CSL Posts US$2.6bn Shareholder Loss on US$7.1bn Impairments

CSL (ASX:CSL) reported results for the 12 months ended 30 June 2026, with all figures expressed in US dollars unless otherwise stated and percentage movements stated at constant currency. Underlying NPATA attributable to CSL shareholders was US$3.1 billion, down 2%, and total revenue and income was US$15.8 billion, down 1%. CSL recognised pre-tax impairments of US$7.1 billion for the year, including US$5.5 billion in the second half, and separately reported one-off pre-tax restructuring costs of US$799 million. After those items it reported a net loss after tax attributable to shareholders of US$2.6 billion, against a profit of US$3.0 billion in FY25. CSL said the impairments principally related to adverse changes in commercial outlook, the timing of the entry of generic competition, regulatory developments, market conditions and site utilisation assumptions. Cash flow from operations was US$3.5 billion, net assets were US$16.3 billion and leverage, measured as net debt to EBITDA on a rolling twelve months to 30 June 2026 and excluding restructuring and impairment costs, was 1.8 times. Interim Chief Executive Officer and Managing Director Gordon Naylor said FY26 had been a year of reset, and CSL said its transformation program achieved approximately US$176 million of cost savings, ahead of target.

By segment, with dollar amounts as reported and percentage movements at constant currency, CSL Behring revenue was US$11.4 billion, down 1%, with immunoglobulin sales of US$6.2 billion flat, albumin sales of US$1.1 billion down 17% following the implementation of government cost containment measures in China, and haemophilia sales of US$1.5 billion down 1%. ANDEMBRY recorded sales of US$240 million in its first full year in market. CSL Vifor revenue was US$2.4 billion, up 3%, and CSL Seqirus revenue was US$2.0 billion, down 8%, which CSL attributed to non-recurring avian influenza outbreak revenue in the prior comparable period. A final dividend of US$1.62 per share was declared, leaving the total FY26 dividend unchanged at US$2.92 per share, and CSL announced a further A$1.1 billion share buy-back program after completing an A$1 billion program during FY26. For FY27, at FY26 exchange rates, CSL expects revenue in line with the prior year and underlying NPAT growth of approximately 5%, with CSL Vifor revenue expected to decline by approximately 25% on generic competition in iron products, the conclusion of the TDAPA period for VELPHORO and the revocation of the marketing authorisation for TAVNEOS.