CSL has reported a 9.6 per rise in profit for the 2019/20 year as the biotech giant joins the global effort to find a vaccine for COVID-19.

CSL returned a net profit after tax of $US2.1 billion ($A2.9 billion), while total revenue and other income rose 7.2 per cent to $US9.15 billion.

Final dividend was $US2.02 for 2020.

“We are privileged to be in a unique position of having capabilities, competencies and assets across the organisation to respond to COVID-19,” CSL chairman Brian McNamee and chief executive Paul Perreault said in a joint statement.

They believe multiple approaches to find a vaccine are essential.

“No single vaccine or therapeutic approach is going to solve the health crisis,” the said.

“We remain optimistic that the extraordinary amount of scientific collaboration happening across industry, academia and government … will lead to effective treatments and vaccines in the near future.”

CSL results came as the Morrison government announced it has entered into an agreement that would see every Australia receive a free coronavirus vaccination if trials at Oxford University prove successful.

The Oxford trial is being run in conjunction with British drug company AstraZeneca.