Highlights

  • FY26 Revenue was approximately USD 15.8 billion, down 1%.
  • Underlying NPATA was approximately USD 3.1 billion, down 2%.
  • Reported net loss after tax was approximately USD 2.6 billion.
  • Pre-tax Impairment and related charges totalled approximately USD 7.1 billion.
  • FY27 guidance anticipates broadly flat revenue and around 5% underlying NPAT growth.

CSL Limited (ASX:CSL) develops and supplies plasma-derived therapies, influenza vaccines and medicines addressing iron deficiency and kidney disease. Its three operating businesses are CSL Behring, CSL Seqirus and CSL Vifor. FY26 was marked by substantial impairments and restructuring, while management outlined plans to improve operating efficiency. The group reports in US dollars, making that currency the appropriate basis for its published financial comparisons.

FY26 results and accounting charges

For the year ended 30 June 2026, CSL reported revenue of approximately USD 15.8 billion, down 1%. Underlying net profit after tax and amortisation, or NPATA, was approximately USD 3.1 billion, down 2%. Reported net profit after tax was a loss of approximately USD 2.6 billion. Results included approximately USD 7.1 billion of pre-tax impairment and related charges and USD 0.8 billion of restructuring costs. These charges create a substantial difference between reported and underlying measures. Operating Cash Flow was approximately USD 3.5 billion, illustrating why cash generation must be considered separately from non-cash write-downs.

Performance across three divisions

CSL Behring recorded FY26 revenue of USD 11.387 billion and supplies plasma-derived treatments, including immunoglobulin products. CSL Seqirus reported revenue of USD 2.031 billion and focuses on seasonal and Pandemic influenza vaccines. CSL Vifor recorded USD 2.379 billion in revenue, with exposure to iron deficiency and nephrology treatments. The divisions face different Demand and competitive conditions. CSL cited continued immunoglobulin demand alongside pressure from generic competition affecting Vifor. The mix of these businesses matters because a change in one division can offset progress elsewhere.

Restructuring and FY27 expectations

CSL reported USD 176 million in transformation savings during FY26. Management expects FY27 group revenue to be broadly in line with FY26 and underlying NPAT to increase approximately 5%, at FY26 exchange rates. It expects mid-single-digit revenue growth from Behring, low-single-digit growth from Seqirus and a decline of approximately 25% from Vifor. These are forward-looking management expectations, not achieved results. CSL also maintained its FY26 total Dividend at USD 2.92 per share. Delivery will depend on operational execution, product demand, competitive pressures and regulatory developments.

The distinction between reported outcomes and management expectations remains important. Figures for completed reporting periods describe performance already achieved, whereas targets and guidance depend on assumptions about operating conditions. Changes in costs, demand and the timing of Investment can affect results in subsequent periods. Readers should assess each measure using its stated definition and reporting period.

Key Insights

CSL’s FY26 statutory loss was dominated by major impairment and restructuring charges, while underlying Earnings and operating cash flow remained positive. The FY27 outlook relies on progress in Behring and Seqirus while Vifor faces further revenue pressure. Future results will show whether cost savings and commercial execution can offset those challenges.