AT ITS AGM this morning, CSL announced it has downgraded its full-year profit and revenue outlook following lower-than-expected vaccination rates in the US and government cost-containment measures in China, which have reduced demand for albumin.
CSL Chief Executive Paul McKenzie said that the company's influenza vaccine business Seqirus expects US vaccination rates to decline by 12% for the overall population and by 14% for the 65 age group for the Northern Hemisphere 2025/26 season compared to last year.
Despite the lower flu vax rates, revenue for CSL Seqirus increased 2% as the avian flu pandemic response offset some of the losses.
Meanwhile for CSL Vifor, revenue was up 8% as iron sales grew in volume and the nephrology portfolio gained momentum, while CSL Behring also showed continued growth with revenue increasing by 6% at constant currency.
The biotech giant has cut its FY26 revenue growth outlook from 4-5% to 2-3%, while its NPATA growth forecast has been updated to 4-7%, down from 7-10%.
"Due to ongoing uncertainty in the US influenza vaccine market, while there are some scenarios in which group NPATA growth may touch double digits, we believe high single-digit growth is a more appropriate expectation until the US influenza vaccine market improves," McKenzie said.
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