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CSL Ltd

CSL Ltd

ASX:CSL

Health Care

Fund Manager Summary

The fund managers believe that CSL Ltd presents a strong investment opportunity due to its robust growth prospects. They highlight that CSL remains a step ahead of peers with significant expansions in plasma fractionation and purification facilities, which are expected to enhance operational efficiencies and support margin expansion and higher returns. The advanced preparations for CSL112 indicate confidence in its future, pending successful Phase 3 trials. Furthermore, the manufacturing process of CSL Vifor offers protection against patent expiry, bolstered by a new facility that will increase reactor capacity by 50%. The fund managers also emphasize the importance of a longer investment horizon, reflecting the company's strategic quality and management. Overall, positive operating trends and a strong late-stage R&D pipeline are expected to drive plasma earnings recovery and enhance value for investors.

Source: Trading View

Commentary From The Managers

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Wilson Asset Management

17 Nov 2025

$180.44

Summary

  • Wilson Asset Management continues to hold its position in CSL Ltd.
  • Deputy Portfolio Manager Anna Milne recently attended CSL's Capital Markets Days in the US.
  • CSL is recognized as a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
  • Meetings with the management team provided insights into demand drivers for immunoglobulin products.
  • CSL's initiatives to grow market share were positively noted.
  • Progress in reducing plasma collection and fractionation costs was encouraging.
  • Overall, there is greater confidence in CSL's earnings profile.
  • Current share price offers valuation support.

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Commentary From The Managers

Wilson Asset Management

17 Nov 2025

$180.44

  • Wilson Asset Management continues to hold its position in CSL Ltd.
  • Deputy Portfolio Manager Anna Milne recently attended CSL's Capital Markets Days in the US.
  • CSL is recognized as a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
  • Meetings with the management team provided insights into demand drivers for immunoglobulin products.
  • CSL's initiatives to grow market share were positively noted.
  • Progress in reducing plasma collection and fractionation costs was encouraging.
  • Overall, there is greater confidence in CSL's earnings profile.
  • Current share price offers valuation support.

Summary

Pendal Group

3 Nov 2025

$176.99

  • Pendal Group notes a downgrade in CSL Ltd's FY26 revenue and NPAT guidance at their AGM.
  • Revenue growth expectations have been reduced from 4-5% to 2-4%.
  • NPATA guidance has been adjusted from 7-10% constant currency to 4-7%.
  • The forex tailwind has improved from $60M to $100M.
  • Disappointment arises from the Seqirus business, particularly in US influenza vaccinations, tracking down 10-15%.
  • This impact on revenue flows straight down the P&L due to the nature of influenza vaccination production.
  • Negative outcomes reported by both Sanofi and GSK suggest a broader market issue.
  • This marks the third or fourth consecutive down season in vaccination rates, 25%+ below peak levels.
  • The upcoming flu season is projected to be a 15-year record for hospitalisations and mortality.
  • The Chinese Government's changes to reimbursement for Albumin are prompting CSL to seek new channels and markets.
  • Management sees the impact of this as secondary, affecting 1H more than 2H.
  • Medium-term NPATA targets remain at double digits, though FY27 and FY28 are likely to see high-single-digit growth.
  • The market had anticipated growth rates of 12-13%.
  • CSL is not factoring in a recovery in the US flu vaccination market for the medium term.
  • On a positive note, the plasma-based market remains strong, and the launch of Andembry is ahead of schedule.
  • Cost savings have been identified to mitigate FY26 impacts, with the transformation program progressing well.

Summary

Pendal Group

31 Oct 2025

$178.50

  • Pendal Group continues to hold due to CSL's recent downgrade of FY26 revenue and NPAT guidance driven by soft vaccine demand in the US.
  • The changes in pricing structure for albumin in China have also impacted forecasts.
  • Despite the disappointing news, the market's sharp reaction indicates skepticism towards management's outlook.
  • Research from Pendal Group indicates that underlying demand for CSL's products remains robust, particularly in the plasma market.
  • Management has implemented changes following disappointing earnings, including cost-cutting measures and adjustments to R&D.
  • The resumption of the buyback program reflects improved capital discipline.
  • CSL's stock is currently valued at a depressed level, suggesting significant upside potential if management can reassure the market.

Summary

Sage Capital

31 Oct 2025

$178.50

  • Sage Capital has built a long position in CSL (ASX: CSL) following recent share price weakness.
  • There is significant underlying value in CSL's core immunoglobulin business.
  • A surprise downgrade on US vaccination rates raises concerns about earnings visibility.
  • Despite challenges, CSL remains compelling value due to potential earnings upside.
  • Margins are expected to return to historical levels with cost reductions and efficiencies from Horizon 1 & 2 programs.

Summary

Prime Value Asset Management

31 Oct 2025

$178.50

  • CSL underperformed following a weaker-than-expected company update at its 2025 AGM.
  • CSL now expects 4-7% profit growth in FY26 due to lower demand for its flu vaccines in the US.
  • The company has lowered its 'double-digit' growth expectations for FY27-28 to 'high single-digits'.
  • Prime Value Asset Management reduced investments in CSL substantially during the June quarter this year.
  • They will monitor the progress of CSL’s core plasma collection business for better growth prospects.
  • CSL’s valuations have declined to very attractive levels compared to its history.

Summary

Sterling Managed Investments

31 Oct 2025

$178.50

  • CSL detracted from performance in October, falling 10% after a trading update at the AGM.
  • Management lowered revenue and profit growth expectations for FY26.
  • The decision to cut FY26 guidance shook market confidence, including that of Sterling Managed Investments.
  • Sterling Managed Investments reduced their CSL holding in July to fund the purchase of another healthcare company.
  • In hindsight, the reduction was not sufficient given the current share price drop.
  • CSL's share price is now ~40% below its level 12 months ago, despite broadly unchanged earnings.
  • The market seems to be pricing current earnings as unsustainable, a view Sterling Managed Investments disagrees with.
  • Therefore, Sterling Managed Investments retains its position in CSL Ltd.

