operations of ZLB Bioplasma, CSL Bioplasma, CSL Pharmaceutical,
and our global new product development activities.
We continue to build on the significant contribution CSL has made to health care for more than eighty years:
> Through investment in new product development;
> Through collaborative ventures that strengthen our scientific, manufacturing and marketing expertise;
> Through quality products and excellent customer service.
OUR BUSINESS IS HEALTH CARE
CSL BUSINESS
ADDRESSES
CONTENTS
1
Our People
24
Shareholder Information
43
Human Health – ZLB Bioplasma
10
Health, Safety and Environment
26
Five Year Summary
44
– CSL Bioplasma
12
Controlled Entities
28
Shareholders
44
– CSL Pharmaceutical 14
CSL Group Business Operations
30
CSL Business Addresses
Inside Back Cover
– New Product
Development
Our Executive Management Group
31
Trademarks
Inside Back Cover
Directors’ Profiles
32
About CSL Limited
Back Cover
Corporate Governance
34
Visit Our Websites
Back Cover
Share Information
42
16
JRH Biosciences
18
Animal Health
20
ZLB Plasma Services
22
CSL LIMITED
ABN 99 051 588 348
Cover: Meral Kaypakkaya (Quality Control Technician), Jorge
Padilla (Research Scientist) and Hanspeter Gerber (Manufacturing
Plant Operator).
Back Cover: Mark Cattapan (Storeman), John Suendermann
(Quality Control Technician), Dominic D'Sylva (Welder/Fabricator),
and Elizabeth Elms (Packaging Operator).
CSL LIMITED DEVELOPS, MANUFACTURES AND MARKETS
PHARMACEUTICAL PRODUCTS OF BIOLOGICAL ORIGIN.
OUR BUSINESS IS HEALTH CARE:
Australian Addresses
CSL Limited
Registered Head Office
45 Poplar Road
Parkville
Victoria 3052
Australia
Telephone: + 61 3 9389 1911
Facsimile: + 61 3 9389 1434
Designed and produced by Armstrong Miller+McLaren, Melbounre and Sydney
Year in Review 2002-2003
CSL Bioplasma
189 Camp Road
Broadmeadows
Victoria 3047
Telephone: + 61 3 9246 5200
Facsimile: + 61 3 9246 5299
JRH Biosciences Pty Ltd
18-20 Export Drive
Brooklyn
Victoria 3025
Telephone: +61 3 9362 4500
Facsimile: +61 3 9315 1656
Australian Sales
Offices
Victoria and Tasmania
45 Poplar Road
Parkville
Victoria 3052
Telephone:
CSL Pharmaceutical:
+ 61 3 9389 1408
CSL Animal Health:
+ 61 3 9389 1251
Facsimile:
+ 61 3 9389 1727
New South Wales
25-27 Paul Street North
North Ryde
New South Wales 2113
Telephone: (02) 9887 4433
Facsimile: (02) 9887 3171
Queensland
14 Dividend Street
Mansfield
Queensland 4122
Telephone: (07) 3849 6140
Facsimile: (07) 3849 6141
ZLB Bioplasma AG
Wankdorfstrasse 10
CH-3000 Bern 22
Switzerland
Telephone: +41 31 344 4444
Facsimile: +41 31 344 5555
South Australia and
Northern Territory
11 Coongie Avenue
Edwardstown
South Australia 5039
Telephone: (08) 8276 3200
Facsimile: (08) 8277 0556
ZLB Bioplasma Inc
801 North Brand Boulevard
Suite 1150
Glendale
California 91203 USA
Telephone: +1 818 244 2952
Facsimile: +1 818 244 9952
Western Australia
293-297 Fitzgerald Street
Perth
Western Australia 6000
Telephone: (08) 9328 7322
Facsimile: (08) 9227 6196
ZLB Bioplasma UK Limited
Breckland House
St Nicholas Street
Thetford, Norfolk IP24 1BT
England
Telephone: +44 1842 755 025
Facsimile: +44 1842 755 174
International Addresses
CSL (New Zealand) Limited
CSL Pharmaceutical and
CSL Bioplasma
Level 4, Building 10
666 Great South Road
Central Park, Penrose
Auckland 6
New Zealand
Telephone: +64 9 579 8105
Facsimile: +64 9 579 8106
Animal Health
2-6 Shakespeare Avenue
Upper Hutt
New Zealand
Telephone: +64 4 527 9088
Facsimile: +64 4 527 9717
ZLB GmbH
Schafflerstrasse 4
D-80333 Munich
Germany
Telephone: +49 89 244 488 300
Facsimile: +49 89 244 488 311
ZLB Bioplasma Belgium SPRL
Interleuvenlaan 64
B-3001 Leuven
Belgium
Telephone: +32 16 38 80 80
Facsimile: +32 16 38 80 89
ZLB Bioplasma Italy SRL
Via Valla 16
I-20141 Milan
Italy
Telephone: +39 02 84742 230
Facsimile: +39 02 84742 229
JRH Biosciences Inc
13804 West 107th Street
Lenexa
Kansas 66215 USA
Telephone: +1 913 469 5580
US Toll Free:+1 800 255 6032
Facsimile: +1 913 469 5584
JRH Biosciences Limited
Smeaton Road
West Portway
Andover
Hampshire SP10 3LF
England
Telephone: +44 1264 333 311
Facsimile: +44 1264 332 412
ZLB Plasma Services
5201 Congress Avenue
Suite 220
Boca Raton
Florida 33487 USA
Telephone: +1 561 981 3700
Facsimile: +1 561 912 3005
Biocor Animal Health Inc
2720 North 84th Street
Omaha
Nebraska 68134 USA
Telephone: +1 402 393 7440
Facsimile: +1 402 393 4712
CSL Bioplasma (Hong Kong)
Suite 1805, Wheelock House
20 Pedder Street, Central
Hong Kong
Telephone: +852 2293 2317
Facsimile: +852 2588 3434
YEAR IN REVIEW
2002-2003
Dear Shareholder,
In a year when CSL’s profitability has been significantly affected
by difficult US trading conditions and adverse foreign exchange
movements, we have expanded key business operations to build
competitive strengths in core activities that will position the
Company for sustainable growth.
ZLB Bioplasma increased US market share for intravenous
immunoglobulin (IVIG) and commenced sales of IVIG in Europe,
the Middle East and South America following successful transfer
of the Sandoglobulin trademark and product registrations from
Novartis AG. JRH Biosciences acquired the largest independent
collector of animal serum in the US, started work on a significant
upgrade to its plant in the United Kingdom and expanded its
presence in Asia. CSL Bioplasma continued to strengthen its Asia
Pacific operations and our Animal Health business opened a new
vaccine facility in the US. In a year of strong growth, CSL
Pharmaceutical sold more doses of our Fluvax® influenza vaccine
in Australia than ever before.
Dividends and Financial Results
On 15 April 2003, our shareholders received an interim dividend
of 12 cents per share (fully franked). CSL’s final dividend of
22 cents per share (fully franked) will be paid on 10 October 2003.
The Directors have also determined that a Dividend Reinvestment
Plan will be implemented which will apply to the final dividend.
The appreciation of the Swiss franc against the US dollar
and lower US prices for IVIG significantly affected profitability.
The adverse impact of foreign exchange on our Swiss-based
ZLB Bioplasma manufacturing operations nullified Swiss tax
advantages, resulting in overall higher tax rates for the Group.
In the second half of the year, a stronger Australian dollar
introduced additional constraints on profitability.
Although ZLB Bioplasma experienced a difficult year, our other
businesses performed well to deliver Group sales revenues
of $1,300.3 million. After tax profit fell 43% to $70.4 million.
A complete summary of our key financial results is shown
on page two.
Human Health
Human Health includes the operations of ZLB Bioplasma AG,
ZLB Bioplasma Inc., CSL Bioplasma, CSL Pharmaceutical and
CSL’s global New Product Development activities.
ZLB Bioplasma, as already mentioned, experienced a difficult
trading year due primarily to an oversupplied US market and
adverse currency movements, particularly the Swiss franc’s
strong appreciation against the US dollar, resulting in weaker
CSL ANNUAL REPORT 1
FINANCIAL RESULTS
FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 30 JUNE 2003
All figures in $A million unless stated otherwise.
2002-2003
2001-2002
Total revenue
1,313.2
1,350.2
Sales revenue
1,300.3
1,336.4
91.5
93.3
101.7
156.5
70.4
123.8
112.6
163.6
74.3
82.9
Total assets at 30 June
2,219.5
2,312.1
Total equity at 30 June
1,282.7
1,273.1
Net tangible assets per share at 30 June ($)
2.42
1.79
Weighted average number of shares (million)
159.2
158.3
Basic earnings per share (cents)
44.2
78.2
Dividends per share (cents)
34.0
34.0
Research and development expenses
Profit from ordinary activities before income tax expense
Profit from ordinary activities after income tax expense
Profit from ordinary activities after income tax expense before amortisation of goodwill
Capital investment
There is a five-year statistical summary on page 44
YEAR IN REVIEW CONTINUED
financial performance. Sales revenue was down 16% to $398.5
million compared to last year.
sales and a liquid IVIG. Both of these product applications are
expected to receive US marketing approval in 2004.
In the US, ZLB Bioplasma Inc. expanded the sales of Carimune™
IVIG year-on-year but these gains were largely offset by lower
prices. Successful transfer of the Sandoglobulin trademark from
Novartis AG enabled ZLB’s sales of IVIG to commence in Europe,
South America and the Middle East. ZLB sales were made
through newly established affiliated companies in the United
Kingdom, Germany, Belgium and Italy as well as through
distributors in a further 24 countries. This expanded commercial
structure provides further opportunities for additional sales
of other ZLB products.
ZLB’s investment in broadening commercial operations will
help reduce the impact of pricing pressures in the competitive
US market by continuing to grow our global market share.
CSL Bioplasma increased sales revenue by 10% to
$168.4 million in a year of encouraging progress. Growth was
underpinned by continuing strong demand for our products,
particularly Intragam® P, and by the increased volumes of
plasma we processed on behalf of the Australian Red Cross
Blood Service (ARCBS).
In April 2003, Carimune™ NF, ZLB’s IVIG manufactured using
a new nanofiltration process, was successfully launched in the
US. This process provides users of this product with additional
assurance against transmission of infectious agents including
recent threats such as West Nile virus and Severe Acute
Respiratory Syndrome (SARS virus).
CSL Bioplasma continues to build on our close working
relationships with Blood Services throughout the Asia
Pacific region including New Zealand, Hong Kong, Singapore
and Malaysia. Our new regional office in Hong Kong is
providing increased levels of technical support to clients
as we work to further strengthen our mainstream presence
in key regional markets.
We completed a number of manufacturing plant upgrades which
have increased ZLB’s plasma throughput capacity to two million
litres per year. Several Regulatory Agency inspections were
successful including four by the US FDA. Two inspections involved
pre-approval of plant and equipment for expansion of Rhophylac®
In collaboration with the ARCBS, we added another high quality
plasma product to our portfolio in April 2003 with the release
of Biostate® onto the Australian market. Biostate® is a high
purity Factor VIII for the treatment of Haemophilia A and
von Willebrand’s Disease. This new product is currently available
2 CSL ANNUAL REPORT
FINANCIAL CALENDAR
2003
2004
19 September
Shares traded ex-dividend
17 February
Half year profit and interim dividend announcement
26 September
Record date for final dividend
26 March
10 October
Final dividend paid
2 April
Record date for interim dividend
16 October
Annual General Meeting
13 April
Interim dividend paid
31 December
Half year ends
30 June
Year ends
18 August
Annual profit and final dividend announcement
17 September
24 September
Record date for final dividend
8 October
Final dividend paid
14 October
Annual General Meeting
31 December
Half year ends
ANNUAL GENERAL MEETING
AGM LIVE WEBCAST
Thursday 16 October 2003 at 10:00am
Function Centre, National Tennis Centre
Melbourne Park, Batman Avenue
Melbourne 3000
Note: The Chairman's Report and the Chief Executive Officer's
Report will both be webcast through CSL's web site:
www.csl.com.au
in 250 IU and 500 IU presentations and a 1000 IU will
be available soon for added patient convenience.
During the year, important capital works projects have been
successfully completed. In October 2002, our new nucleic acid
amplification-testing laboratory was commissioned. Adding
another layer of safety to the products we manufacture, this
purpose-built facility uses leading edge technology to screen
for blood-born viruses prior to plasma pooling.
Completing the work required to expand our manufacturing
plant to enable us to fully segregate Australian plasma will
be an important step that will lead to our being able to pursue
new business opportunities.
Log on to the Home Page of CSL's web site and then click
on the first item under CSL News called Annual General
Meeting webcast.
