Key highlights

  • CSL reported FY26 Revenue of US$15.8 billion, down 1%, and underlying NPATA of US$3.1 billion, down 2%.
  • After restructuring costs and pre-tax impairments of US$7.1 billion, it reported a net loss after tax of US$2.6 billion.
  • For FY27 it expects revenue in line with the prior year and underlying NPAT growth of approximately 5%.

CSL Limited (ASX:CSL) announced its results for the 12 months ended 30 June 2026. The release described FY26 as a reset year, with lower underlying profit, one-off restructuring costs and impairments, and set out guidance for FY27. Figures are in US dollars.

About CSL

CSL is a global biotechnology company with three main businesses: CSL Behring, which makes plasma-derived and recombinant therapies; CSL Seqirus, which makes influenza vaccines; and CSL Vifor, which focuses on iron deficiency and nephrology.

FY26 financial results

Total revenue was US$15.8 billion, down 1%. Underlying NPATA was US$3.1 billion, down 2%. After one-off restructuring costs and impairments, CSL reported a net loss after tax of US$2.6 billion. Cash Flow from operations was US$3.5 billion. The final Dividend was US$1.62 per share, and the company said the dividend was maintained and its share buy-back continued.

Impairments and transformation

Pre-tax impairments of US$5.5 billion were recognised in the second half, bringing total pre-tax impairments in FY26 to US$7.1 billion. The company said they relate principally to adverse changes in commercial outlook, the timing of generic competition, regulatory developments, market conditions and site utilisation assumptions.

The transformation program has delivered about US$176 million of cost savings, ahead of target, and one-off pre-tax restructuring costs were US$799 million. CSL plans to spend about US$1.5 billion to expand its US plasma Manufacturing presence, including the Horizon 2 Yield improvement program, and will obtain clinical evidence to support regulatory approval for Horizon 2.

Business performance and FY27 outlook

CSL Behring revenue was US$11.4 billion, down 1%. Immunoglobulin sales of US$6.2 billion were flat, reflecting normalisation of US channel inventory, changes to Medicare Part D and prior-year tender losses. Albumin sales fell 17% to US$1.1 billion because of government cost containment in China. HEMGENIX sales grew 25%, and ANDEMBRY achieved US$240 million in its first full year. Seqirus influenza sales rose 4%.

For FY27, CSL expects revenue in line with the prior year and underlying NPAT growth of approximately 5%. CSL Behring expects mid-single-digit revenue growth, Seqirus low single-digit growth, and CSL Vifor a revenue decline of approximately 25% because of generic competition.

Risks to consider

The impairments of US$7.1 billion show that several Assets are not performing as earlier expected, and CSL Vifor revenue is expected to fall by around 25% in FY27 due to generic competition. China albumin Demand has been reduced by cost containment.

Immunoglobulin sales were flat, and US channel inventory and Medicare changes continue to matter. The company is led by an interim chief executive. Expansion of US plasma manufacturing at about US$1.5 billion requires regulatory clinical evidence for Horizon 2.

Catalysts to watch

Items to watch include delivery of FY27 guidance of about 5% underlying NPAT growth, CSL Vifor revenue under generic competition, further transformation savings, the Horizon 2 clinical evidence and approvals, and uptake of ANDEMBRY and HEMGENIX.