CSL (CSL) CMD 2025 Part 2 summary

Strategic priorities and market outlook

• Leadership is focused on restoring credibility, prioritizing shareholder returns, and emphasizing transparency and decisive action to address challenges and market concerns.

• The company leverages its leadership in immunoglobulin (IG), with Privigen and Hizentra holding #1 positions in IVIG and SCIG markets, and expects high single-digit IG growth through fiscal 2028.

• Portfolio diversification includes hemophilia, acute hemorrhagic control, hereditary angioedema, nephrology, albumin, and iron therapies, collectively representing about 25% of the business.

• Focus on rare diseases with high unmet need, expanding into new indications and geographies, and maintaining a balanced business across US and international regions.

• Disciplined capital allocation balances investment in innovation, operational expansion, and shareholder returns, with a net debt/EBITDA target of 1.5x–2.0x.

Operational efficiency and cost transformation

• Ongoing transformation program targets up to AUD 550 million (or $550M) in annual gross savings by FY28, with phased cost reductions across R&D, operations, commercial, and corporate functions.

• Plasma collection efficiency has improved, with a 15% reduction in cost per liter and 25% reduction in donor fees since the COVID peak, aided by innovations like the iNomi individualized nomogram.

• Yield improvement programs (Horizon One and Two) are expected to reduce plasma needs by 20% by FY32, with Horizon Two reaching 80% of IG production by FY32.

• Manufacturing expenses are being reduced to 74% of FY23 levels by FY28, driven by operational excellence and automation.

• Transformation includes consolidating R&D sites, closing underperforming plasma centers, and streamlining corporate functions.

Innovation, commercialization, and portfolio development

• Privigen and Hizentra maintain global leadership in IVIG and SCIG, with ongoing investments in lifecycle management, label expansions, and next-generation delivery devices.

• New product launches and label expansions are planned for hemophilia (Idelvion, HEMGENIX), acute hemorrhagic control (VMX-C001), hereditary angioedema (Andembry), and nephrology (Filspari, TAVNEOS).

• Andembry is rapidly expanding globally, with strong early adoption, regulatory progress, and best-in-class convenience through once-monthly dosing and autoinjector delivery.

• Acute hemorrhagic control franchise holds about 50% global revenue share, with lifecycle enhancements for DOAC reversal underway.

• Business development focuses on assets with $500M–$2B peak sales potential, leveraging partnerships and milestone-based payments to share risk and upside.