Gordon Naylor, who stepped into CSL's interim chief executive role in February, has completed a 90-day review and set out a plan to accelerate the company’s transformation.
In an investor update, Mr Naylor said the business has clear strengths in plasma collections and influenza vaccines, and that culture and people remain a key strength.
He also warned that the financial benefits of growth initiatives will take longer to materialise than previously expected, and the company has revised its guidance for the 2026 financial year.
CSL now expects financial year 2026 revenue of about $15.2 and net profit after tax and amortisation, excluding restructuring and impairments, of around $3.1 billion on a constant currency basis.
The company said the downgrade reflects several specific headwinds, including a normalisation of US immunoglobulin channel inventory estimated to reduce revenue by roughly $300 million, a decline in albumin market value in China, reducing revenue by about $200 million, and the combined effects of the Middle East conflict, revised HEMGENIX growth and iron product competition, together cutting about $150 million.
Despite the weaker near-term outlook, the company said the review found progress in portfolio and commercial execution, with early signs of improving end-patient demand, momentum from recent launches, ongoing operational simplification and efficiency measures, and a transformation program delivering planned initiatives and cost reductions.
The company expects revenue growth for CSL Behring in the second half of the financial year 2026, and slightly stronger-than-anticipated performance from CSL Seqirus.
The company also advised it expects to recognise approximately $5 billion of non-cash pre-tax impairments across financial years 2026 and 2027, pending further analysis and Board and auditor approval. Those impairments include intangible assets related to CSL Vifor and underutilised property, plant, and equipment.
A global search for a permanent chief executive continues, and Mr Naylor is expected to remain on the CSL board as a non-executive director after the appointment and transition of the new CEO.
Chief Commercial Officer Andy Schmeltz will retire for personal reasons, and Diego Sacristan will take over as Chief Commercial Officer for CSL Behring and CSL Vifor effective 1 July 2026, with a planned handover.