Slides
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November 2025 CSL Capital Markets Event
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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 or otherwise of CSL’s research and development activities; factors affecting CSL’s ability to successfully market and sell new and existing products, including decisions by regulatory authorities regarding approval of CSL’s products and regarding label claims, competitive developments affecting CSL’s products, and trade buying patterns; factors affecting CSL’s ability to collect plasma, and difficulties or delays in manufacturing; legislation or regulations affecting the manufacturing, distribution, pricing, or reimbursement of CSL’s products, market access for CSL’s products, environmental protection matters, or tax; litigation or government investigations; fluctuations in interest and currency exchange rates; acquisitions or divestitures; and CSL’s ability to protects 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. 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. Legal Notice
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Plasma product market dynamics • Capital intensive infrastructure • Up to 12-month supply chain • High cash intensity • Long regulatory pathway Significant unmet need
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Strong patient demand across indications Ig is a critical first-line treatment with attractive and durable growth outlook Market leader in Ig with benefits of scale Attractive growth opportunities beyond Ig Our strategy to deliver revenue growth 1 FOCUS ON RARE DISEASES WITH HIGH UNMET NEED
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Our strategy to drive profitability DRIVERS OF GROSS MARGIN COST SAVINGS FROM TRANSFORMATION PROGRAM COST LEADERSHIP 2 R&D INFRASTRUCTURE OPERATIONAL EFFICIENCIES COMMERCIAL EFFICIENCIES CORPORATE FUNCTIONS CPL REDUCTION NEW PRODUCTS ASP MIX SHIFT IG YIELD IMPROVEMENT SCALE & EFFICIENCY MEASURES
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Our strategy to drive shareholder returns DISCIPLINED CAPITAL ALLOCATION INVESTMENT IN FUTURE GROWTH Rigorous capital allocation framework to balance investment in future growth with shareholder returns STRONG BALANCE SHEET AND SHAREHOLDER RETURNS • 1.5x – 2.0x target ND / EBITDA • Continue dividends • Multi-year, on-market share buybacks 3 REINVEST INTO OPERATIONS AND INNOVATION • Invest in our products • Invest in our operations
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CSL’s outlook beyond FY26 Gross margin expansion and operating leverage High single-digit NPAT growth Mid single-digit revenue growth Continued dividends and multi-year, on-market share buyback
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Ig Excellence 5 November 2025 Dr. Mary Oates, Ph.D. Chief Operating Officer Andy Schmeltz Chief Commercial Officer
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Ig ~45% Growth Drivers beyond Ig ~25% Immunoglobulin anchors CSL’s strong growth portfolio FY25 Behring + Vifor revenue: $13.4B, +6%1 1. Percentages growth vs previous FY at constant currency Established Core ~30% Growth Drivers ~70%
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Key messages Strong Ig market demand with balanced supply Relentlessly driving plasma supply chain efficiencies Driving CSL growth across indications and presentations via innovation and commercial excellence 1 2 3 Transformative yield improvements underway 4
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Polyclonal Ig active across multiple mechanisms for Ig replacement & immunomodulation Immune Cell Modulation Cytokine Modulation Complement Scavenging FcyR Expression Modulation Pathogen Neutralisation Reduction of Pathogenic Ig 1. Percentages growth vs previous FY at constant currency FY25 Global Ig Revenue $6.1B +7% 1 Ig ~45% Growth Drivers beyond Ig ~25% Established Core ~30% Immunoglobulin – CSL’s flagship franchise
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Pre-COVID Consistency COVID Disruption Growth Stability -10% -5% 0% 5% 10% 15% 20% Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 US Demand MAT growth Linear (US Demand MAT growth) Ig market demand Steady mid-to-high single-digit demand growth driven by unmet need Enabled by : • Increasing diagnosis • Treatment trends and guidelines Source: Syndicated Ig Market Demand through Jun’25 MAT = Moving Annual TotalJun-25
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Ig total addressable market across core diseases Significant unmet needs given challenges in diagnoses and therapy initiation* CIDPSIDPID ~110K ~83K ~62K ~900K ~360K ~120K ~1M ~320K ~100K Challenges in Diagnosis • Limited awareness among PCPs • No single standard diagnostic test • Long time to diagnosis • Low rate of IgG testing • Lack of focus on SID • Complex diagnosis process • High misdiagnosis rates Prevalence Diagnosed IG Treated *7 Major Markets (US, France, Germany, Italy, Spain, UK, Japan) Patients SOURCE: Purchased syndicated data – Data on file
