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2026 Half Year Results 11 February 2026 Elena lives with iron deficiency For personal use only
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2 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. Driven by Our Promise Elena lives with iron deficiency For personal use only
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Gordon Naylor Interim CEO 3 Driven by Our Promise Ken Lim CFO Andy Schmeltz CCO Dave Ross GM CSL Seqirus Today’s speakers For personal use only
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4 Gordon Naylor Interim CEO & Managing Director CEO Overview Previous senior CSL roles • Executive VP, CSL Behring • Chief Financial Officer, CSL • President, Seqirus For personal use only
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Strategic framework 3 SHAREHOLDER RETURNS REVENUE GROW TH DRIVEPROFITABILITY COST LEADERSHIP FOCUS ON RARE DISEASES WITH HIGH UNMET NEED 1 2REINVEST INTO OPERATIONS AND INNOVATION Global leader in large and growing markets with high unmet medical need Market leader in Ig with attractive and durable growth Expanding innovative portfolio beyond Ig Multiple drivers of gross margin expansion Cost savings from transformation program Disciplined capital allocation Investment in future growth Strong balance sheet & cash flows 5 For personal use only
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Transformation program progressing well Delivering value through organisational simplification & growth investment Portfolio Growth Opportunities Operational Efficiencies Commercial Efficiencies Corporate Functions VarmX collaboration Horizon 2 yield improvement program executing to plan Ig LCM improvement & indications R&D sites down from 11 to 6 Reallocation of plasma collections to more efficient centres Rollout of Rika and iNomi Maximising procurement savings Cost reductions in manufacturing operations Modernisation of systems Integration of Behring and Vifor commercial and medical functions Reinvestment into US & China commercialisation Streamline corporate functions (e.g. shared services) Complete Underway 6 For personal use only
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7 1H26 Performance1 Revenue1 CSL Behring (7%) CSL Seqirus (2%) CSL Vifor 12% Revenue $8.3b (4%) NPATA2,3 $1.9b (7%) excluding one-off restructuring costs & impairment Reported NPAT3 $401m (81%) Cashflow $1.3b +3% $8,332m Good progress on transformation initiatives 1H26 performance Adversely impacted by: • Government policy changes • One-off restructuring costs and impairments Share buyback expanded to US$750m • Strong balance sheet and cash flows FY26 guidance maintained • Strong 2H ambition, driven by growth in Ig, albumin and newly launched products Industry fundamentals remain attractive For personal use only
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Therapy Revenue ($m) Change1 Commentary Major Brands Ig 3,046 (6%) • Strong comparable period • Medicare Part D ~($100 million) impact • 3% up on trailing period (2H25) Albumin 494 (27%) • Implementation of policy changes in China • Positive early response from expanded China footprint and Baheal partnership Haemophilia 746 - • Continued international launches & uptake of HEMGENIX® • Positive 5-year data for HEMGENIX® published in NEJMa Hereditary Angioedema 424 12% • Strong launch of ANDEMBRY® Perioperative Bleeding 405 (12%) • KCENTRA® navigating a competitive environment • Life cycle management programs progressing well Revenue $5,450m (7%)1 8 aNew England Journal of Medicine For personal use only
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9 Immunoglobulin portfolio Strong Ig market fundamentals • Significant and growing unmet medical need • Mid-to-high single-digit growth • Robust growth across core indications • Balanced demand and supply Second half growth driven by • US field force expansion • HIZENTRA® direct-to-patient campaign • Broadened contracting approach Note: Medicare Part D now in base Albumin in China • Expansion of footprint across more hospitals and cities • Baheal Medical exclusive strategic partnership with committed volumes • Retail channel – volume shifting from the reimbursed hospital channel to the private retail channel • On-label demand generation and real- world evidence initiatives For personal use only