Two notable events for our vaccine portfolio were the introduction
of Menjugate*, a conjugated meningococcal C vaccine licensed
from Chiron Corporation, and the launch of our thiomersal-free
Fluvax® influenza vaccine.
In October 2002, shortly after we introduced Menjugate* to the
market, the Federal Government announced a major vaccination
program for protection against meningococcal C disease for
all children in Australia up to the age of 19. CSL will supply
Menjugate* to several States and the Territories during the three
years this program is expected to run.
Looking to the future, CSL Bioplasma is well placed for business
growth. In Australia and regional markets, we will continue
to focus on expanding our role as the preferred provider of
high quality plasma products and customised toll manufacturing
services. We will also take advantage of synergies from working
with ZLB to expand into new regional markets with a greater
product range.
Our introduction of a thiomersal-free Fluvax® for Australia’s 2003
winter has been an important step in ensuring this key CSL
product continues to deliver the latest vaccine requirements.
Approved by the Therapeutic Goods Administration in November
2002, this new formulation is free from preservative. More doses
of Fluvax® were sold in Australia this year than ever before. We
will continue to optimise manufacturing capacity to ensure our
ability to meet the vaccine requirements of customers in both
Northern and Southern Hemisphere markets.
CSL Pharmaceutical delivered sales revenue of $245.5 million
in 2003, well ahead of our 2002 result, in a year when we had
significant growth in vaccine and pharmaceutical sales.
During the year, the importance of vaccination was highlighted
when the outbreak of SARS (Severe Acute Respiratory Syndrome)
led to heightened community awareness of the value of
CSL ANNUAL REPORT 3
CSL Total Revenue($A millions)
CSL Profit Before Interest and Tax ($A millions)
immunisation to protect against infectious diseases. This
increased awareness assisted us to consolidate our position
in Australia as the leading supplier of influenza vaccine to healthy
adults and also caused us to expand our corporate workplace
program. Two further vaccines with particularly encouraging
uptake rates this year were Pneumovax* 23 for prevention of
pneumococcal infection and Q-Vax® for the prevention of Q Fever.
Sales growth in pharmaceutical products has also been
strong with Tramal* being a major contributor. This product
is consolidating its position as a leading analgesic of choice
for moderate to severe pain.
As the result of an in-licensing agreement with Cytokine
PharmaSciences, CSL is now marketing Cervidil* in Australia.
Used to induce labour in childbirth, Cervidil* was launched
in June 2003.
Through mutual consent agreements with a number of
pharmaceutical companies, we have terminated arrangements
for CSL’s distribution of hospital products on their behalf. We will
continue to phase out low margin, pharmaceutical distribution
activities in favour of more profitable in-licensing arrangements,
and we will work to further develop domestic and international
markets for our Fluvax® influenza vaccine.
4 CSL ANNUAL REPORT
New Product Development opportunities continue to come
from CSL’s proprietary technologies in plasma fractionation,
vaccinology, recombinant proteins and our ISCOM® adjuvant
technology. We are investing in an R&D portfolio that provides
opportunities for short, medium and longer-term growth.
CSL’s most immediate returns will arise from product
improvements such as our liquid IVIG, and from Rhophylac®,
our high-quality anti-D for preventing haemolytic disease of the
newborn (Rh-disease). Late in 2002, the US FDA accepted both
plasma products for review. In Australia, as already mentioned,
we have launched our preservative-free Fluvax® influenza
vaccine, a product which will provide a domestic and international
platform for revenue growth in our pharmaceutical business.
The main medium term value driver in the portfolio is our HPV
vaccine collaboration with Merck & Co. Inc. (see feature story
on page 17). This quadrivalent biotech product, now in Phase III
testing at sites around the world, has the potential to make a
significant contribution to public health by preventing cervical
cancer and genital warts.
Our proprietary ISCOM® adjuvant technology passed a major
milestone this year with data from several successfully completed
early stage human clinical trials showing ISCOM® product
candidates were safe and tolerable, and could generate potent
CSL Profit After Tax ($A millions)
CSL R&D Investment ($A millions)
Dividends to Shareholders
An interim dividend on ordinary shares of 12 cents per share (fully franked) was paid on 15 April
2003. A final dividend on ordinary shares of 22 cents per share (fully franked) will be paid on
10 October 2003. The total dividend for the year of 34 cents per share represents a pay out ratio
of 48% (based on EPS after tax before goodwill amortisation).
immune responses. This technology should offer CSL a powerful
leverage point with partners and give confidence to test ISCOM®
based immunotherapy candidates against chronic infectious
diseases and cancer.
Biotechnology has had little impact to date on preventing
Developing additional high-value products derived from human
plasma is a strategic imperative for CSL. In this context, we are
using a proprietary method to produce a reconstituted high-density
lipoprotein (rHDL) from ApoA1 protein fractionated from plasma.
Working in collaboration with academic colleagues in Europe and
Australia, we have now demonstrated in animal models that rHDL
helps reduce the size of brain lesions caused by stroke. Our
challenge is to translate these encouraging animal results for
treating stroke with rHDL into early-stage human testing.
be delivered by injection into the eye. Working with Professor Doug
An expedited production of our Haemostatic Dressing this year saw
more than 2000 dressings delivered to the US Army under an
Investigational New Drug (IND) application approved by the US FDA.
The dressing is designed to prevent blood loss following trauma or
during major surgical procedures. It is anticipated that the dressing
will be effective in severe life-threatening haemorrhage as it
contains potent coagulation proteins necessary for blood clotting.
The dressing is capable of being used for both internal and external
injuries because it can be absorbed by the body.
development collaborations with major industry partners.
blindness. Although biotech treatments for such serious eye
diseases as age-related macular degeneration are in clinical
trials around the world, these experimental treatments have to
Coster and his team at Flinders University in Adelaide, we are
evaluating a proprietary technology for the less invasive topical
delivery of recombinant antibody fragments in eye drops. Work on
this method of treatment for blinding disorders is at an early stage
but could open for CSL a new area of ocular therapeutics.
CSL will continue to develop proprietary platform technologies
in which we have broad-based intellectual property and skills,
and which will enable us to pursue further research and
JRH Biosciences
JRH Biosciences delivered strong and profitable growth again
this year with sales revenue increasing 16% to $168.0 million.
Growth was fuelled by cell culture-based biopharmaceuticals
moving through clinical trials and was supported by launches of
new products and services, favourable serum trading conditions,
and substantial increases in sales of proprietary cell culture media.
CSL ANNUAL REPORT 5
SALES REVENUE BY BUSINESS UNIT
HUMAN HEALTH
62%
– ZLB BIOPLASMA AG (30%)
– CSL PHARMACEUTICAL (19%)
– CSL BIOPLASMA (13%)
ZLB PLASMA SERVICES
20%
JRH BIOSCIENCES
13%
ANIMAL HEALTH
5%
We will sustain our growth by increasing sales of cell culture
products for use in clinical phase biopharmaceutical projects
moving through the drug development pipeline. To this end,
we launched four new proprietary EX-CELL™ serum-free media
for virus and monoclonal antibody growth and production. Our
expanded product range drove the 35% increase in EX-CELL™
proprietary media revenue.
More customers discovered the benefits of our imMEDIAte
Advantage™ program which offers speedy delivery of smaller
volumes of cell culture media for research. Now available
worldwide, imMEDIAte Advantage™ helped to accelerate
the clinical programs of nearly 300 research customers.
The new addition of BioEaze™ to our portfolio delivered
custom bioprocessing systems to improve the productivity
of cell culture-based operations. Our collaborative work with
key biopharmaceutical developers saw milestones reached
on 11 cell culture media optimisation projects.
In February 2003, when the reduced availability of raw serum had
led to demand for fetal bovine serum outstripping supply, we took
action to protect customers by acquiring the business of By-Prod
Corporation, the largest independent serum collector in the US.
Serum is an essential component in the production of many
biopharmaceutical products and this newly secured US supply
6 CSL ANNUAL REPORT
of serum coupled with our existing Australian serum collection
operations has strengthened our leadership position
in the serum business.
We also increased our global serum operations with the
establishment of JRH Asia Pacific. Expanding our presence in
the developing Asian market, we have appointed local distributors
in Taiwan, Korea, Thailand and Singapore. As part of our
continuing investment in European infrastructure, we have started
work on a significant upgrade of our liquid cell culture media plant
in the United Kingdom. We also appointed additional sales and
technical staff to extend services for our European customers.
This year, we expanded the scale and capability of our research
and development facilities at Lenexa in Kansas, bringing online
an eight-fold increase in bioreactor capacity used to confirm
the scalability of our serum-free media products. At our Denver,
Pennsylvania plant we doubled dry media capacity and completed
the conceptual design for our next powder expansion. By 2005,
JRH will be able to offer both ball-milled and continuously milled
powder, providing further capacity and flexibility to address
customer demands.
Drawing attention to JRH’s leadership position in the cell culture
industry, we presented a comprehensive publicity and revised
corporate identity campaign this year, the main message being
our focus on customers and understanding their needs for
consistent, safe and productive cell culture products designed
to improve speed to market.
JRH Biosciences continues to strengthen its position in the global
cell culture market by remaining focussed on fulfilling the
demands of its customers throughout the world.
Animal Health
Animal Health sales revenue increased 6% to $64.7 million in a
year of significant improvement in overall profitability. Strong growth
has been achieved for key products despite the adverse effects
of exchange rates and severe drought in the US and Australia.
In the US, Biocor Animal Health canine vaccines increased market
share and our Bronchicine® CAe took over as market leader
in canine cough vaccines. We also made good progress in the
diagnostics sector with Parachek® for Johne’s disease in cattle
becoming market leader.
During the year, both the US Department of Agriculture and the
UK’s Veterinary Medicines Directorate approved the construction,
commissioning and validation of our new Leptospira vaccine
facility at Biocor’s site in Omaha, Nebraska. Distributed by our
marketing partner, Pfizer Animal Health, the Spirovac® bovine
leptospira vaccine manufactured in this new facility is now
on sale in the US, the United Kingdom and the Republic of Ireland.
In Australia, substantial progress has been recorded in the
livestock sector despite severe drought conditions. Gudair* ovine
Johne’s disease vaccine and our Glanvac B12 range contributed
to sales growth in sheep vaccines.
Good growth was achieved in the pig vaccine market with further
uptake of Improvac®, and demand for Ultravac® 7 in 1 for cattle
also increased. In a good year for companion animal products,
we improved our equine market position with the launch of
Equity® equine immunosterilisation vaccine and Equigen* equine
somatotropin.
Animal Health made good progress with new product registrations
and licensing activities. We obtained a license to market
Pestigard®, a bovine viral diarrhoea vaccine, and expect to launch
this product in Australia soon. We have entered into an agreement
with CZ Veterinaria SA for the rights to distribute their bovine
Johne’s disease vaccine in the US, Australia and New Zealand.
A review of manufacturing processes has been instrumental
in reducing overall production costs and led to significant
CSL ANNUAL REPORT 7
The ZLB Bioplasma AG manufacturing
facility at Bern in Switzerland.
improvement in yields of some of the key antigens used to make
our vaccines. Next year, we are expecting to reach several major
milestones in the development of new products which will lead
to the launch of vaccines in the US, Australia, the United Kingdom
and the Republic of Ireland. These launches will help support
Animal Health’s aggressive growth plans in the years ahead.
Aventis Behring is a major manufacturer of plasma derived
products with manufacturing plants in the US, Germany, Austria
and Spain - as well as a sizeable plasma collection business
in the US. Aventis Behring has processing capacity of more than
three million litres and produces about 20% of the world’s
plasma-based therapeutics.
ZLB Plasma Services
Performance Rights Plan
ZLB Plasma Services supplies plasma to ZLB Bioplasma AG
and several other customers manufacturing and marketing
plasma-derived products.
Operational efficiencies implemented this year in plasma
collection centres and our plasma testing laboratory in Miami,
Florida contributed to financial performance above expectations.
At a time of softening demand for plasma, we consolidated
our operations and achieved sales of $255.2 million.
At CSL’s next Annual General Meeting we will be seeking
shareholder approval for a new senior employee incentive Plan.
The Board believes this Plan will more closely reflect current
shareholder and sharemarket sentiment as a long-term incentive
delivery mechanism. Performance Rights will avoid the effects
of dilution and dividend leakage until performance hurdles have
been achieved by both the Company and the participating
employees.
Aventis Behring LLC
Dividend Reinvestment Plan
In February 2003, CSL entered into an agreement with Aventis
that provided an opportunity to evaluate Aventis Behring’s plasma
products business. We have commenced the associated due
diligence process and when our investigation is completed,
we will present the results to our shareholders.
