The share price of blood products and vaccines supplier CSL continues to nudge the $100 mark.
CSL shares climbed to $99.90 in early trading on Monday, but eased back to close at $98.83.
CSL has breached $100 previously, in September 2007. Shareholders subsequently approved a three-for-one stock split in October 2007.
Morningstar analyst Chris Kallos says several factors have been driving CSL's share price, rise from around $65 a year ago.
That includes its $US275 million acquisition of Novartis's global flu business, which was announced in October 2014 and completed on Monday.
Combining CSL's existing influenza vaccine operations with the Novartis business creates the number two global player in the $US4 billion global influenza vaccine industry.
"That, I think, could be transformational for the company," Mr Kallos said.
"That's an area that they have been lagging in for some time. It puts them in the big league for vaccines."
Mr Kallos said CSL is now the only large-scale manufacturer of flu vaccines in the southern hemisphere.
Another driver of CSL's share price gain has been its research and development pipeline.
The company recently announced US drug regulators would review its latest treatment for haemophilia A, after a clinical trial showed promising results.
"Potentially that is a well-differentiated product," Mr Kallos said.
"We don't expect them to become a market leader in that space because it's quite crowded, but that gives them a strong product."
There is also an expectation that CSL's immunoglobulin business will have rebounded in the second half of the 2014/15 financial year, after disappointing the market in the first half.
Mr Kallos said CSL's management was viewed as strong and strategically effective, even though current chief executive Paul Perreault had big shoes to fill when long-time CSL boss Brian McNamee retired in July 2013.
Currency fluctuations are a potential headwind for CSL, and there was also some risk attached to its research and development pipeline.
"But I wouldn't say it's a major risk for a company like this," Mr Kallos said.
Morningstar currently values CSL at $106 per share.
Mr Kallos said the company may decide to engage in another stock split given its rising share price.
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