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Revenue $1,236m +12%1 Therapy Revenue ($m) Change1 Commentary Major Brands Nephrology Dialysis 544 40% • VELPHORO® – TDAPA inclusion (until Dec 26) contributing to strong growth • MIRCERA® – market leader in US Nephrology Non-Dialysis 191 45% • TAVNEOS®– continued uptake in all launch markets • FILSPARI® – successful launches in EU Iron 470 (15%) • Generic competition in EU & US b a c a. Licensed from F. Hoffmann-La Roche AG; b. Licensed from Pfizer Inc.; c. Rights to EU, UK, Japan and certain other countries licensed from ChemoCentryx, Inc., a wholly owned subsidiary of Amgen, Inc. d. Rights to EU, AUS&NZ and certain other countries licensed from Travere Therapeutics, Inc. 10 d TDAPA: Transitional Drug Add-on Payment Adjustment. For personal use only
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11 Nephrology • Strong VELPHORO® growth following commencement of TDAPA on 1 Jan 2025 (expiry 31 Dec 2026) • TAVNEOS® & FILSPARI® – Differentiated product profiles – Strong international launch performance Iron • FERINJECT® & VENOFER® growth impacted by EU & US generics respectively • Growth opportunities – Continued high unmet need – Geographic expansion – Women’s health, Cardio/CKD, PBM – Supply reliability For personal use only
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Revenue $1,646m(2%)1 Therapy Revenue ($m) Change1 Commentary Major Brands Adjuvanted Egg 895 6% • Breadth of RWE demonstrates the increased effectiveness of FLUCELVAX® and FLUAD® • Successful launches in Germany and France • Growth in US IDN and paediatric segments despite challenging US market • Last season of standard egg-based AFLURIA® Cell Culture 466 (1%) Egg Based 74 (29%) Total Seasonal Influenza 1,435 1% In-license / Other 99 (30%) • Non-recurring revenue relating to the avian influenza threat in FY25 Pandemic Reservation Fees 94 3% 12 RWE: Real World Evidence IDN: Integrated Delivery Network For personal use only
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13 Highly dynamic market • US 25/26 seasonal influenza vaccine market value projected to fall ~6-8%, due to lower US immunisation rates and pricing – mostly in egg-based category • EU immunisation rates have largely returned to pre-pandemic levels, particularly in the older cohort (over 60 years) • Significant global disease prevalence • Strong and widespread KOL recognition of need for vaccines CSL Seqirus • Differentiation strategy driving outperformance and market share gains in US & EU • Geographic expansion in other markets – Successful first season in Germany and market entry in France with enhanced recommendations for FLUAD® – MoU with Saudi Arabia for seasonal and pandemic influenza • Tullamarine facility opening allows for full conversion to differentiated vaccines and expands our pandemic capabilities MoU: Memorandum of Understanding For personal use only
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CSL Group Financial highlights US$ millions 1H25 Rep 1H26 Rep 1H26 at CC 1 Change % 1 Total Revenue 8,483 8,332 8,163 (4%) Gross Profit4 4,704 4,630 4,546 (3%) GP %4 55.5% 55.6% 55.7% Sales & Marketing4 (754) (785) (765) (1%) Operating Result4 3,950 3,845 3,781 (4%) R&D4 (646) (600) (592) 8% G&A4 (426) (440) (419) 2% Net Interest Expense (222) (197) (197) 11% NPATA2,3 2,074 1,946 1,923 (7%) Restructuring & impairments - (1,814) (1,807) Amortisation of Ipz (125) (134) (134) Net gain on business disposals 39 - - Tax on above adjustments 19 403 402 NPAT3 2,007 401 384 (81%) Underlying ETR % 19.1% 20.6% 20.5% Cashflow from Ops 1,259 1,302 3%y NPATA2 EPS3 ($) 4.29 4.03 (6%)y NPAT EPS3 ($) 4.15 0.83 (80%)y DPS ($) 1.30 1.30 - Y. At reported currency Z: Post tax amortization of acquired IP for FY26 - $260m +/- 10% R&D • Good progress on restructuring initiatives G&A • Costs held flat on a constant currency basis Finance • Leverage of 2.0 times5 Tax • FY26 guidance: 18-20% Cashflow • Strong cashflow 14 For personal use only
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15 US$ millions reported 1H26 Change % at CC 1 Sales 5,335 (7%) Other Revenue 115 (13%) Total Revenue 5,450 (7%) Gross Profit4 2,788 (7%) GP %4 51.2% +10bps Sales & Marketing (455) (3%) Operating Result4 2,333 (9%) Operating Segment %4 42.8% (80bps) CSL Seqirus 1H26 Change % at CC 1 1,534 (2%) 112 (6%) 1,646 (2%) 993 (5%) 60.3% (210bps) (117) (8%) 876 (7%) 53.2% (270bps) CSL Vifor 1H26 Change % at CC 1 1,223 13% 13 (38%) 1,236 12% 849 14% 68.7% +150bps (213) 5% 636 22% 51.5% +450bps CSL Behring Segment Financial highlights For personal use only