Summary

Perpetual Asset Management

31 Oct 2025

$178.50

  • CSL detracted from portfolio performance in October with a stock decline of 9.9% following the Annual General Meeting.
  • Management downgraded guidance, adjusting medium-term growth expectations from double-digit to high single-digit expansion.
  • US influenza vaccination rates deteriorated beyond expectations, influenced by politicisation, a shift to retail pharmacy administration, and concentrated procurement power.
  • Seqirus demerger indefinitely deferred pending improved market conditions, affecting future growth prospects.
  • Operational setbacks and margin uncertainty have led to a reassessment of CSL's growth trajectory.
  • The business now exhibits a materially weaker earnings profile compared to its historical double-digit growth performance.
  • While the core plasma franchise remains exceptionally high quality, the market is reassessing CSL's valuation as an industrial business rather than a growth company.
  • This shift in perception may lead to a lower valuation multiple than previously commanded.

Summary

Pendal Group

30 Sept 2025

$198.20

  • Pendal Group notes that CSL has experienced a decline following a disappointing earnings report in August.
  • Ongoing uncertainty regarding tariffs and pricing in the US is impacting market perceptions.
  • Despite challenges, CSL is well positioned due to its significant production presence in the US.
  • Management is actively addressing market concerns about the structural outlook for the plasma market.
  • A new licensing deal indicates a more cautious approach to R&D investment.
  • Pendal Group believes the valuation is compelling for CSL, which is expected to achieve low double-digit compound annual growth rates in earnings over the next three years.

Summary

Infinity Asset Management

30 Sept 2025

$198.20

  • Infinity Asset Management has reduced their positions in CSL (CSL).
  • FY25 results and FY26 outlook are impacted by key issues in Ig/plasma and Behring margins.
  • Demand remains healthy, but near-term Ig growth is now projected at mid- to high-single digits, down from high-single digits.
  • CSL is avoiding low-margin tenders, including a loss in the UK, while managing US Part D headwinds.
  • Challenges include a tougher tender environment and a negative Ig product mix, with more PRIVIGEN versus higher-margin HIZENTRA.
  • Product rollouts are slower than planned, and there are elevated labor costs associated with the RIKA rollout.
  • Gross-margin recovery is expected to be bumpier and delayed, with management now only committing to year-on-year improvement.
  • FX volatility and the closure of 22 US plasma collection centers (about 7% footprint) will not materially benefit FY26 earnings.
  • Investor sentiment is likely to remain subdued in the near term.
  • Despite sharp downgrades to FY26, FY27 consensus forecasts remain lofty, with potential risks of further downgrades to the ~14% NPAT growth.
  • As a result, Infinity Asset Management has reduced their position by half.
  • Regaining confidence will require material improvement in execution, delivery of the cost-out strategy, and clarity on the proposed demerger of Seqirus.

Summary

Airlie Funds Management

30 Sept 2025

$198.20

  • Airlie Funds Management notes a significant decline in CSL's stock, falling 16% after FY25 results were released.
  • Concerns have arisen regarding the medium-term growth rate of earnings for the Behring division, which is expected to be slower than anticipated.
  • Despite modest earnings revisions, CSL's valuation has de-rated significantly.
  • Management maintains that there is robust demand for CSL’s core plasma proteins, yet market skepticism persists.
  • The company’s current competitive position is uncertain, leading to CSL being viewed unfavorably until financial results improve.
  • CSL is currently trading at 16x FY27 P/E, which appears attractive for a company of its caliber.
  • In light of these factors, Airlie Funds Management has decided to add to their position in CSL during this period.

Summary

Sterling Managed Investments

30 Sept 2025

$198.20

  • Sterling Managed Investments continues to hold CSL Ltd as a core position in their portfolios.
  • CSL experienced selling pressure in September following a poorly received FY25 result.
  • The company’s wealth-creation outlook has softened due to a slowdown in Behring, which contributes 70% of group earnings.
  • There are headwinds in CSL’s influenza division attributed to lower vaccination rates.
  • Despite challenges, CSL maintains a market leadership position in plasma therapies.
  • CSL is strongly capitalised, allowing for investments in growth and capital management through share buybacks.
  • CSL's weighting in Sterling’s portfolios is lower than historically.
  • CSL is expected to update the market on earnings guidance for FY26 during their AGM in late October.

Summary

Wilson Asset Management

30 Sept 2025

$198.20

  • CSL is a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
  • FY2025 results announced in August were well below expectations, impacting market perception.
  • The market is concerned about lower long-term growth prospects for CSL's Behring franchise.
  • There is speculation regarding the possible spin-out of the Seqirus division.
  • The healthcare sector is under pressure, with a market preference for more cyclical exposures.
  • Wilson Asset Management believes the current share price reflects the risks and opportunities facing CSL.
  • Without new information, there is no conviction to increase holdings in CSL at this time.

Summary

Equity Trustees Asset Management

30 Sept 2025

$198.20

  • Equity Trustees Asset Management notes that the stock sold off aggressively following the FY25 result.
  • Despite this, CSL announced earnings in line with expectations.
  • The company revealed a US$500m+ cost out program.
  • Additionally, a US$500m per annum multi-year buyback program was introduced.
  • The core Behrings division performed slightly weaker than expected.
  • In contrast, the Vifor and Sequiris divisions exceeded expectations.
  • The market raised concerns about the necessity of the cost out program to meet earnings guidance.
  • There were also questions regarding CSL's future growth rates.
  • CSL aims to return to pre-COVID margins, although the timeline for this has been extended.

