Highlights

  • CSL shares declined 39.13% over six months amid earnings pressure.
  • Analysts maintain Buy rating with AUD 254.14 consensus target price.
  • Reported NPAT dropped 81% due to USD 1.1 billion impairments

CSL Ltd (ASX:CSL) has seen a significant decline over multiple time frames, reflecting prolonged market pressures. On 11 February 2026, shares closed at AUD 160.59, down 6.30% for the day. Over the past month, shares fell 8.29%, and six-month losses reached 39.13%. Year-to-date decline stands at 6.61%, while the one-year drop is 37.49%. Over the past five years, CSL shares have fallen 41.96% (−AUD 116.14), marking the stock near multi-year lows.

The recent price movement follows the company’s half-year FY26 financial results and reflects broader market volatility alongside company-specific developments.

Half-Year Results Impacted by One-Off Charges
For the six months ended 31 December 2025, CSL reported underlying NPATA of USD 1.9 billion, down 7% at constant currency. Total revenue declined 4% to USD 8.3 billion.

Reported NPAT fell 81% to USD 401 million, reflecting restructuring costs and impairments. The company recorded approximately USD 1.1 billion in impairments and restructuring expenses during the period. These items significantly affected statutory earnings.

Cash flow from operations stood at USD 1.3 billion. CSL maintained its interim dividend at USD 1.30 per share.

Performance during the first half was influenced by government policy changes, Medicare Part D reforms, generic competition, and impairment-related adjustments.

Capital Management and Cost Transformation
During the period, CSL expanded its share buy-back program from USD 500 million to USD 750 million. The balance sheet shows net assets of USD 20.5 billion and leverage at 2.0x.

The company has completed approximately 60% of its FY26 cost savings target under its transformation program. The initiative is expected to deliver annual pre-tax savings of USD 500–550 million by FY28.

FY26 Outlook Maintained
CSL maintained its FY26 guidance, forecasting revenue growth of 2–3% and NPATA growth of 4–7% at constant currency, excluding one-off items. Management expects improved performance in the second half, supported by immunoglobulin (Ig), albumin, and recently launched products, alongside continued execution of its transformation program.

Broker Consensus Indicates Buy Bias
According to EODHD/Others data on 11 February 2026, analysts maintain a Buy rating on CSL Ltd. The consensus target price is AUD 254.14, implying a potential upside of approximately 58.6% from the current trading level.

Broker assessments are based on CSL’s established presence in global plasma therapies, steady pharmaceutical demand trends, and a long-term growth estimate of 9.1%. Despite near-term earnings pressure and share price fluctuations, the broader consensus view remains positive.

Technical Summary

CSL traded at AUD 160.61. Key support levels are at 155 and 140, while resistance levels are at 180 and 200. The 51-day SMA is at 177.45. RSI is at 27.37, indicating the stock is near oversold levels. Recent price action shows a significant downward move with increased volume.

With broker consensus maintaining a Buy rating and a target price above current levels, CSL Ltd is navigating a period marked by earnings adjustments, restructuring costs, and share price volatility. While statutory profit declined due to one-off charges, underlying metrics, capital management initiatives, and maintained FY26 guidance remain central to investor focus as the company progresses through its transformation program.

FAQs

Q1. What is the current broker consensus rating for CSL Ltd?
Analysts maintain a Buy rating with a consensus target price of AUD 254.14.

Q2. Why did CSL’s reported NPAT decline sharply in H1 FY26?
Reported NPAT fell 81% due to restructuring costs and impairments totaling about USD 1.1 billion.

Q3. What is CSL’s FY26 guidance?
The company expects 2–3% revenue growth and 4–7% NPATA growth at constant currency, excluding one-offs.