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FY26 FY27 FY28 Phased realisation of cost savings Annual pre-tax savings of $500-$550m by FY28 One-off pre-tax restructuring costs $700-$770m in FY26 ($500-$550m total cash) Up to ~$550m Employee expenses Facility & asset write-offs Miscellaneous1H26 Transformation initiatives progressing well Strong financial rationale Two-thirds complete 60% of FY26 savings achieved 16 For personal use only
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sa-mRNA platform $430m# • Licensing agreement for sa-mRNA vaccine technology • Declining COVID disease burden and more onerous U.S. regulatory requirements VENOFER® $356m • Entry of generics into US iron sucrose PPE $170m • Redundant assets arising from acceleration of Horizon 2 investment in the US * post tax and NCI # includes cash costs of $40m Refer to Appendix C for further details Impairments FY26 $1.1b (1H $1.05b, 2H $0.1b)* Key components: Strong balance sheet • Strong cash flow $1.3b • Leverage of 2.0x5 • Share buyback expanded from US$500m to US$750m • Credit ratings stable at investment grade Balance sheet 17 For personal use only
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18 2H26 Revenue Bridge FX impact estimated to be a tailwind of ~$70m if current rates remain unchanged for the remainder of the Financial Year 1H26 Revenue Annualised FY26 Revenue FY26 Revenue Guidance FY26 guidance maintained Revenue Growth ~ 2-3% @CC1 NPATA2 Growth (excl. restructuring costs & impairments) ~ 4-7% @CC1,3 Strong 2H ambition 1H26 Revenue X 2 Seqirus seasonality & avian flu 2H26 growth drivers Ig • Expanded US field force • HIZENTRA® direct-to-patient campaign • Broadened contracting approach Albumin • China expansion Launch momentum • HEMGENIX® • ANDEMBRY® Competitive impacts For personal use only
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CSL Contacts Bernard Ronchi Investor Relations +61 431 060 964 bernard.ronchi@csl.com.au Jimmy Baker Investor Relations +61 450 909 211 jimmy.baker@csl.com.au For personal use only
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20 Appendix For personal use only
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21 Notes (#) Constant currency removes the impact of exchange rate movements to facilitate comparability of operational performance for the Group. This is done in three parts: a) by converting the current year net profit of entities in the group that have reporting currencies other than US Dollars, at the rates that were applicable to the prior year (translation currency effect); b) by restating material transactions booked by the group that are impacted by exchange rate movements at the rate that would have applied to the transaction if it had occurred in the prior year (transaction currency effect); and c) by adjusting for current year foreign currency gains and losses. The sum of translation currency effect, transaction currency effect and foreign currency gains and losses is the amount by which reported net profit is adjusted to calculate the operational result. Summary NPAT attributable to members of parent entity Reported net profit after tax $401m Currency effect ($17m) Constant currency net profit after tax* $384m Average exchange rates for major currencies for full year ended 31 Dec 2025/ 31 Dec 2024 include: USD/EUR (0.86/0.92), USD/AUD (1.53/1.50), USD/CHF (0.80/0.87), USD/CNY (7.13 /7.16) and USD/GBP (0.75/0.77). Summary Revenue Reported revenue $8,332m Currency effect ($169m) Constant currency revenue* $8,163m *Constant currency net profit after tax and constant currency sales have not been audited or reviewed in accordance with Australian Auditing Standards. Summary NPATA2 attributable to members of the parent entity US$m Reported net profit after tax 401 Amortisation of acquired intellectual property 134 Restructuring and impairment expenses 1,814 Income tax credit on above adjustments (403) NPATA2 attributable to members of the parent entity 1,946 Currency effect attributable to members of the parent entity (23) Constant Currency# NPATA2 attributable to members of the parent entity 1,923 General Disclaimer Non-IFRS There are references to IFRS (International Financial Reporting Standards) and non-IFRS financial information in this document. Non-IFRS financial measures are financial measures other than those defined or specified under any relevant accounting standard and may not be directly comparable with other companies’ information. Non-IFRS financial measures are used to enhance the transparency and comparability of a financial report. Non- IFRS financial information should be considered in addition to, and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not subject to audit or review. Footnotes 1. Percentages shown at constant currency to remove the impact of exchange rate movements, facilitating comparability of operational performance. 