Summary

Cooper Investors

30 Sept 2025

$198.20

  • CSL sold off sharply after the FY25 result, indicating a material derating and loss of confidence in management's execution and strategy.
  • CSL Behring margin recovery is delayed, with contributing factors including:
    - Costs from new collection centre systems
    - Slower plasma collection cost reduction
    - Weaker uptake of new high-margin products
    - Part D reforms in the USA
    - Currency movements
    Management maintains that gross margin will return to pre-COVID levels, with an estimated underlying margin expansion of ~1.5% after adjustments.
  • IG market growth shows underlying resilience, with an estimated growth rate closer to double digits in 2H25 when excluding certain impacts. Demand-supply balance remains intact, supporting potential double-digit EPS growth in the medium term.
  • R&D reset aims for a tighter, more commercial approach to increase R&D spending efficacy, with meaningful potential upside if productivity improves.
  • Seqirus demerger will simplify the organization, allowing greater focus and capital efficiency for each business segment.
  • Despite recent underperformance, it appears overdone relative to fundamentals, although tariffs and pricing initiatives in the US remain risks.
  • Cooper Investors believes many issues are transitory or self-inflicted, with identifiable fixes being pursued, making risk-adjusted value latency attractive for patient investors.

Summary

Yarra Capital Management

30 Sept 2025

$198.20

  • Yarra Capital Management continues to hold an underweight position in CSL Ltd due to recent underperformance.
  • CSL announced a significant corporate restructure, including plans to spin off its Seqirus vaccine division.
  • The company will close plasma centres and consolidate R&D operations as part of its strategy.
  • These measures aim to streamline operations and generate long-term efficiencies.
  • However, they highlight an increased competitive landscape and ongoing uncertainty regarding long-term earnings.
  • Yarra Capital Management believes earnings growth from the core blood plasma division will face challenges.
  • Challenges include elevated and persistent cost pressures and increased product competition.
  • There is a noted shift in product growth away from higher margin specialty products.
  • Longer-term product substitution risk adds to the uncertainty surrounding CSL's earnings trajectory.

Summary

Elston Asset Management

25 Sept 2025

$197.99

  • Elston Asset Management notes that large-cap defensive healthcare leader CSL has been derated due to margin compression, R&D missteps, and competitive fears.
  • There are clear cost-out and growth catalysts into FY26–27.
  • The 2H slowdown in Behring/IG sales was attributed to a below market growth rate, with 3-4% lost due to lower-margin tenders CSL chose not to pursue.
  • Questions were raised regarding IG supply demand dynamics and competitive dynamics.
  • Gross margin pressures stem from post-COVID plasma cost inflation, donor fees, and slower-than-expected margin recovery.
  • R&D credibility has been affected by the CSL112 failure, leading to questions about productivity and pipeline delivery.
  • Macro overhangs include US Part D reform drag and tariff risk headlines.
  • CSL's fundamentals remain attractive with a scale & oligopoly structure, where the top 3 global plasma players control ~85% of volumes.
  • CSL is the lowest-cost operator with around ~30% market share.
  • Margins are stabilising, with FY25 Behring EBITDA margin at 45.4% (+89 bps YoY).
  • Cash generation is strong, with FY25 FCF at US$3.6bn (+29% YoY) and NPATA +14% CC.
  • Valuation is at a FY1 P/E of ~20x, at the low end of CSL’s 10-year trading range despite a high-single-digit to low-teen EPS growth outlook.
  • The balance sheet shows net debt/EBITDA at 1.5x, allowing room for shareholder returns, including a planned A$750m buyback from FY26.
  • Turnaround catalysts include Behring gross margin recovery through a $500m cost savings program.
  • Pipeline unlocks from Andembry (HAE), Garadacimab (HAE), and nephrology developments are anticipated.
  • The Seqirus demerger planned for FY26 is expected to unlock value and simplify the structure.
  • Capital management strategies, such as buybacks, signal confidence in cash flow and balance sheet strength.
  • Key signals to watch include the IG growth trajectory and progress toward ~57% gross margin.
  • Evidence of tender outcomes in a rational market is crucial for maintaining pricing discipline while keeping market share.
  • Pipeline readouts and clarity on the Seqirus separation will be important indicators.
  • Despite near-term noise, CSL’s cost leadership and rational market structure remain intact, with expected sustainable earnings growth of ~10%.
  • The current valuation at ~19x FY1 P/E presents a solid entry point.

Summary

Hyperion Asset Management

31 Aug 2025

$210.27

  • Hyperion Asset Management notes a mixed FY25 result for CSL Ltd. (CSL), highlighting weaker-than-expected growth in the core immunoglobulin business.
  • The underperformance is attributed to short-term/one-off factors, including the loss of a large UK tender and the impact of US Medicare Part D reforms.
  • More conservative guidance has been provided regarding the timing of the Behring gross margin recovery, though not the quantum.
  • This mixed performance was partially offset by strength in the Vifor business.
  • The Seqirus demerger into a stand-alone ASX-listed company was unexpected but appears well-considered within the new operating model.
  • The new model focuses on removing complexity by integrating the commercial and medical functions of the Behring and Vifor businesses.
  • This integration aims to enable closer collaboration between R&D, business development, and commercialisation teams.

Summary

Clime Investment Management

31 Aug 2025

$210.27

  • CSL was a detractor to performance in August, falling over 20% after a poorly received FY25 financial result and outlook.
  • The main issue was a slowing in growth from their core plasma business, Behring.
  • Guidance for FY26 indicated a 5% increase in EPS, below expectations of 10%.
  • CSL is responding to moderated revenue growth by right-sizing costs.
  • The market perceives that CSL's best years are in the past.
  • Despite this, a 20% share price fall resulting in CSL being valued at a discount to the market seems excessive.
  • CSL remains a strong business with strong value creation features.
  • Clime Investment Management continues to see CSL as a core holding in an Australian shares portfolio.

