MELBOURNE, May 19, 2026, 03:05 AEST
CSL Ltd shares dropped again Monday, ending at A$96.22, down A$1.74 or 1.78%. Investors continued to exit after last week’s profit downgrade and news of planned impairments. The shares moved between A$95.87 and A$98.38 on the day. Intelligent Investor
CSL (ASX:CSL) didn’t just slide with the market on Monday. The S&P/ASX 200 dropped 1.45% to 8,505.3, but CSL ended the day down 19.74% from the A$119.88 price it posted at its May 11 market update. ABC News
Investors have to wait. CSL said it will give a full look at its financial and operational results with its FY26 numbers on Aug. 18.
CSL is now guiding to FY26 revenue around $15.2 billion and NPATA of about $3.1 billion at constant currency, which removes currency swings. NPATA stands for net profit after tax, adjusted for things like amortisation of acquired assets and some one-offs. Interim CEO Gordon Naylor said CSL’s “growth initiatives are working,” but added the payoff would come later than the company previously forecast.
The company said it expects about a $300 million revenue hit from U.S. immunoglobulin as customers work through extra inventory. It flagged another $200 million impact tied to albumin in China, where prices are down. Around $150 million is coming from Middle East unrest, slower HEMGENIX growth, and new competition in iron drugs.
Accounting is another factor, and it’s still significant. CSL is forecasting around $5 billion in extra non-cash, pre-tax impairments through FY26 and FY27. That means a write-down lowering the asset’s book value. The company said the charges cover CSL Vifor intangible assets and property, plant and equipment that aren’t being used much. CSL said the figure could change with more analysis, audit work and board sign-off.
Leadership is shifting at CSL. The company said its global CEO search is moving ahead, with Naylor likely to stay on the board once the new chief is in place. Chief commercial officer Andy Schmeltz will retire. Diego Sacristan will take over as chief commercial officer of CSL Behring and CSL Vifor from July 1.
Morningstar’s Shane Ponraj said the guidance cut caught the market off guard and wrote, “there is much to do to turn CSL around.” Morningstar dropped its revenue and underlying NPAT forecasts for CSL by 3% and 9% on average over the next decade, and cut its fair value estimate for the stock 21% to A$165. The firm kept its High Uncertainty Rating, suggesting the range of possible outcomes is still wide. Morningstar
Morningstar says CSL is one of three leading plasma therapy firms but warns recombinant, lab-made products are putting pressure on some plasma treatments. Roche’s Hemlibra for haemophilia is one example. Morningstar also calls CSL the world’s number two flu vaccine maker after Sanofi. Morningstar
CSL’s businesses cover rare and serious diseases, flu vaccines, iron deficiency, and kidney care. Its main arms are CSL Behring, CSL Seqirus, and CSL Vifor, and the company runs plasma collection centers in the US, Europe, and China. Reuters
Market risk is plain. If U.S. inventories linger, China albumin prices don’t rebound, or iron and haemophilia rivals keep pressuring, last week’s reset may not be the end. CSL flagged its impairment review as incomplete, while Morningstar called the challenges structural.
CSL shares are trading at A$96.22, some 64.63% off the 12-month high of A$272, Intelligent Investor data shows. For now, the main trading focus is whether the shares can find some ground before August, with the stock leaving little margin for another slip. Intelligent Investor
