CSL First Take FY26 Trading Downgrade

CSL has downgraded its FY26 guidance for revenue (~$15.2b CC) and NPATA (~$3.1b CC) and announced $5bn in non-cash impairments. The downgrade stems from IG inventory normalization and declining market value for Albumin in China.

Key Takeaways

• 1.CSL delivered a trading downgrade to FY26 Revenue and NPATA, driven primarily by weakness in the U.S. Immunoglobulin (IG) market and China Albumin performance.
• 2.A significant non-cash, pre-tax asset impairment of approximately $5 billion is expected across FY26 and FY27, partially attributed to the Vifor business.
• 3.U.S. IG revenue will be impacted by approximately $300 million due to the normalization of channel inventory, despite underlying demand growth.

Table of Contents

• Key points
• Investment Thesis - CSL
• Price target risks and methodology - CSL
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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