CSL Limited: Iron replacement: KOL discusses generics risk

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CSL Limited: Iron replacement: KOL discusses generics risk

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CSL Limited

Iron replacement: KOL discusses generics

risk

Maintain Rating: NEUTRAL | PO: 130.00 AUD | Price: 126.83 AUD

KOL views on US iron replacement market 09 July 2026

We hosted a call with Jose Tinajero, Bone Marrow Transplant and Hematology Clinical Equity

Pharmacist at City of Hope, to discuss the US iron replacement market including patient

pipeline, pricing & reimbursement, and brand selection. City of Hope is one of the Lyanne Harrison >>

largest US cancer research and treatment organizations. Over 1,000 patients per annum Research Analyst

Merrill Lynch (Australia)

are treated for iron deficiency (30%/70% inpatients/outpatients). +61 2 9226 5028

lyanne.harrison@bofa.com

70% switch to Venofer generics Elizabeth Davies >>

Research Analyst

Following the launch of generic Venofer (iron sucrose) in 2025, c70% of Venofer volume Merrill Lynch (Australia)

at City of Hope has migrated to the generic product. Conversion was supported by +61 2 9226 5078

elizabeth.davies2@bofa.com

discounts and volume rebates, while list-price savings were relatively limited given

Venofer's status as a low-cost, mature IV iron. By comparison, Injectafer remains one of

the market’s most expensive iron replacement therapies, suggesting meaningful payer

incentives for infusion centres to switch to generic ferric carboxymaltose once available. Stock Data

Payer denials increasing Price (Common / ADR) 126.83 AUD / 21.61 USD Price Objective 130.00 AUD / 24.10 USD

Reimbursement approval for Injectafer and Venofer remains challenging, with ~70% of Date Established 26-May-2026 / 29-Jun-2026

submissions denied on first review and subsequently appealed. Step edits preferred by Investment Opinion B-2-7 / B-2-7

payers.