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CSL (CSL) investor relations material

CSL H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary10 Feb, 2026

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.

What caused Venofer & sa-mRNA impairments?
How are FY26 cost savings being achieved?
Future growth drivers beyond current products?
Gordon Naylor's strategic review focus
Clarify Ig market supply/demand dynamics
Vifor's growth outlook post-TDAPA and LOE
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Frequently asked questions

CSL Limited is a global biotechnology company specializing in the development and manufacture of products that treat serious human medical conditions. It operates across segments such as biotherapies, vaccines, and plasma protein therapies, serving the healthcare sector. CSL provides critical biological medicines to healthcare providers worldwide through its research, development, and manufacturing operations. The company is headquartered in Melbourne, Australia, and its shares are listed on the ASX.

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