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Ig market growth trend Robust growth across core indications and presentations Volume* (T) by PresentationVolume* (T) by Indication 14% 8% CAGR 9% 7% 10% All Others PID CIDP SID 152 162 179 200 0 20 40 60 80 100 120 140 160 180 200 FY22 FY23 FY24 FY25 10% CAGR 9% 9% IVIg SCIg 152 162 179 200 0 20 40 60 80 100 120 140 160 180 200 FY22 FY23 FY24 FY25 All Others includes. immune modulation diseases where Ig is used, including but not limited to: Multifocal Motor Neuropathy ( MMN), Immune Thrombocytopenic Purpura (ITP), Idiopathic Inflammatory Myopathy (IIM)/Dermatomyositis (DM), Myasthenia Gravis (MG), Guillain -Barré Syndrome (GBS), Scleroderma / Systemic Sclerosis (SSc), Kawasaki Disease (KD), Severe Infection, Other unclassified immune modulation diseases. * 7 Major Markets: US, France, Germany, Italy, Spain, UK, Japan SOURCE: Purchased syndicated data – Data on file
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Pre-COVID Consistency COVID Disruption Growth Stability -10% -5% 0% 5% 10% 15% 20% Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 US Supply MAT growth Linear (US Supply MAT growth) Ig market supply Steady mid-to-high single-digit growth calibrated to demand Source: US PPTA Ig Market Ex-Factory through June’25; MAT = Moving Annual TotalJun-25 Supply normalized after COVID disruption
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Pre-COVID Consistency COVID Disruption Growth Stability -10% -5% 0% 5% 10% 15% 20% Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 US Supply MAT growth US Demand MAT growth Ig market supply and demand Balanced mid-to-high single-digit growth Ig market remains robust Attractive supply / demand dynamics Source: US PPTA Ig Market Ex-Factory through June’25; Syndicated Ig Market Demand through Jun’25 MAT = Moving Annual TotalJun-25
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CSL’s vertically integrated end-to-end Ig capability Poised to enable sustainable, profitable growth SCALE & COLLECTION VOLUME COST & OPERATIONS LEADERSHIP INNOVATION AND GROWTH
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Plasma collection Leveraging innovation to collect plasma and meet Ig demand SCALE & COLLECTION VOLUME COST & OPERATIONS LEADERSHIP INNOVATION & GROWTH • Largest plasma collection volume globally • Relentlessly focused on improving efficiency • Digitising the donor experience
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Plasma collection efficiency gains Strong focus on plasma cost per litre FY19 FY20 FY21 FY22 FY23 FY24 FY25 CPL Plasma cost per litre (CPL) (nominal, index, FY19 =100) Centre-level CPL and volume iNomi enables ~10% increase in average donor plasma volume CPL has reduced ~ 15% since COVID peak Donor fees have reduced ~ 25% since COVID peak 22 Center Closures330 Centers Centre CPLLow High Collection Volume Keep Exit
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Driving towards a personalised donor experience Enhancing capabilities to attract and retain donors Centre Driven & Fixed Centralised & Informed Segmentation- Based Intelligent & Integrated Technology Enabled Fees & Incentives Donor/Site Segmentation Donor Fee Analysis Support Tool (FeeCAST) Supplemental Payment Platform Marketing Effectiveness Dashboard Independent Payment Platform
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Multiple efficiency levers beyond donor fees Enabled by operational excellence, innovation and data-based insights Driving donor experience paired with sustainable cost improvements Aug-24 Aug-25 Labor Hours Per Donation Improvement Avg Plasma V olume Improvement per Donation Plasmapheresis Recovery ~ 12% Improvement ~ 10% Improvement ~ 0.6% Improvement FY26 YTD
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Operations and manufacturing Increasing supply chain efficiency via operational excellence and yield initiatives Dr. Mary Oates Chief Operating Officer SCALE & COLLECTION VOLUME COST & OPERATIONS LEADERSHIP INNOVATION & GROWTH • Network optimisation • End-to-end operational excellence programs • Horizon 1 and 2
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Efficiency in Operations Relentless focus on continuous improvement enabling reduction in addressable manufacturing expenses Year over year gross expense reduction relative to FY23 manufacturing spend FY23 FY26 FY28 85% 74% 100%
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Strong progress made on Horizon 1 initiative ~10% less plasma required to satisfy same demand profile HORIZON 1 OUTCOME Initiative focused on incremental process improvements OBJECTIVES Optimise Ig per litre of plasma YIELD EFFICIENCY RESILIENCE More efficient manufacturing Increased reliability