As shareholders will be aware, the Board has implemented a
Dividend Reinvestment Plan commencing with this year's final
dividend. For those shareholders who elect to participate, the
Plan offers an efficient method of reinvesting dividends in the
Company's shares, as no brokerage or commission is payable
8 CSL ANNUAL REPORT
CSL'S MAJOR CORPORATE OBJECTIVES FOR THE YEAR AHEAD
>
Restore returns as a growing company;
>
Strengthen the commercial Bioplasma business by expanding
international market presence;
>
Expand and strengthen the domestic market position of the
Company’s influenza vaccine business and continue the
expansion of sales of this product into Northern and Southern
Hemisphere markets;
by the shareholder and the shares are issued at a discount of up
to 2.5% to the prevailing market price. More detailed information
has been sent to shareholders separately.
The CSL Board
There have been no changes to the membership of the Board
during the year, although Mr Ian McDonald has indicated that
he will not stand for re-election at the Annual General Meeting
in October this year.
Mr McDonald was appointed a Director of CSL in October 1992,
and has been of great assistance to the Board in providing the
benefit of his many years of experience in the international
pharmaceutical industry during a time when the Company has
grown from being an Australian based pharmaceutical business
to one that now has operations around the globe. The CSL Board
wishes to take the opportunity provided by this Report to express
its appreciation for Mr McDonald’s valued contributions during
this time of growth for the Company.
>
Continue to invest in high value R&D projects that will
deliver future growth in the near, medium and long term by
capturing, adding value to and commercialising intellectual
property assets for the development of novel
biopharmaceuticals;
>
Continue to develop JRH and Animal Health as profitable,
specialised international businesses;
>
Create an environment for growth, development and
achievement consistent with CSL’s core values of superior
performance, innovation, integrity, collaboration and
customer focus.
Our Thanks to Management and Staff
CSL’s people around the world have faced a very challenging year
that has required strong commitment to continue building our
businesses under difficult conditions. The CSL Board would like
to take this opportunity to acknowledge the dedication and good
work of our management and staff.
Peter H Wade
Chairman
Brian A McNamee
Chief Executive
* See inside back cover
CSL ANNUAL REPORT 9
HUMAN HEALTH
ZLB Bioplasma AG, based at Bern in Switzerland, is one of the largest
manufacturers of plasma products in the world with major markets in the
USA and Europe.
MAJOR PLASMA PRODUCTS MARKETED BY ZLB BIOPLASMA
IMMUNOGLOBULINS
FOR TREATMENT OF:
Carimune™ NF
Carimune™
Redimune™
®
Sandoglobulin
®
Panglobulin
Infections and autoimmune diseases
IMMUNOGLOBULINS
FOR PREVENTION OF:
Rhophylac
®
Carimune™ NF and Carimune™ are distributed
by ZLB Bioplasma Inc. in the USA.
Redimune™ is distributed by ZLB Bioplasma AG
in Switzerland.
®
Haemolytic disease of the newborn
PLASMA VOLUME EXPANDERS
FOR TREATMENT OF :
Albumin
Acute blood loss (emergency trauma
situations) and severe burns
CLOTTING FACTOR
FOR TREATMENT OF:
Factor VIII method M
Bleeding disorders such as haemophilia
Sandoglobulin is distributed worldwide by ZLB
Bioplasma and distributors (excluding USA and
®
Switzerland). Sandoglobulin is a trademark from
Novartis AG, licensed to ZLB Bioplasma AG.
®
Panglobulin is distributed by the American
National Red Cross.
For more information about our business, see our web sites at: www.zlb.com and at www.zlbusa.com
10 CSL ANNUAL REPORT
Inside ZLB Bioplasma's intravenous
immunoglobulin (IVIG) manufacturing plant
at Bern in Switzerland, operator Hanspeter
Gerber changes a nanofilter cartridge.
The nanofiltration process provides a new
level in product safety.
ZLB Bioplasma aims to be a leading provider
of intravenous immunoglobulin (IVIG) in North
America – an ambitious goal well on the way
to being achieved.
When ZLB entered the US market in 2001, there was an IVIG
shortage with hospitals buying all available product. We are now
dealing with a period of oversupply in what has become a highly
competitive business.
In the US, we stay ahead of supply and demand fluctuations by
continuously adjusting sales and marketing strategies with our
focus on increasing market share. In 2002, we responded quickly
to growing IVIG inventories identified in industry reports, well
aware competition would increase and prices would drop in the
short term.
In 2003, faced with even more aggressive competition in the US,
ZLB has taken a leadership position in the IVIG market through
the introduction of Carimune™ NF, our nanofiltered product. A
new level in product safety, nanofiltration is an effective way to
remove viruses without affecting vital immunoglobulin antibodies.
ZLB is the first IVIG manufacturer to use nanofiltration, a process
which is designed to remove emerging viruses such as West Nile
and coronavirus (SARS) as well as other pathogens. One of three
new products we expect to launch in the US, Carimune™ NF
will help us to continue to achieve our goals.
New ZLB-sponsored clinical programs under way in renal
transplantation, immunodeficiencies and neuropathies should
bring further growth in US demand for IVIG products and
a consequent increase in our market share.
We doubled our field sales force, introduced a new telemarketing
sales team, expanded our IVIG marketing team and focussed
more on building end user demand. As a result, we delivered
consistent growth in end user demand for Carimune™
throughout 2002 and now have more than 16% market share.
CSL ANNUAL REPORT 11
HUMAN HEALTH
CSL Bioplasma is one of the largest manufacturers of plasma products
in the Southern Hemisphere with a state-of-the-art facility in Melbourne that
uses chromatographic production technology.
MAJOR PLASMA PRODUCTS MARKETED BY CSL BIOPLASMA
CLOTTING FACTORS
FOR TREATMENT OF:
AHF (HP)
®
Biostate
®
MonoFix - VF
Bleeding disorders such as haemophilia
IMMUNOGLOBULINS
FOR TREATMENT OF:
®
Intragam P
VI-IMIG
Infections and autoimmune diseases
(product given intravenously)
Infections (product given intramuscularly)
IMMUNOGLOBULINS
FOR PREVENTION OF:
Rh(D) Immunoglobulin
Haemolytic disease of the newborn
PLASMA VOLUME EXPANDERS
FOR TREATMENT OF:
Albumex
®
Acute blood loss (emergency trauma
situations) and severe burns
DIAGNOSTIC PRODUCTS
FOR DETERMINATION OF:
ABO Monoclonal Reagents
Reagent Red Blood Cells
Compatibility of donor-recipient blood
in transfusion settings
People born deficient in Factor VIII and Factor IX
experience severe bleeding into their joints and
muscles which causes extreme pain as well as long
periods of impaired mobility. Treatment with clotting
factors minimises bleeding episodes and allows
people to lead active lives.
®
Intragam P is an intravenous immunoglobulin
used to treat people with congenital or acquired
deficiencies which make them susceptible to
®
recurrent infections. Intragam P can allow these
people to live healthier lives as active members
of the community.
®
Albumex is human serum albumin, a plasma
volume expander used in patients suffering severe
blood loss and undergoing surgical procedures.
For more information about our business, see the Bioplasma section of CSL's web site at: www.csl.com.au
CSL Bioplasma Sales and Marketing
Director, Chris Church with Marketing
Manager, Elizabeth Campbell (left) and
Immunotherapy Product Manager, Eileen
Conway in Packaging at the Melbourne
manufacturing facility.
Building on our strong business position
in the Asia Pacific region, CSL Bioplasma is
implementing a comprehensive development
program to create a more direct mainstream
presence in regional markets and significantly
increase revenues from international operations.
At the same time, we maintain close relationships with the
Australian Red Cross Blood Service and the New Zealand Blood
Service through which we work for continuous improvements
in quality, safety and availability of plasma-derived products.
In 2002, we opened our first regional office in Hong Kong and
increased sales and marketing activities to provide better support
for our customers. We expect our plasma product range and
reach to expand as the result of product development activities
and the product marketing relationship we are forging with ZLB
Bioplasma AG, CSL's Swiss-based business.
CSL Bioplasma is the preferred supplier of plasma fractionation
services to the Hong Kong Red Cross Blood Service, Malaysian
National Blood Centre and the Centre for Transfusion Medicine
in Singapore. However, the Asia Pacific region also offers
significant business growth potential through emerging clinical
demand for our high quality plasma products.
Chromatographic methods used by CSL Bioplasma to separate
and purify plasma proteins during our manufacturing process
include dedicated viral inactivation steps aimed at ensuring the
highest product safety standards. All plasma received at our plant
is screened against a range of infectious agents. This includes
nucleic acid testing (NAT) for HIV and hepatitis C. In 2002, we
commissioned a new NAT facility to ensure our continuing ability
to meet international testing standards.
During the year, we launched Biostate® in Australia - a new high
purity Factor VIII to treat bleeding disorders such as haemophilia
and which provides the additional benefit of preserving the
functional von Willebrand’s factor deficient in patients with von
Willebrand’s disease. Biostate® will be launched soon in regional
international markets.
HUMAN HEALTH
CSL Pharmaceutical manufactures and markets biological products
for human use. Our activities range from funding early stage research
in universities and research institutes to selling products worldwide
through major international organisations.
MAJOR PHARMACEUTICAL PRODUCTS MARKETED BY CSL
VACCINES
®
Fluvax
Pneumovax* 23
Menjugate*
®
ADT
®
Tet-Tox
H-B-VAX* II
PedvaxHIB*
Vaqta*
Varivax* Refrigerated
Comvax*
®
Q-Vax
M-M-R* II
FOR PREVENTION OF:
Influenza
Pneumococcal infection
Meningococcal C disease
Diphtheria and tetanus
Tetanus
Hepatitis B infection
Haemophilus influenzae B
Hepatitis A infection
Varicella
Haemophilus influenzae B and
Hepatitis B infection
Q-Fever
Measles, mumps and rubella
ANTI-INFECTIVES
®
FOR TREATMENT OF:
Flopen
®
Moxacin
Fucidin*
®
BenPen
Severe staphylococcal infections
Bacterial infections
OTHER PRODUCTS
FOR TREATMENT OF:
Tramal*
Flomax*
Antivenoms
Cervidil*
Severe pain
Benign prostatic hyperplasia
Envenomation
Complications during childbirth
requiring induced labour
Excessive daytime sleepiness
in narcolepsy
Severe allergic reactions
Psoriasis
Inflammatory dermatoses
Modavigil*
EpiPen*
Daivonex*
Advantan*
* See inside back cover
For more information, see the Pharmaceutical and Human Vaccines sections of CSL's web site at: www.csl.com.au
CSL's Fluvax® influenza vaccine has been
the market leader in Australia for many
years. Future growth in vaccine sales
will come from broadening vaccine uptake
in Australia and developing new
international business.
In a year when the outbreak of SARS (Severe
Acute Respiratory Syndrome) has brought
worldwide attention to the serious threat of
infectious diseases, the value of immunisation
against influenza has also been reinforced.
Even in years without epidemics, thousands
of people around the world die from influenza
or complications arising from infection with
this disease.
Last year, we completed an influenza plant expansion program
that doubled throughput capacity and allowed us to take greater
advantage of worldwide demand. Subsequently, we entered into
a major five-year contract to supply bulk influenza virus antigen
to Europe. By supplying vaccine for Southern and Northern
Hemisphere winters, we make use of our plant manufacturing
capacity all year round. Further market expansion initiatives
are planned in Europe, South Africa and South America.
In Australia, CSL is using increased manufacturing capacity
to target healthy adults and reduce the wider community impact
of influenza. To raise the awareness of healthy adults to the
benefits of immunisation, we carried out a national campaign
through pharmacies and medical centres to encourage healthy
people to discuss vaccination with their doctors. At the same time,
we continued to offer information to large organisations about the
benefits of workplace vaccination programs.
For many years, CSL's Fluvax® influenza vaccine has been
the market leader in Australia and our sales continue to increase.
This year, we released our new preservative-free vaccine following
approval from the Therapeutic Goods Administration
in November 2002.
Looking to the future, growth in Fluvax® influenza vaccine sales
will come from the broadening of vaccine uptake in Australia and
the development of new international business.
HUMAN HEALTH
New Product Development activities are focussed on maintaining
CSL's status as Australia's leading investor in biopharmaceutical research.
We develop biological products that act on or through the immune system.
HUMAN HEALTH PRODUCTS BEING DEVELOPED BY CSL
PRODUCTS
CURRENT STATUS
CSL’S R&D PARTNERS
ACADEMIC
CORPORATE
Vaccine to prevent
Cervical Cancer
and Genital Warts
Phase III clinical
development
The University
of Queensland
Vaccine to treat
AIN Disease
Phase II clinical
development
The University
of Queensland
Melanoma/Tumour
Immunotherapy
Phase II clinical
development
Ludwig Institute
for Cancer
Research
Vaccine to treat
Hepatitis C infection
Phase II clinical
research
Chiron
Corporation
Haemostatic
Dressing
Early stage
clinical
development
American
National
Red Cross
Treatment of
stroke with rHDL
Topical Eye Delivery
Late stage
research
University of Naples,
National Stroke
Research Institute,
Howard Florey
Institute
Merck & Co. Inc.
