Csl Limited · ASX:CSL
Csl — Investor Day (November 2025)
76 slides from Csl's investor day presentation, Nov 5, 2025
Slide 1: CSL Capital Markets Day
5 November, 2025 Melbourne, Australia CSL Capital Markets Day CSL Limited (ASX:CSL; USOTC:CSLLY) will hold its Capital Markets Day in Chicago, Illinois USA. Please find attached the second set of presentation materials. For personal use only Given the time of the event for those working in Australia
Slide 2: CSL Capital Markets Event November 2025
For personal use only CSL Capital Markets Event November 2025
Slide 3: Legal Notice
Legal Notice IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about CSL Limited (ACN 051 588 348) and its related bodies corporate (together, CSL) and CSL's activities as at the date of this presentation. It is information given in summary form only and does For persona
Slide 4: For personal use only
For personal use only 3
Slide 5: Plasma product market dynamics
Plasma product market dynamics For personal use only • Capital intensive infrastructure • Up to 12-month supply chain • High cash intensity • Long regulatory pathway Significant unmet need
Slide 6: Our strategy to deliver revenue growth
Our strategy to deliver revenue growth For personal use only 1 Strong patient demand across indications FOCUS ON RARE DISEASES Ig is a critical first-line treatment with WITH HIGH attractive and durable growth outlook UNMET NEED Market leader in Ig with benefits of scale Attractive growth opportunit
Slide 7: Our strategy to drive profitability
Our strategy to drive profitability CPL REDUCTION For personal use only NEW PRODUCTS DRIVERS OF ASP MIX SHIFT GROSS MARGIN IG YIELD COST IMPROVEMENT LEADERSHIP SCALE & EFFICIENCY MEASURES R&D INFRASTRUCTURE 2 COST SAVINGS FROM OPERATIONAL EFFICIENCIES TRANSFORMATION PROGRAM COMMERCIAL EFFICIENCIES C
Slide 8: Our strategy to drive shareholder returns
Our strategy to drive shareholder returns For personal use only DISCIPLINED Rigorous capital allocation framework to balance CAPITAL investment in future growth ALLOCATION with shareholder returns INVESTMENT IN • Invest in our products FUTURE GROWTH • Invest in our operations REINVEST INTO OPERATION
Slide 9: For personal use only
For personal use only
Slide 10: CSL's outlook beyond FY26
CSL’s outlook beyond FY26 For personal use only Mid single-digit revenue growth Gross margin expansion and operating leverage High single-digit NPAT growth Continued dividends and multi-year, on-market share buyback
Slide 11: Ig Excellence
For personal use only Ig Excellence 5 November 2025 Andy Schmeltz Dr. Mary Oates, Ph.D. Chief Commercial Officer Chief Operating Officer
Slide 12: Immunoglobulin anchors CSL's strong growth portfolio
Immunoglobulin anchors CSL’s strong growth portfolio FY25 Behring + Vifor revenue: $13.4B, +6%1 For personal use only Ig ~45% Established Growth Core Drivers ~30% ~70% Growth Drivers beyond Ig ~25% 1. Percentages growth vs previous FY at constant currency
Slide 13: Key messages
Key messages 1 Strong Ig market demand with balanced supply For personal use only 2 Relentlessly driving plasma supply chain efficiencies 3 Transformative yield improvements underway 4 Driving CSL growth across indications and presentations via innovation and commercial excellence
Slide 14: Immunoglobulin – CSL's flagship franchise
Immunoglobulin – CSL’s flagship franchise Polyclonal Ig active across multiple mechanisms for Ig replacement & immunomodulation FY25 For personal use only Global Ig Revenue $6.1B +7%1 Established Core Pathogen Complement Immune Cell ~30% Neutralisation Scavenging Modulation Ig ~45% Reduction of FcyR
Slide 15: Ig market demand
