CSL (ASX: CSL) has reported its first-half results for FY20. We take a look at the company's headline figures, key commentary and guidance outlook, plus review the share market's reaction across the trading day.

Headline result

CSL has reported an 11% increase in reported net profit after tax, which reached $1.25bn for the half. In constant currency terms, earnings per share also rose 11%.An interim dividend of US$0.95 per share has been declared. The ex-dividend date will be 11th March, 2020, with the record date being the 12th March, 2020.Trading in CSL shares was somewhat volatile this morning, with the stock initially opening 2.8% higher at $335.01, before easing into negative territory and dipping as low as $320.28 per share. Momentum picked up, however, with CSL trading higher in the afternoon to close at $328.25, a gain of 0.8%.

Key commentary

On the back of a strong performance from the company's immunoglobulin portfolio, CSL has managed to increase reported net profit after tax to $1.25bn. Its leading products, PRIVIGEN and HIZENTRA, recorded sales increases of 28% and 37% respectively as patient demand surged and the company was able to expand its label claim to include Chronic Inflammatory Demyelinating Polyneuropathy.In addition, the haemophilia portfolio consisting of AFSTYLA and IDELVION also posted strong sales growth, with revenue climbing 30% and 21% respectively.There was also strong growth in CSL's influenza channel, Seqirus, and among specialty products such as ZEMAIRA, sales up 31%, and KCENTRA, growing by double-digits. Manufacturing constraints weighed on the production of HAEGARDA, however, this has since been addressed through regulatory approval.A 33% fall in sales for Albumin was in line with management's guidance as the company transitions to a direct distribution model in China. Sales are expected to return to a "normalised level" in FY21.

Guidance outlook

CSL management remain upbeat around demand for the company's differentiated therapies, also pointing to expectations that the business is forecast to "outpace the market in expanding plasma collections". The company has reiterated it is on track to open 40 new collection centres across FY20.The Seqirus division is expected to slow in the second half and record a loss on account of seasonality issues.A profit upgrade has been issued, with CSL now forecasting net profit after tax for FY20 to be in the range of approximately $2.11bn to $2.17bn in constant currency terms, including the impact from the switch to a direct distribution model in China. This range is 10-13% higher than the respective result from FY19.