CSL Cuts Fiscal 2026 Outlook, Flags $5 Billion of Additional Impairments; Shares Hit Nine-Year Low
CSL (ASX:CSL) lowered its guidance for fiscal 2026 and expects to recognize about $5 billion of additional non-cash, pre-tax impairments across fiscal 2026 and 2027 beyond those the company disclosed earlier this year, according to a Monday filing with the Australian bourse.The biotechnology company now expects fiscal 2026 revenue of around $15.2 billion and net profit after tax adjusted to exclude amortization (NPATA) of around $3.1 billion, both on a constant-currency basis.In February, it guided for 2% to 3% growth in revenue and 4% to 7% growth in NPATA.The $5 billion of additional impairments include CSL Vifor intangible assets, including the product portfolio, as well as under-utilized property, plant and equipment, the company said.CSL flagged a roughly $300 million fiscal 2026 revenue impact from its "normalization of channel inventory" for US immunoglobulin, a roughly $200 million hit from albumin in China, and an impact of about $150 million from other factors including the Middle East conflict."Our growth initiatives are working, but the financial benefits will take longer than previously anticipated to materialize," said interim CEO Gordon Naylor.The company's shares tumbled 17% in recent Monday trade and earlier hit their lowest since December 2016.