Ig market demand Steady mid-to-high single-digit demand growth driven by unmet need Pre-COVID COVID Growth For personal use only Consistency Disruption Stability 20% 15% Enabled by : 10% • Increasing diagnosis • Treatment trends and guidelines 5% 0% US Demand MAT growth -5% Linear (US Demand MAT gro
Slide 16: Ig total addressable market across core diseases
Ig total addressable market across core diseases Significant unmet needs given challenges in diagnoses and therapy initiation* For personal use only PID SID CIDP ~900K ~1M Prevalence Diagnosed ~360K ~110K ~320K ~83K IG Treated ~120K ~100K ~62K Challenges • Limited awareness • Low rate of IgG testing
Slide 17: Ig market growth trend
Ig market growth trend Robust growth across core indications and presentations Volume* (T) by Indication Volume* (T) by Presentation For personal use only CAGR CAGR 200 9% 200 9% 200 200 179 179 180 SID 14% 180 SCIg 9% 162 162 160 152 160 152 CIDP 140 140 10% 120 120 100 100 80 PID 8% 80 IVIg 10% 60
Slide 18: Ig market supply
Ig market supply Steady mid-to-high single-digit growth calibrated to demand Pre-COVID COVID Growth For personal use only Consistency Disruption Stability 20% 15% 10% Supply normalized after COVID disruption 5% 0% US Supply MAT growth -5% Linear (US Supply MAT growth) -10% Source: US PPTA Ig Market
Slide 19: Ig market supply and demand
Ig market supply and demand Balanced mid-to-high single-digit growth Pre-COVID COVID Growth For personal use only Consistency Disruption Stability 20% 15% Ig market remains robust 10% Attractive supply / demand dynamics 5% 0% US Supply MAT growth -5% US Demand MAT growth -10% Source: US PPTA Ig Mark
Slide 20: CSL's vertically integrated end-to-end Ig capability
CSL’s vertically integrated end-to-end Ig capability Poised to enable sustainable, profitable growth For personal use only COST & OPERATIONS LEADERSHIP SCALE & INNOVATION COLLECTION AND VOLUME GROWTH
Slide 21: Plasma collection
Plasma collection Leveraging innovation to collect plasma and meet Ig demand For personal use only COST & OPERATIONS LEADERSHIP SCALE & INNOVATION COLLECTION & VOLUME GROWTH • Largest plasma collection volume globally • Relentlessly focused on improving efficiency • Digitising the donor experience
Slide 22: Plasma collection efficiency gains
Plasma collection efficiency gains Strong focus on plasma cost per litre Plasma cost per litre (CPL) Centre-level CPL and volume For personal use only (nominal, index, FY19 =100) Keep Exit Collection Volume 330 Centers 22 Center Closures Low Centre CPL High iNomi enables CPL has Donor fees ~10% incr
Slide 23: Driving towards a personalised donor experience
Driving towards a personalised donor experience Enhancing capabilities to attract and retain donors For personal use only Intelligent & Integrated Segmentation- Based Technology Enabled Centralised & Independent Fees & Incentives Informed Payment Platform Centre Driven & Fixed Marketing Effectivenes
Slide 24: Multiple efficiency levers beyond donor fees
Multiple efficiency levers beyond donor fees Enabled by operational excellence, innovation and data-based insights For personal use only Avg Plasma Volume Labor Hours Per Plasmapheresis Improvement per Donation Recovery Donation Improvement ~ 12% ~ 10% ~ 0.6% Improvement Improvement Improvement Driv
Slide 25: Operations and manufacturing
Operations and manufacturing Increasing supply chain efficiency via operational excellence and yield initiatives For personal use only COST & • Network optimisation OPERATIONS • End-to-end operational LEADERSHIP excellence programs • Horizon 1 and 2 SCALE & INNOVATION COLLECTION & VOLUME GROWTH Dr.
