• Half Year NPATA US$1.9 billion
• Transformation program progressing well
• Expansion of share buy-back program to US$750 million

CSL Ltd (ASX:CSL) has announced its half-year results for the 6 months ended 31 December 2025. The company reported underlying NPATA of US$1.9 billion, down 7% on the prior comparable period. After one-off restructuring costs and impairments, the company reported net profit after tax of US$401 million, down 81% on a constant currency basis. Cashflow from operations was $1.3 billion.The company's first-half results were adversely impacted by a number of factors, including government policy changes, one-off restructuring costs and impairments. The company has implemented a number of initiatives to drive stronger growth going forward, with an ambitious growth plan for the second half driven by immunoglobulin (Ig), albumin and newly launched products.The company continued to advance its broader transformation strategy, making strong progress on its cost-efficiency initiatives and strengthening the foundations of the business. It invested in high-priority growth opportunities, including a strategic collaboration with VarmX.The company's strong cash flow and balance sheet enabled the expansion of the share buy-back program from US$500 million to US$750 million. The company maintains guidance for the 2026 financial year of approximately 2-3% revenue growth and 4-7% NPATA growth, excluding one-off restructuring costs and impairments, at constant currency.

The company maintains guidance for the 2026 financial year of approximately 2-3% revenue growth and 4-7% NPATA growth, excluding one-off restructuring costs and impairments, at constant currency.

The company has an ambitious growth plan for the second half, driven by Ig, albumin and newly launched products. CSL Seqirus expects a lower second-half result due to the normal seasonality of the global influenza business and the non-recurring avian influenza outbreak revenue in Financial Year 2025. The performance of CSL Vifor will continue to be adversely impacted by generic competition in iron products.