MELBOURNE, March 23, 2026, 03:41 AEDT
CSL Limited climbed 2.9% to end the day at A$138.50, standing out among large caps as the ASX 200 slipped 0.82%. Healthcare names held up, with Sigma Healthcare and Telix Pharmaceuticals joining CSL in the green. 1
CSL’s still working to calm investor nerves after the earnings shock and top-level exits hit in February. The company disclosed in a March 20 filing that it snapped up 111,215 shares the day prior, shelling out A$14.99 million and stretching its on-market buyback, which could reach as much as US$750 million. 2
CSL expanded its buyback after posting half-year underlying NPATA—net profit after tax before amortisation—at US$1.9 billion, a 7% drop. Reported net profit plunged 81% to US$401 million. Operating cash flow, though, climbed to US$1.3 billion. Then-CFO Ken Lim admitted, “not satisfied with our performance,” but left 2026 revenue growth guidance unchanged at 2%-3% and NPATA outlook at 4%-7%. 3
Investors weren’t buying it. According to Reuters, shares dropped as much as 18% on Feb. 11 after the company posted disappointing earnings, sizable write-downs, and saw CEO Paul McKenzie make a sudden exit. Interim boss Gordon Naylor told analysts he refused to accept the outcome. Citi flagged that the second-half strategy leaves little margin for error, pointing out that Seqirus typically delivers less in the latter part of the year, while Vifor is still facing generic headwinds. 4
Just a day into Naylor’s new role, CSL moved to reassure investors worried about profit growth and lagging U.S. vaccination numbers. David Tuckwell, chief investment officer at ETF Shares, described the move as an effort to install the ex-vaccine boss at the helm of the group dragging on shares—”possibly a salvage mission,” he said. 5
A lift from broader market sentiment drove the latest rebound. Australian stocks slid for the third week running, pressured by concerns around Middle East unrest, higher energy bills, and the possibility of additional rate increases. Still, healthcare stocks including CSL, Sigma, and Telix managed to hold up better than most. 6
Despite the rebound, the stock is still deep in negative territory. As of March 22, MarketIndex pegged CSL’s value near A$67 billion, with shares sitting about 46% lower than where they stood a year ago. 7
The valuation gap hasn’t closed much. MarketIndex’s broker-moves feed flagged Morgan Stanley sticking with its overweight on CSL earlier this month, price target steady at A$215. Reuters market data had CSL trading at A$138.50. 8
