• Implementing a commercially driven operating model to drive demand
• Investing in innovation and reducing fixed costs to build pipeline
• Simplifying operating model to reduce complexity and unlock efficiencies
• Optimising global plasma network to meet rising demand

The Chair and CEO of CSL Ltd provided an update at the company's 2025 Annual General Meeting, outlining a comprehensive transformation plan to position the company for its next phase of growth. Key elements include implementing a more commercially driven operating model, investing in internal and external innovation to build the pipeline, simplifying the operating model to reduce complexity and unlock efficiencies, and optimizing the global plasma network to meet rising demand. The leaders acknowledged recent share price volatility but expressed confidence in the company's long-term outlook, citing the resilience of the core business and the decisive actions being taken. Specific initiatives include reducing fixed costs in R&D, bringing the Behring and Vifor commercial and medical teams together to improve productivity, and actively reviewing corporate overheads. These changes are expected to generate over $500 million in annual pre-tax cost savings by FY2028. The Chair also addressed the company's previously announced plans to demerge the Seqirus business, noting that the priority is to maximize shareholder value, and the timing will be revisited when market conditions are more supportive. Overall, the leadership team is focused on enhancing the resilience and growth potential of the business through a combination of strategic, operational, and financial initiatives.

For FY2026, the company expects revenue growth of 2-3% and NPATA growth of 4-7% at constant currency, down from previous guidance of 4-5% revenue growth and 7-10% NPATA growth. This reflects the impact of lower-than-expected influenza vaccination rates in the US and government cost containment measures in China. Looking ahead to FY2027 and FY2028, the company anticipates Behring will maintain sustainable and robust growth, with high single-digit group NPATA growth expected until the US influenza vaccine market improves.