• Revenue growth of 5% with NPATA up 14% and NPAT up 17%
• Transformation initiatives to drive over $500m in annual pre-tax savings by FY28
• Intent to demerge CSL Seqirus, creating a standalone ASX-listed global vaccine leader

CSL Ltd reported strong financial results for the full year ended 30 June 2025, with revenue growth of 5% and NPATA up 14%. The company's CSL Behring segment saw revenue growth of 6%, driven by robust demand across its core therapy areas. CSL Seqirus revenue grew 2%, with the seasonal influenza business expected to stabilize in FY26, and CSL Vifor revenue increased 8%. The company announced major transformation initiatives to improve R&D and commercial productivity, streamline the organization, and drive over $500 million in annual pre-tax savings by the end of FY28. This will involve a reduction of up to 15% in headcount, consolidation of the manufacturing footprint, and a refocus of R&D expenditure. CSL also announced its intent to demerge the CSL Seqirus business, creating a standalone ASX-listed global vaccine leader. The demerger will reduce complexity, reinvigorate focus on core capabilities, and enable the acceleration of transformation and efficiency projects across the group.Looking ahead, CSL provided FY26 guidance for revenue growth of 4-5% and NPATA growth of 7-10% at constant currency, excluding the impact of restructuring costs. The company also announced the reintroduction of a multi-year, on-market share buyback program as part of its refreshed capital management strategy.

For FY26, CSL expects revenue growth of approximately 4-5% at constant currency, and NPATA growth (excluding restructuring costs) of approximately 7-10% at constant currency, to around $3.45 - $3.55 billion. The company also expects to reduce fixed costs in R&D, embed a distinctive portfolio development and commercialization model, optimize activities across the plasma network, and streamline corporate costs.

CSL expects its CSL Behring segment to see robust patient demand across multiple areas of high unmet need, with HIZENTRA growing strongly but PRIVIGEN impacted by tender losses. The company's CSL Vifor segment is well-positioned for iron competition and expects to see continued momentum from its nephrology portfolio. For CSL Seqirus, the seasonal influenza business is expected to stabilize, with a substantially lower contribution from avian influenza and COVID-19 products.