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CSL
(Sydney:CSL)
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Rating:71Outperform
Price Target:
AU$129.00
▼(-5.93% Downside)
Action:Upgraded
Date:06/20/26
The score is driven primarily by strong underlying financial quality and cash generation, supported by a solid dividend and maintained guidance with ongoing buybacks/cost-savings. It is tempered by weak technical trend signals and meaningful near-term earnings/execution risks highlighted on the earnings call (impairments, H1 declines, and reliance on a stronger H2 recovery).
Positive Factors
Strong profitability and margins
High gross and net margins reflect durable pricing power and efficient manufacturing across plasma-derived and specialty therapies. Sustained margins support reinvestment in R&D, fund dividends and buybacks, and provide buffer versus cyclical vaccine seasonality and reimbursement shifts.
Negative Factors
Ig portfolio reimbursement headwinds
Policy-driven reimbursement changes in the U.S. and contract dynamics hit core immunoglobulin revenues. Because Ig products are a structural revenue pillar, sustained payer reforms or adverse contracting could depress top-line and margins and require strategic pricing or mix shifts to restore growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
High gross and net margins reflect durable pricing power and efficient manufacturing across plasma-derived and specialty therapies. Sustained margins support reinvestment in R&D, fund dividends and buybacks, and provide buffer versus cyclical vaccine seasonality and reimbursement shifts.
Read all positive factors
CSL (CSL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$58.11B
Dividend Yield2.58%
Average Volume (3M)974.43K
Price to Earnings (P/E)28.6
Beta (1Y)0.70
Revenue Growth3.43%
EPS Growth-47.65%
CountryAU
Employees32,698
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)2.98
Shares Outstanding478,912,000
10 Day Avg. Volume1,091,561
30 Day Avg. Volume974,433
Financial Highlights & Ratios
PEG Ratio2.89
Price to Book (P/B)5.99
Price to Sales (P/S)7.51
P/FCF Ratio45.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$130.26Price Target Upside-5.01% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)6.39
Revenue Forecast (FY)AU$15.58B
CSL Business Overview & Revenue Model
Company Description
CSL Limited operates as a global biopharmaceutical company, engaged in the research, development, manufacturing, marketing, and distribution of diverse pharmaceutical and allied products. Its extensive international footprint includes key markets ...
How the Company Makes Money
CSL makes money mainly by manufacturing and selling biopharmaceutical products and vaccines.
1) CSL Behring (therapeutics):
- Product sales: The largest revenue stream is the sale of plasma-derived therapies (such as immunoglobulins and albumin) ...
CSL Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: operational strengths (strong cash generation, share buyback expansion, cost-savings progress, solid Vifor performance, successful new product launches and Seqirus commercial gains) are offset by meaningful near-term pressures (H1 revenue decline, major non-cash impairments and one-off restructuring costs, policy-driven weakness in albumin and Ig headwinds, iron generics and KCENTRA competitive pricing). Management emphasizes these impairments are largely non‑cash, that the transformation is delivering tangible savings, and they have maintained full-year guidance while laying out remediation steps for weaker areas. The tone is cautiously constructive but with material near-term risks that require execution in H2 to validate the outlook.Positive Updates
Strong cash generation and capital returns
Operating cash flow of $1.3 billion in H1; interim dividend unchanged at USD 1.30; share buyback expanded from $500 million to $750 million and ~USD 400 million of shares repurchased in H1; leverage ~2x at Dec 2025.
Negative Updates
Group revenue and underlying earnings decline
Group revenue of $8.3 billion, down 4% (constant currency); NPATA declined 7% (to about $1.9 billion before restructuring/impairments); reported net profit after tax fell 81% due to one-off items and amortization.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong cash generation and capital returns
Operating cash flow of $1.3 billion in H1; interim dividend unchanged at USD 1.30; share buyback expanded from $500 million to $750 million and ~USD 400 million of shares repurchased in H1; leverage ~2x at Dec 2025.
