CSL Limited

CSL reported FY26 revenue of $15.8 billion, down 1% on a constant-currency basis. Gross profit was $8.5 billion, down 2%, the group operating result was $6.8 billion, down 3%, underlying NPATA was $3.1 billion, down 2%, and underlying NPAT was $2.8 billion, down 3%. Cash flow from operations was $3.5 billion. Behring revenue was $11.4 billion, down 1%, Vifor revenue was $2.4 billion, up 3%, and Seqirus revenue was $2 billion, down 8%. For FY27, management guided to Behring revenue growth in the mid-single digits, Seqirus revenue growth in the low single digits, Vifor revenue decline of around 25%, group revenue broadly in line with FY26, and NPAT growth of about 5% excluding restructuring and impairment items. Ken Lim said FY27 CapEx should be around $1 billion plus or minus $100 million, and the Board authorized a new AUD 1.1 billion buyback.

Gordon Naylor framed FY26 as a reset year and said CSL has stabilized performance and restored leadership cadence, while stressing that considerable work remains. He emphasized that the core franchises are still supported by robust industry structures and that the company is now simpler and more focused on execution. His tone was cautiously constructive: Behring commercial investments are beginning to show progress, Seqirus continues to gain share, and management is confident in the direction of travel, even as Vifor remains a major drag.

Ken Lim highlighted the hard financial reset: total revenue of $15.8 billion, gross profit of $8.5 billion, group operating result of $6.8 billion, and underlying NPAT of $2.8 billion. He detailed $799 million of restructuring costs, $6 billion of post-tax restructuring and impairment charges in statutory NPAT, and $5.5 billion of pretax noncash impairments in the second half, with $4.1 billion tied to Vifor products and goodwill. He also said R&D was down 13% to $1.2 billion, G&A was down 13%, operating cash flow was $3.5 billion, gearing ended at 1.8x, FY26 buybacks totaled AUD 1 billion, FY27 buybacks are planned at about AUD 1.1 billion, and FY27 CapEx is expected around $1 billion plus or minus $100 million.

Analysts focused heavily on Behring gross margin, IG growth, Vifor’s drag, and Horizon 2. Management said Behring gross margin fell 70 basis points in FY26 and expects to regain roughly that amount in FY27, helped by plasma efficiency and mix, while IG growth is expected to track market demand with stable pricing. On Vifor, management reiterated that the around 25% revenue decline is mostly price-driven and will pressure gross margin, though the minority-interest structure softens the impact on CSL’s NPAT. On Horizon 2, Ken said the company is still discussing clinical study requirements with regulators, but does not expect material cost and sees the program progressing alongside facility construction.