Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Research evidence excerpt

Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Global Research

29 June 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: CSL, RHC +61-2-9324 2843

James Meares

News and press releases Analyst

james.meares@ubs.com

+61-29-324 3575CSL - "EU Commission opens antitrust probe into Sanofi’s flu vaccine campaign"

(Reuters , 26 Jun) Grace Allen

Associate Analyst

grace-za.allen@ubs.com

UBS View: The probe centres on allegations that Sanofi disseminated misleading +61-2-9324 2000

information about CSL Seqirus' Fluad in France and Germany. We consider this a modest

positive for CSL as it could support improved European flu vaccine sales in future

seasons.

CSL - "Update on TAVNEOS® (avacopan) in the European Union" (Company PR, 29 Jun)

CSL - "EMA recommends revoking marketing authorisation for Tavneos" (EMA, 26 Jun)

CSL - "CHMP recommends revoking marketing authorisation for TAVNEOS® (avacopan)

in the European Union" (Company PR, 26 Jun)

UBS View: The CHMP has recommended the European marketing approval for Tavenos

be revoked, with CSL expected to cease new patient initiation in EU & EEA. This

development was broadly expected after similar action in other jurisdictions. FY26

Tavneos Sales A$145m (VA Cons. A$145m) Further detail including impairment of

Tavneos IP will be provided at FY26 result, noting CSL has reiterated the ~$5bn of

impairments expected across FY26/27.

CSL - "Cassidy Proposes 340B Overhaul" (Politico, 26 Jun)

UBS View: This is the latest iteration of the on-going efforts to reform the 340B

program. The draft bill would deliver some helpful new transparency requirements for

340B hospitals along with other changes.