Australian biotech giant CSL has surprised the stock market after announcing a write-down of more than $US5 billion and cutting its revenue outlook for 2026 to $US15.2 billion and net profit (excluding restructuring and impairment charges) to $US3.1 billion.
The company has been hit by the vaccine crisis caused by the US health secretary Robert F. Kennedy Jr, the turmoil in the Chinese market, and its bad strategic moves.
Today, CSL pointed to problems with its immunoglobulin inventory in the United States and its Albumin – which is an important component of blood plasma – business in China as a large part of the recent decline in revenue.
His Vifor business, which helps patients with kidney problems, was hit by the text. Shares have already more than halved since last August, and are down 18 percent this morning.
Interim chief executive officer Gordon Naylor said in a statement to the ASX that “Our growth plans are working, but the financial benefits will take longer than expected to materialize. As a result, we have now revised our guidance for the 2026 financial year.”
His predecessor, Dr Paul McKenzie, retired immediately in February after overseeing an 81 per cent drop in first-half profits.
