CSL 有限公司 | 亚太 FY26 业绩：初步看法

研报英文原文证据摘录

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M

Update

August 17, 2026 10:49 PM GMT

Morgan Stanley Australia Limited+

CSL Ltd | Asia Pacific

David L Bailey

Equity Analyst

FY26 Result: First Take

Peter Niu

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

CSL Ltd (CSL.AX, CSL AU)

Key Takeaways

Australia Healthcare | Australia

The beats: FY26 revenue and gross profit ahead of expectations for all segments;

Ig and albumin revenue +3% vs VA. Cost savings of US$176mn.

The misses: FY26 SG&A ahead of expectations; R&D slightly ahead.

FY27 outlook: Underlying NPAT growth of +5% on a base of US$2,837mn. When

including a lower IP amortisation charge, this implies NPATA growth of +2%.

For FY27, CSL expects mid single-digit growth for CSL Behring, low single-digit

growth for Seqirus and a ~25% revenue decline for Vifor.

Exhibit 1:

CSL FY26 result

FY25

Actual

FY26

YoY

VA

Revenue

Behring

Seqirus

Vifor

Group

11,158

2,166

2,234

15,558

11,387

2,031

2,379

15,797

2.1%

-6.2%

6.5%

1.5%

11,133

1,994

2,303

15,410

Gross profit

Behring

Seqirus

Vifor

Group

5,641

1,257

1,545

8,443

5,648

1,151

1,655

8,454

0.1%

-8.4%

7.1%

0.1%

Gross margin

Behring

Group

50.6%

54.3%

49.6%

53.5%

Group

SG&A

R&D

SG&A/revenue

R&D

EBIT

…EBIT margin

Net interest

PBT

Tax

…Tax rate

NPATA

Minorities

NPATA attributable

2,616

1,359

16.8%

8.7%

4,468

28.7%

410

4,058

645

15.9%

3,413

194

3,219

2,611

1,223

16.5%

7.7%

4,620

29.2%

405

4,215

879

20.9%

3,336

238

3,098

Variance

MS

VA

MS

10,980

2,004

2,279

15,263

2.3%

1.8%

3.3%

2.5%

3.7%

1.3%

4.4%

3.5%

5,530

1,105

1,556

8,205

5,443

1,156

1,548

8,146

2.1%

4.2%

6.4%

3.0%

3.8%

-0.4%

6.9%

3.8%

-1.0%

-1.4%

49.7%

53.2%

49.6%

53.4%

-0.1%

0.3%

0.0%

0.1%

-0.2%

-10.0%

-29bps

-99bps

3.4%

53bps

-1.2%

3.9%

36.3%

496bps

-2.3%

22.7%

-3.8%

2,493

1,217

16.2%

7.9%

4,475

29.0%

386

4,090

796

19.5%

3,281

216

3,078

2,470

1,179

16.2%

7.7%

4,497

29.5%

394

4,103

780

19.0%

3,324

219

3,105

4.7%

0.5%

35bps

-16bps

3.2%

21bps

5.0%

3.1%

10.4%

139bps

1.7%

10.4%

0.6%

5.7%

3.8%

35bps

2bps

2.7%

-22bps

2.8%

…