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Horizon 2 yield improvement program progressing as planned FY21 Initiated Full scale runs in first module successful August 2025 June 2025 Comparability data and protocol reviewed with FDA FY26 US filing for Privigen from first module FY28 Capacity conversion in second module complete FY29 Licensed product from first two modules Global regulatory filings for Privigen and Hizentra from first two modules FY28 US facility construction initiated FY26 Privigen and Hizentra regulatory filings for US facility FY29 FY30 Licensed product from US facility Where we are today
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Plasma Savings with Horizon 1 and 2 Programs Combined Horizon 1 and 2 yield improvements will deliver ~20% reduction in plasma collection needs Theoretical Plasma Collections Needed without Yield Improvement Programs Plasma Collection Benefits from Horizon 1 Combined Plasma Collection Benefits from Horizon 1 and 2 Implementation of Horizon 1 across Network ~20% ~10% Implementation of Horizon 2 across Network ~6% Locked in Horizon 1 savings Realized Horizon 1 benefits Continued reduction in plasma collections Plasma Needed FY26 FY29 FY32
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Innovation and commercialisation SCALE & COLLECTION VOLUME COST & OPERATIONS LEADERSHIP INNOVATION & GROWTH • Grow market and expand share • Accelerate lifecycle opportunities • Elevate medical and commercial excellence Investing to sustain and expand CSL Ig share
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CSL ~25% Share Rest of Market PRIVIGEN® • First and only IVIG with proline stabilisation • Designed for tolerability in a wide range of patients • Proven efficacy and safety across indications and supported by ~200 publications • Ig is standard of care with broad mechanism of action across a heritage of excellence and innovation in plasma therapy Data on file / Syndicated Market Data * Across 7 Major Markets: US, France, Germany, Italy, Spain, UK, Japan SOURCE: Purchased syndicated data – Data on file Value proposition IVIg market* volume (T) #1 IVIg brand worldwide*
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CSL ~55% Share Rest of Market HIZENTRA® Value proposition • Trusted efficacy, safety and self administration convenience supported by ~ 265 publications • Dosing flexibility without IV burden or Ig peaks and troughs • The only SCIg available as a prefilled syringe (PFS) enabling convenient patient administration • Most extensive real-world data and longest established SCIg profile SCIg market* volume (T) #1 prescribed SCIg SOURCE: Purchased syndicated data – Data on file Data on file / Syndicated Market Data * Across 7 Major Markets: US, France, Germany, Italy, Spain, UK, Japan
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Ig treatment challenges for distinct patient populations Untapped potential* across core Ig replacement and immunomodulation uses CIDPSIDPID ~110K ~83K ~62K ~900K ~360K ~120K ~1M ~320K ~100K Challenges in Diagnosis Treatment challenges • Limited awareness among PCPs • No single standard diagnostic test • Long time to Diagnosis • Low rate of IgG testing • Lack of focus on SID • Complex diagnosis process • High misdiagnosis rates • Geographic disparities in access, infrastructure and clinical use • Treatment burden • Lack of aligned SID guidelines • Access barriers • Patients may be refractory or intolerant to Ig • New options for Ig refractory or relapsed patients, e.g., FcRn’s Prevalence Diagnosed IG Treated *7 Major Markets (US, France, Germany, Italy, Spain, UK, Japan) Patients SOURCE: Purchased syndicated data – Data on file
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CIDP Ig to remain first line standard of care as new agents emerge ~60K US CIDP Diagnosed Prevalence Untreated/N on-Ig Treated ~12K Relapse/ Refractory ~29K2,3 Well Controlled Ig/FcRn Treated ~60K1 0.3 1.1 1.9 2.6 0.3 1.0 1.5 1.8 0 1 1 2 2 3 3 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total FcRn Treated Patients (000) Active FcRn Patients (000)* 62% 68% 64% 38% 32% 36% Q4'24 Q1'25 Q2'25 IVIG/SCIG Alternative Treatments 1. Arackal et al, 2024; 2. Dalakas, 2011; 3. Merkies et al, 2019, 4. Source: Purchased syndicated data – Data on file Active patients exclude drop-offs, defined as patients who did not receive their next dosing cycle SOURCE: Purchased syndicated data – Data on file SOURCE: Purchased syndicated data – Data on file Majority of FcRn drop-offs revert to Ig therapy Higher FcRn patient volume leads to more drop-offs More than 70% of US patients are well controlled on Ig therapy ~18K ~42K4
