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Global biotech making plasma-derived therapies, vaccines (Seqirus) and specialty medicines, with one of the largest plasma-collection networks worldwide.
Global biotech making plasma-derived therapies, vaccines (Seqirus) and specialty medicines, with one of the largest plasma-collection networks worldwide.
Earns most of its income from medicines made from human blood plasma, which it collects at its own donation centres, so access to plasma rather than demand is what limits growth. Seasonal flu vaccines through Seqirus are sold largely to governments and health systems. Most sales come from outside Australia, with the US the biggest market.
In one line: Australia's Grifols, but broader (plus a flu-vaccine arm).
Moat: wide (scale, regulatory licence, IP / patents). Largest global plasma-collection network and regulatory approvals create a very high barrier to entry.
Headquarters: Melbourne, Australia · Founded: 1916 · Employees: 29,000
Size CSL (CSL.AX) is an Australia Health Care company (Biotechnology) with a market value of $67.2B, the 6th largest of 316 Australia companies the cockpit tracks. Shares closed at A$202.04 on 6 Nov 2026.
Performance Over six months the shares gained 104.5%, against +38.8% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 14 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +8.6%); the operating margin is 25.7% (peer median 32.3%).
Valuation It trades at 22.4× forward earnings against a peer median of 28.7× (5th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (7.1% WACC).
Credit CSL has 5 bonds outstanding ($3.00B), rated A- by the agencies and trading like A at a weighted spread of 92 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$23.2B | A$23.2B | A$23.8B | A$22.4B | A$19.6B |
| Revenue growth | — | -3% | +6% | +14% | — |
| Gross profit | A$11.1B | A$11.1B | A$11.6B | A$10.9B | A$9.46B |
| EBITDA | A$7.49B | A$7.46B | A$7.79B | A$7.08B | A$5.60B |
| Net income | -A$3.63B | -A$3.81B | A$4.64B | A$4.03B | A$3.34B |
| Free cash flow | A$4.08B | A$4.23B | A$4.52B | A$2.92B | A$2.04B |
| Capital expenditure | A$1.82B | A$1.88B | A$1.54B | A$1.92B | A$2.52B |
| Total debt | n/a | A$15.7B | A$17.5B | A$18.2B | A$18.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CSL CSL.AX | $67.2B | +105% | -2% | 26% | 22.4× | 7.1% |
| Grifols GRF.MC | $7.49B | +23% | 0% | 16% | 13.0× | 6.8% |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CSL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.3% | +13.0% | 7th lowest of 14 |
| 6-month return | +104.5% | +38.8% | 2nd highest of 14 |
| Distance from 52-week high | -0.5% | -11.7% | highest of 14 |
| Revenue growth (TTM) | -2.5% | +8.6% | 4th lowest of 14 |
| Operating margin | 25.7% | 32.3% | 6th lowest of 14 |
| Forward P/E | 22.4× | 28.7× | 5th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 9.6% | 5th least demanding of 12 |
| Growth delivered (Del g) | +11.0% | +17.6% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -3.9 pp | -8.4 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | +3.5 pp | +4.1 pp | 7th lowest of 14 |
| EV / EBITDA | 15.0× | 17.2× | 2nd cheapest of 9 |
| Net debt / EBITDA | 1.8× | 1.5× | 4th most indebted of 9 |
| Bond spread | 92 bp | 76 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 22.4× | 7.1% | +11.0% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% | +7.7% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% | +31.4% |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | n/a | n/a | n/a |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% | +17.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% | +19.5% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Gilead Sciences GILD | United States | $207B | +28% | +7% | 38% | 19.3× | -2.9% | +3.6% |
| Amgen AMGN | United States | $249B | +40% | +9% | 36% | 18.9× | 1.8% | +7.8% |
CSL has 5 bonds outstanding with $3.00B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.97%, a spread of 92 bp over government bonds.