The Fin The biggest Australian company you've never heard of (and why it's in trouble)
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Nov 5, 2025 Michael Smith, health editor at the Financial Review, dives into CSL, Australia's biotech giant. He traces CSL's rise from a government lab to a $145 billion player, discussing its core products like plasma therapies and vaccines. Smith highlights the struggles post-Vifor acquisition, investor distrust, and the fallout from declining US vaccination rates. He also touches on political issues, including Trump-era tariffs impacting CSL's future. Can CSL regain investor confidence? Smith offers insights into the company's potential recovery.
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CSL's Core Business Is Plasma Medicines
- CSL's core business is blood plasma: collecting plasma globally and refining it into medicines.
- Plasma products supply treatments for haemophilia, immune deficiencies, flu vaccines and iron/kidney care.
From Government Lab To Global Biotech
- CSL began as Commonwealth Serum Laboratories in 1916 and produced penicillin, insulin and polio vaccines.
- Brian McNamee transformed it from a government bureaucracy into a commercial global biotech through privatisation and acquisitions.
Behring Dominates CSL's Revenues
- CSL's revenue is dominated by CSL Behring, which accounts for over 70% of group sales.
- Major acquisitions like Behring and the 2021 Vifor (V4) deal reshaped its scale and risk profile.