Citi has revised its price target for Australian biotech firm CSL (ASX:CSL), following a robust increase in its annual earnings.

The finance conglomerate enhanced its Price Target (PT) from A$340 to A$325, reaffirming its ‘buy’ rating for the company.

The revision comes after an 8% augmentation in CSL’s FY23 NPAT attributable on a Constant Currency (CC) basis, accruing to $2.44 billion, with a reported revenue surge of 31% at $13.31 billion on CC.

The organisation anticipates that current foreign exchange volatility impacts will be negligible on CSL’s NPAT attributable.

It also projects sales of immunoglobulin (Ig) to experience an approximate 8% annual growth.

Behring, CSL’s plasma collection unit, is also expected to witness an Ig sales growth of around 20%, resulting in approximately 125 basis points improvement in the FY24 gross margin.

According to Refinitiv data, out of 19 analysts that have assessed the stock, 16 have recommended ‘buy’ or higher, 2 have suggested ‘hold’ and 1 has advised ‘sell’ with the median PT standing at A$325.

As per the last close, the stock is down 8.6% this year.

CSL is an Australian biotech firm specializing in biotherapies, influenza vaccines and blood plasma fractions.