Read all positive updates
Company Guidance
CSL maintained full‑year guidance while setting out the metrics behind its H2 ambition: H1 group revenue was $8.3bn (‑4% cc), gross profit $4.6bn (‑3%), group operating result $3.8bn (‑4%), NPATA before restructuring and impairments $1.9bn (‑7%) and reported NPAT fell 81% after ~ $1.05bn of H1 impairments (FY26 after‑tax impairments ~ $1.1bn with an additional ~ $70m post‑tax Velphoro charge expected in H2); cash flow from operations was $1.3bn and the interim dividend was held at US$1.30. Management expects double‑digit H2 growth in Ig (PRIVIGEN/HIZENTRA), a stronger H2 for albumin in China (but a modest FY26 albumin decline with recovery in FY27), Seqirus to normalize (H1 revenue ‑2%) and continued momentum from new launches; R&D was $600m in H1 (‑8%) and is expected to be similar in H2, G&A was down 2% and is expected broadly flat, and net interest expense fell 11%. Transformation targets remain: $100m FY26 cost savings (60% achieved at H1) on the path to up to $550m annual savings by FY28 funded alongside one‑off restructuring costs of $700–770m; capital management includes a buyback expansion to US$750m (from US$500m) after ~US$400m repurchased in H1 and reported net leverage of 2x, with an underlying tax rate ~21% (guidance 18–20% for the full year).CSL Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.70B | 15.43B | 14.69B | 13.17B | 10.49B | 10.33B |
| Gross Profit | 7.63B | 7.95B | 7.56B | 6.71B | 5.66B | 5.85B |
| EBITDA | 5.15B | 5.13B | 4.73B | 3.90B | 3.46B | 3.63B |
| Net Income | 1.44B | 3.00B | 2.64B | 2.19B | 2.25B | 2.38B |
Balance Sheet | ||||||
| Total Assets | 37.93B | 39.40B | 38.02B | 54.43B | 41.22B | 18.16B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 2.16B | 1.66B | 1.55B | 10.44B | 1.81B |
| Total Debt | 12.58B | 11.50B | 12.18B | 12.23B | 9.66B | 5.81B |
| Total Liabilities | 17.45B | 18.00B | 18.62B | 27.65B | 20.02B | 9.74B |
| Stockholders Equity | 18.67B | 19.34B | 17.33B | 15.79B | 14.58B | 8.38B |
Cash Flow | ||||||
| Free Cash Flow | 3.18B | 2.54B | 1.92B | 1.35B | 1.90B | 1.97B |
| Operating Cash Flow | 3.76B | 3.56B | 2.76B | 3.87B | 3.62B | 3.65B |
| Investing Cash Flow | -1.18B | -850.00M | -1.26B | -11.69B | -1.64B | -1.67B |
| Financing Cash Flow | -3.04B | -2.24B | -1.28B | 456.00M | 7.68B | -1.40B |
CSL Technical Analysis
Positive
137.13
Price Trends
108.43
Positive
123.60
Negative
152.35
Negative
Market Momentum
4.26
Negative
63.24
Neutral
60.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CSL, the sentiment is Positive. The current price of 137.13 is above the 20-day moving average (MA) of 117.85, above the 50-day MA of 108.43, and below the 200-day MA of 152.35, indicating a neutral trend. The MACD of 4.26 indicates Negative momentum. The RSI at 63.24 is Neutral, neither overbought nor oversold. The STOCH value of 60.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CSL.
CSL Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$58.11B | 28.57 | 7.56% | 2.58% | 3.43% | -47.65% | |
57 Neutral | AU$5.43B | -502.18 | -1.72% | ― | 59.13% | -121.52% | |
52 Neutral | AU$3.04B | -23.10 | -14.02% | ― | 1069.25% | 18.67% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | AU$307.28M | -94.16 | -15.96% | ― | 364.97% | 74.50% | |
46 Neutral | AU$902.86M | -8.82 | -59.59% | ― | ― | -70.72% |
* Healthcare Sector Average
AU:CSL
CSL
122.96
-122.62
-49.93%
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Mesoblast Limited
2.38
0.68
40.00%
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0.76
0.66
678.35%
AU:TLX
Telix Pharmaceuticals
15.78
-8.04
-33.75%
AU:CU6
Clarity Pharmaceuticals Ltd.
2.40
-0.84
-25.93%
CSL Corporate Events
CSL Reports Lapse of 25,533 Conditional Rights, Limiting Potential Equity Dilution
Jun 9, 2026
CSL Limited has notified the market of the cessation of 25,533 conditional rights (CSLAL) that have lapsed because the conditions attached to those rights were not met or became incapable of being satisfied as of June 5, 2026. The lapse slightly r...
CSL Director Carolyn Hewson Increases Indirect Shareholding via On-Market Trade
Jun 4, 2026
CSL Limited has disclosed a change in the indirect shareholding of non-executive director Carolyn Hewson, who increased her interest in the company through an on-market purchase. The transaction, executed via Zanlyn Pty Ltd as trustee of the Zanad...
CSL Director Restructures Shareholdings via Family Trust
May 27, 2026
CSL Limited has disclosed a change in the interests of director Gordon Naylor, who has shifted from holding CSL shares directly to holding them indirectly through a family investment vehicle. Naylor acquired 1,100 CSL ordinary shares on market for...
