The CSL Ltd (ASX: CSL) share price was one of the worst performers of the S&P/ASX 200 Index (ASX: XJO) during FY26, falling by 52%.
Compare that to the ASX 200 return in the 2026 financial year – it rose 2.8%.
So, it wasn’t as though it was a great year for the ASX share market, but CSL had a particularly rough year. It was one of the worst of its history.
Thankfully, the CSL share price has started to make a recovery. It’s up 9.4% in FY27 to date and it has risen by 36% from early June. Despite that, it’s still down heavily.
Despite the recent positive moves, the ASX healthcare share is still down heavily in the last year.
The market became progressively more pessimistic about the business as time went on during FY26. The latest update from the business confirmed the difficult operating conditions.
Challenging update
The company noted in May that it’s going through an operational simplification and efficiency initiative, which includes sustainable cost efficiencies.
However, the company also had some negative commentary about expectations for its different operating segments, which the market may already have been anticipating.
CSL said it expected FY26 revenue to be around $15.2 billion and underlying net profit (NPATA – excluding restructuring costs and impairments) to be around $3.1 billion.
For US immunoglobulin, it said while demand is growing at mid-to-high single digits, which CSL expected, reported revenue will reflect “CSL’s normalisation of channel inventory”, resulting in an approximate $300 million revenue impact.
Turning to albumin in China, while CSL’s share has expanded and volumes have stabilised, the market value has declined, resulting in an expected revenue impact of approximately $200 million.
In its ‘other’ update, CSL said that the impact of the Middle East conflict, revised HEMGENIX growth and competition in iron, collectively resulting in an expected revenue impact of approximately $150 million.
CSL continues to expect revenue growth in the second half of FY26 for CSL Behring, supported by underlying demand, ongoing commercial execution and benefits from “operational and transformational initiatives”.
The ASX healthcare share also said that CSL Seqirus’ financial performance for FY26 is expected to be moderately stronger than previously expected.
CSL also said that it expects to recognise approximately $5 billion pre-tax impairments across FY26 and FY27. These additional impairments include CSL Vifor intangible assets, including the product portfolio. It also includes under-utilised property, plant and equipment.
Final thoughts on the CSL share priec
The company is doing its best to maintain profitability in the current conditions. The market is starting to regain confidence in the company’s outlook.
Has the worst been priced in? Perhaps so. I’m not sure if it’s a great buy today. It’s still facing challenges and it’s not as cheap as it was a few weeks ago.
In my view, there are other ASX growth shares that could be better buys today.
