The CSL Ltd (ASX: CSL) share price is up 17% after the ASX healthcare share announced its FY26 result.
CSL is one of the largest ASX healthcare shares with a large presence in blood plasma, healthcare treatments and vaccines.
FY26 result
Here are some of the main highlights from the report for the 12 months to 30 June 2026:
- Revenue declined 1% to $15.8 billion
- Underlying net profit (NPATA) decreased 2% to $3.1 billion
- Reported net loss of $2.6 billion
- Operating cashflow down 1% to $3.5 billion
- Final dividend of US$1.62
- Annual dividend per share of US$2.92, same as last year
What happened in the result?
There are a number of areas to the business, so we’ll look at some of the main highlights.
The CSL Behring division saw total revenue decline by 1% to $11.4 billion.
Ig revenue flat at $6.25 billion. It noted Medicare Part D had an impact, while the channel inventory was normalised. The FY26 second half revenue grew 7% year on year. CSL noted robust underlying Ig demand.
Haeomophilia revenue declined 1% to $1.5 billion, with strong growth in HEMGENIX (revenue grew 25% year on year).
Albumin sales decreased 17% to $1.1 billion amid government cost containment measures in China, though there was an expanded Chinese footprint, along with the Baheal partnership. The second half saw revenue decline just 5% year on year – it said the China albumin market is stabilising.
CSL Vifor saw revenue increase 3%. Nephrology dialysis revenue grew 18% to $1.04 billion, nephrology non-dialysis revenue increased 17% to $330 million and iron revenue declined 16% to $915 million. Within iron, there is increased generic competition in the EU and the US.
Finally, with CSL Seqirus, revenue declined 8% to $2 billion. Total seasonal influenza revenue rose 4% to $1.6 billion, but FY25 benefited from non-recurring revenue related to the avian flu threat.
Impairments and transformation initiatives
The reason why the company reported a statutory loss was that it recognised $5.5 billion of pre-tax impairments in the second half of FY26, resulting in total pre-tax impairments of $7.1 billion in FY26.
Those impairments are largely related to adverse changes in its commercial outlook, the entry of generic competition, regulatory developments, market conditions and site utilisation assumptions.
CSL noted that at the end of FY26, it has achieved approximately $176 million of cost savings, which was ahead of target.
The reduction in fixed infrastructure as well as the “integration of Behring and Vifor commercial and medical affairs” has eliminated duplication and simplified the organisation. However, one-off restructuring costs came to $799 million.
Outlook for the CSL share price
CSL noted that during FY26, it entered into a strategic collaboration with the Dutch biotechnology company VarmX for a potential novel treatment to help restore blood coagulation.
The company also announced its intention to spend around $1.5 billion to expand its US plasma manufacturing presence, which includes its horizon 2 yield improvement program. After engagement with the US FDA and the European Medicines Agency (EMA), CSL will obtain clinical evidence to support the regulatory approval for Horizon 2.
The company said it expects FY27 revenue to be in line with the prior year, while underlying net profit is expected to grow by approximately 5%.
CSL Behring expects mid-single-digit revenue growth, with Ig growth at mid-to-high single digits in line with the market. It will continue to focus on core plasma collection efficiency and manufacturing productivity.
CSL Seqirus expects low single-digit revenue growth, despite expectations that immunisation rates in the US will decline, but at a slower rate than recent seasons.
CSL Vifor expects revenue to decline by approximately 25%, driven by generic competition in iron products, the conclusion of the TDAPA period for VELPHORO and the revocation of the marketing authorisation for TAVNEOS.
CSL seems to be winning back investor confidence – the CSL share price is soaring. Guidance of growing underlying net profit is a pleasing sign to see. That’s a good sign for shareholders. It’s not one of the ASX growth shares on my watchlist due to the complicated nature of biotech, but it’s good for Australia and the ASX that CSL is recovering.