Cervical Cancer and Genital Warts: human papillomaviruses are associated with a range of clinical manifestations including genital dysplasias, tumours and warts.
Anal Intraepithelial Neoplasia (AIN) and Cancer:
some human papillomaviruses are the primary cause
of anogenital cancer. Anogenital cancer is an emerging
disease in both HIV +ve and –ve homosexual men.
Melanoma and Tumour Immunotherapy: targeting
the human immune system to recognise and kill cancer
cells is an attractive approach to reduce tumour burden,
increase quality of life, and potentially cure patients with
various forms of cancer.
Hepatitis C (HCV): a major international public health
problem. We are working with scientists at Chiron
Corporation to develop an immunotherapeutic to treat
patients with chronic HCV infection.
Haemostatic Dressing: this product is designed to
prevent blood loss following trauma or during major
surgical procedures.
Stroke: reconstituted high density lipoprotein (rHDL)
developed by our colleagues at ZLB Bioplasma AG may
be used to reduce the size of the brain lesion following
vascular occlusion.
Topical Eye Therapy: delivery of biotech treatment for eye
disease requires injection into the eye. We are working with
collaborators at Flinders Medical Centre to develop topical
(eye drops) delivery of biotech ophthalmic therapies.
Late stage research Flinders University
For more information about our projects, see the R&D section of CSL's web site at: www.csl.com.au
Professor Ian Frazer (left) with CSL scientist
Stirling Edwards: Merck & Co. Inc. holds the
exclusive license for human papillomavirus
(HPV) technology developed by Professor
Frazer in collaboration with CSL.
Excellent progress has been made this year
in CSL's collaboration with Merck & Co. Inc.
to develop a vaccine against human
papillomaviruses (HPV) associated with
cervical cancer and genital warts.
Phase II clinical trials of a vaccine against HPV type 16 have been
100% successful in preventing the targeted sexually transmitted
disease that is the primary cause of cervical cancer. Following
this compelling evidence of efficacy, a multinational Phase III
registrational program is now under way testing a quadrivalent
vaccine against HPV types 6, 11, 16 and 18.
Infection with types 16 and 18 can lead to cervical dysplasia and
cervical cancer in some women and is also associated with other
serious diseases of the genital tract, such as anal intraepithelial
neoplasia. Cervical cancer is a major cause of cancer in women
and HPV types 16 and 18 are linked to most cervical cancer
deaths. Infection with types 6 and 11 can lead to genital warts.
The technology on which the vaccine is based was developed
in the early 1990s in a collaboration between CSL scientists and
Professor Ian Frazer at the University of Queensland. In 1995,
Merck obtained an exclusive license for this technology from CSL.
CSL holds exclusive distribution rights to Australian and New
Zealand markets for any HPV vaccine developed by Merck using
the technology and will also benefit from worldwide
commercialisation.
The development of a candidate HPV vaccine is the powerful
result of an Australian academic and industry alliance to capture
intellectual property and our long-term collaboration with Merck.
To identify and develop the technology to create a new vaccine
typically takes from ten to fifteen years. From an idea in the early
1990s, we have now progressed to the final phase of human
clinical trials and closer to our goal of a socially significant and
commercially successful vaccine.
JRH BIOSCIENCES
JRH Biosciences develops, manufactures and markets cell culture
reagents including dry powder media, liquid media and sera used in the
manufacture of vaccines, biopharmaceuticals and gene therapy products.
MAJOR CELL CULTURE PRODUCTS MARKETED BY JRH BIOSCIENCES
BIOTECHNOLOGY PRODUCTS USED IN CELL CULTURE
BIOTECHNOLOGY SERVICES USED IN CELL CULTURE APPLICATIONS
Serum-Free Media
Classical Media
Sera
Growth Factors
Supplements
Buffers
Detachment Factors
Reagents
imMEDIAte Advantage™
Program for quick delivery of small volumes of customised media,
either in liquid or dry powder form, preferred by scientists
in research and product development.
BioEaze™
Sterile disposable bags, components and bioprocessing systems
designed to address specific pharmaceutical and biotechnology
applications.
Bulk Liquid Media System
Customised liquid media handling systems designed to facilitate
raw material transfer in cell culture laboratories.
Media Development and Optimisation
Development of media formulations specific to customer cell lines
and applications, focussed on improving productivity and
efficiencies.
Technical Services
Regulatory support to meet customer and government requirements
for licensing issues; customer support on product applications and
cell culture techniques; and product support focussing on
technology transfer.
Analytical Services
Biochemical analyses that aids cell culture product development
and optimisation.
For use in the production
of therapeutics, vaccines,
monoclonal antibodies and
recombinant proteins. Sera,
media and growth factors are
also extensively used in
research and diagnostic
laboratories.
Cells taken from living organisms and grown under controlled
conditions in a laboratory or manufacturing system are known as cell
culture. In cell culture, media combined with sera, growth factors and
other supplements are used to grow cells and produce proteins.
JRH Biosciences develops, manufactures and markets cell culture
reagents and services targeted for commercial firms involved in
developing and producing biopharmaceuticals using mammalian and
insect cell culture methods.
For more information about our business, see our web site at: www.jrhbio.com
JRH Biosciences' research scientist Sandy
McNorton develops new serum-free media
formulations. JRH's media development
group continues to expand to meet
increasing demand for chemically defined
media formulations.
JRH Biosciences has continued to achieve
success through business expansion, product
and technology developments, and strong
support for our customers. We have invested
in the future, as illustrated by our activities
in the key European cell culture market.
In the next financial year, JRH will complete a major expansion of
manufacturing facilities in the United Kingdom. From this modern
plant, liquid cell culture media produced to strict code of Good
Manufacturing Practice (cGMP) requirements will be provided to
biopharmaceutical researchers and manufacturers across Europe.
Although JRH is already an established world leader in the liquid
media business, this latest expansion positions us for significant
involvement in European clinical trials in which large quantities
of liquid media are used. We will further improve our business
success by aligning cell culture products with the drug
development pipeline requirements of the worldwide
biopharmaceutical industry.
JRH's February 2003 acquisition of By-Prod, the largest
independent collector of animal serum in the US, has now
secured continuity of supply for customers using serum in
biopharmaceutical research and development. This US serum
business complements our Australian serum collection and
processing operations and provides customers with additional
options. We will be offering an enhanced portfolio of serum
products next year for this critical component in the development
of many biopharmaceuticals.
JRH scientists are continuing to develop products for emerging
areas of significant interest to customers including gene therapy
and therapeutic monoclonal antibody applications. Our core
research focus is on developing proprietary media used in
biopharmaceutical research and development by our customers.
Our business success is set to continue as we strengthen global
production, sales and distribution capabilities in ways that bring
greatest benefit to our customers.
ANIMAL
HEALTH
Animal Health develops, manufactures and markets vaccines for the
prevention of disease in livestock (sheep, cattle and pigs) and companion
animals (horses, dogs and cats), and a range of diagnostic products.
MAJOR ANIMAL HEALTH PRODUCTS MARKETED BY CSL
VACCINES
Glanvac
®
®
Ultravac 7 in 1
®
Scabigard
®
Canvac
®
Bronchicine CAe
®
Fevac
®
Rhinopan
®
Equivac
®
Longrange
®
Ultravac 5 in 1
Gudair*
®
Surround
®
HerdVac
®
Improvac
®
Leptoshield
FOR PREVENTION OF:
DIAGNOSTIC PRODUCTS
Cheesy gland and clostridial diseases, selenium
deficiency and vitamin B12 deficiency in sheep
Leptospirosis and clostridial diseases in cattle
Scabby mouth in sheep
Viral and bacterial diseases in dogs
Kennel cough in dogs
Viral diseases in cats
Viral and chlamydial diseases in cats
Bacterial diseases in horses
Botulism in cattle
Clostridial diseases in sheep and cattle
Johne’s disease in sheep
Viral and bacterial diseases in cattle
Viral and bacterial diseases in cattle
Boar taint in male pigs
Leptospirosis in cattle
Bovigam
For the diagnosis of Bovine tuberculosis
®
Parachek
For the diagnosis of Johne's disease in cattle
®
®
®
Note: Bronchicine CAe, Surround and Herdvac
are marketed only in the USA.
®
* Gudair: see inside back cover
For more information about our business, see the Animal Health section of CSL's web site at: www.csl.com.au
and also our Biocor Animal Health Inc. web site at: www.biocorah.com
Operator Jeff Spahr in the formulation room
of the new Leptospira vaccine production
facility at Omaha in Nebraska. The
Spirovac® vaccine produced here is now
on sale in the US, United Kingdom and
the Republic of Ireland.
In 2003, our US business, Biocor Animal Health,
opened a new Leptospira vaccine production
facility at their headquarters in Omaha,
Nebraska. Built and commissioned in just two
years, this plant has achieved UK Veterinary
Medicines Directorate approval after just one
inspection, a rare achievement for any US
veterinary facility.
The Spirovac® Leptospira vaccine we produce in this plant using
unique vaccine technology is now being sold in our initial target
markets - the US, the United Kingdom and the Republic of Ireland.
Spirovac® vaccine has also been approved by the United States
Department of Agriculture (USDA) as an aid in protecting unborn
calves. This initiative is a result of trials by the USDA’s researchers
that indicated total prevention of kidney and genital tract infection.
The only bovine leptospirosis vaccine in the world known to
have achieved this important label claim, Spirovac® is a major
breakthrough product for dairy and beef producers because
the disease is a significant cause of abortion in cattle.
In Australia, sales of Leptospira vaccines are at record levels.
Ultravac® 7 in 1 and Leptoshield® are market leaders for bovine
leptospirosis vaccines. The unique technology used to produce
these vaccines has helped expand the overall market and
strengthened our relationships with key customers.
Through marketing partner, Pfizer Animal Health, Spirovac® has
increased our market share in the dairy and particularly the calf
markets in the United Kingdom and Republic of Ireland. The only
bovine leptospirosis vaccine approved for calves as young as four
weeks old, Spirovac® protects them from disease before they are
naturally exposed to infection.
Future significant sales growth will be achieved in all major cattle
markets through further product development and an expanded
range. We are also developing vaccines to protect other animals
from Leptospirosis.
ZLB PLASMA
SERVICES
ZLB Plasma Services is one of the largest collectors of human blood
plasma in the world and a major supplier to the US fractionation industry.
ZLB PLASMA SERVICES LOCATIONS
WA
MN
OR
WI
MI
OH
IN
WV
UT
CO
KS
MO
KY
TN
AZ
OK
SC
NM
TX
LA
FL
> Arizona (AZ)
> Colorado (CO)
> Florida (FL)
> Indiana (IN)
> Kansas (KS)
> Kentucky (KY)
> Louisiana (LA)
> Michigan (MI)
> Minnesota (MN)
> Missouri (MO)
> New Mexico (NM)
> Ohio (OH)
> Oklahoma (OK)
> Oregon (OR)
> South Carolina (SC)
> Tennessee (TN)
> Texas (TX)
For more information about our business, see our web site at: www.zlbusa.com
> Utah (UT)
> Washington (WA)
> West Virginia (WV)
> Wisconsin (WI)
Inside the ZLB Plasma Services laboratory
in Florida, medical technologist Heddie
Baron prepares a reagent used in chemical
analysers to test plasma samples. The
laboratory processes millions of plasma
samples each year.
Based in Boca Raton, Florida, ZLB Plasma
Services is one of the largest collectors of
human blood plasma in the world, operating
forty-five collection centres in twenty-one
US States.
We have steadily invested in the business over the past year to
ensure the highest international quality standards. This has helped
to position us as a reliable supplier of a critical raw material to the
fractionation industry while at the same time creating the greatest
operational and marketing flexibility for ZLB Bioplasma.
Our laboratory in Miami processes millions of plasma samples
each year carrying out a wide range of serological plasma
screening tests on behalf of our collection centres.
Now successfully integrated into CSL's operations, we are able
to offer a secure source of US plasma to support ZLB Bioplasma
requirements as they manufacture increasing quantities of plasma
products for both new and existing markets.
Complying with strict US FDA regulations for donor safety and
product quality, ZLB Plasma Services is a major supplier of
high quality plasma to the US plasma fractionation industry.
Volumes of plasma sent to ZLB Bioplasma for fractionation will
increase as necessary to match their business requirements.
Most of the plasma we collect is drawn from the general
community but we also produce some speciality plasma with
particular antibody profiles for use in manufacturing such
products as ZLB Bioplasma's Rhophylac® for prevention
of haemolytic disease in the newborn.