Slide 26: Efficiency in Operations
Efficiency in Operations Relentless focus on continuous improvement enabling reduction in addressable manufacturing expenses For personal use only 100% 85% 74% FY23 FY26 FY28 Year over year gross expense reduction relative to FY23 manufacturing spend
Slide 27: Strong progress made on Horizon initiative
Strong progress made on Horizon 1 initiative For personal use only HORIZON 1 OBJECTIVES OUTCOME YIELD EFFICIENCY RESILIENCE ~10% less Initiative plasma focused on Optimise Ig per More efficient Increased required to incremental litre of plasma manufacturing reliability satisfy same process demand im
Slide 28: Horizon yield improvement program progressing as planned
Horizon 2 yield improvement program progressing as planned For personal use only Global regulatory Full scale runs in US facility filings for Privigen Privigen and Hizentra first module construction and Hizentra from regulatory filings successful initiated first two modules for US facility August 20
Slide 29: Plasma Savings with Horizon and Programs
Plasma Savings with Horizon 1 and 2 Programs Combined Horizon 1 and 2 yield improvements will deliver ~20% reduction in plasma collection needs use only Theoretical Plasma Collections Needed without Yield Improvement Programs Plasma Collection Benefits from Horizon 1 Combined Plasma Collection Benef
Slide 30: Innovation and commercialisation
Innovation and commercialisation Investing to sustain and expand CSL Ig share For personal use only COST & OPERATIONS LEADERSHIP SCALE & INNOVATION COLLECTION & VOLUME GROWTH • Grow market and expand share • Accelerate lifecycle opportunities • Elevate medical and commercial excellence
Slide 31: PRIVIGEN
PRIVIGEN® #1 IVIg brand worldwide* For personal use only Value proposition IVIg market* volume (T) • First and only IVIG with proline stabilisation CSL • Designed for tolerability in a wide range of ~25% Share patients • Proven efficacy and safety across indications and supported by ~200 publication
Slide 32: HIZENTRA
HIZENTRA® #1 prescribed SCIg For personal use only Value proposition SCIg market* volume (T) • Trusted efficacy, safety and self administration convenience supported by ~ 265 publications • Dosing flexibility without IV burden or Ig peaks and troughs Rest of • The only SCIg available as a prefilled
Slide 33: Ig treatment challenges for distinct patient populations
Ig treatment challenges for distinct patient populations Untapped potential* across core Ig replacement and immunomodulation uses For personal use only PID SID CIDP ~900K ~1M Prevalence Diagnosed ~360K ~110K ~320K ~83K IG Treated ~120K ~100K ~62K Challenges in • Limited awareness among PCPs • Low ra
Slide 34: CIDP
CIDP Ig to remain first line standard of care as new agents emerge More than 70% of US patients are Higher FcRn patient volume Majority of FcRn drop-offs For personal use only well controlled on Ig therapy leads to more drop-offs revert to Ig therapy ~60K1 3 2.6 ~18K 3 32% 36% ~42K4 38% ~12K 2 1.9 R
Slide 35: CSL Ig data generation and lifecycle management
CSL Ig data generation and lifecycle management Upgraded Medical Affairs capabilities to strengthen scientific leadership in Ig For personal use only CSL Ig – publication plan • HIZENTRA® PID-Naïve (US) 50 • HIZENTRA® SID (US) Other • PRIVIGEN® Measles (EU) Label 40 • PRIVIGEN® Japan label PID enhan
Slide 36: CSL Ig commercialisation
CSL Ig commercialisation Targeted initiatives focused on growing market and growing share For personal use only GROWING THE MARKET GROWING OUR SHARE Scale US commercial reach Increase PID diagnosis and treatment globally • New Hospital salesforce and expanded Ig salesforce • First and only fully int
Slide 37: US HIZENTRA: Accelerating market and brand growth
US HIZENTRA: Accelerating market and brand growth Market Development Patient Activation Contracting and Pull Through For personal use only Leveraging Improve Targeted First and only IG Portfolio Combined IG AI to diagnosis and Media to improve Amplification portfolio for preference patient contracti
