Australia's CSL H1 up 23 pct; reaffirms year forecast

MELBOURNE Feb 17 (Reuters) - Australian biotherapies group CSL Ltd (CSL.AX) reported a 23 percent rise in first-half profit, bolstered by sales of the H1N1 swine flu vaccine, and reaffirmed its full year profit forecast based on current exchange rates.

CSL, which competes against Baxter Healthcare (BAX.N) and Spain's Grifols (GRLS.MC), said it still expects a full year profit between A$970 million and A$1.07 billion based on current rates, or toward the upper end of a 14-24 percent rise based on last year's exchange rates.

Net profit before one-offs rose to A$617 million ($556 million) for July-December from A$502 million a year earlier, well ahead of analysts' forecasts around A$526 million.

While investors expect royalties on CSL's HPV cervical cancer vaccine and H1N1 vaccine sales to fall and plasma product prices to slip, they have yet to factor in risks of a growing class action in the United States against CSL and Baxter.

CSL has said it believes there is no substance to the allegations that it colluded with Baxter to control plasma products prices. CSL shares have fallen 2.7 percent over the past six months against a 5 percent gain in the broader market. (Reporting by Sonali Paul; Editing by Jeremy Laurence)