Looking to the future, we will continue to optimise our business
through careful investment and operational excellence to ensure
our facilities and systems exceed the stringent standards of this
strictly regulated industry.
OUR
PEOPLE
By creating opportunities for the benefit and advancement of our people,
we help to ensure the achievement of CSL’s global objectives.
CSL GROUP VALUES
SUPERIOR PERFORMANCE
We strive to be the best
at what we do
INNOVATION
We seek better ways
of doing things
INTEGRITY
We are ethical and honest
at all times
COLLABORATION
We work together
to achieve better results
CUSTOMER FOCUS
We seek to understand
and meet their needs.
In Australia, CSL is a leader in innovative human
resource practices that have benefited both our
people and business operations. CSL's success
in creating progressive working environments is
the result of competency-based career systems,
our learning and development strategies, family
friendly workplace initiatives and staff opinion
surveys that help identify needs.
During the past year, we have continued to focus on developing
global human resources systems to address the emerging
demands of our business that now employs more people in the
US and Europe than in Australia. The emphasis of these initiatives
is on developing leaders, creating among people a better
understanding of all parts of our business, and providing
opportunities for our people to look beyond their specific roles
to identify more closely with everything we do.
CSL Bioplasma's Employee Development
Manager, Brendan Saville introduces Process
Engineer, Natalie Saunders to an E-Learning
training module. These modules can also
be accessed through personal computers
at times suitable for each employee.
In keeping with these global programs, we have undertaken
an extensive internal review that defined the Values of the CSL
Group, introduced an Executive Leadership Program, developed
a Leadership Capabilities Program and launched a Global
Employee Share Plan.
The CSL Group Values define what our Company stands for
and what we expect from ourselves. This value system is being
implemented across all our operations, with each business
working out the most effective way to communicate these
Values within their own environment.
Future key leaders within the CSL Group will come from a
diverse range of people spread across the world. With the aim
of developing the skills and relationships among the top line
leadership, a group of senior executives from across the CSL
Group participated in CSL’s initial Executive Leadership Program.
The course content of strategic thinking and personal leadership
is developing an important internal resource for the business
which reflects CSL’s immediate and future needs.
Developed through an extensive internal consultation process,
CSL’s Leadership Capabilities Program provides guidelines and
expectations for senior, middle and frontline managers. Based
on CSL Group Values, this program has set the framework for
what we expect from future leaders as well as for our future
learning and development requirements.
The successful launch of our Global Employee Share Plan,
approved by shareholders at CSL's 2002 Annual General
Meeting, has delivered a new opportunity for all our people to
have equity in the business. This plan is part of a strategy to help
ensure our people identify more closely with the Company and
better understand CSL's businesses.
HEALTH,
SAFETY AND
ENVIRONMENT
Our continuing aim is to ensure that CSL's business operations are carried
out in workplaces that are safe and healthy for our employees, for the
community and for the environment.
HEALTH AND SAFETY POLICY
POLICY
SYSTEMS
By encouraging safe work behaviours and implementing
processes, policies and procedures, CSL will ensure the health
and safety of all employees, contractors, visitors and the
community who are associated with our worldwide operations.
CSL has developed and will maintain management systems
for health and safety that are consistent with internationally
recognised standards and enable us to:
CSL will meet its obligations under local laws and statutes and
thereby demonstrate our determination to be a responsible
employer.
Managers are allocated particular responsibilities for ensuring
that the health and safety management system is properly
implemented and performing to requirements in all locations
and operating areas within the Company.
> Ensure that our facilities operate to the highest health and
safety standards to protect our employees, contractors,
neighbours and the environment;
> Ensure health and safety policies, procedures and
instructions are widely communicated and adhered to;
> Consult and cooperate with employees and their
representatives on health and safety matters;
> Provide appropriate training and resources so those
individuals are equipped to work safely
in an incident-free workplace.
Phil Lovelock, the HS&E Manager for
Parkville and associated sites, checks
on materials handling procedures in the
Parkville Main Store with Rebekah Hansard,
Materials Safety Data Sheet Manager.
Our health, safety and environment (HS&E)
responsibilities have continued to expand
as CSL has acquired new businesses,
commissioned new facilities and extended
business operations around the world.
CSL has developed a unified HS&E management system to
integrate under one corporate umbrella the range of programs
being carried out at all sites. In this way, we have maintained
a consistent global approach to managing the HS&E
requirements of our diverse range of working environments.
The CSL Group delivers a sustainable and comprehensive HS&E
management system by requiring all CSL workplaces to meet
the same stringent corporate standards and by also complying
with the relevant regulations covering those jurisdictions
in which our businesses operate.
As a result of our integrated HS&E system, we are well
positioned to ensure that all our business operations are carried
out in workplaces that are safe and healthy for our employees,
the community and the environment.
Our health and safety professionals based in the US, Europe,
Australia and New Zealand implement corporate programs at the
local level. CSL subsidiaries also have their own internal HS&E
auditors, though local operations remain subject to additional
corporate audit processes.
Fundamental to our management system are four corporate
policies covering health and safety, the environment, incident
reporting, and the rehabilitation of injured workers. Developed
in consultation with our employees and their representatives,
these policies define our beliefs, intentions and approaches
to developing HS&E systems. We will continue to maintain safe
and healthy workplaces at all sites by implementing consistent
policies, providing clear guidelines and demanding adherence
to standard operating procedures.
In keeping with Company policy and to minimise environmental
impacts of our global operations, all CSL sites are required
to ensure their systems, processes and procedures also comply
with local environmental regulations and policies.
CONTROLLED
ENTITIES
CSL Limited, based at Parkville in Melbourne, is a public
company listed on the Australian Stock Exchange and parent
company of the CSL Group. CSL business activities are carried
out through our Human Health, JRH Biosciences, Animal Health
and ZLB Plasma Services operations.
Biocor Animal Health Inc. is a subsidiary of CSL US Inc.
Based in the US at Omaha in Nebraska, Biocor manufactures
and markets veterinary vaccines and is operationally part
of CSL's Animal Health Group.
ZLB Bioplasma Inc., a Los Angeles based subsidiary of
JRH Biosciences Pty Ltd, based in Melbourne, is a subsidiary
of CSL Limited that processes Australian animal serum used
to produce cell culture media.
CSL (New Zealand) Limited, based in Auckland, is a subsidiary
of CSL Limited and is the New Zealand marketing arm for
Australian Bioplasma, Pharmaceutical and Animal Health business
operations. CSL (New Zealand) Limited also manufactures
veterinary viral vaccines at a plant in Upper Hutt, near Wellington.
Iscotec AB, a Swedish company, is a subsidiary of CSL Limited
that has technology to enhance the immune response to vaccines.
Cervax Pty Ltd is a subsidiary of CSL Limited and is a company
formed to undertake a specific research and development project.
Cervax is 74% owned by CSL.
CSL International Pty Ltd is a subsidiary of CSL Limited
and the holding company for the international operations
of the CSL Group.
CSL Denmark ApS is a subsidiary of CSL International Pty Ltd
and the holding company for the European subsidiaries of the
Group.
CSL US Inc., is operationally part of ZLB Bioplasma AG. In the
US, ZLB Bioplasma Inc. markets and distributes plasma-derived
products and operates ZLB Plasma Services, a Florida based
plasma collection business.
ZLB Bioplasma AG., based in Bern, Switzerland, is a subsidiary
of CSL Denmark ApS. ZLB Bioplasma AG manufactures plasmaderived products and has major markets in the US and Europe.
ZLB Bioplasma Belgium sprl, a subsidiary of CSL Denmark
ApS, is a sales and marketing company for plasma products
manufactured by ZLB Bioplasma AG.
ZLB Bioplasma Italy srl, a subsidiary of CSL Denmark ApS,
is a sales and marketing company for plasma products
CSL UK Holdings Limited, a subsidiary of CSL Denmark ApS,
is the holding company for the United Kingdom operations
of the CSL Group.
JRH Biosciences Limited, based in Andover in the United
Kingdom, is a subsidiary of CSL UK Holdings Limited and is the
CSL US Inc. is a subsidiary of CSL International Pty Ltd and the
holding company for the US operations of the CSL Group.
European sales and marketing arm of JRH Biosciences Inc.
ZLB Bioplasma UK Limited, a subsidiary of CSL UK Holdings
CSL Finance Pty Ltd is a subsidiary of CSL International Pty Ltd
through which the CSL Group raises debt funding.
Limited, is a sales and marketing company for plasma products
CSL UK is a subsidiary of CSL International Pty Ltd. This company
was dissolved on 28 July 2003.
ZLB GmbH, a German subsidiary of ZLB Bioplasma AG, is a
JRH Biosciences Inc. is a subsidiary of CSL US Inc. Based
by ZLB Bioplasma AG.
sales and marketing company for plasma products manufactured
in Kansas in the US, it is one of the largest manufacturers
of specialised cell culture media in the world. JRH Biosciences
Inc. has manufacturing sites in Kansas and Pennsylvania.
All subsidiary companies shown in the chart on page 28 are
wholly owned by the parent except Cervax Pty Limited in which
CSL has a majority shareholding.
CSL GROUP
BUSINESS
OPERATIONS
CSL Group business operations are carried out through four business units:
Human Health, JRH Biosciences, Animal Health and ZLB Plasma Services.
Human Health
ZLB Bioplasma AG
ZLB Bioplasma Inc
ZLB GmbH
ZLB Bioplasma Belgium sprl
ZLB Bioplasma Italy srl
CSL Bioplasma
CSL Pharmaceutical
JRH Biosciences
JRH Biosciences Inc
Animal Health
CSL Animal Health
ZLB Plasma Services
ZLB Plasma Services
Bern, Switzerland (HQ)
California, USA
Norfolk, England
Munich, Germany
Brussels, Belgium
Milan, Italy
Melbourne, Australia
Hong Kong
Auckland, New Zealand
Auckland, New Zealand
Develops, manufactures and markets plasma products
Markets plasma products in the USA
Markets plasma products in the United Kingdom
Markets plasma products in Germany
Markets plasma products in Belgium
Markets plasma products in Italy
Develops, manufactures and markets plasma products
Markets plasma products
Markets plasma products
Manufactures and markets biopharmaceutical products
Markets biopharmaceutical products
Kansas, USA (HQ)
Pennsylvania, USA
Hampshire, England
Develops, manufactures and markets cell culture products
Manufactures cell culture products
Manufactures and markets cell culture products
Markets cell culture products
Nebraska, USA
Upper Hutt, New Zealand
Develops, manufactures and markets veterinary products
Develops, manufactures and markets veterinary products
Manufactures veterinary products
Florida, USA (HQ)
Operates plasma collection centres in 21 US States
Operates a plasma testing facility in Florida
OUR EXECUTIVE
MANAGEMENT
GROUP
Dr Brian McNamee
Managing Director
Tony Cipa
Finance Director
Peter Turvey
Company Secretary and
General Counsel
Peter Turner
President
ZLB Bioplasma AG
Paul Bordonaro
General Manager
CSL Bioplasma
Colin Armit
President
CSL Pharmaceutical
Dr Andrew Cuthbertson
Chief Scientific Officer
Paul Grujic
President
Animal Health
Thomas Giarla
President
JRH Biosciences
Kelvin Milroy
General Manager
Human Resources
DIRECTORS’
PROFILES
Peter H Wade
Brian A McNamee
Peter H Wade, FCPA, FAICD – (age 69)
Chairman
Finance, Management (resident in Victoria).
Mr Wade was elected to the CSL Board in 1994 and became Chairman
in 1999. He had previously served CSL as a Commissioner and Director
from 1985 to 1993 including a period as Acting Chairman during 1988.
Mr Wade is a Director of Tabcorp Holdings Limited, and former Managing
Director, North Limited.
Brian A McNamee, MB, BS, FAICD – (age 46)
Managing Director
Pharmaceutical Industry, Medicine (resident in Victoria).
Dr McNamee is the Chief Executive and Managing Director of CSL, and
the President of CSL (US) Inc. He is a Director of the Peter MacCallum
Cancer Foundation Ltd. Dr McNamee completed Bachelor of Medicine
and Bachelor of Surgery Degrees at the University of Melbourne in
1979. Before taking up his present position in 1990, Dr McNamee was
Managing Director and Chief Executive of Pacific Biotechnology Limited
in Sydney, NSW (1988-89), General Manager, Faulding Product Divisions,
F H Faulding & Co Limited, Adelaide, South Australia (1984-87), and
International Product Manager, Dr Madaus & Co, based in Cologne, West
Germany (1982-84).
Elizabeth A Alexander
Antoni M Cipa
Elizabeth A Alexander, AM. BCom, FCPA, FCA, FAICD – (age 60)
Accounting (resident in Victoria).
