CSL Limited

CSL stands for Commonwealth Serum Laboratories, originally established during World War One to produce vaccines and antivenoms for the Australian public. The company has a proud history, enabling many of the 20th century medical advances to reach our shores such as insulin, penicillin and flu vaccines. The transition to a publicly listed entity occurred in 1994, marking the start of CSL’s transformation into a global biopharmaceutical company. Its 1994 IPO was done at A$2.30 per share, and a 3 for 1 stock split in 2007 means those original shares are about $0.77 each. A pivotal moment in CSL’s history was its acquisition of Novartis’ influenza vaccine business in 2015, rebranded as Seqirus. This move significantly expanded CSL’s footprint in vaccines, complementing its plasma therapies and strengthening its position in the global health market. Another moment came in late 2021 when it bought Vifor, a Swiss renal therapy and iron deficiency products company. It paid a whopping US$11.7bn and investors have been skeptical that it has obtained (or that it ever will obtain) a value for money. Ever since, it has been difficult times for the company. It has been plagued by fears over weight-loss drugs and their potential to possibly reduce the size of CSL’s markets, with the logic being if you cut obesity, you cut the incidence of related conditions. It is failing to see the payoff from Vifor that was promised, anti-vaxxer sentiment in the US is hurting its business, margin problems in the Behring business and there’s a perception the company has no idea how to turn things around. CEO Paul McKenzie departed in early 2026 after 3 unsuccessful years and was replaced by Gordon Naylor on an interim basis