Summary

Blackwattle Investment Partners

31 Aug 2025

$210.27

  • Blackwattle Investment Partners notes a delay in gross margin recovery expectations, impacting performance.
  • The anticipated benefits from Rika Plasma technology and productivity enhancements have not materialized, disappointing investors.
  • Results were affected by U.S. CMS drug price cuts and increased competition in the plasma sector.
  • Despite these challenges, strong plasma demand and improving free cash flow are positive indicators.
  • A significant valuation de-rating makes CSL increasingly attractive in the eyes of Blackwattle Investment Partners.

Summary

Selector Funds Management

31 Aug 2025

$210.27

  • Selector Funds Management continues to hold a positive outlook on CSL Ltd, recognizing its position as a global plasma leader with a 30% share of the immunoglobulins market.
  • CSL is undergoing significant restructuring, including cutting 3,000 jobs (15% of its workforce) to enhance productivity.
  • The company is spinning off its vaccine business, Seqirus, to focus on a more streamlined operation aimed at accelerating innovation.
  • Management acknowledges the need to pivot strategically to improve clinical and commercial execution, despite the associated short-term costs.
  • CSL's gross margins have declined from 57% to the low 50% due to increased costs from donor fees and manufacturing inefficiencies.
  • There is a commitment from CFO Joy Linton to restore gross margins to previous highs, with potential for further improvements through the Horizon 2 project.
  • Despite a 21% drop in share price post-results and a 24% decline for the year, the market reaction reflects uncertainty around CSL's restructuring efforts.
  • CSL's current valuation stands at A$103 billion, trading at a multiple of 18x with projected operating profits for FY25 of A$5.6 billion.

Summary

Seneca Financial Solutions

31 Aug 2025

$210.27

  • CSL shares fell sharply in August, underperforming the broader market.
  • FY25 earnings growth reported with revenue up by 5% and NPAT up by 17%.
  • The sell-off was triggered by weaker-than-expected FY26 guidance.
  • Investors are concerned about slower immunoglobulin growth, margin headwinds, and restructuring costs.
  • Analysts noted FX pressures and delays in gross margin recovery.
  • Execution risks were highlighted in CSL Behring.
  • The company announced a demerger of Seqirus and projected US$700–770m in restructuring costs.
  • Seneca Financial Solutions continues to hold because of the long-term potential despite short-term challenges.

Summary

Ten Cap

31 Aug 2025

$210.27

  • Ten Cap updates their investment thesis on CSL Ltd.
  • Profit-taking was executed prior to results due to a ~15% outperformance in July.
  • This action aligns with Ten Cap's disciplined approach to event risk.
  • Emphasis on position sizing during a volatile reporting season.
  • Ten Cap continues to monitor market conditions and adjust strategies accordingly.

Summary

ECP Asset Management

31 Aug 2025

$210.27

  • ECP Asset Management notes that CSL Limited (CSL) underperformed in August due to headwinds in the US healthcare regulatory system.
  • While FY26 guidance was within expectations, CSL downgraded its long-term Behring GP margin guidance due to ongoing FX headwinds and a slower ramp of new high-margin products.
  • CSL is initiating a transformation project that includes a significant reorganization of its R&D function.
  • The company aims to reduce its cost base by $500 million and will demerge its vaccine division.
  • CSL plans to undertake a $500 million buyback.
  • Despite challenges, CSL remains a leading global rare disease franchise with declining capex and a strong earnings growth profile.

Summary

Tyndall Asset Management

31 Aug 2025

$210.27

  • Tyndall Asset Management notes that CSL detracted from performance in August.
  • Reported a disappointing FY25 result.
  • While revenue growth remained resilient, concerns arose regarding softness in the immunoglobulin franchise.
  • Management removed the timeline for Behring gross margin guidance, raising investor concerns.
  • Tyndall Asset Management continues to hold its position in CSL due to long-term potential despite recent challenges.

Summary

Pendal Group

31 Aug 2025

$210.27

  • Pendal Group notes that CSL’s FY25 result was at the top end of guidance and aligned with market expectations.
  • Management indicated adjustments in the US pricing structure leading to earnings downgrades of 2% in FY26 and 4% in FY27.
  • Concerns regarding a structural deterioration in CSL’s core plasmabased business are viewed as overdone by Pendal Group.
  • No signs of softening demand have been observed, maintaining expectations of improved margins and return on equity.
  • CSL announced cost-cutting measures and a buyback.
  • Pendal Group finds the valuation compelling, projecting low double-digit compound annual growth rates in earnings over the next three years.

Summary

Infinity Asset Management

31 Aug 2025

$210.27

  • Infinity Asset Management continues to hold an overweight position in CSL Ltd (CSL).
  • CSL’s stock declined 21.4% in August.
  • The FY25 result and FY26 outlook are impacted by key issues facing Ig/plasma and Behring margins.
  • Despite a healthy demand backdrop, near-term Ig growth is now expected to be mid- to high-single digit instead of the previously anticipated high-single digit.
  • CSL is avoiding low-margin tenders, including a loss in the UK, which affects growth.
  • Challenges include US Part D headwinds and a tougher tender environment.
  • The negative Ig product mix features a shift towards more PRIVIGEN versus higher-margin HIZENTRA.
  • Product rollouts are slower than planned, and elevated labor costs are associated with the RIKA rollout.
  • Management anticipates a bumpier gross-margin recovery, now committing only to year-on-year improvement rather than the previous target of ~57% by FY28.
  • FX volatility and the closure of 22 US plasma collection centres (about 7% of the footprint) are not expected to materially benefit earnings in FY26.
  • As a result, investor sentiment is likely to remain subdued in the near-term, prompting a reduction in exposure post reporting season.

