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Australian blue-chip CSL Ltd (ASX:CSL) has backed up its chaotic Tuesday – where the board dumped Paul McKenzie after ruling he “didn’t have the skills for the future” – by unveiling weaker profits under its FY26 restructuring.
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The biotech giant will now be left hoping FY26’s second half is much stronger, after banking a -81% plunge in half-year net profit, to US$401 million.
The company has held its 2-3% revenue growth guidance for CY26, as well as net profit after tax growth of 4-7%. Net profit after tax on paper did drop -7% through to December 31, though, to US$1.9 billion.
Restructuring costs are going to reach as much as US$700M to US$770M, the biotech company also confirmed while updating shareholders. Total impairments FY26 are expected to be US$1.1B, nearly all in the first half. That includes $843M for CSL Vifor (competition) and CSL Seqirus (regulatory requirements).
“We’re clearly not satisfied with our performance and have implemented a number of initiatives to drive stronger growth,” financial chief Ken Lim said today.
That, Mr Lim explained, includes an “ambitious” plan for growth, mainly driven by immunoglobulin, albumin, and several new products. Left unsaid, this also likely includes McKenzie being unceremoniously dumped.
That exit was announced at 4.05pm yesterday, minutes before the bourse closed for the day. A brief halt meant CSL traded until 4.17pm, bringing down the index as it dumped some -5% and wiping $9 in minutes.
That drop comes on an already rough -33.3% YTD performance.
CSL also confirmed today that it would soon be handing out an unfranked interim dividend of US$1.30/share, unchanged from a year ago.
CSL shares now head into Wednesday at $171.39/ea.
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