Australia’s biotechnology champion, CSL, has been pummelled by the sharemarket after it announced a further $US5 billion in writedowns and slashed its revenue outlook for 2026 to $US15.2 billion and net profit (excluding restructuring costs and impairments) to $US3.1 billion.
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The company has been pummelled by tumult around vaccines triggered by the US health secretary Robert F. Kennedy Jr, upheaval in the Chinese market, and its own strategic missteps.
Today, CSL pointed to immunoglobulin inventory trouble in the US and its Albumin — which is a key component of blood plasma — business in China as a big part of the latest revenue downgrade.
Its Vifor business, which helps patients with kidney issues, was hit by the writedowns. Shares have already more than halved since August last year, and dropped 18 per cent this morning.
Interim chief executive officer Gordon Naylor said in a statement to the ASX that “Our growth initiatives are working, but the financial benefits will take longer than previously anticipated to materialise. As a result, we have now revised down our 2026 financial year guidance.”
His predecessor, Dr Paul McKenzie, retired with immediate effect in February after presiding over an 81 per cent drop in first half profit.