Miss Alexander was appointed to the CSL Board in July 1991. She is
a Director of Amcor Limited and Boral Limited. She is National President
of the Australian Institute of Company Directors, a Member of the
Corporations and Securities Panel of the Australian Securities and
Investment Commission, a Member of the Financial Reporting Council
and past National President of the Australian Society of Certified
Practising Accountants. She is Chairman of the Board of Advice
to the Salvation Army (Southern Command) and is Deputy Chairman
of the Winston Churchill Fellowship Trust. Miss Alexander is Chairman
of the Audit and Risk Management Committee.
Antoni M Cipa, B.Bus (Acc), Grad.Dip (Acc), CPA, ACIS – (age 48)
Finance Director
Finance (resident in Victoria)
Mr Cipa was appointed to the CSL Board as Finance Director in August
2000. Mr Cipa commenced his employment at CSL in 1990 as Finance
Manager. He was instrumental in the float of the Company in 1994 at
which time he was appointed Chief Financial Officer. Prior to joining CSL,
Mr Cipa was employed at large public companies where he had
significant exposure to mergers and acquisitions.
C Ian R McDonald
Ian A Renard
C Ian R McDonald, BSc (Hons) – (age 70)
International Pharmaceutical Industry (resident in NSW).
Mr McDonald was appointed a Director of CSL in October 1992.
Mr McDonald was formerly Group Vice President, Pharmaceuticals,
of Syntex Corporation, President of Syntex Pharmaceuticals International
Limited, Vice President Asia Pacific of G D Searle & Co, and a former
Director of Agen Limited Group. He is a past Managing Director of Searle
Australia Pty Limited and Mead Johnson Pty Limited. Mr McDonald
is a Member of the Audit and Risk Management Committee.
Ian A Renard, BA, LLM, FAICD – (age 57)
Law (resident in Victoria).
Mr Renard was appointed to the CSL Board in August 1998. He has
for many years practised in company and commercial law. He is a
Director of Newcrest Mining Limited and Hillview Quarries Pty Ltd, and
is a Member of the Australian Advisory Board of Singapore Power.
Mr Renard is also Deputy Chancellor of the University of Melbourne,
Chairman of the Melbourne Theatre Company and a Director of Australian
Major Performing Arts Group Ltd. Mr Renard is a Member of the Audit
and Risk Management Committee and Human Resources Committee.
Kenneth J Roberts
Arthur C Webster
Kenneth J Roberts, AM, BEc, FCPA, FAIM, FAICD, FRACP (Hon) – (age 65)
International Pharmaceutical Industry, Management, Marketing
(resident in NSW).
Mr Roberts was appointed to the CSL Board in February 1996. Formerly,
he was Chairman and Managing Director of Wellcome Australasia and
Director of Marketing Development for the Wellcome worldwide group.
He is Chairman of the Royal Australasian College of Physicians Research
and Education Foundation and Start-up Australia Pty Ltd. Mr Roberts is
also a Director of ManageSoft Corporation Limited and a Member of the
Boards of the Australian Genome Research Facility and the University
of Queensland Institute for Molecular Bioscience Com. Mr Roberts
is Chairman of the Human Resources Committee.
Arthur C Webster, BVSc, DipBact (Lond) – (age 59)
Animal Health Industry, Commerce (resident in NSW).
Dr Webster was appointed to the CSL Board in March 1998. He is
Chairman of the Advisory Board for the Faculty of Veterinary Science
at Sydney University and also Chairman of three private Australian
companies. He is a Council Member of both the Postgraduate Foundation
in Veterinary Science and the Veterinary Science Foundation, University
of Sydney. Dr Webster was formerly Technical Director then Managing
Director of the animal health company, Cyanamid Webster Pty Ltd, and
a Member of the Board of Governors, University of Western Sydney.
Dr Webster is a Member of the Human Resources Committee.
Peter R Turvey, BA/LLB, MAICD
Company Secretary
CORPORATE
GOVERNANCE
This statement outlines the Company's principal corporate governance
practices in place during the year or that were introduced during the
course of the year.
This statement outlines the Company's principal corporate
governance practices in place during the year or that were
introduced during the course of the year.
1. The Board of Directors
1.1 The Board Charter
The Board has a formal charter documenting its membership,
operating procedures and the apportionment of responsibilities
between the Board and management.
The Board is responsible for oversight of the management of the
Company and providing strategic direction. It monitors operational
and financial performance, and approves the Company's budgets
and business plans. It is also responsible for overseeing the
Company's risk management, financial reporting and compliance
framework.
The Board has delegated the day-to-day management of the
Company, and the implementation of approved business plans
and strategies to the Managing Director, who in turn may
further delegate to senior management. In addition, a detailed
authorisations policy sets out the decision-making powers
which may be exercised at various levels of management.
The Board has delegated specific authority to four Board
committees that assist it in discharging its responsibilities by
examining various issues and making recommendations to the
Board. Those committees are the Audit and Risk Management
Committee, the Human Resources Committee, the Nomination
Committee and the Securities and Market Disclosure Committee.
Each committee is governed by a charter setting out its composition and responsibilities. A description of each committee and
their responsibilities are set out below. The Board also delegates
specific responsibilities to ad hoc committees from time to time.
The Board charter sets guidelines as to the desired term of service
of non-executive directors. Board appointees should be available
to serve for at least eight years. Directors are to resign upon
having served on the Board for 15 years, unless the remaining
members of the Board unanimously request the director to remain
on the Board.
Directors are entitled to access independent professional advice
at the Company's expense to assist them in fulfilling their
responsibilities. To do so, a director must first obtain the approval
of the Chairperson. The director should inform the Chairperson
of the reason for seeking the advice, the name of the person from
whom the advice is to be sought, and the estimated cost of the
advice. Professional advice obtained in this way is made available
to the whole Board.
1.2 Composition of the Board
Throughout the year there were eight directors on the Board. Two
of them – the Managing Director and the Finance Director – are
executive directors. The Board charter provides that a majority
of directors should be independent. No director acts as a nominee
or representative of any particular shareholder. A profile of each
director, including details of their skills, expertise, relevant
experience, term of office and Board committee memberships
can be found on pages 32 and 33.
The Chairman of the Board is an independent, non-executive
director. He is responsible for leadership of the Board, for ensuring
that the Board functions effectively, and for communicating the
views of the Board to the public. The Chairman sets the agenda for
Board meetings and manages their conduct and facilitates open
and constructive communication between the Board, management,
and the public.
1.3 Independence
The Board has determined that all of its non-executive directors
are independent, and were independent for the duration of the
reporting period.
All CSL directors are aware of, and adhere to, their obligation under
the Corporations Act 2001 to disclose to the Board any interests
or relationships that they or any associate of theirs may have in
a matter that relates to the affairs of the Company, and any other
matter that may affect their independence. As required by law,
details of related party dealings are set out in full in note 33 to the
Company's accounts. All directors have agreed to give the company
notice of changes to their relevant interests in Company shares
within five days to enable both them and the Company to comply
with the Australian Stock Exchange (ASX) Listing Rules. If a potential
conflict of interests exists on a matter before the Board then
(unless the remaining directors determine otherwise), the director
concerned does not receive the relevant briefing papers, and takes
no part in the Board's consideration of the matter nor exercises
any influence over other members of the Board.
In addition to considering issues that may arise from disclosure
by directors from time to time under these obligations, the Board
makes an annual assessment of each non-executive director to
determine whether it considers the director to be independent.
The Board considers that an independent director is a director
who is independent of management and free of any business
or other relationship that could, or could reasonably be perceived
to, materially interfere with the exercise of their unfettered and
independent judgment.
Information about any such interests or relationships, including
any related financial or other details, is assessed by the Board
to determine whether the relationship could, or could reasonably
be perceived to, materially interfere with the exercise of a director's
unfettered and independent judgment. As part of this process the
Board takes into account a range of relevant matters including:
>
information contained in specific disclosures made by directors
pursuant to their obligations under the Board charter and the
Corporations Act 2001;
>
any past employment relationship between the director and
the Company;
>
any shareholding the director or any of his or her associates
may have in the Company;
>
any association or former association the director may have
with a professional adviser or consultant to the Company;
>
any other related party transactions whether as a supplier
or customer of the Company or as party to a contract with the
Company other than as a director of the Company;
>
any other directorships held by the director; and
>
any family or other relationships a director may have with
another person having a relevant relationship or interest.
In determining whether an interest or relationship is considered
to interfere with a director's independence, the Board has regard
to the materiality of the interest or relationship. For this purpose,
the Board adopts a conservative approach to materiality consistent
with Australian accounting standards. If a director has a current
or former association with a supplier, professional adviser or
consultant to the CSL Group, that supplier, adviser or consultant
will be considered material:
>
from the Company's point of view, if the annual amount
payable by the CSL Group to the supplier, adviser or consultant
exceeds 5% of the consolidated expenses of the CSL Group;
and
>
from the director's point of view, if that amount exceeds 5%
of the supplier's, adviser's or consultant's total revenues.
Similarly, a customer of the CSL Group would be considered
material for this purpose from the Company's point of view if the
annual amount received by the CSL Group from the customer
exceeds 5% of the consolidated revenue of the CSL Group, and
CORPORATE GOVERNANCE CONTINUED
In addition to assessing the relationship in a quantitative sense,
the Board also considers qualitative factors, such as the nature
of the goods or services supplied, the period since the director
ceased to be associated and their general subjective assessment
of the director.
Before their nomination for election or re-election, it is the
Company's policy to ask directors to acknowledge to the Board
that they have sufficient time to meet the Company's expectations
of them. The Board requires that all of its members devote the
time necessary to ensure that their contribution to the Company
is of the highest possible quality. The Board charter sets out
procedures for the removal of a director whose contribution
is found to be inadequate.
1.4 Nomination Committee
1.6 Performance Evaluation
The functions and responsibilities of the Nomination Committee are
documented in a formal charter approved by the Board. Currently
all members of the Board sit as the Nomination Committee, and
the Committee is chaired by the Board Chairperson.
As mentioned above, the Board (as the Nomination Committee)
meets annually to review its own performance. The Chairperson
also holds discussions with individual directors to facilitate peer
review. The non-executive directors are responsible for evaluating
the performance of the Managing Director, who in turn evaluates
the performance of all other senior executives. These evaluations
are based on specific criteria including the Company's business
performance, whether the long term strategic objectives are being
achieved and the achievement of individual performance objectives.
from the director's point of view if that amount exceeds 5%
of the customer's total expenses.
The Committee is responsible for reviewing the Board's
membership and making recommendations on any new
appointments. The Committee is also responsible for:
>
setting and following the procedure for the selection of new
directors for nomination;
>
conducting regular reviews of the Board's succession plans
to enable it to maintain an appropriate mix of skills and
experience;
>
regularly reviewing the membership of Board committees; and
>
conducting annual performance reviews of the Board,
individual directors, and the Board committees.
Information about meetings held during the year, and individual
directors' attendance at these meetings, can be found on page
three of the Directors’ Report attached to the financial report.
1.5 Director Appointments
No new directors were nominated for appointment to the Board
during the financial year. Kenneth J Roberts, Ian A Renard and
Antoni M Cipa were each re-elected as directors at the 2002
annual general meeting.
In addition to the briefing papers, agenda and related information
regularly supplied to directors, the Board has an ongoing education
program designed to give directors further insight into the
operation of the Company's business. As part of this program,
directors have the opportunity to visit Company facilities and attend
meetings and information sessions with employees.
2. Audit and Risk Management
2.1 Integrity in Financial Reporting and Regulatory
Compliance
The Board is committed to ensuring the integrity and quality of
its financial reporting, risk management and compliance systems.
The Board requires the Managing Director and the Finance
Director to sign written management representations to the Board
that the annual financial statements present a true and fair view,
in all material respects, of the Company's financial condition and
operational results, are in accordance with relevant accounting
standards, and that the representation is founded on a sound and
functioning system of risk management and internal compliance.
2.2 Audit and Risk Management Committee
The Audit and Risk Management Committee is responsible
for assisting the Board in fulfilling its financial reporting, risk
management and compliance responsibilities. The functions and
responsibilities of the Committee are set out in a charter. Broadly,
the Committee is responsible for:
>
overseeing the Company's system of financial reporting and
safeguarding its integrity;
>
overseeing risk management and compliance systems and
the internal control framework;
>
monitoring the activities and effectiveness of the internal
audit function;
>
monitoring the activities and performance of the external
auditor and coordinating its operation with the internal audit
function; and
>
providing full reports to the Board on all matters relevant
to the Committee's responsibilities.
The roles and responsibilities of the Committee are reviewed
annually.
The Committee currently comprises three independent
non-executive directors. Details of the Committee's current
members, including their qualifications and experience, are set
out in the directors' profiles on pages 32 and 33. The Committee
charter provides that a majority of the Committee must be
independent directors, and that the Committee Chair must be
an independent director who is not also Chairperson of the Board.
