The CSL Limited (ASX: CSL) share price has surged 17.81% higher in 2020 to $324.86 per share.
For context, CSL listed in 1994 for a stock-split-adjusted price of just $0.76 per share. That means shares in the ASX biotech giant are up a whopping 42,633.74% since listing.
Incredibly, a $10,000 investment in the CSL IPO would now be worth over $4.2 million.
But can the Aussie biotech giant really repeat its astronomical share price growth?
Why CSL shares have rocketed higher in recent years
It's been an impressive ascendancy for the CSL share price in recent times. As of right now, the biotech group is the largest ASX company by market capitalisation and is worth nearly $150 billion.
There are many reasons why CSL has gone on to be as successful as it is today. The group's focus on research and development has certainly paid dividends for the company and its shareholders.
A combination of that R&D, strategic acquisitions and strong earnings growth have been critical to the group's success.
It would be almost unheard of for the CSL share price to rocket thousands of percent higher from here. However, stranger things have happened.
The Aussie biotech group continues to innovate and looks to be a good defensive buy in the coronavirus-induced bear market.
Shares in the group have outperformed the S&P/ASX 200 Index (ASX: XJO) by quite a margin in 2020.
CSL shares are yielding just 0.90% right now. Given the likely dividend cuts we're going to see in 2020, that's not a bad thing.
However, I also expect CSL to go from a growth focus to a dividend focus in the coming years. That could be good news for income investors who want to own a piece of the biotech group and still receive some handy payouts.
Foolish takeaway
If CSL does pivot towards being a higher dividend-paying share, that means the CSL share price growth is unlikely to be repeated anytime soon.
However, if the R&D pipeline remains strong and management continue to deliver innovative biotechnology solutions, anything is possible.
