Slides
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Drivenby Our Promise Welcome to CSL’s 2025 Annual General Meeting Please ensure your mobile is on silent mode
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2 Fiona Mead Company Secretary Welcome to CSL’s 2025 AGM
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• Select the messaging icon • Type your question in the box • Press the send button • Select ‘My Messages’ to view your submitted messages along with any written responses Online Text Questions
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If you experience any difficulty with your participation via the online platform, please call +61 2 8075 0100 5 Online difficulties
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POWERED BY • Shareholders (and proxies who have been given discretion on how to vote) should tick FOR, AGAINST, or ABSTAIN for each resolution. • Please sign your completed voting card and place it in one of the Polling Boxes In Room Voting
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• Select the voting tab • Select your voting preference for each resolution • Your selected option will change colour • You can change your vote until the poll is closed 7 Online attendees – Online voting
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IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about CSL Limited (ACN 051 588 348) and its related bodies corporate (together, CSL) and CSL's activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with CSL's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire CSL shares or other securities. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of CSL or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of CSL or its directors, employees, contractors or agents. This presentation contains forward-looking statements in relation to CSL, including statements regarding CSL's intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to CSL's business and operations, market conditions, results of operations and financial conditions, products in research, risk management practices, climate change and other environmental and energy transition scenarios. Forward-looking statements can generally be identified by the use of words such as "forecast", "estimate", "plan", "will", "anticipate", "may", "believe", "should", "expect", “project,” "intend", "outlook", "target", "assume" and "guidance" and other similar expressions. The forward-looking statements are based on CSL's good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect CSL's business and operations in the future. CSL does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of CSL, that could cause the actual results, performances or achievements of CSL to be materially different to future results, performances or achievements expressed or implied by the statements . Factors that could cause actual results to differ materially include: the success of research and development activities, decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions or divestitures; research collaborations; litigation or government investigations, advances in environmental protection processes, uncertainty and disruption caused by the COVID-19 pandemic and CSL’s ability to protect Its patents and other intellectual property. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. Such statements should be considered together with the risks, uncertainties and assumptions associated with the relevant statements particularly given the inherent unpredictability of future policy, market, and technological developments. Except as required by applicable laws or regulations, CSL does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. TRADEMARKS Except where otherwise noted, brand names designated by a or ® throughout this presentation are trademarks either owned by and/or licensed to CSL. 8 Legal Notice
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Brian McNamee AO Chair and Independent Non-Executive Director Address from the Chair 9
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10 Board of Directors and Company Secretary Paul McKenzie Managing Director Megan Clark AC Non-executive Director Andrew Cuthbertson AO Non-executive Director Carolyn Hewson AO Non-executive Director Samantha Lewis Non-executive Director Marie McDonald Non-executive Director Elaine Sorg Non-executive Director Fiona Mead Company Secretary Alison Watkins AM Non-executive Director Brian Daniels Standing for election Cameron Price Standing for election
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11 Brian McNamee AO CSL Limited listed on the ASX 3 June 1994
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13 Disciplined reinvestment of savings in high priority growth opportunities Operating model complexity has increased with growth, against a volatile macro environment Annual pre-tax savings of >$500m by the end of FY28* Up to 15% headcount reduction One-off pre-tax restructuring costs $700-770m ($400-450m cash) in FY26** Reduce non-clinical fixed cost in R&D Direct savings to accelerate clinical pipeline and priority programs Be lean and agile Streamline corporate functions and drive additional revenue growth opportunities Simplify decision making *The initiatives are expected to drive annualised cost savings of $500- 550 million progressively over the next three years, with the majority achieved by the end of Financial Year 2027. **A further $100 million cash impact is expected in Financial Year 2027 A refocused CSL will… Closure of 22 underperforming plasma centres in FY26 Distinctive operating model Optimised R&D expenditure Footprint from 11 sites to 6 Faster time-to-market Clear opportunity to improve R&D and commercial productivity and build on our operational efficiencies Strategic transformation to deliver value
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14 Revenue Growth* CSL Behring +6% CSL Seqirus +2% CSL Vifor +8% $15,558m Performance in FY25* Revenue +5% NPATA* +14% NPAT* +17% Leverage 1.8x FCF* +58% Dividend* +12% *For further information, and for all definitions, please see CSL’s 2025 Full Year Results Investor Presentation on csl.com
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15 FY26 Updated Outlook Majority of business tracking to plan • Ig fundamentals strong • ANDEMBRY® launch ahead of plan • VarmX partnership • Transformation program progressing well CSL Seqirus • Further decline in US influenza vaccination rates • CSL Seqirus expected to continue to gain market share • Drives majority of NPATA impact Albumin in China • Recent impact of government cost containment measures • Expected to be limited to 1H26 as we are taking a number steps to mitigate FY26 Updated Outlook Revenue Growth ~2-3% @ CC NPATA Growth (excl. restructuring cost) ~4-7% @ CC1 FY27 and FY28 Uncertainty in US vaccination rates reduces group NPATA growth expectation to high single digits Group revenue guidance excluding an incremental ~$100m IRA Part D reform impact ~3-4% @CC NPATA guidance excluding an incremental -$85m post-tax impact from Part D Reform ~7-10% @CC1 FY26 FX impact estimated to be a tailwind of ~$100m if current rates remain unchanged for the remainder of the Financial Year 1 Attributable to the shareholders of CSL Limited
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16 Disciplined reinvestment of savings in high priority growth opportunities Operating model complexity has increased with growth, against a volatile macro environment Annual pre-tax savings of >$500m by the end of FY28* Up to 15% headcount reduction One-off pre-tax restructuring costs $700-770m ($400-450m cash) in FY26** Reduce non-clinical fixed cost in R&D Direct savings to accelerate clinical pipeline and priority programs Be lean and agile Streamline corporate functions and drive additional revenue growth opportunities Simplify decision making *The initiatives are expected to drive annualised cost savings of $500- 550 million progressively over the next three years, with the majority achieved by the end of Financial Year 2027. **A further $100 million cash impact is expected in Financial Year 2027 A refocused CSL will… Closure of 22 underperforming plasma centres in FY26 Distinctive operating model Optimised R&D expenditure Footprint from 11 sites to 6 Faster time-to-market Clear opportunity to improve R&D and commercial productivity and build on our operational efficiencies Strategic transformation to deliver value
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18 Patients Emma & Izzi
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Mary Oates Chief Operating Officer New Appointments 20
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Andy Schmeltz Chief Commercial Officer New Appointments 21
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Ken Lim Chief Financial Officer New Appointments 22
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Brian McNamee AO Chair and Independent Non-Executive Director Address from the Chair 24
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25 CSL Seqirus demerger • Since announcement of demerger in August 2025, US influenza vaccination rates have declined at a greater rate than expected • Demerger now expected to occur when market conditions support maximizing shareholder value • CSL Seqirus to be operationally separated within CSL Strategic rationale for separation remains strong World-class vaccines business with the autonomy, accountability and agility to drive growth Reduces complexity, making both CSL Behring and CSL Seqirus more agile and efficient to manage Reinvigorates focus on core differentiating capabilities Enables acceleration of transformation and efficiency projects
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26 Tullamarine Australia
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CSL’s 2025 Annual General MeetingThank you