Summary

Yarra Capital Management

31 Aug 2025

$210.27

  • Yarra Capital Management continues to hold an underweight position in CSL Ltd.
  • CSL, the ASX’s largest diversified biotech company, has underperformed following a significant corporate restructure.
  • The company announced plans to spin off its Seqirus vaccine division, close plasma centres, and consolidate R&D operations.
  • These measures aim to streamline operations and generate long-term savings but involve near-term costs of up to US$770 million.
  • The restructuring introduces uncertainty regarding CSL's longer-term earnings trajectory.
  • Yarra Capital Management believes that earnings growth from CSL's core blood plasma division will face greater challenges.
  • Challenges include elevated and persistent cost pressures, increased competition, and a shift in product growth.
  • There is also a risk of longer-term product substitution away from higher-margin specialty products.

Summary

SG Hiscock & Company

31 Aug 2025

$210.27

  • SG Hiscock & Company notes that CSL Limited (ASX: CSL) was a major detractor in August, with shares dropping significantly following disappointing FY25 results.
  • The stock fell -16.9% on the day of the results release, as management delayed the timeline for restoring CSL Behring’s gross margins to pre-COVID levels until FY29.
  • FY25 results indicated revenue of US$15.6bn (+5% YoY at constant currency) and NPATA of US$3.2bn (+14% at constant currency), aligning with guidance but impacted by a lower effective tax rate.
  • Behring revenue increased by 6%, but immunoglobulin growth of +7% fell short of forecasts; Kcentra sales decreased -16% due to rising competition.
  • Specialty products remained flat, raising investor concerns about future margins; Seqirus grew by 2% but is under structural pressure, while Vifor saw an 8% gain driven by Tavneos and Velphoro.
  • Management announced a cost-out program exceeding US$500m, including a potential 15% headcount reduction and R&D consolidation, with savings aimed at growth priorities.
  • A demerger of Seqirus is planned before the end of FY26, creating a standalone ASX-listed vaccine business, alongside a reintroduction of an on-market buyback of A$750m in FY26.
  • Despite these initiatives indicating a transformation commitment, uncertainty around reinvestment priorities and the prolonged margin recovery timeline contributed to negative market sentiment.
  • Looking ahead, CSL projects FY26 NPATA of US$3.45–3.55bn at constant currency (+7–10% growth), supported by ongoing demand for core plasma therapies and new product contributions.
  • Execution risks remain high due to plasma competition, tariff threats, and dependence on new product uptake, impacting sentiment.

Summary

Blackwattle Investment Partners

31 July 2025

$270.90

  • CSL (CSL) has rebounded after a prolonged period of underperformance.
  • News of planned cuts to R&D spending was positively received, following setbacks such as the failed Phase 3 trial of CSL112.
  • CSL invests approximately 10% of revenue in R&D, which is higher than peers like Grifols (6%) but below large pharma (15–22%).
  • The company is pivoting towards late-stage partnerships to lower trial risk.
  • CSL’s economics are tied to plasma collection and fractionation infrastructure, making patent cliffs less impactful.
  • There are risks around tariffs on imported pharmaceuticals and drug pricing in the USA, which could affect cash flow and valuation.
  • However, CSL has significantly de-rated in valuation, and there is a renewed management focus on improving returns through efficiency programs.
  • If tariff and drug price reform risks diminish, investors may once again assign a premium valuation to CSL due to its strong market position and attractive demand growth profile.

Summary

Tyndall Asset Management

31 July 2025

$270.90

  • CSL (CSL) contributed positively to performance in July.
  • A draft trade accord between the US and Switzerland was reported, suggesting preferred treatment for Switzerland to avoid pharmaceutical tariffs.
  • The stock rallied due to this news, as Bern is where manufacturing is finalized, including the “fill and finish” process.
  • Tyndall Asset Management continues to hold CSL as they believe in the positive implications of the trade accord.

Summary

Milford Asset Management

31 July 2025

$270.90

  • CSL Ltd was the top contributor to Fund performance, rising 13.1% and contributing 90bps.
  • CSL has successfully navigated challenges and is positioned for consistent earnings growth.
  • The core Behring business is a key driver of this growth.
  • CSL is not well owned by the market, trading at 22x earnings, which is attractive relative to other large ASX companies.
  • There are some risks to consider, including struggles in the flu vaccine business due to low vaccination rates in the US.
  • Uncertainty exists regarding the US Government’s drug pricing policies and their potential impact on Behring.
  • Milford Asset Management continues to hold CSL, believing it has a very good outlook, while cautioning about potential short-term setbacks related to drug pricing.

Summary

Pendal Group

31 July 2025

$270.90

  • CSL rebounded after a period of weakness due to uncertainty in the US pharmaceutical market pricing outlook.
  • Pendal Group continues to see CSL as well placed to navigate the current landscape.
  • CSL has the capability to expand its existing US manufacturing capacity.
  • Recent investments in new technology and a reduction in capex provide scope for margin expansion.
  • This strategy underpins improved returns on capital and potential valuation re-rating.

Summary

Wilson Asset Management

31 July 2025

$270.90

  • CSL is a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
  • In July, CSL experienced significant inflows into healthcare, benefiting from the unwind of Australian bank positioning.
  • Previous setbacks have led to an inflection point for CSL, encouraging a more disciplined approach to capital allocation.
  • This disciplined approach is expected to unlock meaningful cost-out opportunities in the near term.
  • While tariff implications remain uncertain, market tolerance is increasing as uncertainty is being priced in.
  • CSL operates in an industry with dynamics that are largely uncorrelated to the economic cycle, demonstrating resilience through consistent performance.
  • With a long-term growth profile and earnings growth exceeding 10% per annum, CSL is viewed as attractively valued.
  • Wilson Asset Management continues to hold CSL due to its potential for renewed investor interest and performance ahead.

