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

$204.48

15 Sep
2025

-3.340

OPEN

$204.59

-1.61%

HIGH

$205.55

946,780

LOW

$203.00

TARGET
$282.676 38.2% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
CSL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 1074.7 xxx
DPS (cps) 502.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 18.7 xxx
Dividend Yield 2.5% xxx
Div Pay Ratio(%) 46.7% 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

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Estimated Dividend Growth
(Average Of Past Three Years)

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Amount Invested

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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 691.1700.0663.3691.9834.7957.6
DPS All 294.1293.9318.1362.9397.4452.2
Sales/Revenue 13,575.3 M13,761.5 M14,469.4 M19,585.3 M22,417.6 M23,825.3 M
Book Value Per Share 2,088.02,452.94,400.84,916.45,379.96,093.1
Net Operating Cash Flow 3,711.8 M4,855.5 M3,624.8 M3,866.8 M4,218.0 M5,498.5 M
Net Profit Margin 23.10 %23.14 %21.49 %17.03 %17.99 %19.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 36.98 %30.84 %19.21 %14.86 %16.22 %16.70 %
Return on Invested Capital 19.96 %17.61 %13.24 %9.64 %9.68 %10.46 %
Return on Assets 15.68 %13.65 %9.51 %6.98 %7.24 %7.92 %
Return on Equity 36.98 %30.84 %19.21 %14.86 %16.22 %16.70 %
Return on Total Capital 24.62 %22.31 %14.56 %10.85 %12.22 %12.77 %
Free Cash Flow ex dividends 594.3 M1,967.4 M704.9 M428.2 M1,103.3 M2,456.6 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 294 M631 M6,535 M1,585 M1,413 M1,227 M
Long Term Debt 8,410 M7,104 M7,509 M16,784 M16,829 M16,318 M
Total Debt 8,704 M7,735 M14,045 M18,369 M18,242 M17,545 M
Goodwill - Gross 1,676 M1,583 M1,727 M12,137 M12,097 M12,306 M
Cash & Equivalents - Generic 1,735 M2,409 M15,177 M2,326 M2,481 M3,291 M
Price To Book Value 13.7511.636.115.645.493.93

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 2,040.1 M2,234.9 M1,720.5 M2,515.4 M1,919.8 M1,541.0 M
Capex % of Sales 15.03 %16.24 %11.89 %12.84 %8.56 %6.47 %
Cost of Goods Sold 5,962 M6,117 M6,793 M10,120 M11,505 M12,186 M
Selling, General & Admin. Exp & Other 3,636 M3,509 M3,734 M5,105 M5,263 M5,415 M
Research & Development 1,375 M1,342 M1,594 M1,836 M2,182 M2,098 M
Investments - Total 21 M29 M586 M260 M244 M310 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

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

20/08/2025

1

Buy

$293.83

43.70%

Morgans notes CSL delivered FY25 results broadly in line, with profit (NPATA) of US$3.22bn up 11% and revenue of US$15.56bn up 5%.

Margins expanded, with gross margin up 20bps to 54.3% and operating margin up 10bps to 29.8%, while operating cash flow rose 29% to US$3.56bn, supporting a 12% lift in the dividend.

The broker highlights Behring’s softer performance due to Medicare Part D reform in the US and tender timing, though underlying demand remains robust.

Restructuring was the key strategic update, suggest the analysts, with management targeting US$500-550m in pre-tax savings by 2028, a planned Seqirus demerger, and a US$500m buyback starting in FY26.

Morgans sees these initiatives as a positive move simplifying the portfolio, sharpening operational focus, and supporting margin expansion.

Vifor grew 8% with margin improvement, while Seqirus fell -9% on weak immunisation rates but is showing signs of stabilisation, suggests the broker.

Although management withdrew its FY27-28 margin timeline, gross margin gains and lower cost/litre initiatives support further improvement, in the analysts' view.

Morgans makes modest forecast earnings downgrades of up to -2.2% for FY26-27. The target price falls to $293.83 from $303.70 and the broker retains a Buy rating.

FORECAST
Morgans forecasts a full year FY26 dividend of 499.38 cents and EPS of 1143.30 cents.
Morgans forecasts a full year FY27 dividend of 553.66 cents and EPS of 1321.81 cents.

Macquarie

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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UBS

xx/xx/xxxx

1

xxx

$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

45.80%

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 365.23 cents and EPS of 844.29 cents.
Jarden forecasts a full year FY27 dividend of 506.98 cents and EPS of 1127.33 cents.
Access Extra Coverage Research History >

CSL STOCK CHART

FNArena News on CSL

1
August 2025 Results – The Wrap

Sep 12 2025 - Feature Stories
2
Next Week At A Glance – 15-19 Sep 2025

Sep 12 2025 - Weekly Reports
3
Rudi’s View: US Equities, CSL, Macquarie Technology, Xero & More

Sep 11 2025 - Rudi's View
4
Rudi’s View: August Results; Standouts, Turnarounds, Failures & Misfits

Sep 10 2025 - Rudi's View
5
Rudi’s View: Catalyst Metals, Dexus, Neuren, Stockland, ResMed & More

Sep 04 2025 - Rudi's View

Latest Pharmaceuticals & Biotech/Lifesciences News

1
Earnings Result Leaves CSL Bloodied

Aug 21 2025 - Australia
2
Renewed Momentum For CSL Shares

Jul 22 2025 - Technicals
3
Treasure Chest: CSL Not A One-Trick Pony

Jul 14 2025 - Treasure Chest
4
The Enigma Surrounding Clinuvel

Jul 03 2025 - Small Caps
5
Rudi’s View: CSL & NextDC

May 08 2025 - Rudi's View
6
Behring Margin Outlook Still Main Game For CSL

Feb 13 2025 - Australia
7
Dr Boreham’s Crucible: Arovella Therapeutics

Aug 29 2024 - Small Caps
8
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Aug 07 2024 - Australia
9
Dr Boreham’s Crucible: Aroa Biosurgery

Jul 29 2024 - Small Caps
10
CSL Shares Breaking Free

Jul 23 2024 - Technicals