CSL (CSL) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2025 was US$8.3 billion, down 4% at constant currency, with underlying NPATA at US$1.9 billion, down 7%, and reported NPAT at US$401 million, down 81% due to significant restructuring and impairment charges.

• Transformation initiatives are progressing, achieving 60% of targeted FY26 cost savings, with a focus on cost leadership, operational efficiencies, and integration of commercial teams.

• Share buyback expanded from US$500 million to US$750 million, supported by strong cash flow and balance sheet.

• Significant investments included a US$1.5 billion expansion of U.S. plasma manufacturing and a strategic collaboration with VarmX.

• Maintaining FY26 guidance, with expectations of stronger second half performance driven by immunoglobulin, albumin, and new product launches.

Financial highlights

• Group revenue was US$8.3 billion, down 4% year-over-year at constant currency; NPATA declined 7% to US$1.9 billion.

• Reported NPAT dropped 81% to US$401 million due to US$1.1–1.4 billion in after-tax impairments and restructuring costs.

• Cash flow from operations was US$1.3 billion, up 3% year-over-year.

• Interim dividend of US$1.30 per share declared, unchanged from prior period.

• Gross profit was US$4.46 billion, with a margin of 55.6%; operating result was US$3.8–3.85 billion, down 4%.

Outlook and guidance

• FY26 guidance maintained: revenue growth of 2–3% and NPATA growth of 4–7% at constant currency, excluding one-off restructuring and impairment costs.

• Second-half growth expected in immunoglobulin, albumin, and new products; Seqirus to see lower results due to seasonality.

• Vifor performance to remain challenged by generic competition in iron products.

• Competitive pressures in iron, Kcentra, and HAEGARDA factored into full-year expectations.

• Medium-term outlook for margin expansion remains positive; high single-digit NPAT growth guidance for FY 2027 and FY 2028 reaffirmed.