CSL (CSL) H2 2025 earnings summary

Executive summary

• Achieved 5% group revenue growth and 17% NPAT increase year-over-year at constant currency; NPATA up 14%; free cash flow up 58%.

• All business units delivered sales growth; NPATA rose 14%.

• Announced major transformation initiatives, including $500M+ in targeted cost savings by FY2028 and a planned demerger of Seqirus.

• Reintroduced a multi-year share buyback program, starting with A$750M in FY2026.

• Target leverage range set at 1.5x–2.0x net debt/EBITDA.

Financial highlights

• FY2025 group revenue up 5% to $15,558m; gross profit up 6% to $8,443m; gross margin at 54.3%.

• NPATA $3,303m (+14%); NPAT $3,217m (+17%); NPAT attributable to shareholders $3,217m (+17%).

• Free cash flow up 58% to $2,866m; capex reduced by 25% to $636m.

• Dividend per share up 11% to $2.92; NPATA EPS up 10% to $6.65.

• Behring gross margin improved 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, focused on growth opportunities.

• Guidance excludes $700–770m pre-tax restructuring costs and Medicare Part D reform impacts.

• Seqirus expects stable influenza revenue; lower avian flu and COVID-19 contributions.