2. Underlying NPATA represents the statutory net profit after tax before amortisation of acquired IP and significant non-recurring items including those related to one-off restructuring and impairments costs, business acquisitions and disposals. 3. Attributable to the shareholders of CSL Limited 4. Underlying results have been adjusted to exclude the impacts from the amortisation of acquired IP and significant non-recurring items including those related to one-off restructuring and impairments costs, business acquisitions and disposals. 5. Net Debt to EBITDA (based on rolling twelve months to 31 December 2025), excluding impacts from restructuring and impairments costs. For personal use only
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Appendix A CSL Behring Key Products 22 1H26 Revenue By Therapy Group $m CSL Behring Therapy Group Sales $m PCP Change1 % Privigen IVIG 1,963 (6%) Hizentra SCIG 1,054 (6%) Albumin Albumin 494 (27%) Idelvion Haemophilia 426 1% Kcentra Perioperative bleeding 241 (18%) Haegarda HAE 239 (4%) Humate / Haemate Haemophilia 162 (4%) Haemocomplettan Perioperative bleeding 120 (4%) Berinert HAE 109 (16%) Zemaira/Respreeza Other 82 27% Andembry HAE 76 - Hemgenix Haemophilia 57 16% IVIG $1,992 37% SCIG $1,054 19% Haemophilia $746 14% Albumin $494 9% Perioperative Bleeding $405 7% HAE $424 8% Other $335 6% CSL Behring For personal use only
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Appendix B CSL Seqirus & CSL Vifor Key Products 23 1H26 Revenue By Therapy Group $m CSL Seqirus Therapy Group Sales $m Change1 % Fluad Adjuvanted 895 6% Flucelvax Cell culture 466 (1%) Afluria Egg-based 73 (29%) CSL Vifor Therapy Group Sales $m Change1 % Ferinject/Injectafer Iron 330 (20%) Mircera Nephrology: Dialysis 305 6% Velphoro Nephrology: Dialysis 205 162% Veltassa Nephrology: Non-Dialysis 86 10% Venofer Iron 85 1% Tavneos Nephrology: Non-Dialysis 80 55% Maltofer Iron 53 9% Cell Culture $466 28% Adjuvanted $895 54% Egg Based $74 4% In Licence $65 4% Pandemic $94 6% Other $52 3% Iron $470 38% Nephrology: Dialysis $544 44% Nephrology: Non-Dialysis $191 15% Other $31 3% CSL Seqirus CSL Vifor For personal use only
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Appendix C 1H26 Impairment Bridge $m Impairment Tax Net of tax Attributable to NCI Attributable to CSL sa-mRNA platform 566 (136) 430 - 430 Venofer 630 (90) 540 184 356 PPE 222 (52) 170 - 170 Other intangibles 98 (14) 84 27 57 Other assets 48 (8) 40 - 40 Total 1,564 (300) 1,264 211 1,053 24 For personal use only
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25 CSL R&D Portfolio (as of 31st December 2025) Transplant & Immunology Partnered Project Immunoglobulins Cardiovascular & Renal Vaccines Haematology Phase III Horizon 2 Ig Yield CSL964 Alpha 1 Antitrypsin (Treatment of aGvHD) Clazakizumab Anti-IL-6 mAb (MACE in ESKD) HIZENTRA® (SCIg) 20% Liquid (SID) KCENTRA® PCC (Surgical Bleeding ) HIZENTRA® (SCIg) 20% Liquid (PID Naïve) VMX-C001 rFX (DOAC Bypass) Phase II CSL787 Nebulised Ig CSL301 Anti-α2AP mAb (sPE) Hemopexin (VOC in SCD) Vamifeport Ferroportin inhibitor (HH) Anumigilimab Anti-G-CSFR mAb (SCD p r op hy l axi s) CSL404 Cell-based Pandemic Influenza (H5N8) Vaccine Phase I CSL040 Complement Activation Inhibitor Registration/Post-Registration VELPHORO® Sucroferric oxyhydroxide (Serum P control in CKD) KORSUVA ® /KAPRUVIA® KOR.. agonist (CKD-aP) TAVNEOS® Oral C5a receptor inhibitor (AAV) RAYALDEE® Oral ext. release calcifediol (SHPT) VELTASSA® Oral potassium binder (HK) FILSPARI ® (Sparsentan) Dual ETA & AT1 antagonist (IgAN) CSL403 (aTIVc) Adjuvanted Cell-based Trivalent Influenza Vaccine FOCLIVIA®/AFLUNOV® Adjuvanted Egg-based Influenza A (H5N1) Vaccine AUDENZ ®/CELLDEMIC® Adjuvanted Cell-based Monovalent Influenza A (H5N1) Vaccine FLUAD® Trivalent* Adjuvanted Egg-based Influenza Vaccine FLUCELVAX® Trivalent Cell-based Influenza Vaccine KOSTAIVE® sa-mRNA Vaccine (COVID) IDELVION® rFIX-FP (HaemB) AFSTYLA® rFVIII (HaemA) ZEMAIRA®/RESPREEZA® Alpha 1 Antitrypsin (AAT Deficiency) PRIVIGEN® (IVIg) 10% Liquid HIZENTRA® (SCIg) 20% Liquid HEMGENIX ®* (Haem B) ANDEMBRY ® Anti-FXIIa mAb(HAE) RiaSTAP® Fibrinogen Concentrate (AFD) * Ongoing Post-Marketing Studies For personal use only