
FEAR & GREED | Business News Q+A: What's going on with CSL?
7 snips
Nov 27, 2025 Steve Wheen, Head of Healthcare and Managing Director of Equity Research at Jarden, dives into the recent turmoil facing CSL. He discusses significant issues like a major R&D failure leading to a stock price plunge, concerns over the Vifor acquisition, and a notable drop in albumin sales due to policy changes in China. Weaker flu vaccine bookings and potential government risks also impact CSL's outlook. Despite negative sentiment, Wheen suggests the market may have overreacted, hinting at future opportunities for investors.
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Share Price Slide From Multiple Failures
- CSL's share price fell ~35% over 12 months after a series of setbacks and de-rating.
- Market confidence eroded due to multiple operational and strategic disappointments.
Costly R&D Failure And Underperforming Acquisition
- A major in-house R&D cardiac program failed after >$1bn spent and missing phase III endpoints.
- CSL then acquired Vifor (V4) in nephrology which has underperformed versus expectations.
Surprises Drove Recent Downgrades
- Two unexpected downgrades followed the FY25 result driven by weak flu bookings and falling albumin demand in China.
- Those surprises materially changed FY26 outlook and investor sentiment plunged.