Summary

SG Hiscock & Company

31 July 2025

$270.90

  • SG Hiscock & Company continues to hold CSL due to its strong fundamentals despite recent stock weakness.
  • Concerns around US tariffs on pharmaceuticals have impacted market sentiment.
  • Headwinds in the flu business due to competition and a weaker flu season have been noted.
  • Recent competitor results and industry data indicate robust demand for plasma-derived IG therapies.
  • CSL is considering rebalancing R&D investments between internal activities and external partnerships.
  • This strategy follows several late-stage setbacks in R&D product developments.
  • SG Hiscock & Company anticipates more updates from CSL at its full year result in August.
  • A disciplined allocation of capital and reduced execution risk is viewed as a positive step for the company.

Summary

Yarra Capital Management

31 July 2025

$270.90

  • Yarra Capital Management continues to hold an underweight position in CSL Ltd.
  • CSL, the ASX’s largest biotech company, showed a rebound in July, recovering some of its year-to-date underperformance.
  • The recent outperformance is attributed to investors adjusting expectations regarding the impact of US government healthcare policy reforms.
  • Key reforms include pharmaceutical import tariffs and Most Favoured Nation pricing outcomes.
  • Despite the rebound, Yarra Capital Management maintains an underweight stance due to anticipated challenges in earnings growth.
  • Challenges are expected from the core blood plasma division, which constitutes approximately 65% of group earnings.
  • Factors contributing to these challenges include elevated and sticky cost pressures and increased competition.
  • There are concerns over relative product growth rates moving away from higher-margin specialty products.
  • Long-term risks include potential product substitution.

Summary

Maple-Brown Abbott

11 July 2025

$240.92

  • Maple-Brown Abbott notes that CSL has significantly decreased in its market share, dropping from over 10% during COVID to 4.5% today.
  • The fund manager observes that CSL's valuation peaked at close to 50 times forward earnings in 2020, coinciding with historically low interest rates.
  • Since then, CSL has experienced a challenging five years, leading to a considerable derating of its stock.
  • Currently, CSL is valued at 23-24 times earnings, which reflects its potential for decent growth.
  • For the first time in a long while, Maple-Brown Abbott indicates a willingness to buy into CSL.

Summary

Pendal Group

30 June 2025

$239.48

  • Pendal Group continues to hold an overweight position in CSL.
  • CSL has experienced soft performance with uncertainty around pricing in the US market.
  • The risk associated with pricing is viewed as overdone due to flexibility in supply chains.
  • CSL maintains a strong competitive position in the industry.
  • Future recovery in return on capital is anticipated, driven by lower capex.
  • Higher margins in the core plasma business are expected as new technology investments take effect.
  • The company is focusing on efficiency and cost reduction.
  • This focus is believed to support earnings growth and a potential valuation re-rating.

Summary

Clime Investment Management

30 June 2025

$239.48

  • Clime Investment Management trimmed their position in CSL to fund new positions and portfolio changes.
  • CSL remains a core holding due to its sound business fundamentals and pricing below earnings prospects.
  • CSL's stock fell 3% in June, impacting relative performance.
  • Despite reaffirming earnings guidance at the Macquarie conference, CSL faces negative investor sentiment, particularly regarding its Seqirus flu business.
  • Seqirus contributes less than 15% to CSL's group earnings, indicating it is a small part of the overall business.
  • The primary value driver for CSL is the Behring plasma business, which holds a market leadership position.
  • This business benefits from a growing backdrop due to increased incidences of immune and autoimmune diseases.
  • Despite some maturation in CSL's business and mixed results from the Vifor acquisition, Clime believes CSL is a privileged business compared to others on the ASX.
  • With a 21x P/E ratio, CSL is viewed as a suitable core holding in Clime's Australian shares portfolios.

Summary

Oracle Advisory Group

30 June 2025

$239.48

  • Oracle Advisory Group reports positive 1HFY25 results for CSL.
  • Growth rate of CSL Behring stabilizing at 10%.
  • Improvements in Behring margins expected from FY26 due to cost reductions.
  • Factors contributing to margin improvements include optimised donor fees, RIKA blood collection programs, and other efficiencies.
  • New high-margin products like Hemgenix and IG yield improvements will aid gross margin enhancements.
  • Seqirus experienced a temporary 10% revenue decline in 1HFY25, but growth is expected to rebound in the second half.
  • Seqirus is projected to achieve a low to mid-single-digit growth rate.
  • CSL Vifor saw a 5% growth with expectations for further improvement due to new product launches.
  • Overall, CSL Vifor is anticipated to grow at a mid to high single-digit rate.
  • Stock considered attractively priced in the high $240s, prompting a top-up.

Summary

Yarra Capital Management

30 June 2025

$239.48

  • Yarra Capital Management maintains an underweight position in CSL Ltd, the largest diversified biotech company on the ASX.
  • This underweight stance has contributed positively to returns amid growing challenges facing the company.
  • Key pressures impacting medium-term profit growth include:
    • Increased competition in the core plasma business.
    • Subdued demand for flu vaccinations in the USA, affecting the Seqirus business.
    • Potential negative impacts from pending US pharmaceutical tariffs, particularly on the profitability of the Vifor division.

Summary

Alliance Bernstein

30 June 2025

$239.48

  • Alliance Bernstein notes an underweight position in global biotechnology company CSL.
  • Recent uncertainty regarding US drug pricing reforms has negatively impacted sentiment.
  • The potential for pharmaceutical tariffs has also contributed to caution among investors.
  • As CSL is a US dollar earner, the strength of the Australian dollar poses a headwind for the stock.