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CSL Ig data generation and lifecycle management Upgraded Medical Affairs capabilities to strengthen scientific leadership in Ig SID CIDP PID Other 0 10 20 30 40 50 Published (2024 -2025) 2025-2026 Plan # of Publications CSL Ig – publication plan Label enhancing • HIZENTRA® PID-Naïve (US) • HIZENTRA® SID (US) • PRIVIGEN® Measles (EU) • PRIVIGEN® Japan label expansion • Improved formulations and more convenient delivery devices on the horizon Label supportive • 11 recent publications • 35+ planned publications • Key RWE initiatives
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Increase PID diagnosis and treatment globally • First and only fully integrated consumer campaign • AI-driven tools to expand and accelerate diagnosis Increase awareness of Ig utility in SID internationally • SID consensus guidelines and protocols • Real-world patient & KOL videos • SID diagnosis and treatment flowchart CSL Ig commercialisation Targeted initiatives focused on growing market and growing share GROWING THE MARKET GROWING OUR SHARE Scale US commercial reach • New Hospital salesforce and expanded Ig salesforce • Increased field reimbursement specialists & B2B account management Accelerate Pre-Filled Syringe (PFS) adoption • >95% of US patients converted to PFS • Now launched in 12 International markets with 10+ planned in FY26-FY27 Enhance tender capabilities Disciplined and insights-driven approach to 400+ annual international tenders
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US HIZENTRA: Accelerating market and brand growth Market Development Patient Activation Contracting and Pull Through Leveraging AI to Improve diagnosis and preference Label Expansion & Device Experience PID naïve and SID Only Prefilled Syringe in IG therapy - >95% patients Targeted Media First and only to improve patient awareness IG Portfolio Amplification Combined IG portfolio for contracting Market Leading Category Access >95% access ** Category Leading Field Deployment With HCP & Organized Customers dedicated across clinic and hospital * CSL supply data ** MMIT Dashboard Sept 25 PID, All Segments, Pharmacy / Medical Benefits
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Sustaining CSL Ig franchise leadership Forecast growth drivers Attractive and durable market growth for Ig across indications and presentations Balanced market demand and supply Underlying revenue growth of high-single digits; faster than the market Residual impacts of one-off events in FY25 drag on FY26 growth CSL Ig revenue mix in FY28 [1] *Includes Privigen and Hizentra; *Others immuno-modulation includes. immune modulation diseases where Ig is used, including but not limited to: Multifocal Motor Neuropathy (MMN), Immune Thrombocytopenic Purpura (ITP), Idiopathic Inflammatory Myopathy (IIM)/Dermatomyositis (DM), Myasthenia Gravis (MG), Guillain -Barré Syndrome (GBS), Scleroderma / Systemic Sclerosis (SSc), Kawasaki Disease (KD), Severe Infection, Other unclassified immune modulation diseases. [1] Internal estimates / Data on file / Syndicated Market Data ~33% PID ~17% SID ~22% CIDP ~28% Other Mix by indication ~60% IVIg ~40% SCIg Mix by presentation
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Relentlessly driving plasma supply chain efficiencies Driving CSL growth across indications and presentations via innovation and commercial excellence 1 2 3 Transformative yield improvements underway 4 Key messages Strong Ig market demand with balanced supply
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Advancing Beyond Ig 5 November 2025 Patient: Leah, who lives with HAE Andy Schmeltz Chief Commercial Officer
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Iron Nephrology (Dialysis) Nephrology (Non-Dialysis) Hereditary Angioedema Acute Hemorrhagic Control Hemophilia Ig Albumin Ig 45% Growth Drivers beyond Ig ~25% Established Core ~30% Strong CSL portfolio with compelling growth drivers beyond Ig FY25 Behring + Vifor revenue: $13.4B, +6%1 1. Percentages growth vs previous FY at constant currency
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Key messages Significant portfolio breadth and depth beyond Ig1 2 3 Focused on disease areas with attractive growth prospects Key contributions from both Growth Drivers and Established Core
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Leveraging 50 years of experience in treating bleeding disorders MONONINE® Coagulation Factor IX (Human) Monoclate-P® Antihemophilic Factor (Human) CSL Hemophilia portfolio 1.Percentages growth vs previous FY at constant currency Hem B: Hemophilia B; Hem A: Hemophilia A; vWD: Von Willebrand disease Hemophilia B Hemophilia A von Willebrand Disease 11% FY25 Global Hemophilia Revenue $1.5B +13% 1