CSL Cuts FY26 Guidance After Interim CEO’s 90-Day Review
May 10, 2026
CSL’s interim chief executive Gordon Naylor has completed a 90-day review of the biopharmaceutical group, concluding that major growth and transformation initiatives are progressing but that financial benefits will take longer to emerge than...
CSL Cancels 6.4 Million Shares After On-Market Buyback
May 6, 2026
CSL Limited has cancelled 6,406,976 ordinary fully paid shares following completion of an on-market share buyback, effective 5 May 2026. The reduction in issued capital is part of the company’s capital management strategy and is expected to ...
CSL Completes $1.06 Billion On‑Market Share Buy‑Back
May 5, 2026
CSL Limited has completed an on‑market share buy‑back of its ordinary fully paid shares, repurchasing a total of 6,406,976 securities. The program, initially notified in August 2025, reflects the company’s active capital manageme...
CSL Reports Ongoing Progress in On-Market Share Buy-Back
May 3, 2026
CSL Limited has provided an updated daily notification on its ongoing on-market share buy-back of ordinary fully paid shares, originally launched in August 2025. The company disclosed that it had repurchased a cumulative 6,352,089 shares prior to ...
CSL Updates Market on Progress of Ongoing On‑Market Share Buy‑Back
Apr 30, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The filing records that, as of the latest daily report dated 1 May 2026, the company...
CSL Updates Market on Progress of Ongoing On‑Market Share Buy‑Back
Apr 29, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on‑market share buy-back program covering its ordinary fully paid shares. The company reported that, as of the latest daily update dated 30 April 2026, it had...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Apr 28, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program involving its ordinary fully paid shares. The company reported that a total of 6,084,879 shares had been repurchased prior to the l...
CSL Ramps Up On-Market Buy-Back With Nearly 6 Million Shares Repurchased
Apr 26, 2026
CSL Limited has continued its on-market share buy-back program, updating investors with a daily notification that as of 27 April 2026 it has repurchased a total of 5,998,496 ordinary fully paid shares. The company reported that 86,383 shares were ...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Apr 23, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program for its ordinary fully paid shares. The company reported that a cumulative 5,896,686 shares had been repurchased prior to the lates...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Apr 21, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for ordinary fully paid shares. The company reported that a cumulative 5,681,908 shares had been repurchased prior to t...
CSL Records Lapse of Conditional Rights in Minor Capital Adjustment
Apr 19, 2026
CSL Limited has notified the market of the cessation of 4,773 rights (security code CSLAL) after the conditional rights lapsed because the vesting conditions were not met or became incapable of being satisfied as of 7 April 2026. The move represen...
CSL Posts Daily Update on Ongoing On-Market Share Buy-Back
Apr 7, 2026
CSL Limited has reported the latest daily progress of its on-market share buy-back program for its ordinary fully paid shares. The company disclosed that it has repurchased a cumulative 5,550,945 shares before the previous trading day and a furthe...
CSL Sees Limited Impact From New U.S. Drug Tariffs, Expects Fluad Duties to Fall
Apr 6, 2026
CSL Limited says the U.S. administration’s planned Section 232 tariffs on imported pharmaceuticals are expected to have limited impact on its U.S. sales, as most of its products will not be subject to the new duties. The company welcomed the...
CSL Reports Daily Progress on Ongoing On‑Market Share Buy‑Back
Apr 1, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back, confirming that it is purchasing ordinary fully paid shares under a previously announced program. The disclosure shows that a total of...
CSL Updates Market on Ongoing On-Market Share Buy-Back
Apr 1, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update reflects the latest daily activity under the buy-back program, which forms part of the companyR...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 30, 2026
CSL Limited has provided an update on its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that a total of 5,296,279 shares had been repurchased prior to the latest trading day, with an addition...
CSL Updates Market on Daily Progress of On‑Market Share Buy‑Back
Mar 29, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program covering its ordinary fully paid shares. The update notes that the company continues to execute daily purchases under the program f...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 26, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program covering its ordinary fully paid shares. The latest filing, dated 27 March 2026, reports that the company had repurchased a total of 5,091,...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 25, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program, confirming that it repurchased 71,707 ordinary fully paid shares in the most recent trading day. The total number of shares bought...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 24, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The filing confirms that the company is actively repurchasing stock as part of a pre...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Mar 23, 2026
CSL Limited has reported an update to its ongoing on-market share buy-back program for its ordinary fully paid securities traded on the ASX. The update, dated 24 March 2026, reflects the company’s continued use of buy-backs as part of its ca...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 22, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The update, dated 23 March 2026, confirms that a total of 4,740,865 shares had been bought back prior t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.