Summary

Flagship Investments

30 June 2025

$239.48

  • Flagship Investments sold their investment in CSL Limited.
  • The decision was made pending clarification on vaccination approvals by the FDA.
  • Concerns regarding tariff arrangements with the US were also a factor.
  • The US is a major market for CSL's products.

Summary

Clime Investment Management

28 Feb 2025

$260.57

  • Clime Investment Management notes that CSL was a detractor in February following its 1H profit result.
  • CSL reported earnings growth of +5%, which fell short of market expectations for higher growth.
  • The company reiterated guidance for a +10% growth in profit for the full FY25 year.
  • Market skepticism exists regarding CSL's ability to achieve this guidance.
  • Approximately 60% of CSL's full-year profit is generated in the 1H, necessitating a strong performance in the 2H.
  • Clime Investment Management continues to hold its position in CSL, monitoring the company's performance closely.

Summary

Oracle Advisory Group

31 Dec 2024

$281.58

  • Oracle Advisory Group updates their investment thesis on CSL Limited (CSL).
  • The Behring division has shown some margin expansion.
  • Continued to trim CSL holdings due to lacklustre growth in the Vifor and Sequirus divisions.
  • Recent pipeline failures have also influenced their position.

Summary

Cooper Investors

31 Dec 2024

$281.58

  • Cooper Investors added to their CSL Ltd (CSL) position during the December quarter.
  • The market reacted negatively to CSL’s R&D Investor Briefing and potential challenges from US Health Policy.
  • At the R&D briefing, CSL announced late-stage product setbacks and discontinued clinical trials.
  • CSL112 did not meet its primary efficacy endpoint in a February 2024 update.
  • Despite setbacks, CSL has a robust product pipeline with 21 programs across six therapeutic areas.
  • Cooper Investors is attracted to CSL’s Growth and Stalwart attributes.
  • Near-term earnings growth is expected to be in the mid-teens, driven by recovery in Immunoglobulin (IG).
  • Gross margin improvement is anticipated through the rollout of RIKA.
  • CSL management is now focused on demonstrating returns on capital from recent investments.
  • Cooper Investors believes this focus should be reflected in shareholder returns.

Summary

Clime Investment Management

30 Sept 2024

$286.28

  • CSL fell over the month on limited news flow.
  • Recent industry data supports a double digit growth outlook for CSL's key plasma franchise.
  • Soft performance interpreted as large investors repositioning from defensives to cyclicals.
  • China stimulus news late in the month influenced market shifts.
  • Strong AUD against USD presented a headwind for CSL, which reports earnings in USD.
  • Clime Investment Management continues to hold CSL due to its growth prospects.

Summary

Equity Trustees Asset Management

30 Sept 2024

$286.28

  • CSL’s result was slightly better than expectations
  • Outlook fell short of market forecasts
  • Business is travelling well, especially for the Behring division
  • Gross margin expansion expected to increase strongly into FY25 and beyond
  • Growth expected to continue across all indications
  • Seqiris division continues to hold share in a tough market
  • Vifor is stabilising post CV19 impact and regulatory changes
  • CSL offers a strong growth outlook over the next 2-3 years
  • Current prices present potential value

Summary

Oracle Advisory Group

30 Sept 2024

$286.28

  • Oracle Advisory Group has trimmed their position in CSL Ltd.
  • The gross margin improved by 120bps at the key Behring division.
  • There is lacklustre growth in other divisions – Vifor and Seqirus.
  • The potential blockbuster CSL-112 has failed.
  • Hemgenix launched, but immediate pipeline upside is modest.
  • Garadacimab is ready for regulatory submissions.
  • Overall, Oracle Advisory Group continues to hold a cautious outlook on CSL.

Summary

Clime Investment Management

31 Aug 2024

$305.74

  • Clime Investment Management sold their investment in CSL Ltd on valuation grounds.
  • The Behring division showed promising signs of margin recovery and growth in higher-margin specialty products.
  • However, the timeline for a full return to pre-COVID margins is estimated to be 2-4 years away.
  • Ongoing struggles with Vifor included lackluster top-line growth and rising generic competition.
  • CSL was trading at a significant premium to global peers.
  • Given the near-term challenges ahead, Clime exited the position.
  • The fund manager believes the stock no longer offered compelling value despite its long-term potential.

Summary

Clime Investment Management

30 June 2024

$292.60

  • CSL's strong share price performance in June, up over 5%, was driven by market expectations of solid Behring performance.
  • Growth in plasma collections should underpin a double-digit recovery in earnings.
  • Stabilisation in bond yields positively impacted the share price.
  • Clime Investment Management continues to see value at current levels.

Summary

Cooper Investors

31 Mar 2024

$285.67

  • CSL (CSL) underperformed in the quarter due to the failure of drug candidate CSL112 in phase 3 trials.
  • CSL112 did not meet its primary efficacy endpoint of reducing Major Adverse Cardiovascular Events in heart attack survivors.
  • Disappointment surrounding CSL112 trial results was magnified by earlier futility milestones.
  • Sales growth expectations for Vifor, acquired for US$11.7bn, have been downgraded amid various headwinds.
  • Vifor is facing earlier than anticipated generic competition and US insurer step edits affecting patient access to treatments.
  • New products from Vifor, including Korsuva, have not met expectations.
  • Management remains optimistic about Vifor's medium-term prospects, focusing on iron franchise expansion and new geography opportunities.
  • Despite challenges, these issues do not undermine Cooper Investors' CSL investment thesis.
  • CSL112 was not included in base valuation due to trial risks, but its failure represents meaningful value latency.
  • Vifor accounts for approximately 13% of earnings, and expectations were already conservative.
  • Upside potential from Behring (plasma) and, to a lesser extent, Sequiris (vaccines) is anticipated to drive long-term growth.
  • Market may not fully recognize Behring’s multi-year economic improvements from operational efficiencies.
  • Behring margins are expected to return to and exceed pre-Covid levels.
  • No value is currently reflected in share price for opportunities surrounding self-amplifying mRNA vaccines.
  • CSL and partner Arcturus to launch the world's first sa-mRNA vaccine in Japan later this year.