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Durable protection / stable Factor IX level Treatment options for patients with inhibitors Dynamic, growing category expecting ~8% global revenue CAGR through FY28 [1]. Based on data from WFH 2023 /WFH 2024 report for 7MM | [2] Purchased syndicated data – Data on file | [3] Based on internal forecast estimates * GT Addressable pool includes moderately-severe and severe adult patients with exclusion considered for liver disease (e.g., c irrhosis, advanced hepatic fibrosis, hepatitis B or C) Hemophilia Prevalent Patients[1] (~15K – 18K) Diagnosed Patients[1] (~12K – 14K) Treated Patients[2] (~6K – 8K) Prophylaxis Patients[2] (~4K – 5K) Gene Therapy Addressable* (~1K – 2K) Hemophilia B unmet need and total addressable market Unmet needs Total addressable market FY25 (7MM) Infusion burden + + Psychological and social impact + 7MM: US, France, Germany, Italy, Spain, UK, Japan
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IDELVION® Leading prophylaxis therapy with proven, differentiated profile IDELVION has maintained its efficacy for me since 2017. I have not had a spontaneous bleed since starting on IDELVION! That has taken the pain and stress out of my life. -IDELVION Patient “ “ Proven efficacy with no spontaneous joint bleeds or reported thromboembolic events High and sustained FIX levels up to 21 days ~10 years of bleed protection reinforced by treatment guidelines and 60 publications Value proposition 2H23 1H24 2H24 1H25 2H25 Other FIX IDELVION Non-factor Tx Hemophilia B Prophylaxis market share (7MM) CSL strategy SOURCE: Purchased syndicated data – Data on file; Share calculated using the quarter exit patient count. E.g. Q2 2025 patients used to calculate 2H25 share. Maintain position as the #1 prescribed FIX for prophylactic treatment Enhance scientific leadership with publications affirming benefit-risk profile Expand into new geographies 7MM: US, France, Germany, Italy, Spain, UK, Japan
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“ “ HEMGENIX® Transformative treatment with improving reimbursement landscape to fuel growth After receiving HEMGENIX, it took me some time to adjust and fully realize the impact - but I have no regrets. I feel liberated from constantly thinking about my FIX levels and the need for prophylaxis. -HEMGENIX Patient Functionally curative Factor IX levels Greater bleed protection vs prophylaxis Elimination of dependence on routine prophylaxis usage 1H23 2H23 1H24 2H24 1H25 2H25 1H26* HEMGENIX cumulative patientsValue proposition CSL strategy SOURCE: Data on file Leverage strong market access Pursue innovative contracting approaches Partner with local ecosystems to increase administrations Communicate >5-Year data from HOPE-B trial (Dec.) *Data as of Oct 30th, 2025
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More than three decades of proven efficacy and safety CSL Acute Hemorrhagic Control (AHC) portfolio 1. Percentages growth vs previous FY at constant currency 7% FY25 Global AHC Revenue $0.9B (10%) 1
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AHC unmet need and total addressable market Growing category ~6% global revenue CAGR through FY28 Risk of serious complications Uncontrolled clotting imbalances Unmet needs High transfusion burden Limited safe treatment choices No medicine approved to reverse FXa inhibitors OAC Market ~25M Pts2 VKA Reversal ~3M Pts2 DOAC Reversal >20M Pts2 Non-OAC Market ~12M – 15M Procedures1 Acute Hemorrhage Care Market # ## AHC market potential (7MM) + + + + 1. Internal estimates basis HCUP (2016-2020) and country level datasets: Includes open, excludes endoscopic/percutaneous procedures. 2. Internal estimates based on IQVIA SU data (2023) # Under clinical evaluation | ## Approved for congenital fibrinogen deficiency; Under clinical evaluation for acquired fibrin ogen deficiency patients OAC: Oral anticoagulation; DOAC: Direct oral anticoagulation; VKA: Vitamin K antagonist 7MM: US, France, Germany, Italy, Spain, UK, Japan
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CSL holds leading share at ~50% of global revenue; poised to grow via lifecycle enhancements • #1 prescribed 4F-PCC globally for acute major bleeding • Longest record of proven efficacy and safety with lower all-cause mortality risk • Rapidly restores factor levels to normal hemostatic levels • Lifecycle enhancements underway for DOAC reversal (US) and perioperative coagulopathy • #1 Fibrinogen Concentrate globally for patients with acute major bleeding and low fibrinogen levels • More than three decades of proven real-world experience • Provides rapid, precise and efficient fibrinogen administration minimising allogenic blood use • Lifecycle enhancements underway for acquired fibrinogen deficiency (US) AHC franchise value proposition and strategy CSL strategy Leverage Hospital Sales force in US Increase contracting opportunities Pursue label expansions for KCENTRA® and RiaStap®+ + Value proposition
