CSL (CSL) H2 2025 earnings summary

Executive summary

• Group revenue grew 5% to US$15.6 billion, NPATA rose 14% to US$3.3 billion, and NPAT increased 17% year-over-year at constant currency, with all business units contributing to growth.

• Major transformation initiatives announced, targeting over $500 million in annual pre-tax savings by FY2028, including a planned demerger of Seqirus as an independent ASX-listed entity by end of FY2026.

• Multi-year share buyback program reintroduced, starting with A$750 million in FY2026.

• Strategic transformation includes R&D restructuring, up to 15% headcount reduction, and closure of 22 US plasma centers.

Financial highlights

• FY2025 revenue reached $15.6B, up 5%; gross profit up 6% to $8.5B; operating result up 7% to $6.9B; gross margin at 54.3%.

• NPATA $3.3B (+14%); NPAT $3.2B (+17%); NPAT attributable to shareholders $3.1B (+17%).

• Free cash flow up 58% to $2.9B; cash flow from operations up 29% to $3.6B; capex reduced by 25% to $636M.

• Final dividend increased 12% to $1.62/share; total dividend up 11% to $2.92/share; NPATA EPS up 10% to $6.65.

• Behring gross margin improved 130bps to 51%; Seqirus gross margin declined to 58.1%; Vifor gross margin rose to 69.2%.

Outlook and guidance

• FY2026 group revenue growth expected at 4%-5% at constant currency.

• NPATA guidance for FY2026 (excluding restructuring costs): $3.45B–$3.55B, up 7%-10%.

• CapEx expected around $800M (±$100M); R&D spend to remain stable and focused on growth opportunities.

• Guidance excludes $700M–$770M pre-tax restructuring costs and assumes no impact from pharmaceutical sector tariffs or Medicare Part D reform.

• Seqirus expects stable influenza revenue; lower avian flu and COVID-19 contributions; Behring gross margin to continue improving with double-digit Hizentra growth targeted.