CSL Reports Sharp Profit Decline Amid Leadership Change and Restructuring

CSL reported a decline in profits following the replacement of its chief executive, Paul McKenzie. The company attributed weaker performance to the former CEO.

For the half-year ending December 31, 2025, statutory profit decreased by 80% to $US401 million.

Under an alternative measure, underlying profit decreased by 6% to $US1.95 billion. This metric excludes amortization of acquired intellectual property and significant non-recurring items, including one-off impairments and restructuring costs.

Revenue Falls Across Key Units

Total revenue for the first half decreased by 4% to $US8.33 billion.

CSL Behring, the core plasma unit, reported revenue of $US5.5 billion, a 7% decrease. This decline was influenced by a 6% fall in immunoglobulin sales and a 27% fall in albumin sales.

Ken Lim, CSL's chief financial officer, expressed dissatisfaction with the company's performance and indicated that initiatives have been implemented to drive stronger growth.

Cost Savings and Future Outlook

CSL has achieved approximately 60% of its targeted cost savings for fiscal 2026. These savings are primarily due to reductions in fixed research costs, lower infrastructure spending, and the integration of its Behring and Vifor commercial and medical teams.

The company reaffirmed its fiscal 2026 forecast, projecting modest revenue growth and a return to mid-single-digit growth in underlying profit, excluding one-off restructuring costs and impairments.

Impairments and Dividends

Restructuring efforts incurred costs in the first half. CSL anticipates booking approximately US$1.1 billion in after-tax, non-restructuring impairments for the full year, with most of this amount already recognized.

The company declared an interim dividend of $US1.30 per share, which remains unchanged from the previous year.