HeadwaterCompany strategiesBuild yours

CSL

Transformation to sustainable growth, August 2025 to FY28

We have taken decisive action and created a clear path to return to sustainable growth
Gordon Naylor, CSL’s interim CEO, August 2026

Transformation to sustainable growth

CSL makes medicines from donated human plasma through CSL Behring, flu vaccines through CSL Seqirus, and kidney and iron medicines through CSL Vifor. In August 2025 it set out a transformation to simplify the company and cut its costs, and in FY26 it deferred a plan to demerge Seqirus.

Research & Development

From
August 2025

  • Speed to the clinic. Speed up translational research into the clinical setting, while extending the life of its existing medicines.
  • Fixed costs. Cut the share of fixed cost in R&D spending and consolidate its R&D footprint.
  • Priority programmes. Direct the savings to priority programmes and new disease targets, from inside and outside the company.
  • 18 August 2026ANDEMBRY sold $240 million in its first full year, and HEMGENIX sales grew 25%.
  • 18 August 2026CSL began a strategic collaboration with VarmX on a potential treatment to help restore blood clotting.

Immunoglobulin is more than half of CSL Behring’s sales

CSL Behring, the plasma business, sold $11.4 billion in FY26, 1% less than a year before. Immunoglobulin sales were flat, and albumin sales fell 17%. For FY27 CSL expects Behring to return to mid-single-digit growth, with immunoglobulin growing in line with the market.

$6.2bn$1.5bn$1.1bn$2.6bn

$6.2bnflat

Immunoglobulin

Antibodies from donated plasma, for immune deficiencies and disorders.

Layers are as tall as each area’s FY26 sales. Other therapies is what is left of Behring’s revenue after the three named areas, worked out.

$176 million saved in the first year

CSL’s transformation saved about $176 million in FY26, ahead of its $100 million target for the year, at a one-off cost of $799 million. It aims for annual savings of $500 million to $550 million by FY28, most of them by the end of FY27, and to reinvest part of them in its highest-priority opportunities.,

0100200300400500600FY26 targetFY28 aim

Graduations in $ millions of annual pre-tax savings.,

  1. Pull back from a move when the conditions change.

    CSL announced a demerger of Seqirus in August 2025, then two months later said it would no longer target FY26 because the US flu vaccine market had become too volatile. We recommend setting the conditions a big move depends on, and saying openly when they no longer hold.

  2. Count the savings against a yearly target.

    CSL set a $100 million savings target for the first year of its transformation and reported $176 million, towards more than $500 million a year by FY28. We recommend breaking a multi-year savings goal into yearly targets, so progress is visible early.

  3. Give a reset year its name.

    CSL called FY26 a reset year, with impairments and restructuring costs behind a reported loss, and gave guidance for a return to growth in FY27. We recommend being plain about a year of repair, and saying what will be different in the next.

Sources

  1. 1. CSL Limited (2025). Major strategic initiatives to transform CSL. ASX announcement, 19 August 2025. investors.csl.com
  2. 2. CSL Limited (2025). 2025 Annual General Meeting: Chair and CEO speeches. ASX announcement, 28 October 2025. investors.csl.com
  3. 3. CSL Limited (2026). FY26 a reset year; positioned to return to sustainable growth. ASX announcement, 18 August 2026. investors.csl.com

Headwater is not connected with CSL. CSL, CSL Behring, CSL Seqirus, CSL Vifor, ANDEMBRY, HEMGENIX, FLUAD, FLUCELVAX, and Rika are trade marks of their owners. Updated 29 September 2026.

All company strategies