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VarmX: VMX-C001 Collaboration | Confidential – Internal Use Only Potential to offer significant value to patients, physicians and health care systems globally Value Proposition Strong fit with CSL AHC portfolio & capabilities Clear unmet medical need in well-defined patient population Growing market and blockbuster potential with launch expected in 2029 FDA IND cleared, endorsed in the EMA and Japanese Phase 1 trial waiver granted High Unmet Need: No medicines currently approved to reverse FXa inhibitors VMX-C001 is a modified recombinant human FX that bypasses FXa-DOACs to restore coagulation Potential for fast and convenient dosing with superior hemostatic activity without thrombotic risk Strategic Fit
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6% FY25 Global HAE Revenue $0.8B +4% 1 CSL HAE portfolio 1. Percentages growth vs previous FY at constant currency Empowering the HAE community for over 40 years
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HAE prevalent population[1] (~14K – 17K) Diagnosed and treated [2] (~11K – 13K) Long-term prophy[2] (~6K – 8K) On-demand[2] (~5K – 6K) [1] Internal estimates basis prevalence rate from purchased syndicated data and Ghazi et. al. 2013 – Data on file [2] Purchased syndicated data – Data on file; HAE unmet need and total addressable market Total addressable market FY25 (7MM) Chronic and frequent injection-site reactions Inconvenient modes of administration Unmet needs Breakthrough HAE attacks in long term prophylaxis patients Burdensome dosing frequency + Category expected to grow ~7% global revenue CAGR through FY28; long-term prophylaxis segment expanding to ~55% of treated patients + + 7MM: US, France, Germany, Italy, Spain, UK, Japan
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HAE franchise value proposition Addressing patient needs with on-demand and long-term prophy options Patient type On demand treatment Prophylaxis treatment for those appropriate for C1-INH MOA Prophylaxis treatment for ages 12+ MoA Adds functioning C1-INH to the body Adds functioning C1-INH to the body Inhibits FXIIa at the top of the HAE pathway Efficacy Median time to symptom relief* • Laryngeal attacks (15 min) • Acute abdominal or facial attacks (48 min) • >95% median attack reduction vs placebo* • 40% of patients attack-free (day 1 – 180)* • >99% median attack reduction vs placebo* • 62% of patients attack-free (day 1 – 180)* • Effective from week 1 Convenience • True once-monthly dosing • Delivered <15 seconds via convenient autoinjector *Brand respective phase 3 trial **HAEGARDA open label extension study ^Projected off historical new starts and conversion rates
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ANDEMBRY® Promising trajectory with strong uptake and momentum Value proposition CSL strategy Double down on launch momentum Actively engage with all HAE stakeholders via promotion & scientific exchange Leverage clinical and real-world evidence data “ “ Best-in- category profile • Rapid onset • Differentiated benefit- risk profile • Category-leading convenience Broad geographic reach • Launched: 8 countries • Approved: 29 countries • In-process: 10 countries Accelerated patient uptake • 500+ patients globally Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 SOURCE: Data on file ANDEMBRY patient uptake I joined the ANDEMBRY trial in 2019 and have not experienced an HAE attack… not having attacks has given me my freedom back - Andembry Patient *Status as of Oct 30th, 2025
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ANDEMBRY US Launch Excellence Unique Patient Experience Evidence Generation and Scientific Exchange Commercial Execution Patient Experience Unique, best-in- class patient experience Medical Field Engagement >1,000 Medical Affairs HCP interactions since launch Evidence Generation Ongoing SWITCH study and RWE focused on economics outcome Data Dissemination 10 posters since launch, 12 planned Field Selling >4K HCPs reach, largest commercial field footprint in the category Market Access ~80% payer approval rate 10 weeks post launch* * Adjudicated referrals 10 weeks post launch
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CSL Nephrology (Non-Dialysis) portfolio Bringing innovation to patients in need FY25 Global Nephrology (Non-Dialysis) Revenue $0.3B +34% 1 2% 1. Percentages growth vs previous FY at constant currency
