CSL LIMITED (CSL)
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CSL

CSL - CSL LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: 2.25
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

CSL is a global biotechnology company that researches, develops, manufactures and markets products for the treatment of human diseases. With a market cap of over $138bn it is one of Australia's top three largest index weights. The former Commonwealth Serum Laboratory listed in June 1994 and has generated an average annual return of 28% since (up until mid-2020). CSL is the world's largest collector of plasma and the second largest producer of vaccines.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$194.23

26 Sep
2025

-3.760

OPEN

$196.20

-1.90%

HIGH

$196.50

1,851,906

LOW

$189.80

TARGET
$276.819 42.5% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
CSL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 1081.6 xxx
DPS (cps) 510.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 18.0 xxx
Dividend Yield 2.6% xxx
Div Pay Ratio(%) 47.2% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 1.58%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.30

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 09/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx957.6
DPS All xxxxxxxxxxxxxxx452.2
Sales/Revenue xxxxxxxxxxxxxxx23,825.3 M
Book Value Per Share xxxxxxxxxxxxxxx6,093.1
Net Operating Cash Flow xxxxxxxxxxxxxxx5,498.5 M
Net Profit Margin xxxxxxxxxxxxxxx19.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx16.70 %
Return on Invested Capital xxxxxxxxxxxxxxx10.46 %
Return on Assets xxxxxxxxxxxxxxx7.92 %
Return on Equity xxxxxxxxxxxxxxx16.70 %
Return on Total Capital xxxxxxxxxxxxxxx12.77 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,456.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1,227 M
Long Term Debt xxxxxxxxxxxxxxx16,318 M
Total Debt xxxxxxxxxxxxxxx17,545 M
Goodwill - Gross xxxxxxxxxxxxxxx12,306 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,291 M
Price To Book Value xxxxxxxxxxxxxxx3.93

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,541.0 M
Capex % of Sales xxxxxxxxxxxxxxx6.47 %
Cost of Goods Sold xxxxxxxxxxxxxxx12,186 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx5,415 M
Research & Development xxxxxxxxxxxxxxx2,098 M
Investments - Total xxxxxxxxxxxxxxx310 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

20/08/2025

3

Downgrade to Hold from Buy

$240.00

23.56%

The key disappointment for Bell Potter in CSL's FY25 result was the modest 1% 2H25 growth in Behring due to -1% decline in immunoglobulin sales. There was a boost from Seqirus avian flu contracts which is unlikely to repeat in FY26.

Overall, FY25 net profit beat the consensus and the broker's forecast as lower tax and opex offset soft revenue growth.

The outlook was also disappointing with management no longer committing to Behring margin recovery by FY27-28; the broker is now assuming delay to FY29.

The company is targeting US$525m annualised cost savings but the net impact is uncertain to the broker due to reinvestment commitments.

The operational rationale for the Seqirus spin-out is clear to the broker, but valuation uplift is seen limited due to weak vaccine demand and a soft growth outlook.

Target cut to $240 from $305. Rating downgraded to Hold from Buy, with Nov 5 Capital Market Day eyed for details of management's strategic review.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 504.66 cents and EPS of 833.85 cents.
Bell Potter forecasts a full year FY27 dividend of 551.24 cents and EPS of 1203.42 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Jarden

21/08/2025

2

Overweight

$298.13

53.49%

Following FY25 results by CSL, Jarden cuts its profit (NPATA) forecasts by -1% for FY26, -3.7% for FY27 and -6.7% for FY28, reducing its target price to $298.13 from $313.50.

An Overweight rating is maintained, with the analysts viewing the share price fall post results as an overreaction.

Management reported FY25 profit at the top end of guidance and issued FY26 profit guidance of US$3.45-3.55bn, broadly in line with consensus.

Jarden notes this guidance masks weakness in the Behring business, with tender losses in the UK and Mexico weighing on immunoglobulin (IG) growth, and the group abandoning its gross margin recovery timeline.

The broker highlights IG revenue growth slowed to 7% in FY25, with second-half growth turning negative, impacted by Medicare Part D and lost tenders.

While CSL avoided low-margin contracts, the analysts see near-term growth reduced by -300-400bps, though expects Hizentra (a subcutaneous immunoglobulin treatment) to grow double digits and IG overall at mid-to high-single digits.

Management announced a -US$500-550m cost-out program, though part of this will be reinvested, and flagged an $750m buyback.

FORECAST
Jarden forecasts a full year FY26 dividend of 365.68 cents and EPS of 845.34 cents.
Jarden forecasts a full year FY27 dividend of 507.61 cents and EPS of 1128.73 cents.
Access Extra Coverage Research History >

CSL STOCK CHART

FNArena News on CSL

1
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Sep 25 2025 - Rudi's View
2
Rudi’s View: September, The Gift

Sep 24 2025 - Rudi's View
3
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Sep 22 2025 - Weekly Reports
4
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Sep 19 2025 - Weekly Reports
5
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Sep 18 2025 - Rudi's View

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Sep 23 2025 - Small Caps
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Aug 21 2025 - Australia
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