CSL Ltd

CSL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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CSL: Current Headwinds Appear More Structural and We Temper Our Long-Term Outlook

Shane Ponraj

Mar 10, 2026

We have reflected on CSL's soft interim plasma result and temper our view. Immunoglobulin, or lg, sales, which made 57% of plasma sales, fell 6% year on year in constant currency. The former CEO hadn't executed as hoped, with plasma margins up just 10 basis points to 51%.

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CSL Ltd

CSL: Current Headwinds Appear More Structural and We Temper Our Long-Term Outlook

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