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Unmet needs Total addressable market FY25 Partnering to preserve renal function with innovative, practice-changing therapies Biopsy confirmed IgAN prevalence (~165K) CKD 1-3 patients (~80K) Proteinuria (≥ 1 g/d) (Adults) (~40K) Incidence AAV (~10K) Newly diagnosed (~9.5K) Addressable (Adults) (~7K) Prevalence AAV (~85K) Relapsing (~10K) Addressable (Adults) (~7K) EU4 & UK EU4, UK & JP Source: Filspari Orphan Drug Designation Report; Spherix Patient Chart Audit IgAN (2023-2024), Data on file; Tavneos Long Range Plan FY’26 – Data on file; IgAN: IgA nephropathy; ANCA: Anti-neutrophil cytoplasmic antibodies; Nephrology (Non-Dialysis) unmet need and total addressable market IgAN • Proteinuria not well controlled • Very high risk of progression to kidney failure • Low quality of life ANCA Associated Vasculitis • Many patients do not achieve sustained remission • Risk of relapse and potential organ damage • Side effects associated with long-term use of GCs EU4: France, Germany, Italy & Spain
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Nephrology (Non-Dialysis) value proposition and strategy Growing adoption and expansion opportunities ahead Innovative First non-immunosuppressive IgAN-specific treatment; differentiation based on efficacy and DEARA (dual) mode of action Effective Only medicine with head-to-head data vs optimised care with RASi Recognized Recommended in the 2025 KDIGO IgAN guidelines; reimbursed in Germany, Austria and UK reflecting recognition of value First targeted therapy for AAV (GPA/MPA) addressing key source of vascular inflammation in the alternative complement pathway Delivers improved disease control vs. GC based regimen, with reduced risk of relapse Included in EULAR 2022 and KDIGO 2024 and many national guidelines; reimbursed across EU major markets Drive adoption in launched markets Secure reimbursement linked to compelling value proposition Expand presence across geographies CSL strategy Value proposition + +
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ESTABLISHED CORE ~30% Foundational medicines with leadership positions Nephrology (Dialysis) Iron Established core Albumin Alburex® 20 AlbuRx® 25 Albumin (Human) 25% Solution
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10% Responding to China market dynamics by recalibrating local go-to-market model 1.Percentages growth vs previous FY at constant currency DRG: Diagnosis Related Group. DIP: Diagnostic Intervention Packet; FY25 Global Albumin Revenue $1.3B +7%1 CSL Albumin portfolio China Albumin Market Situation CSL strategy Hospital channel Implementation of policy changes driving strict Albumin usage constraints via DRG/DIP payment reforms and Hospital budget controls Expanding customer facing footprint and CSL presence in major hospitals and cities Retail channel Pricing pressures and limited reach into fragmented distribution network Strengthening partnerships to improve pull through Alburex® 20 AlbuRx® 25 Albumin (Human) 25% Solution
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8% Continued volume growth beyond LOE FY25 Global Iron Revenue $1.0B +1% 1 Situation CSL strategy Rising competition post-LOE in Europe Compete purposefully in post- LOE markets via tender and contracting excellence Anticipated generic entries in the US in FY27 Grow in pre-LOE markets to address unmet medical needs, especially in new launch countries High unmet medical need and untapped markets Launch successfully in China and Canada Pursue targeted LCM opportunities to differentiate and grow volume CSL Iron portfolio 1. Percentages growth vs previous FY at constant currency
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Well positioned to deliver over the mid term horizon Hemophilia Compelling HEMGENIX® value proposition AHC Longest record of proven efficacy and safety in patient blood management HAE Best-in-category ANDEMBRY ® Nephrology (Non-Dialysis) Momentum for TAVENOS® & FILSPARI® Ig Sustained global leadership in a large and durable market Albumin Expanding and evolving China go-to- market model Iron Competing effectively through tender excellence Nephrology (Dialysis) Leveraging market momentum and expanding footprint Strong CSL portfolio with compelling growth drivers BUSINESS BALANCED 50/50 ACROSS US AND INTERNATIONAL REGIONS Ig 45% Growth Drivers beyond Ig ~25% Established Core ~30% Established Core volume-driven growth Growth Drivers volume & differentiation-driven growth
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Key messages Significant portfolio breadth and depth beyond Ig1 2 3 Focused on disease areas with attractive growth prospects Key contributions from both Growth Drivers and Established Core
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Capital Allocation 5 November 2025 Ken Lim Chief Financial Officer Patient: Glen, who lives with CIDP
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Transformation program underway to position for future growth Rigorous capital allocation framework to balance investment in future growth with shareholder returns 1 2 3 Deliver durable shareholder returns via revenue growth, operating leverage, dividends and share buy-backs Key messages