Executive directors may not be members of the Committee.
Members are chosen having regard to their qualifications and
training to ensure that each is capable of considering and
contributing to the matters for which the Committee is responsible.
The Committee meets at least four times a year, and senior
executives and internal and external auditors frequently attend
meetings on invitation by the Committee. However, the Committee
holds regular meetings with both the internal and external auditors
without management or executive directors present. The Board
Chairperson may also attend meetings of the Committee in an
ex officio capacity. Details of Committee meetings held during the
year and individual directors' attendance at these meetings can
be found on page three of the Directors’ Report attached to the
financial report.
A Risk Management Committee of responsible executives operates
under the supervision of the Audit and Risk Management
Committee. Its task is to quantify and manage certain business
risks, including those relating to operating systems, the
environment, health and safety, product liability, physical assets,
security, disaster recovery, risk financing and compliance. It reports
to the Audit and Risk Management Committee on a quarterly
basis. Risk assessment and management policies are reviewed
periodically.
2.3 External Auditor
One of the chief functions of the Audit and Risk Management
Committee is to review and monitor the performance and
independence of the external auditor. The Company's external
auditor for the financial year was Ernst & Young, who were
appointed by shareholders at the 2002 annual general meeting.
A description of the procedure followed in appointing Ernst &
Young is set out in the notice of the 2002 annual general meeting.
The Committee has established guidelines to ensure the
independence of the external auditor. The external audit partner is
to be rotated at least every seven years, and the auditor is required
to make an independence declaration annually. Information about
the total remuneration of the external auditor, including details
of remuneration for any non-audit services, can be found on
page 35 of the financial report.
The Committee is satisfied that the provision of non-audit services
by the external auditor was consistent with auditor independence.
>
approving benchmarks against which salary reviews are
to be made; and
It is the Company's policy to request that the auditor attend each
annual general meeting to be available to answer questions from
shareholders.
>
reporting to the Board on any findings or recommendations
of the Committee after each meeting.
3. Remuneration and Human Resources
>
approving remuneration for senior management, the Managing
Director and non-executive directors;
>
setting the terms of employment of the Managing Director;
>
overseeing the Company's Senior Executive Share Ownership
Plan and Global Employee Share Plan, and the policies
applying to those plans.
The entire Board reserves responsibility for:
3.1 Remuneration Policy
The Company has a policy of setting remuneration that is fair
and reasonable and consistent with the need to attract and
retain high quality personnel. Remuneration is structured to
encourage enhanced Company performance by establishing
a clear relationship between executives' performance and their
remuneration. Incentive payments and share ownership schemes
are in place with a view to motivating employees to pursue
the long-term interests of the Company.
3.2 Human Resources Committee
The Board has adopted a formal charter delegating certain
of its responsibilities in matters of remuneration and human
resources to the Human Resources Committee. The Committee
is comprised of three members, all of whom are independent
non-executive directors.
The Board's Human Resources Committee is responsible for:
>
establishing a policy framework for employee and senior
executive remuneration;
>
monitoring and reviewing Company human resources policies
and plans;
>
making recommendations to the Board on the remuneration
packages of members of senior management, employee share
and option plans and employee superannuation arrangements;
>
reviewing recruitment, retention and termination policies
for senior management;
The Committee meets at the conclusion of the performance
management process, at the conclusion of the succession planning
process, and at other times as required to discharge its
responsibilities. Information about Committee meetings held during
the year and individual directors' attendance at these meetings
can be found on page three of the Directors’ Report attached
to the financial report.
Senior executives attend Committee meetings from time to time
on invitation from the Committee, and the Board Chairperson may
attend any meeting in an ex officio capacity. Final decisions about
an individual director or executives' remuneration are made
without the director or executive being present.
3.3 Employee and Executive Remuneration
The Company's remuneration policy is designed to be competitive
and equitable, and to attract and retain high quality employees.
Where appropriate, the Human Resources Committee considers
independent advice in setting remuneration levels.
Executives' remuneration packages are made up of fixed and
performance-linked components. Base executive remuneration is
a salary fixed at a level competitive with market rates. In addition,
executives may be awarded an incentive payment based on their
individual performance, the performance of their division (where
applicable) and the performance of the CSL Group during the
preceding financial year. Incentive payments and salary increases
are determined at the completion of annual performance management reviews, and derive directly from the results of that process.
Incentive payments are calculated by reference to performance
objectives and assessment criteria set as part of the Company's
Performance Management System. The system gives employees
direct input into setting performance hurdles that are meaningful
and relevant to the specific business objectives of the Company.
The Company's performance-based remuneration is therefore
expected to:
>
encourage employees to reflect on appropriate performance
benchmarks;
>
set up real incentives for the achievement of performance
objectives; and
>
produce measurable improvements that are referable to the
specific, identified needs of the Company.
Details of the remuneration of directors and the five most highly
remunerated officers of the consolidated entity and the Company
in the last financial year can be found on pages five and six of the
Directors Report attached to the financial report.
3.4 Employee Share and Option Plans
At the 2002 annual general meeting, shareholders approved the
Company's Global Employee Share Plan, which replaced the
General Employee Share Ownership Plan. The Global Employee
Share Plan (the Share Plan) is designed to enable the participation
of employees in all of the countries in which CSL operates. The
Share Plan is a contribution plan, under which regular deductions
are made from the participant's salary and used to subscribe for
new shares for the participant at a discount of 15% to the lower
of the market price at the beginning and end of the relevant six
month period.
Senior Executives may also be entitled to participate in the
Company's Senior Executive Share Ownership Plan (SESOP II),
which was approved by shareholders at the 1997 annual general
meeting. SESOP II gives the Board discretion to issue options
over shares to key executives. Options issued under SESOP II are
subject to vesting periods, and their vesting is dependent upon
the relevant individual and the company meeting pre-determined
performance hurdles. SESOP II is intended to give executives
a long-term performance incentive and ensure their interests
are aligned with those of shareholders. The maximum number
of options that may be issued is fixed by the terms of the Plan.
The Managing Director and Finance Director participate in
SESOP II. An additional incentive is offered to the Managing
Director, to be awarded while he remains with the business, if the
Company's share price outperforms an appropriate ASX industrial
index in that period. Those additional awards are made under a
Memorandum of Understanding (MOU) between the Company
and the Managing Director entered into in 1998. To date, all such
awards have been made in the form of SESOP II options. The issue
of shares or options on or before 31 December 2004 as the form
of award payable to the Managing Director under the MOU was
approved by the Company's shareholders at the 2000 annual
general meeting. In accordance with the terms of the MOU, the
Managing Director will not receive any awards in this financial year.
Details of the options outstanding and exerciseable under SESOP II
are set out in note 28 to the financial statements.
3.5 Remuneration of Directors
The Company's Constitution sets the maximum aggregate amount
of remuneration which may be paid to non-executive directors
at $1,000,000. Increases to this sum must be approved by
shareholders at a general meeting. Non-executive directors are
not entitled to performance based bonuses or share options.
Instead, under the Non-Executive Directors' Share Plan (the NED
Share Plan) at least 20% of each director's fees are taken in the
form of shares in the Company. The NED Share Plan was approved
by shareholders at the 2002 annual general meeting.
As contemplated by the Constitution, remuneration for any
extra services by individual directors, or the reimbursement
of reasonable expenses incurred by directors, may also be
approved by the Board from time to time.
Non-executive directors are entitled to a retirement allowance
as approved by shareholders in 1994 equal to the highest fees
received by the director over any consecutive 36 months
of service. If the director has served more than five years on
the board, they will receive another 5% of the base allowance
for every additional year served, up to a limit of 15 years.
The Board has decided to terminate this retirement plan
as at 31 December 2003.
4.2 Securities and Market Disclosure Committee
The Board has delegated authority to a Securities and Market
Disclosure Committee, which has a formal charter. The Committee
is designed to be convened at short notice to enable the Company
to comply with continuous disclosure obligations and securities
related issues. It comprises a minimum of any two directors, one
of whom must be an independent director. The Committee has
authority to:
>
approve the form and substance of any disclosure to be made
by the Company to the ASX in fulfilment of its continuous
disclosure obligations;
>
approve the allotment and issue, and registration of transfers
of securities;
>
make determinations on matters relating to the location of the
share register; and
4.1 Summary of Continuous Disclosure Policy
>
The Board has approved a continuous disclosure policy designed
to facilitate the Company's compliance with its obligations under
the Australian Stock Exchange (ASX) Listing Rules. The policy:
effect compliance with other formalities which may be urgently
required in relation to matters affecting the share capital.
4.3 Shareholder Communication
Further details of directors' remuneration are set out in note 27
of the financial statements.
4. Market Disclosure
>
gives guidance as to the types of information that may require
disclosure, including examples of practical application of the
rules;
>
gives practical guidance for dealing with market analysts and
the media;
>
>
>
identifies the correct channels for passing on potentially
market-sensitive information as soon as it comes to hand;
establishes regular occasions at which senior executives and
directors are actively prompted to consider whether there is
any potentially market-sensitive information which may require
disclosure; and
allocates responsibility for approving the substance and form
of any public disclosure and communications with investors.
In addition to its formal disclosure obligations under the ASX
Listing Rules, the Board uses a number of additional means
of communicating with shareholders. These include:
>
the half-year and annual reports;
>
posting media releases, public announcements and other
investor related information on the Company's website;
>
annual general meetings, including webcasting which permits
shareholders worldwide to view proceedings.
5. Securities Trading Policy
By promoting director and employee ownership of shares, the
Board hopes to encourage directors and employees to become
long-term holders of Company securities, aligning their interests
with those of the Company. It does not condone short-term
or speculative trading in its securities by directors and employees.
The Company has a comprehensive securities trading policy which
applies to all directors and employees. The policy aims to inform
directors and employees of the law relating to insider trading,
and provide them with practical guidance for avoiding unlawful
transactions in Company securities.
As a basic principle, the policy states that directors and employees
should not buy or sell securities in the Company when they are
in possession of price sensitive information which is not generally
available to the market. The policy identifies trading 'windows'
during which, subject to the blanket rule, it is safest to trade
in Company securities. Directors and employees are reminded
that procuring others to trade in Company securities when in
possession of price sensitive information is also a breach of the
law and the securities trading policy. Acquisitions of securities
under the employee share and option plans are exempt from
the prohibition under the Corporations Act 2001.
A procedure of internal disclosure applies to directors and
employees wishing to buy or sell Company securities or exercise
options over Company shares. Directors and employees are
forbidden from making such transactions without the prior approval
of the Chairperson (in the case of directors) or the Company
Secretary (in the case of employees). Directors also have specific
disclosure obligations under the Corporations Act 2001 and the
corresponding ASX Listing Rules.
6. Ethical Standards
In 2002, the Company set out to identify a set of values common
to the diverse business units that form part of the CSL Group.
This process resulted in the adoption of the CSL Group Values,
intended to set a foundation for working across the organisation
and serve as a tool in decision-making. These values are
superior performance, innovation, integrity, collaboration
and customer focus.
The Board has also adopted a Corporate Code of Conduct (the
Code) outlining its commitment to ethical conduct. The Code sets
out principles of conduct derived from the Group Values. The
Code includes:
>
a commitment to conducting its business with the utmost
integrity by complying with laws and regulations in all
countries in which the Company operates, and by fulfilling
all of its responsibilities to shareholders and the financial
community;
>
rules guiding employees and directors towards ethical
decisions in situations of potential conflict of interest, political
involvement, bribery and financial inducements;
>
workplace relations principles regarded by the Company
as fundamental, including mutual respect, anti-discrimination
and freedom of association;
>
a commitment to adherence to health and safety standards,
both of products, through compliance with manufacturing
and other best practice standards, and in the provision
of safe employee work environments;
>
practices for responsible environmental management;
>
guidance for beneficial interactive relationships with the
communities in which CSL operates and collaboration
throughout the organisation.
The Company expects that its contractors will comply not only with
the national laws of the countries in which they operate, but also
with internationally accepted best practice. It therefore requires
that contractors also observe the principles set out in the Code
of Conduct.
SHARE
INFORMATION
CSL Limited
Issued Capital:
Ordinary shares: 159,938,660
Details of Incorporation
Substantial Shareholders
CSL's activities were carried on within the Commonwealth
Department of Health until the Commonwealth Serum Laboratories
Commission was formed as a statutory corporation under the
Commonwealth Serum Laboratories Act 1961 (Cth) [the CSL Act]
on 2 November 1961. On 1 April 1991, the Corporation was
converted to a public company limited by shares under the
Corporations Law of the Australian Capital Territory and it was
renamed Commonwealth Serum Laboratories Limited. These
changes were brought into effect by the Commonwealth Serum
Laboratories (Conversion into Public Company) Act 1990 (Cth).