Slide 38: Sustaining CSL Ig franchise leadership
Sustaining CSL Ig franchise leadership Forecast growth drivers CSL Ig revenue mix in FY28 [1] For personal use only Attractive and durable market growth for Ig across indications and presentations ~28% ~33% Balanced market demand and Other PID ~40% supply Mix by SCIg Mix by indication presentation ~
Slide 39: Key messages
Key messages 1 Strong Ig market demand with balanced supply For personal use only 2 Relentlessly driving plasma supply chain efficiencies 3 Transformative yield improvements underway 4 Driving CSL growth across indications and presentations via innovation and commercial excellence
Slide 40: Advancing Beyond Ig
For personal use only Advancing Beyond Ig Patient: Leah, who lives with HAE Andy Schmeltz 5 November 2025 Chief Commercial Officer
Slide 41: Strong CSL portfolio with compelling growth drivers beyond Ig
Strong CSL portfolio with compelling growth drivers beyond Ig FY25 Behring + Vifor revenue: $13.4B, +6%1 For personal use only Ig Ig Albumin 45% Hemophilia Established Iron Core Acute Hemorrhagic Control ~30% Nephrology (Dialysis) Hereditary Angioedema Growth Drivers beyond Ig ~25% Nephrology (Non-D
Slide 42: Key messages
Key messages 1 Significant portfolio breadth and depth beyond Ig For personal use only 2 Focused on disease areas with attractive growth prospects 3 Key contributions from both Growth Drivers and Established Core
Slide 43: CSL Hemophilia portfolio
CSL Hemophilia portfolio Leveraging 50 years of experience in treating bleeding disorders FY25 For personal use only Global Hemophilia Revenue $1.5B +13%1 MONONINE® Hemophilia B Coagulation Factor IX 11% (Human) Monoclate-P® Hemophilia A Antihemophilic Factor (Human) von Willebrand Disease 1.Percent
Slide 44: Hemophilia B unmet need and total addressable market
Hemophilia B unmet need and total addressable market Dynamic, growing category expecting ~8% global revenue CAGR through FY28 For personal use only Unmet needs Total addressable market FY25 (7MM) Hemophilia Prevalent Patients[1] Infusion burden (~15K – 18K) + Diagnosed Patients[1] (~12K – 14K) Durab
Slide 45: IDELVION
IDELVION® Leading prophylaxis therapy with proven, differentiated profile Hemophilia B Prophylaxis For personal use only Value proposition CSL strategy market share (7MM) Proven efficacy with no Other FIX IDELVION Non-factor Tx Maintain position as the spontaneous joint bleeds or #1 prescribed FIX f
Slide 46: HEMGENIX
HEMGENIX® Transformative treatment with improving reimbursement landscape to fuel growth For personal use only Value proposition HEMGENIX cumulative patients CSL strategy Functionally curative Leverage strong market access Factor IX levels Pursue innovative contracting approaches Greater bleed prote
Slide 47: CSL Acute Hemorrhagic Control (AHC) portfolio
CSL Acute Hemorrhagic Control (AHC) portfolio More than three decades of proven efficacy and safety For personal use only FY25 Global AHC Revenue $0.9B (10%)1 7% 1. Percentages growth vs previous FY at constant currency
Slide 48: AHC unmet need and total addressable market
AHC unmet need and total addressable market Growing category ~6% global revenue CAGR through FY28 For personal use only Unmet needs AHC market potential (7MM) High transfusion burden Acute Hemorrhage Risk of serious + Care Market complications + OAC Market Non-OAC Market ~25M Pts2 ~12M – 15M Procedu
Slide 49: AHC franchise value proposition and strategy
AHC franchise value proposition and strategy CSL holds leading share at ~50% of global revenue; poised to grow via lifecycle enhancements Value proposition For personal use only • #1 prescribed 4F-PCC globally for acute major • #1 Fibrinogen Concentrate globally for patients with bleeding acute majo
Slide 50: VarmX: VMX-C001 Collaboration
VarmX: VMX-C001 Collaboration Potential to offer significant value to patients, physicians and health care systems globally For personal use only Value Proposition Strategic Fit High Unmet Need: No medicines currently approved Strong fit with CSL AHC portfolio & capabilities to reverse FXa inhibitor
