• Transformation program progressing well with multiple drivers of gross margin expansion
• Strong balance sheet and cash flows, share buyback expanded to US$750m
• FY26 guidance maintained, strong 2H ambition driven by growth in Ig, albumin and newly launched products

CSL reported 1H26 results with revenue of $8.3b (down 4% at constant currency) and NPATA of $1.9b (down 7% at constant currency). The performance was adversely impacted by government policy changes and one-off restructuring costs and impairments. The company's transformation program is progressing well, delivering value through organisational simplification and growth investments. CSL maintained its FY26 guidance, expecting strong 2H performance driven by growth in immunoglobulin, albumin and newly launched products like HEMGENIX and ANDEMBRY. The company has a strong balance sheet with robust cash flows, and has expanded its share buyback to US$750m. Key product highlights include continued growth in the immunoglobulin portfolio, expansion of the albumin business in China, and solid performance in the Seqirus influenza vaccines division. The Vifor nephrology and iron businesses also contributed positively. Overall, CSL remains focused on its strategic priorities of driving revenue growth, profitability and shareholder returns through its leading positions in large and growing markets with high unmet medical need.

CSL maintained its FY26 guidance, expecting revenue growth of ~2-3% and NPATA growth (excluding restructuring costs and impairments) of ~4-7%, both at constant currency.