On 7 October 1991, the name of the Company was changed
to CSL Limited. The Commonwealth divested all of its shares
by public float on 3 June 1994.
See page 43 of this Annual Report.
The CSL Sale Act 1993 (Cth) amends the CSL Act to impose
certain restrictions on the voting rights of persons having
significant foreign shareholdings, and certain restrictions
on the Company itself.
CSL ordinary shares have been traded on the Australian Stock
Exchange since 30 May 1994. Melbourne is the Home Exchange.
Voting Rights
At a general meeting, subject to restrictions imposed on significant
foreign shareholders and some other minor exceptions, on a show
of hands each shareholder present has one vote. On a poll each
shareholder present has one vote for each fully paid share held.
In accordance with the CSL Act, CSL's Constitution provides that
the votes attaching to significant foreign shareholdings are not
to be counted when they pertain to the appointment, removal
or replacement of more than one-third of the directors of CSL who
hold office at any particular time. A significant foreign shareholding
is one where a foreign person has a relevant interest in 5%
or more of CSL's voting shares.
Significant Foreign Shareholdings
Schroder Investment Management (Group) is designated a
significant foreign shareholder under the provisions of CSL’s
Constitution.
DISTRIBUTION OF SHAREHOLDINGS AS AT 30 JUNE 2003
RANGE
HOLDERS
SHARES
% TOTAL SHARES
1 - 1,000
37,533
18,693,224
11.69
1,001 - 5,000
13,234
29,409,162
18.39
5,001 - 10,000
894
6,527,901
4.08
10,001 - 100,000
362
8,724,858
5.45
100,001 and over
66
96,583,515
60.39
52,089
159,938,660
100.00
1,632
34,737
Total Shareholders
Number of shareholders with less than
a marketable parcel of 42 shares (based
on the share price of 30 June 2003)
SHAREHOLDER
INFORMATION
Share Registry
Computershare Investor Services Pty Ltd
Level 12, 565 Bourke Street
Melbourne Victoria 3000
Telephone: 1800 646 882
Facsimile: 03 9611 5710
GPO Box 2975
Melbourne Victoria 3001
+61 3 9615 5970 outside Australia
Shareholders with inquiries should telephone or write to the
Share Registry at the above address.
The Annual Report is produced for your information. However,
should you receive more than one or wish to be removed from
the mailing list for the Annual Report, please advise the Share
Registry. You will continue to receive Notices of Meeting and Proxy.
Separate shareholdings may be consolidated by advice to the
Share Registry in writing.
Change of address should be notified to the Share Registry in
writing without delay. Shareholders who are broker sponsored
on the CHESS sub-register must notify their sponsoring broker
of a change of address.
Direct payment of dividends into a nominated account may be
arranged with the Share Registry. Shareholders are encouraged
to use this option by writing to the Share Registry with particulars.
The Annual General Meeting will be held at the Function Centre,
National Tennis Centre, Melbourne Park, Batman Avenue,
Melbourne at 10:00am on Thursday 16 October 2003. There
is a public car park adjacent to the Function Centre which will
be available to shareholders at no charge.
CSL'S TWENTY LARGEST SHAREHOLDERS AS AT 30 JUNE 2003
SHAREHOLDER
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
JP Morgan Nominees Australia Limited
National Nominees Limited
Westpac Custodian Nominees Limited
Citicorp Nominees Pty Limited
Commonwealth Custodial Services Limited
Queensland Investment Corporation
ANZ Nominees Limited
RBC Global Services Australia Nominees Pty Limited
Cogent Nominees Pty Limited
Suncorp Custodian Services Pty Limited
Dr Brian Anthony McNamee
UBS Private Clients Australia Nominees Pty Ltd
Perpetual Trustee Company Limited
Calex Nominees Pty Limited
Pan Australian Nominees Pty Limited
In addition, as at the date of this Report substantial
shareholding notices have been received from:
Schroder Investment Management (Group)
Merrill Lynch Mercury
ACCOUNT
MLWSIF
BKCUST
MLIMPU
MLWSBL
AET
MLBPSF
MLAPST
SHARES
%TOTAL SHARES
27,518,346
14,820,788
13.071,855
4,011,580
3,404,485
3,380,923
3,088,886
2,969,985
2,612,081
1,339,291
1,283,129
1,227,190
824,137
792,665
770,333
728,509
705,875
645,654
583,408
581,977
17.21
9.27
8.17
2.51
2.13
2.11
1.93
1.86
1.63
0.84
0.80
0.77
0.52
0.50
0.48
0.46
0.44
0.40
0.36
0.36
12,050,091
8,179,889
7.57
6.17
FIVE YEAR
SUMMARY
FIVE YEAR SUMMARY
All figures are in $A million unless stated otherwise.
2002-03
2001-02
2000-01
1999-00
1998-99
Total revenue
1,313.2
1,350.2
854.8
504.3
424.9
Sales revenue
1,300.3
1,336.4
843.3
450.6
413.5
91.5
93.3
81.2
43.6
40.8
101.7
156.5
106.1
80.6
70.3
70.4
123.8
78.2
54.4
47.4
before amortisation of goodwill
112.6
163.6
102.4
54.4
47.9
74.3
82.9
60.9
37.2
39.0
Total assets at 30 June
2,219.5
2,312.1
1,771.8
946.5
561.5
Total equity at 30 June
1,282.7
1,273.1
876.0
793.6
414.9
Net tangible assets per share at 30 June ($)
2.42
1.79
1.36
5.32
3.15
Weighted average number of shares (million)
159.2
158.3
149.5
133.4
131.4
Basic earnings per share (cents)
44.2
78.2
52.3
40.8
36.1
Dividend per share (cents)
34.0
34.0
26.0
23.0
21.0
Research and development investment
Profit from ordinary activities before income tax expense
Capital investment
SHAREHOLDERS AS AT 30 JUNE 2003
SHAREHOLDERS
Australian Capital Territory
New South Wales
Northern Territory
SHARES
1,203
1,094,411
12,966
82,681,175
173
126,137
Queensland
7,473
12,494,849
South Australia
3,789
4,167,131
786
729,821
Tasmania
Victoria
21,701
53,894,763
Western Australia
2,972
3,295,453
International Shareholders
1,026
1,454,920
52,089
159,938,660
Total Shareholders
CSL BUSINESS
ADDRESSES
CONTENTS
1
Our People
24
Shareholder Information
43
Human Health – ZLB Bioplasma
10
Health, Safety and Environment
26
Five Year Summary
44
– CSL Bioplasma
12
Controlled Entities
28
Shareholders
44
– CSL Pharmaceutical 14
CSL Group Business Operations
30
CSL Business Addresses
Inside Back Cover
– New Product
Development
Our Executive Management Group
31
Trademarks
Inside Back Cover
Directors’ Profiles
32
About CSL Limited
Back Cover
Corporate Governance
34
Visit Our Websites
Back Cover
Share Information
42
16
JRH Biosciences
18
Animal Health
20
ZLB Plasma Services
22
CSL LIMITED
ABN 99 051 588 348
Cover: Meral Kaypakkaya (Quality Control Technician), Jorge
Padilla (Research Scientist) and Hanspeter Gerber (Manufacturing
Plant Operator).
Back Cover: Mark Cattapan (Storeman), John Suendermann
(Quality Control Technician), Dominic D'Sylva (Welder/Fabricator),
and Elizabeth Elms (Packaging Operator).
CSL LIMITED DEVELOPS, MANUFACTURES AND MARKETS
PHARMACEUTICAL PRODUCTS OF BIOLOGICAL ORIGIN.
OUR BUSINESS IS HEALTH CARE:
Australian Addresses
CSL Limited
Registered Head Office
45 Poplar Road
Parkville
Victoria 3052
Australia
Telephone: + 61 3 9389 1911
Facsimile: + 61 3 9389 1434
Designed and produced by Armstrong Miller+McLaren, Melbounre and Sydney
Year in Review 2002-2003
CSL Bioplasma
189 Camp Road
Broadmeadows
Victoria 3047
Telephone: + 61 3 9246 5200
Facsimile: + 61 3 9246 5299
18-20 Export Drive
Brooklyn
Victoria 3025
Telephone: +61 3 9362 4500
Facsimile: +61 3 9315 1656
Australian Sales
Offices
Victoria and Tasmania
45 Poplar Road
Parkville
Victoria 3052
Telephone:
CSL Pharmaceutical:
+ 61 3 9389 1408
CSL Animal Health:
+ 61 3 9389 1251
Facsimile:
+ 61 3 9389 1727
New South Wales
25-27 Paul Street North
North Ryde
New South Wales 2113
Telephone: (02) 9887 4433
Facsimile: (02) 9887 3171
Queensland
14 Dividend Street
Mansfield
Queensland 4122
Telephone: (07) 3849 6140
Facsimile: (07) 3849 6141
ZLB Bioplasma AG
Wankdorfstrasse 10
CH-3000 Bern 22
Switzerland
Telephone: +41 31 344 4444
Facsimile: +41 31 344 5555
South Australia and
Northern Territory
11 Coongie Avenue
Edwardstown
South Australia 5039
Telephone: (08) 8276 3200
Facsimile: (08) 8277 0556
ZLB Bioplasma Inc
801 North Brand Boulevard
Suite 1150
Glendale
California 91203 USA
Telephone: +1 818 244 2952
Facsimile: +1 818 244 9952
Western Australia
293-297 Fitzgerald Street
Perth
Western Australia 6000
Telephone: (08) 9328 7322
Facsimile: (08) 9227 6196
Breckland House
St Nicholas Street
Thetford, Norfolk IP24 1BT
England
Telephone: +44 1842 755 025
Facsimile: +44 1842 755 174
International Addresses
CSL Pharmaceutical and
CSL Bioplasma
Level 4, Building 10
666 Great South Road
Central Park, Penrose
Auckland 6
New Zealand
Telephone: +64 9 579 8105
Facsimile: +64 9 579 8106
Animal Health
2-6 Shakespeare Avenue
Upper Hutt
New Zealand
Telephone: +64 4 527 9088
Facsimile: +64 4 527 9717
ZLB GmbH
Schafflerstrasse 4
D-80333 Munich
Germany
Telephone: +49 89 244 488 300
Facsimile: +49 89 244 488 311
ZLB Bioplasma Belgium SPRL
Interleuvenlaan 64
B-3001 Leuven
Belgium
Telephone: +32 16 38 80 80
Facsimile: +32 16 38 80 89
ZLB Bioplasma Italy SRL
Via Valla 16
I-20141 Milan
Italy
Telephone: +39 02 84742 230
Facsimile: +39 02 84742 229
JRH Biosciences Inc
13804 West 107th Street
Lenexa
Kansas 66215 USA
Telephone: +1 913 469 5580
US Toll Free:+1 800 255 6032
Facsimile: +1 913 469 5584
Smeaton Road
West Portway
Andover
Hampshire SP10 3LF
England
Telephone: +44 1264 333 311
Facsimile: +44 1264 332 412
ZLB Plasma Services
5201 Congress Avenue
Suite 220
Boca Raton
Florida 33487 USA
Telephone: +1 561 981 3700
Facsimile: +1 561 912 3005
2720 North 84th Street
Omaha
Nebraska 68134 USA
Telephone: +1 402 393 7440
Facsimile: +1 402 393 4712
CSL Bioplasma (Hong Kong)
Suite 1805, Wheelock House
20 Pedder Street, Central
Hong Kong
Telephone: +852 2293 2317
Facsimile: +852 2588 3434
VISIT OUR WEBSITES
CSL LIMITED
ANNUAL REPORT
2002-2003
TRADEMARKS
TM
(Scotland) Limited
Cervidil
C Z Veterinaria
Gudair
Leo Pharmaceutical
Products Limited AS
Merck & Co. Inc.
Daivonex
Fucidin
Comvax
H-B-Vax II
M-M-R II
PedvaxHIB
Pneumovax
Vaqta
Varivax
Schering AG
Advantan
Flomax
Grunenthal GmbH
Tramal
Chiron SpA
Menjugate
Genelco SA
Modavigil
Merck KGaA
EpiPen
ABOUT CSL LIMITED
VISIT OUR WEBSITES
CSL LIMITED
ANNUAL REPORT
2002-2003
TRADEMARKS
TM
(Scotland) Limited
Cervidil
C Z Veterinaria
Gudair
Leo Pharmaceutical
Products Limited AS
Merck & Co. Inc.
Daivonex
Fucidin
Comvax
H-B-Vax II
M-M-R II
PedvaxHIB
Pneumovax
Vaqta
Varivax
Schering AG
Advantan
Flomax
Grunenthal GmbH
Tramal
Chiron SpA
Menjugate
Genelco SA
Modavigil
Merck KGaA
EpiPen
ABOUT CSL LIMITED

CSL Limited Annual Report 2002-2003

Transcription

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