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Rigorous capital allocation framework Capital allocation framework Invest in our products Maintain strong balance sheet Returns to shareholders • Net debt / EBITDA target ratio of 1.5x – 2.0x • Maintain investment grade credit rating • Flexibility to invest in long-term growth • Continued dividends • Multi-year, on-market share buyback • Commercial and medical execution • Product portfolio – Lifecycle management – Novel molecules • Business development STRONG CASH GENERATION PROFILE Invest in our operations • Efficient expansion of our plasma collection network • Manufacturing capacity and Horizon 2
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Investing in CSL’s product portfolio Closer integration across key functions Portfolio expansion through: • internally and externally sourced programs • LCM and novel opportunities Therapeutic areas R&D Commercial OperationsBusiness Development
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Criteria for new products Attractive commercial channels & returns Leverage CSL’s core capabilities and expertise Strong science and significant unmet medical need Research & Development Lifecycle management Novel opportunities Business Development Partnership, licensing and acquisitions Target peak sales US$500m - US$2bn Deal structures to deliver attractive returns while actively managing risk profile Framework for assessing portfolio opportunities
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Transforming CSL for future growth R&D infrastructure Operational efficiencies Commercial efficiencies Corporate functions • Consolidate footprint from 13 to 6 sites • Research focus re- aligned by therapeutic area • Reduce fixed costs in favour of project- directed investment • Close lower performing and higher cost plasma centres • Successful rollout of Rika and iNomi • Operational excellence • Combine Behring and Vifor medical and commercial functions to deliver synergies • Prioritise strategies to differentiate, access new patients and expand product labels • Streamline corporate functions • Reduce head office costs
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Targeted cost savings to be realised by end of FY28 Phased realisation of cost savings US$ million Breakdown of FY28 savings by cost category % of total targeted cost savings FY26 FY27 FY28 35% 35% 20% 10% R&D infrastructure Operational efficiencies Commercial efficiencies Corporate functions Up to ~$550MM One-off costs of ~US$700-770 million expected to be incurred in FY26
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Maintaining our network and investing in future growth Capital expenditure US$ million 0 200 400 600 800 1,000 1,200 1,400 FY23 FY24 FY25 FY26 FY26 guidance $800m +/- $100m Horizon 2 capex: ~US$1.5B between FY26-301 Other capex: Consistent with FY26 guidance in near term 1. Subject to Board approval
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Tariffs and US Administration approach to MFN Policies • All plasma products sold and imported in the US are derived from US-sourced active ingredients (i.e. conferring US country of origin) • Majority of plasma supply chain value is created in the US • Significant US facility investments already in flight • Plans to invest in US-based capacity for Horizon 2
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CSL’s financial outlook FY26 FY27-28 Gross margin expansion and operating leverage High single-digit NPAT growth Mid single-digit revenue growth Continued dividends and multi-year, on-market share buybacks Revenue Growth ~2-3% @CC NPATA Growth (excl. restructuring costs) ~4-7% @CC 1 Multi-year, On-market Share Buyback A$750 million in FY26 1. Attributable to the shareholders of CSL Limited
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Transformation program underway to position for future growth Rigorous capital allocation framework to balance investment in future growth with shareholder returns 1 2 3 Deliver durable shareholder returns via revenue growth, operating leverage, dividends and share buy-backs Key messages
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5 November 2025 Dr. Paul McKenzie Managing Director & CEO Closing Remarks
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Key strengths of CSL’s business Global leader in large and growing markets with unmet patient needs Market-leading plasma protein franchise with attractive and durable growth Expanding innovative portfolio beyond Ig Strategy to deliver mid-single digit revenue growth and drive P&L leverage beyond FY26 Transformation program to reposition CSL for future growth Disciplined capital allocation, strong cash flow and balance sheet