CSL (CSL) H1 2026 earnings summary

Executive summary

• Revenue for the half-year was US$8.3 billion, down 4% at constant currency, with NPATA at US$1.9 billion, down 7% excluding one-off restructuring and impairment costs; reported NPAT dropped 80–81% to US$0.4 billion due to US$1.1–1.4 billion in after-tax impairments and restructuring.

• Interim CEO appointed, with a focus on accelerating strategic transformation and improving growth and profitability.

• Transformation initiatives are progressing, achieving 60% of targeted FY26 cost savings, mainly from R&D and infrastructure reductions and integration of commercial teams.

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

• Maintaining full-year guidance with expectations of stronger second half performance.

Financial highlights

• Group revenue fell 4% year-over-year on a constant currency basis to US$8.3 billion; NPATA declined 7%.

• Reported net profit after tax down 80–81% to US$0.4 billion due to one-off restructuring and impairment costs.

• Gross profit was US$4.46 billion, down 3% year-over-year; gross profit margin held steady at 55.6%.

• 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.

Outlook and guidance

• Full-year guidance maintained: revenue growth of 2–3% and NPATA growth of 4–7% (excluding one-off costs) at constant currency.

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

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

• Medium-term outlook for margin expansion remains positive; fiscal 2026 margins expected to be broadly stable to marginally up.

• High single-digit NPAT growth guidance for FY 2027 and FY 2028 reaffirmed.