Slide 51: CSL HAE portfolio
CSL HAE portfolio Empowering the HAE community for over 40 years For personal use only FY25 Global HAE Revenue $0.8B +4%1 6% 1. Percentages growth vs previous FY at constant currency
Slide 52: HAE unmet need and total addressable market
HAE unmet need and total addressable market Category expected to grow ~7% global revenue CAGR through FY28; long-term prophylaxis segment expanding to ~55% of treated patients For personal use only Unmet needs Total addressable market FY25 (7MM) Breakthrough HAE attacks in long term prophylaxis pati
Slide 53: HAE franchise value proposition
HAE franchise value proposition Addressing patient needs with on-demand and long-term prophy options For personal use only Prophylaxis treatment Prophylaxis treatment Patient type On demand treatment for those appropriate for ages 12+ for C1-INH MOA Adds functioning Adds functioning Inhibits FXIIa a
Slide 54: ANDEMBRY
ANDEMBRY® Promising trajectory with strong uptake and momentum For personal use only Value proposition ANDEMBRY patient uptake CSL strategy • Rapid onset Double down on launch Best-in- • Differentiated benefit- momentum category risk profile profile • Category-leading Actively engage with all HAE co
Slide 55: ANDEMBRY US Launch Excellence
ANDEMBRY US Launch Excellence Evidence Generation and Unique Patient Experience Commercial Execution For personal use only Scientific Exchange Patient Unique, best-in- Medical Field >1,000 Medical Field >4K HCPs reach, Experience class patient Engagement Affairs HCP Selling largest experience intera
Slide 56: CSL Nephrology (Non-Dialysis) portfolio
CSL Nephrology (Non-Dialysis) portfolio Bringing innovation to patients in need For personal use only FY25 Global Nephrology 2% (Non-Dialysis) Revenue $0.3B +34%1 1. Percentages growth vs previous FY at constant currency
Slide 57: Nephrology (Non-Dialysis) unmet need and total addressable market
Nephrology (Non-Dialysis) unmet need and total addressable market Partnering to preserve renal function with innovative, practice-changing therapies For personal use only Unmet needs Total addressable market FY25 • Proteinuria not well EU4 & UK EU4, UK & JP controlled Biopsy confirmed IgAN Incidence
Slide 58: Nephrology (Non-Dialysis) value proposition and strategy
Nephrology (Non-Dialysis) value proposition and strategy Growing adoption and expansion opportunities ahead Value proposition For personal use only Innovative First non-immunosuppressive IgAN-specific First targeted therapy for AAV (GPA/MPA) addressing key treatment; differentiation based on efficac
Slide 59: Established core
Established core Foundational medicines with leadership positions For personal use only AlbuRx® 25 Albumin Alburex® 20 Albumin (Human) 25% Solution ESTABLISHED CORE ~30% Iron Nephrology (Dialysis)
Slide 60: CSL Albumin portfolio
CSL Albumin portfolio Responding to China market dynamics by recalibrating local go-to-market model China For personal use only FY25 Global Albumin Albumin Situation CSL strategy Revenue Market $1.3B +7%1 Implementation of policy Expanding 10% Hospital changes driving strict customer facing Albumin
Slide 61: CSL Iron portfolio
CSL Iron portfolio Continued volume growth beyond LOE For personal use only FY25 Global Iron Revenue Situation CSL strategy $1.0B +1%1 Compete purposefully in post- Rising competition LOE markets via tender and post-LOE in Europe contracting excellence Grow in pre-LOE markets to 8% Anticipated gener
Slide 62: Strong CSL portfolio with compelling growth drivers
Strong CSL portfolio with compelling growth drivers Well positioned to deliver over the mid term horizon Growth Drivers volume & For personal use only differentiation-driven growth Ig Established Core Sustained global leadership in a large volume-driven growth and durable market Albumin Ig Hemophili
Slide 63: Key messages
Key messages 1 Significant portfolio breadth and depth beyond Ig For personal use only 2 Focused on disease areas with attractive growth prospects 3 Key contributions from both Growth Drivers and Established Core
