This nearly guarantees earnings growth of over 10% in 2014, and it's likely that acquisition synergies and organic growth will allow the company to grow earnings by at least 10% per annum for the next few years at least. CSL Limited ( ASX: CSL ) is a $32 billion company that provides blood plasma products designed to treat a range of diseases. By and large, demand increases with an ageing population, and CSL's constant innovation allows it generate sales from new products. The company's distribution network and intellectual property give it a competitive advantage, and the ageing population affords it a long-term tailwind. In the first half of FY 2014, the company was only able to grow profits by 2% on a constant currency basis – so how could earnings per share grow 10% this year? The answer is by buying back shares. In order to return capital to shareholders, the company uses its formidable cashflows to purchase its own stock.