CSL LIMITED (CSL)
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CSL

CSL - CSL LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: 2.25
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

CSL is a global biotechnology company that researches, develops, manufactures and markets products for the treatment of human diseases. With a market cap of over $138bn it is one of Australia's top three largest index weights. The former Commonwealth Serum Laboratory listed in June 1994 and has generated an average annual return of 28% since (up until mid-2020). CSL is the world's largest collector of plasma and the second largest producer of vaccines.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$198.80

01 Oct
2025

0.600

OPEN

$198.52

0.30%

HIGH

$200.44

872,641

LOW

$198.04

TARGET
$276.819 39.2% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
CSL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 1082.3 xxx
DPS (cps) 510.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 19.1 xxx
Dividend Yield 2.5% xxx
Div Pay Ratio(%) 47.2% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 1.56%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.14

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 09/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx957.6
DPS All xxxxxxxxxxxxxxx452.2
Sales/Revenue xxxxxxxxxxxxxxx23,825.3 M
Book Value Per Share xxxxxxxxxxxxxxx6,093.1
Net Operating Cash Flow xxxxxxxxxxxxxxx5,498.5 M
Net Profit Margin xxxxxxxxxxxxxxx19.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx16.70 %
Return on Invested Capital xxxxxxxxxxxxxxx10.46 %
Return on Assets xxxxxxxxxxxxxxx7.92 %
Return on Equity xxxxxxxxxxxxxxx16.70 %
Return on Total Capital xxxxxxxxxxxxxxx12.77 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,456.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1,227 M
Long Term Debt xxxxxxxxxxxxxxx16,318 M
Total Debt xxxxxxxxxxxxxxx17,545 M
Goodwill - Gross xxxxxxxxxxxxxxx12,306 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,291 M
Price To Book Value xxxxxxxxxxxxxxx3.93

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,541.0 M
Capex % of Sales xxxxxxxxxxxxxxx6.47 %
Cost of Goods Sold xxxxxxxxxxxxxxx12,186 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx5,415 M
Research & Development xxxxxxxxxxxxxxx2,098 M
Investments - Total xxxxxxxxxxxxxxx310 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

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xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

23/09/2025

1

Overweight

$285.00

43.36%

CSL entered into a collaboration and option agreement with VarmX to develop VMX-C001, a novel treatment designed to restore blood coagulation in patients taking Factor Xa (FXa) inhibitors.

Morgan Stanley notes the company will fund phase 3 clinical trial and commercialisation costs, and make an upfront payment of -US$117m to exercise the option to acquire VarmX following receipt of phase 3 data. 

Additional pre-launch payments of up to -US$388m, plus up to -US$1.7bn in milestones, may be made.

The broker estimates mid to high single-digit EPS accretion vs its base case, assuming launch in FY30, 10-year penetration to 30%, and EBIT margins of 45%. Potential valuation upside in the broker's estimate is $19/share.

The broker didn't factor any of this into its earnings forecasts yet.

Overweight. Target trimmed to $285 from $291 due to higher AUD/USD. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 487.88 cents and EPS of 1117.15 cents.
Morgan Stanley forecasts a full year FY27 dividend of 526.73 cents and EPS of 1266.31 cents.

Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Jarden

21/08/2025

2

Overweight

$298.13

49.96%

Following FY25 results by CSL, Jarden cuts its profit (NPATA) forecasts by -1% for FY26, -3.7% for FY27 and -6.7% for FY28, reducing its target price to $298.13 from $313.50.

An Overweight rating is maintained, with the analysts viewing the share price fall post results as an overreaction.

Management reported FY25 profit at the top end of guidance and issued FY26 profit guidance of US$3.45-3.55bn, broadly in line with consensus.

Jarden notes this guidance masks weakness in the Behring business, with tender losses in the UK and Mexico weighing on immunoglobulin (IG) growth, and the group abandoning its gross margin recovery timeline.

The broker highlights IG revenue growth slowed to 7% in FY25, with second-half growth turning negative, impacted by Medicare Part D and lost tenders.

While CSL avoided low-margin contracts, the analysts see near-term growth reduced by -300-400bps, though expects Hizentra (a subcutaneous immunoglobulin treatment) to grow double digits and IG overall at mid-to high-single digits.

Management announced a -US$500-550m cost-out program, though part of this will be reinvested, and flagged an $750m buyback.

FORECAST
Jarden forecasts a full year FY26 dividend of 365.91 cents and EPS of 845.87 cents.
Jarden forecasts a full year FY27 dividend of 507.92 cents and EPS of 1129.43 cents.
Access Extra Coverage Research History >

CSL STOCK CHART

FNArena News on CSL

Latest Pharmaceuticals & Biotech/Lifesciences News

1
CSL: Buy Trigger Ahead

Apr 26 2022 - Technicals
2
Why CSL Fell Sharply Yesterday

Dec 17 2021 - Australia
3
Beating The Biotech Blues

Sep 14 2021 - International
4
Uncertainty Prevails For CSL

Aug 19 2021 - Australia
5
Flying High – Medicinal Marijuana In Australia

Jul 26 2021 - Australia
6
Wesfarmers On Drugs?

Jul 13 2021 - Australia
7
Is CSL’s Plasma Recovery Now Priced In?

Jun 23 2021 - Australia
8
CSL: Buy The Dip

Jun 22 2021 - Technicals
9
CSL To Retest Its High?

May 25 2021 - Technicals
10
Treasure Chest: CSL Plasma At Turning Point?

May 05 2021 - Treasure Chest