Slide 64: Capital Allocation
For personal use only Capital Allocation Patient: Glen, who lives with CIDP 5 November 2025 Ken Lim Chief Financial Officer
Slide 65: Key messages
Key messages Rigorous capital allocation framework to balance 1 For personal use only investment in future growth with shareholder returns Transformation program underway to position for future 2 growth Deliver durable shareholder returns via revenue growth, 3 operating leverage, dividends and share
Slide 66: Rigorous capital allocation framework
Rigorous capital allocation framework For personal use only STRONG CASH GENERATION PROFILE Capital allocation framework Maintain strong Returns to Invest in our products Invest in our operations balance sheet shareholders • Commercial and medical • Efficient expansion of our • Net debt / EBITDA • Co
Slide 67: Investing in CSL's product portfolio
Investing in CSL’s product portfolio Therapeutic areas For personal use only Portfolio expansion through: • internally and externally sourced programs • LCM and novel opportunities Closer integration across Business key functions R&D Commercial Operations Development
Slide 68: Framework for assessing portfolio opportunities
Framework for assessing portfolio opportunities For personal use only Criteria for new products Lifecycle management Research & Strong science and significant Development unmet medical need Novel opportunities Attractive commercial channels & returns Partnership, licensing and acquisitions Target pe
Slide 69: Transforming CSL for future growth
Transforming CSL for future growth For personal use only Operational Commercial R&D infrastructure Corporate functions efficiencies efficiencies • Consolidate footprint • Close lower • Combine Behring • Streamline corporate from 13 to 6 sites performing and and Vifor medical functions higher cost pl
Slide 70: Targeted cost savings to be realised by end of FY28
Targeted cost savings to be realised by end of FY28 Phased realisation of cost savings Breakdown of FY28 savings by cost category For personal use only US$ million % of total targeted cost savings Up to ~$550MM 10% 35% 20% 35% FY26 FY27 FY28 One-off costs of ~US$700-770 million expected to be incurr
Slide 71: Maintaining our network and investing in future growth
Maintaining our network and investing in future growth Capital expenditure For personal use only US$ million 1,400 1,200 FY26 guidance 1,000 $800m +/- $100m 800 600 400 Horizon 2 capex: Other capex: 200 ~US$1.5B between Consistent with FY26 FY26-301 guidance in near term 0 FY23 FY24 FY25 FY26 1. Sub
Slide 72: Tariffs and US Administration approach to MFN Policies
Tariffs and US Administration approach to MFN Policies For personal use only • All plasma products sold and imported in the US are derived from US-sourced active ingredients (i.e. conferring US country of origin) • Majority of plasma supply chain value is created in the US • Significant US facility
Slide 73: CSL's financial outlook
CSL’s financial outlook FY26 FY27-28 For personal use only Mid single-digit revenue growth Revenue Growth ~2-3% @CC Gross margin expansion and operating leverage NPATA Growth (excl. restructuring costs) ~4-7% @CC 1 High single-digit NPAT growth Multi-year, On-market Share Buyback Continued dividends
Slide 74: Key messages
Key messages Rigorous capital allocation framework to balance 1 For personal use only investment in future growth with shareholder returns Transformation program underway to position for future 2 growth Deliver durable shareholder returns via revenue growth, 3 operating leverage, dividends and share
Slide 75: Closing Remarks
For personal use only Closing Remarks Dr. Paul McKenzie 5 November 2025 Managing Director & CEO
Slide 76: Key strengths of CSL's business
Key strengths of CSL’s business Global leader in large and growing markets with unmet patient needs For personal use only Market-leading plasma protein franchise with attractive and durable growth Expanding innovative portfolio beyond Ig Strategy to deliver mid-single digit revenue growth and drive