Message from the CEO Dear Shareholders, It gives me great pleasure to share our annual report for financial year 2024. This year, CSL reported strong financial results. This was driven by an exceptional performance across CSL Behring’s portfolio, especially immunoglobulins. The targeted plasma initiatives we have implemented are driving gross margin recovery. CSL Seqirus achieved solid growth in a challenging season, where its portfolio of differentiated products outperformed the broader market. For CSL Vifor, we are well prepared for the evolving iron market. Throughout this report, you will find detailed information regarding the financial and operating highlights of CSL throughout the financial year. I would like to add some of my own personal reflections. My Priorities During the year I reached the milestone of one year since I started as CSL’s Chief Executive Officer and Managing Director. While time has certainly flown by, every day I am reminded of the meaningful work our more than 32,000 passionate people do around the world. When I started, I set out five key priorities. I am pleased to report that we have made progress across all of these. The first two priorities concentrated on the financial performance of CSL. Top line growth across our core franchises was achieved in a difficult operating environment. Our immunoglobulin franchise grew strongly, at 21%. For CSL Seqirus, our adjuvanted FLUAD® product grew 16%. I also wanted us to concentrate on realising cost of goods sold efficiencies. Our CSL Behring gross margin recovery is underway, and there are several initiatives assisting in this goal that you can read about on page 16. We also see additional opportunities that include potential synergies with CSL Vifor, and a refreshed commercial operating model. Although these are financial metrics, they represent the hard work and ingenuity of a wide variety of our people across multiple functions. The continuous improvement mindset they have shown will continue to be a great benefit to our company. We aim to deliver sustainable, profitable growth over the long run, so the next two priorities focus on laying the foundations for the future of CSL. It is important that we maintain many options in our R&D pipeline and deliver results within our investment envelope. During the year, the first patients were dosed with HEMGENIX®, the groundbreaking gene therapy for haemophilia B patients that was developed in partnership with uniQure. It’s a treatment that was honoured with the distinguished Prix Galien award for Best Product for Rare/Orphan Diseases. Japan’s Ministry of Health, Labor and Welfare (MHLW) were also the first to approve KOSTAIVE®, the world’s first self‑amplifying mRNA (sa-mRNA) COVID-19 vaccine for initial vaccination and booster for adults 18 years and older. The sa-mRNA technology has the potential to create more potent cellular immune responses and increase duration of protection, whilst using considerably lower doses of mRNA. This approval marks an historic achievement as the first sa-mRNA vaccine to be registered in the world and represents a significant milestone for our partnership with Arcturus Therapeutics. We also filed for regulatory approvals in the US and EU for garadacimab, our homegrown monoclonal antibody aimed at helping people with hereditary angioedema. The future is digital, and we have been investing in new technologies to drive business performance. Our new facilities in Australia and Europe are equipped with state of the art, advanced manufacturing technology that will help support the future productivity of our sites. We are also using digital technology to customise our donor application to provide donors with a more personalised experience. My final priority is about the most important part of CSL: our people. That is to attract, engage, develop and retain next generation leaders. Promising Futures is how we articulate the purpose and possibility of our people at CSL. It describes an environment in which everyone can fulfill their potential while, at the same time, meeting the needs of the business. We are always aiming to do better in this space, and I encourage you to read more about this on page 34. On this topic, over the past year our Global Leadership Group (GLG) has been bolstered by several new appointments. I am pleased CSL can attract such strong talent to our team as we deliver on our 2030 Strategy. Joining us were, Kate Priestman as Chief Corporate & External Affairs Officer, Roanne Parry as Chief Human Resources Officer, and Dave Ross as Senior Vice President & General Manager, CSL Seqirus. Ken Lim also joined the GLG on a permanent basis as Executive Vice President and Chief Strategy Officer after leading the CSL Seqirus business on an interim basis. You can read more about the GLG, including their work history, on page 62. Dr Paul McKenzie Chief Executive Officer and Managing Director CSL Limited Staying true to our purpose While these developments have been extremely positive for your company, we operate in an industry characterised by uncertainty. Unfortunately, not all our targeted projects will pay off. In February, we announced the top-line results from the Phase III AEGIS-II Trial evaluating the efficacy and safety of CSL112. Unfortunately, the study did not meet its primary efficacy endpoint. I’d like to thank all the patients, families, caregivers, and investigators for their support and participation in the study. As a company, we learned a lot from this ambitious trial, and the outcome will not affect our resolve. As Brian has shared, focus has been a key to CSL’s success over the long run and it will continue to be a defining feature of our strategy. We know there’s always another life to save, another disease to treat, and another way to address the ever‑changing challenges facing healthcare around the world. Outlook Over the longer term, like Brian and the Board, I believe your company is in a good position to deliver value for shareholders. CSL possesses leading positions in growing global markets with strong unmet need. Our three business units – CSL Behring, CSL Seqirus and CSL Vifor – are underpinned by best-in-class, durable products, and an innovation pipeline focused on new therapies and new indications. Our embedded know‑how in scaled manufacturing platforms is driving efficiencies and improvements in yield. By serving significant unmet patient needs and adding value to healthcare systems, we continue to deliver sustainable and profitable growth, support innovation, and generate returns for our shareholders. I look forward to updating you on the progress we make, but in the meantime please take the time to digest the information presented in this report. As ever, thank you for your support of CSL. 5
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