CSL Ltd (CSL.AX): US neurologist survey – Ig prescribing in CIDP looks steady but first line FcRn prescribing is growing

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CSL Ltd (CSL.AX): US neurologist survey – Ig prescribing in CIDP looks steady but first line FcRn prescribing is growing

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22 Jul 2026 08:04:50 ET │ 12 pages

CSL Ltd (CSL.AX)

US neurologist survey – Ig prescribing in CIDP looks steady but first

line FcRn prescribing is growing

CITI'S TAKE

Yesterday we published the July iteration of our proprietary longitudinal Neutral

survey of US neurologists (n=103). The data again show that use of Ig in Price (22 Jul 26 16:00) A$117.94

CIDP patients (20%+ of CSL’s Ig sales) looks fairly constant. They also show Target price A$110.00that the intent to prescribe drops off slightly further out. This has been the

case for the past few survey iterations, yet each time Ig prescribing does not Expected share price return -6.7%

move much, so in practice we think physician caution and some stickiness Expected dividend yield 3.4%

is real. On the other hand, we see in this version, a notable jump in first line Expected total return -3.3%prescribing of Argenx’s Vyvgart (10% of Vyvgart new starts to 20%), so

smaller numbers look like they are becoming larger, and could eventually Market Cap A$56,483M

have more of an impact. Full survey results are here including dynamics in US$39,538M

other indications where Ig is used (MG and DM).

Investor sentiment on the shares still feels very cautious — Our recent

conversations with investors indicate apprehension around whether growth in Price Performance

albumin can be turned around to the degree that the company has suggested (in (RIC: CSL.AX, BB: CSL AU)

particular, given market value compression in China), few perceived bright spots at

Vifor and the view that the US Ig market is probably still in modest oversupply, which

would logically suggest that net pricing power is weaker than usual.