Summary

Clime Investment Management

31 Jan 2024

$301.70

  • CSL Limited has seen a strong performance, increasing over 20% from its lows in the last quarter.
  • The Healthcare sector experienced a sell-off in 2023, allowing Clime Investment Management to capitalize on buying opportunities.
  • Despite the recent strong performance, Clime has reduced exposure to CSL Limited.
  • Clime Investment Management remains convicted in the company's strong outlook.
  • CSL Limited continues to hold a core position in Clime's investment portfolio.

Summary

Cooper Investors

30 June 2023

$277.38

  • Fund holding: CSL (CSL) remains a key position for Cooper Investors.
  • Market update: Recent guidance for FY23 constant currency earnings is largely in-line with previous projections.
  • FX impacts: Unfavourable FX effects have increased compared to earlier outlooks.
  • FY24 guidance: New guidance is ~12% below market estimates, leading to some underperformance.
  • Market sentiment: Previous enthusiasm regarding the recovery in Behring margins has been reassessed.
  • Operational challenges: Higher donor fees and lower volumes during COVID have negatively impacted operating leverage.
  • Donor fees outlook: Management does not expect donor fees to return to pre-COVID levels.
  • Recovery timeline: Margin recovery is now expected to take 3–5 years (FY26–28).
  • No structural concerns: The update indicates no structural issues within the plasma business.
  • Improving collections: Plasma collections continue to improve and demand remains robust.
  • Operational efficiencies: CSL is pursuing operational efficiencies that should enhance medium to long-term margins.
  • Market outlook: Some operational efficiencies may not yet be reflected in the company’s outlook.
  • Margin expectations: Recovery of margins can happen within the guided timeframe, potentially exceeding pre-COVID levels if specialty products succeed.
  • R&D portfolio: An attractive late-stage R&D portfolio provides additional confidence in the investment thesis.

Summary

Cooper Investors

31 Mar 2023

$288.30

  • CSL remains a step ahead of peers: Significant expansion in plasma fractionation and purification facilities over the past 2-3 years enhances capacity for topline growth.
  • Focus on operational efficiencies: Automation, quality control, and yield gains are prioritized, which supports margin expansion and higher returns.
  • Advanced preparations for CSL112: The therapy is pending successful Phase 3 trials, with results expected early CY24, indicating strong confidence from CSL.
  • CSL Vifor's manufacturing process offers protection against patent expiry: While competitive moats may not be as robust, complexity in the manufacturing process limits generic competition.
  • Investment for growth: Construction of a "multicube" facility aims to increase reactor capacity by 50%.
  • Longer investment time horizon: Reflects industry factors and the strength of CSL's strategy and management.
  • Positive operating trends: Plasma earnings are recovering, and Vifor sales benefit from geographic and indication expansion.
  • Key value latencies: Operational efficiencies in the plasma business are expected to boost margins above historical levels, alongside a robust late-stage R&D pipeline.

Summary

Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed. 

Ella Walker, Equity Research Analyst

ANALYST INSIGHT

Equity Research Analyst

"In a landscape where agility is key, CSL appears poised to outpace its rivals, bolstered by strategic expansions and a promising R&D pipeline. The confidence in CSL112 hints at a game-changing future, making this one to watch closely."

Last Updated: 17 Nov 2025

Query The Data

Frequently Asked Questions

Who is investing in CSL Ltd (ASX:CSL)?

Fund managers including Cooper Investors, Oracle Advisory Group, Equity Trustees Asset Management, Maple-Brown Abbott, Pendal Group, Yarra Capital Management, Clime Investment Management, Alliance Bernstein, SG Hiscock & Company, Wilson Asset Management, Flagship Investments, Blackwattle Investment Partners, Milford Asset Management, Ten Cap, Infinity Asset Management, Tyndall Asset Management, Seneca Financial Solutions, Hyperion Asset Management, Elston Asset Management, ECP Asset Management, Airlie Funds Management, Selector Funds Management, Sage Capital, Prime Value Asset Management and Perpetual Asset Management have invested in CSL Ltd (ASX:CSL).

Why do fund managers invest in CSL Ltd?

Fund managers are investing in CSL Ltd due to its strategic advantages in the plasma industry, including significant capacity expansions in fractionation and purification, which enhance operational efficiencies and potential margin growth. The company is also preparing for the launch of CSL112, indicating confidence in its R&D pipeline. Additionally, CSL Vifor's complex manufacturing process mitigates risks from patent expirations, while ongoing investments aim to boost production capacity. Overall, CSL's strong management and positive market trends in plasma earnings and Vifor sales support a longer-term investment perspective.

What happened to CSL Ltd (ASX:CSL)?

Fund managers maintain investments in CSL Ltd due to its strong position in the global biotechnology sector, particularly in plasma therapies and immunoglobulin products. Despite recent challenges such as tariff uncertainties and competition in the flu vaccine market, CSL has demonstrated resilience with robust demand for its core plasma-derived therapies. The company's strategic shift towards cost reduction, R&D partnerships, and a planned demerger of its Seqirus vaccine division aims to streamline operations and enhance capital efficiency. Fund managers view CSL's current valuation as attractive, supported by a long-term growth profile and potential for earnings recovery, despite short-term execution risks.

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